Following President Trump announcing earlier today that he was imposing tariffs on over 100 goods imported into the United States from China, China has retaliated.
China just announced in a statement plans for reciprocal tariffs on 128 U.S. products that include pork, wine, fruit and steel.
Beijing will take measures against the U.S. goods in two stages if it cannot reach an agreement with Washington, the government said.
The U.S. goods, which had an import value of $3 billion in 2017, include pork, wine, fruit and steel. A 25 percent tariff could be imposed on pork imports while dried and fresh fruit imports could see a 15 percent duty, the statement said.
Trump signed an executive memorandum earlier today that will impose tariffs on up to $60 billion in Chinese imports. "This is the first of many" trade actions, the mercantilist thinking president said.
The world just got a little less focused on peaceful exchange and instead on government coercion.
Thanks, Trump.
The only positive is that China's tariffs appear "measured."
-Robert Wenzel
Update
Wire servives correct China MAY impose the above tariffs .
So will Trump condemn China’s retaliation? Or will he brag that they’re imitating his trade policy?
ReplyDeleteThe Protectionists are claimiing that this means the U.S. GDP will grow by $57 billion. ($60b - $3b)
ReplyDeleteThey should have done a Putin by shrugging it off, saying, "have at it; it will hurt your economy more than ours".
ReplyDelete