Trump to Slap Tariffs on More Chinese Imports

• Trump to Slap Tariffs on More Chinese Imports

President Donald Trump on Tuesday reiterated his readiness to impose tariffs on an additional $267 billion of Chinese imports if China retaliates.

Speaking with reporters in the Oval Office, Trump said China is not ready for a trade deal.

“China wants to make a deal, and I say they’re not ready yet,” Trump said. “I just say they’re not ready yet. And we’ve canceled a couple of meetings because I say they’re not ready to make a deal.”

He further stated that the current U.S. trade deficit with China means “they’ve already retaliated.”

In September, Trump imposed tariffs on $200 billion worth of Chinese imports and threatened to add more if the world’s second-largest economy retaliated.

Refusing to back down, China hit back with tariffs on about $60 billion of U.S. imports.

The trade war between the two largest economies has forced the International Monetary Fund to lower its global economic growth forecast for 2018 and 2019 to 3.7 percent, down from 3.9 percent projected in July.

According to the IMF, risks to the global financial system have risen in the last six months due to deteriorating global trades and could increase even more if pressures in emerging markets escalated.

“Near-term risks to global financial stability have increased somewhat,” the IMF said. “Overall, market participants appear complacent about the risk of a sharp tightening in financial conditions.”