[ad_1]
President Trump announced Friday on Twitter that his government would retaliate against China by increasing tariffs on imports from the Asian nation in the context of a fierce trade war between the two countries.
"For many years, China (and many other countries) has benefited from trade between the United States, intellectual property theft, and so much more.Our country loses hundreds of billions of dollars a year in China., "Trump tweeted. "Unfortunately, previous administrations have allowed China to be far ahead of fair trade and balanced to the point of becoming a heavy burden on the American taxpayer, and as President, I can not allow that to happen anymore!"
The move came just hours after Beijing announced a US $ 75 billion tariff increase on US imports, compounding a trade and technology dispute that would threaten a fragile global economy to fall into recession.
COMMERCIAL WAR EXPLOSES WHILE THE TRUMP CLASSIFIED WITH US COMPANIES ON "THE ORDER" OF ABANDONING LINKS, BLOCKING THE SHIPMENTS OF FENTANYL
Trump called these rates "politically motivated".
"From October 1, the $ 250 billion of goods and products from China, currently taxed at 25%, will be taxed at 30%," said Trump. "In addition, the remaining $ 300 billion of goods and products from China, which were taxed at 10 per cent starting September 1, will now be taxed at 15 per cent – thank you for your attention!"
Economic groups were upset by the new tariffs, which were announced an hour after the closure of the Dow Jones industrial average, with more than 623 points, following a previous presidential campaign against the Chinese.
"It's impossible for companies to plan for the future in this type of environment," said David French, executive vice president of government relations for the Retail Federation in a statement. "It is clear that the approach of the administration is not working and that the solution is not to raise taxes on American businesses and consumers." Where does it end?
Earlier in the day, Trump had tweeted that the US had "stupidly" lost billions of dollars to China and accused Beijing of stealing "our intellectual property for hundreds of billions of dollars a year, and they want to continue.
"I will not let that happen!" writes Trump, who also said he has "ordered by the present" to US companies to look for alternatives to business in China.
CLICK HERE TO GET THE FOX NEWS APP
The president was also angry at Federal Reserve Chairman Jerome Powell for his persistent refusal to cut interest rates, saying, "My only question is who is our biggest enemy?" , Jay Powel (sic) or [China’s] President Xi [Jinping]? "
This explosion came after Powell, speaking to central bankers at Jackson Hole, in the Wyo., Was given vague assurances that the Fed would "do the right thing" to support the country's economic expansion. Although the wording was widely considered to mean interest rate reductions, it gave no indication as to the possibility or reduction of many reductions by the rest of the year.
Associated Press contributed to this report.
[ad_2]
Source link