>> Sticking with 10, 25->> A Trump crackdown on Chinese trade may come by Friday with new tariffs to the tune of $60 billion. That's according to two officials who spoke to Reuters Monday. It's a plan US companies say will mean pricier clothes, shoes, and toys, and other everyday products made in China.
But it also made good on a long-time Trump threat to punish Beijing over alleged Chinese theft of intellectual property.>> We're going to cut down the deficits one way or the other. We have a deficit with China of at least $500 billion. And when you add intellectual property, it's much higher than that.
That's a year.>> Sources say this plan will mostly target technology, but it could be much wider, hitting up to 100 products put together in China. However, another source said this volley of trade taxes will be different to Trump's sweeping safeguard for US steel and aluminum. Those tariffs activate this Friday just 15 days after Trump signed them.
The anti-China package may instead see a delay that could give Beijing a chance to work out any differences before it gets slapped with the taxes. It would also give companies time to voice objections. News of the tariff set off alarm bells among US retailers last week. Trade groups, as well as names like Walmart and Target, warned Trump the cost could hit American wallets, impact financial markets, and kill US jobs.
Another worry is that China pushes back. Experts say direct punishment risks a harsh response from Beijing.