Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer then enlisted multiple CEOs to call the president and warn him about the impact such a move would have on the stock market and the economy.
President Donald Trump awaits the arrival of Qatar's Emir Sheikh Tamim bin Hamad Al-Thani at the White House in Washington, July 9, 2019.President Donald Trump wanted to double tariff rates on Chinese goods last month after Beijing's latest retaliation in a boiling trade war before settling on a smaller increase, three sources told CNBC.
He settled on a 5% hike in tariff rates on about $550 billion in Chinese products, which he announced in an Aug. 23 tweet after the market close.
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