Tuesday, May 29, 2018

BREAKING Trump Panics; Slaps 25% Tariff on $50 Billion in Chinese Imports

The Trump economic policy goat rodeo continues.

Just days ago, the Trump administration had suspended its plan to impose sweeping tariffs on China.

Steven Mnuchin, the Treasury secretary, said just last week that the two countries had made progress as they concluded three days of trade negotiations in Washington.

“We’re putting the trade war on hold,” Mnuchin said on “Fox News Sunday.”

But the goats have turned.

This morning the Trump administration announced that it would proceed with plans to impose a series of punitive trade-related measures on China in the next month.

The White House said in a statement that the United States would move ahead with its plan to levy 25 percent tariffs on $50 billion of imported Chinese goods.

Why the turn?

Trump is in panic mode after observers raised their eyebrows over Ivanka Trump patents that were cleared in China which were followed immediately by Trump reversing his decision on preventing U.S. companies from selling goods to the Chinese firm ZTE (See: Top Economist at the Council on Foreign Relations: Trump is Being Bribed).

And so Trump must now look tough against China at the expense of American consumers who will face higher prices on the tariffed goods.


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