President Donald Trump retaliated against China’s Friday announcement that it is increasing tariffs on U.S. goods by increasing tariffs to as much as 30% on $250 billion of Chinese goods.
The tariffs will be implemented on Oct. 1 on top of an additional 15% tariff on $300 billion of Chinese goods set to go into effect on Sept. 1 that was originally set at 10%.
“For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight,” Trump said in a series of Twitter posts.
“Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer,” he continued.
….Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
“As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on [$]75 BILLION of United States product (politically motivated!). Starting on October 1st, the [$]250 BILLION of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” Trump said.
“Additionally, the remaining [$]300 BILLION of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!” he concluded.
…Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!
— Donald J. Trump (@realDonaldTrump) August 23, 2019
China announced it was placing a 25% tariff on all U.S. automobiles and a 5% to 10% tariff on $75 billion of U.S. goods Friday morning. The president said Wednesday he is “the chosen one” to handle trade with China. (RELATED: More Than 600 U.S. Companies Sign Letter In Support Of Trump’s Tariffs)
“The Chinese side hopes that the US will continue to follow the consensus of the Osaka meeting, return to the correct track of consultation and resolve differences, and work hard with China to end the goal of ending economic and trade frictions,” the Chinese State Council said in a statement. “China was forced to take countermeasures.”
Trump subsequently tweeted after the announcement and ordered U.S. companies to “start looking for an alternative” to China for business, saying in part, “I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE, all deliveries of Fentanyl from China (or anywhere else!).”
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