President Trump is poised to slam China with a whopping 25% tariff on approximately $200 billion worth of goods; escalating a potential trade war with one of the United States largest trading partners.
According to CNBC, the White House plans on imposing an initial 10% tariff on Beijing, with that number slowly rising to 25% by the end of 2018.
“The action, announced by the Trump administration Monday, escalates a trade conflict between the world’s two largest economies. China has already threatened to retaliate against new duties,” writes CNBC.
The Trump administration simultaneously announced the removal of 300 foreign-produced goods from the list of taxed products; including smart phones and other electronic devices.
The President warned the tariffs could go even higher Should Beijing move to harm American manufacturers, saying “if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.”
AMERICA FIRST: The President Says Country’s with Unfair Trade Deals Will be ‘TARIFFED’
President Trump doubled-down on his administration’s aggressive international trade policies Monday; saying nations with unfair trade deals will be “tariffed” in the coming weeks.
The Commander-in-Chief praised the international tax on social media just days after threatening China with a new round of tariffs, adding “Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be ‘Tariffed!’”
Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”
— Donald J. Trump (@realDonaldTrump) September 17, 2018
The President’s comments come after he threatened China and other countries with upwards of $250 billion tariffs on foreign-produced goods, including aluminum, steel, and other raw materials.
BEIJING BLACKLIST: China Unveils New TAXES on US GOODS After Trump’s Tariff
The Chinese government unveiled stiff new taxes on specific US products and goods this week; calling the revised policies a direct “retaliation” for President Trump’s recent tariffs on international steel and aluminum.
According to CBS News, Beijing rolled-out the increased import tariffs on American meat, fruit, and other goods Monday; adding the measures would go into effect immediately.
The new guidelines include a 25% tax on pork and other meats and a 15% tax on fruits and vegetables.
The move comes just days after President Trump slammed the Chinese government with nearly $50 billion in tariffs over what US officials described as “unfair” trade policies and “illegal” theft of intellectual property rights for decades.
“We have spoken to China and we are in the midst of a very large negotiation,” said the President last week. “We will see where it takes us. In the meantime, we are sending a Section 301 action.”
President Trump routinely slammed America’s import deficit with China and other nations throughout the 2016 race for the White House; saying world leaders were “smarter” than his predecessors in negotiating “terrible” trade deals.