Saturday, August 24, 2019

Trump ups tariffs on China again

United States President Donald Trump on Friday responded to new Chinese tariffs by adding five per cent duty on some $550-billion in targeted Chinese goods.

Trump’s idiotic move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75-billion worth of U.S. goods, prompting the president earlier in the day to say that U.S. companies should move their operations out of China.

Trump’s tariff response was announced after markets closed on Friday, leaving potentially more damage for next week to stocks and bond markets that were already declining.

“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,” Trump said on Twitter. “As President, I can no longer allow this to happen!”

He said the United States would raise its existing tariffs on $250-billion worth of Chinese imports to 30 per cent from the current 25 per cent beginning on Oct. 1.

Trump also announced an increase from 10 to 15 per cent on the remaining $300-billion worth of Chinese goods.

The increases will come in two equal amounts on Sept. 1 and Dec. 15.