President Donald Trump ratcheted up the trade war rhetoric with China on Thursday, saying he was considering another $100 billion in tariffs on the country.
“In light of China’s unfair retaliation, I have instructed the to consider whether $100 billion of additional tariffs would be appropriate,” the president said in a statement.
Earlier this week, the United States announced new tariffs on $50 billion worth of Chinese goods, claiming that China is stealing US intellectual property. China responded within hours by announcing $50 billion worth of tariffs on US goods.
The moves follow US tariffs that were imposed earlier this year on Chinese steel and aluminum, which also prompted a response from China.
Dow futures fell after Trump’s announcement on Thursday and were down about 400 points in after-hours trading.