Donald Trump threatens tariffs on $267 billion more of China goods

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"That totally changes the equation", Trump said.

U.S. President Donald Trump waves during joint statements with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017. U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerMcConnell urges GOP senators to call Trump about tariffs Companies brace for trade war MORE is reportedly in support of the plan.

To hedge against the Trump Administration's trade protectionist moves, Seoul has secured an exemption from steel tariffs in exchange for a quota, and agreed on a 25 percent tariff on Korean pickup trucks and a doubling of the import cap on USA vehicles. The president says he believes that narrowing the trade gap will bring jobs to the United States, even though it could spark higher inflation.

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Speak on Air Force 1, Trump is talking tariffs.

Companies such as Cisco and Hewlett-Packard say tariffs on Chinese networking equipment will ultimately make it more expensive for American consumers to access the Internet.

The new taxes are in addition to a 25 percent levy on $200 billion worth of Chinese goods with which Trump has already threatened China. But 2018 Chinese imports through July were up almost 9 percent over the same period of 2017, according to U.S. Census Bureau data.

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Earlier on Friday, White House economic adviser Larry Kudlow told Bloomberg Television the administration would evaluate public comments before making decisions on the $US200 billion tariff list. "These are taxes and they're going to find their way into the pocket book of folks around the country", French said.

"China will have to take necessary countermeasures if the United States side ignores the opposition of the overwhelming majority of its enterprises and adopts new tariff measures", Commerce Ministry spokesman Gao Feng said Thursday.

The United States has demanded that China better protect American intellectual property, cut its US trade surplus, allow USA companies greater access to its markets and roll back its high-technology industrial subsidy programs.

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