US trade rep Greer says China tariff could come sooner than expected

Investing.com -- U.S. Trade Representative Jamieson Greer indicated Tuesday that tariffs on Chinese goods could happen sooner than anticipated, echoing recent statements from President Trump.

Speaking on CNBC, Greer described China’s recent rare earths export controls as coming "out of nowhere" and being "disproportionate," but expressed optimism about resolving tensions with Beijing.

"I think we’ll be able to ’work through it’ with China," Greer said, noting that his staff held talks with Chinese officials Monday in Washington. Despite this diplomatic activity, he acknowledged that "it’s hard for China to find an off ramp on rare earths."

The trade representative confirmed that the potential 100% tariff on Chinese goods that Trump threatened last Friday "depends on what Chinese do." He also mentioned that the U.S. has its own export controls it could implement as a countermeasure.

The escalating trade tensions have already had economic consequences. On Tuesday, both Washington and Beijing began charging additional port fees on ocean shipping companies, a development that contributed to Wall Street’s main indexes falling from their record levels following Trump’s tariff threat.

Despite the tensions, Greer revealed that a meeting between President Trump and Chinese President Xi is still scheduled to take place. He also noted that U.S. officials "always watch the stock, bond markets" and want to ensure "market responds to appropriate info."

Greer characterized the past six months of talks with China as "constructive" before the recent rare earths dispute emerged.

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