Trump escalates trade war with $100 billion in proposed new Chinese tariffs

President Trump is upping the ante in his high-stakes trade dispute with China, proposing $100 billion in additional tariffs on Chinese goods  in addition to the $50 billion in tariffs already put forward two days ago.

“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 Thursday night.

And late Thursday, Trump countered with instructions to U.S. Trade Representative Robert Lighthizer to consider using his authority under the Trade Act of 1974 to take additional actions against Chinese products.

The move comes a day after China  responded by matching Trump’s proposed tariffs with $50 billion of its own, targeting small aircraft and soybeans.