Trump prepared to hit China with $60 billion in annual tariffs, doubling aides' earlier proposal

Nicolas Asfouri / AFP/Getty Images

President Donald Trump is preparing to impose a package of $60 billion in annual tariffs against Chinese products, following through on a longtime threat that he says will punish China for intellectual property theft and create more American jobs.

The tariff package, which Trump plans to unveil by Friday, was confirmed by four senior administration officials.

Senior aides had presented Trump with a $30 billion tariff package that would apply to a range of products, but Trump directed them to roughly double the scope of the new trade levies. The package could be applied to more than 100 products, which Trump argues were developed by using trade secrets the Chinese stole from U.S. companies or forced them to hand over in exchange for access to its massive market.

The situation remains fluid, and Trump has previously in his presidency backed off economic threats at the last minute. But he has shown a recent willingness to unilaterally impose tariffs — even amid objections from advisers who fear starting a global trade war and economists who warn such actions could ultimately hurt American businesses.

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