©Reuters. FILE PHOTO: Republican presidential candidate and former U.S. President Donald Trump holds a campaign rally ahead of the Republican caucus in Las Vegas, Nevada, U.S., January 27, 2024. REUTERS/Ronda Churchill
WASHINGTON (Reuters) – Republican presidential candidate Donald Trump said he would reimpose tariffs on China if he is elected in November and that they could exceed 60%.
“We have to do it,” Trump said in an interview that aired Sunday on Fox News’ “Sunday Morning Futures.” “I mean, look, the stock market almost crashed when it was announced.”
Asked about a report that he is considering imposing 60% tariffs on Chinese goods if elected, Trump said: “No, I would say maybe it will be more.”
Trump is the favorite for his party’s nomination to challenge Democratic President Joe Biden in the November 5 US election.
Trump imposed tariffs on hundreds of billions of dollars worth of Chinese goods in 2018 and 2019 amid a bitter trade war between the world’s two largest economies.
The Biden administration maintained the tariffs and added new restrictions banning the export of advanced semiconductors and the equipment to make them, citing security concerns.
The U.S. Trade Representative is conducting a review of the tariffs.
Trump has rejected the idea of starting another trade war with China.
“It’s not a trade war. I’ve done great with China on everything,” Trump said in the interview, recorded last week.
“I want China to do great things, I do. And I really like President Xi. He’s been a very good friend of mine during my time in office.”