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Trump says China could face more than $500 billion in US tariffs

CNBC logo CNBC 7/5/2018 Chloe Aiello
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President Donald Trump said on Thursday $34 billion in tariffs will kick-in against China at 12:01 a.m. EST on Friday morning. Another $16 billion are expected to go into effect in two weeks, he said.

Aboard Air Force One on his way to a rally in Montana, Trump told reporters he would consider further escalation, potentially imposing tariffs worth $500 billion should the Chinese government retaliate.

First β€œ34, and then you have another 16 in two weeks and then as you know we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300," Trump said.

β€œIt’s only on China," he added.

Trump's statements reinforce earlier threats that he would escalate the trade conflict. The dispute with China has roiled financial markets worldwide, including stocks, currencies and the global trade of commodities from soybeans to coal.

China has said it will not "fire the first shot", but its customs agency made clear on Thursday that Chinese tariffs on U.S. goods would take effect immediately after U.S. duties on Chinese goods kick in.

--Thomson Reuters contributed to this report.

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