China’s government announced $60 billion in new tariffs on U.S. goods Tuesday in response to the Trump administration’s latest round of tariffs on Chinese imports.
China’s Finance Ministry said that it is moving forward with its plans to increase in tariffs of 10 percent and 5 percent on over 5,000 U.S. goods.
President Trump announced Monday tariffs on an additional $200 billion worth of Chinese goods that will go into effect Sept. 24. The tariffs will initially be set at 10 percent, but will rise to 25 percent by 2019. The White House had already enacted 25 percent tariffs on $50 billion worth of Chinese exports of machinery, electronics and other components.
The president also threatened further tariffs, on $267 billion of goods, if China retaliated, as they did immediately Tuesday. Trump has said he is willing to slap tariffs on all of the goods China imports to the U.S., totaling $506 billion.
“After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property – such as forcing United States companies to transfer technology to Chinese counterparts,” the president said in a statement Monday evening. “These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy.”
Trump claimed China is trying to impact American elections by targeting American agriculture with their tariffs.
China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me. What China does not understand is that these people are great patriots and fully understand that…..
— Donald J. Trump (@realDonaldTrump) September 18, 2018
…..China has been taking advantage of the United States on Trade for many years. They also know that I am the one that knows how to stop it. There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!
— Donald J. Trump (@realDonaldTrump) September 18, 2018
American business groups have largely spoken out against the Trump administration’s tariff strategy, arguing that tariffs will simply raise the costs American consumers pay at the checkout counter.
