President Trump announced he would be placing additional tariffs on Chinese goods in response to China placing tariffs on U.S. goods.
“China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” Trump said Friday on Twitter. “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%.”
….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
…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
The move follows China retaliating against Trump’s initial tariffs with $75 billion tariffs against U.S. goods.
Friday morning, the president ordered U.S. companies to move out of China. Soon after, the stock market plunged 400 points.
“Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA,” Trump said at the time.
The president’s push for tariffs comes despite protest from many in the business community who are concerned that tariffs could spur an economic recession. Trump, 73, argued China rather than U.S. consumers will eat the cost of tariffs.
