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.
