US President Donald Trump has directed his administration officials to consider imposing $100 billion in additional tariffs on China, stoking fears of a full-blown trade war between the two powers.
“In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,” Trump said in a statement on Thursday, referring to the US Trade Representative.
“I have also instructed the Secretary of Agriculture, with the support of other members of my Cabinet, to use his broad authority to implement a plan to protect our farmers and agricultural interests,” he added.
US stock futures dropped following Trump’s annoucemnt. S&P 500 Index futures slid as much as 1.6 percent, after the underlying gauge ended up 0.7 percent on Thursday.
On Tuesday, the Trump administration slapped a $50…