China is ready to retaliate if U.S. President Donald Trump goes ahead with a tariff hike on Chinese goods and is confident it can maintain "steady and healthy" economic growth, a government spokesman said Thursday.
"I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want", Trump said.
"To a certain extent, it's going to be up to China", the president said Friday.
The deadline has now passed for companies to submit their opinions to the US government about its proposed new tariffs on China.
White House Director of Trade Policy Peter Navarro discusses the August jobs report and how President Trump threatened to hit China with tariffs on $267 billion worth of goods.
Talk of the bonus $267bn tariff package comes as the White House has yet to settle all of the specifics of the planned $200bn tariff prospoals - which, as we said, would follow up that earlier $50bn package. The U.S. already imposes a 25 percent tariff on around $50 billion of Chinese goods, principally technology imports. And China has vowed to hit $60bn in United States products in retaliation. "Things can change rather quickly, so the trade war, if a lot of the threats do materialise, I think things will turn very quickly".
A truck transports a container next to stacked containers at a port in Zhangjiagang in China's eastern Jiangsu province. U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerMcConnell urges GOP senators to call Trump about tariffs Companies brace for trade war MORE is reportedly in support of the plan.More news: Theranos is about to shut down for good
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The U.S. Trade Representative's office received almost 6,000 comments and held seven days of public hearings on the proposed levies.
Retailers had successfully kept high-profile consumer electronics such as mobile phones and television sets off of previous tariff lists.
Companies such as Cisco and Hewlett-Packard say tariffs on Chinese networking equipment will ultimately make it more expensive for American consumers to access the Internet.
To hedge against the Trump Administration's trade protectionist moves, Seoul has secured an exemption from steel tariffs in exchange for a quota, and agreed on a 25 percent tariff on Korean pickup trucks and a doubling of the import cap on US vehicles.
"We are still talking with China on a number of issues".
Specifically, Kudlow said, the United States was seeking "zero tariffs, zero non-tariff barriers, zero subsidies, stop the IP theft, stop the technology transfer, allow Americans to own their own companies". "However, hope springs eternal".