President Trump on Monday said his administration will announce a plan to impose another steep round of new tariffs on Chinese import after markets close, further escalating economic tensions between the world’s two largest economies.
Trump has been promising to slap a 10 percent tariff — less than the 25 percent that was initially floated — on $200 billion in Chinese products on top of the $50 billion he imposed earlier this summer.
Trump told reporters at the White House on Monday “It will be a lot of money coming into the coffers of the United States of America,” he went on to say “A lot of money coming in.”
Trade experts argue that tariffs amount to very little in revenue and the costs of the tariffs will be passed along to U.S. consumers. Stocks tumbled on Monday afternoon as word of the impending announcement spread.
WATCH FULL Trump Press Conference on Economy
THIS STORY WILL UPDATE AFTER STOCK MARKET CLOSES