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.
AMERICA FIRST: Trump Announces STEEL IMPORT TARIFFS
President Trump unveiled stiff import tariffs on steel and aluminum Thursday, making good on his campaign promise to rebuild American industry in the face of cheap and unregulated foreign goods.
The President announced the new trade guidelines during a meeting with industry experts, many of whom told the President it was nearly impossible to compete with underpriced metals flowing into the country from Asia.
“What’s been allowed to go on for decades is disgraceful,” Trump told industry leaders. “And when it comes to a time when our country can’t make aluminum and steel, and somebody said it before and I will tell you, you almost don’t have much of a country. Because without steel and aluminum, your country is not the same. We need it. We need it even for defense.”
“We need great steel makers. Great aluminum makers for defense. So, we will probably see you some time next week. We will be signing it in. You have protection for the first time in a long while and you are going to regrow your industries. That’s all I’m asking. You have to regrow your industries,” added the President.
Watch the President’s comments above.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.