President Donald Trump on Thursday said he has instructed the United States Trade Representative to consider $100 billion in additional tariffs against China.
“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.
As of 8:25 p.m. ET, the implied open for the Dow Jones industrial average was more than 350 points lower. At one point, futures had implied a more than 450-point opening decline.
“POTUS is sending a message to China about consequences,” a White House official told CNBC.