China Markets trade

Trump Wanted To Double Tariffs On China, Had To Be Talked Down By ‘Multiple CEOs’

Mnuchin and Lighthizer were forced to ask CEOs to call the president and warn him about the potential impact.

In yet another bit of incrementally disconcerting trade news, Donald Trump wanted to double existing tariffs on China last month after Beijing retaliated to the duties announced on August 1. In the days leading up to China's August 23 decision to hit $75 billion in US goods with tariffs, Trump indicated he did not expect Beijing to hit back after his latest broadside. That assumption proved to be misguided. It's not clear why Trump believed China would sit on its hands. After all, the tariffs announced on August 1 represented a flagrant slap in the face to President Xi, who had agreed to deescalate the situation barely a month earlier in Osaka. Trump was furious after the retaliatory measures were announced and according to three sources who spoke to CNBC, "his reaction, communicated to aides on a White House trade call held that day, was to suggest doubling existing tariffs". Initially, the president took his frustration out on the Fed in a series of bombastic tweets which sent stocks tumbling to one of their worst days of the year. Had Trump doubled all existing tariffs, it would have meant duties on the $250 billion in goods taxed at 25% would have jumped to 50%. Steve Mnu
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4 comments on “Trump Wanted To Double Tariffs On China, Had To Be Talked Down By ‘Multiple CEOs’

  1. Mt Math says:

    The ‘stable genius’ still doesn’t understand he’s hurting America more than China. Duh!

  2. The Ledge says:

    The reality here is, the longer he stays out on the ledge howling at Macbethian witches and inner demons — calls to semi-sane GOP comrades will be more common place — and this is a sign that somewhere, deep inside the GOP bowel, fermentative coalescence will gel and there will be some inkling of fragmented thoughts that will be suggestive that trump the madman isn’t going to really help the future the GOP party. While it may be true that trumps Kool-Aid Guzzling kkk followers will vote for him, even if he shoots babies, that core group of retarded hillbillies as a percent of eligible voters might account for a handful of very small backwoods counties that are infested with inbred kin that are currently hiding from the law.

    • Anonymous says:

      I don’t know. It could be a contrived story to provide credibility and eventually cover. The message: I am intelligent enough to listen to the inferior business community. The cover: I should not have listened to them and we would have won. This “news” is not news, it is a con job. Those CEO’s are just as crooked as their mob boss.

  3. gdhalpha says:

    I seems to me this is all a clear sign that Trump is drunk on power. This is the one thing he can control himself, and his “there must be winners and losers” strategy will cause him to do whatever he wants until he “wins” even though he may be the only one left standing surrounded by devastation.
    It’s a terrifying thing to watch.

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