- The Washington Times - Friday, September 14, 2018

President Trump wants to go ahead with $200 billion of tariffs on China despite Beijing agreeing to a new round of trade talks, according to a report.

The news sent stocks down sharply Friday on trade war fears, erasing gains for the day. The Dow Jones Industrial Average dropped 66 points or 0.25 percent shortly after 1 p.m.

The president told aides to proceed with the tariffs, Bloomberg News first reported, further escalating a trade war between the world’s two largest economies.

Mr. Trump is ratcheting up the tariffs to force China to stop unfair trade practices and theft of American intellectual property.

China hasn’t budged. But China on Thursday accepted Treasury Secretary Steven Mnuchin’s invitation to reopen trade talks.

The administration this year slapped tariffs on $50 billion of Chinese goods. Beijing responded in kind.

Beijing vowed to again retaliate against new duties.

Mr. Trump has threatened to follow the $200 billion in tariffs with $267 billion in tariffs, for a total tax equivalent to all of China’s annual imports to the U.S.

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