The White House is threatening China with about $100 billion more worth of tariffs than its initial proposal
WASHINGTON — Once again, fears about a possible trade war hit Wall Street hard Friday. The Dow fell more than 570 points, or 2.3 percent. “There is the potential of a trade war,” said Treasury Secretary Steven Mnuchin. That prediction sent stocks tumbling.
“We know that there could be some fluctuation, but at the same time the president has said enough is enough,” said Press Secretary Sarah Sanders. “China has to change this illegal and unfair practice that they’ve been in.”
The White House is now threatening China with tariffs on $150 billion in imports, $100 billion more than its initial proposal .
“Our objective is not to be in a trade war with them,” said Mnuchin. “I think that we can manage this without significant difficulty to the overall economy.”
On a New York radio show, the president said short-term economic pain would be worth it.
“So we may take a hit and, you know what, ultimately we’re going to be much stronger for it.
