Trump Slaps China With A HUGE Tariff Showing That The U.S. Means Business
Ever since President Trump got into office, he's been pushing hard to get us good trading deals with China.
The man wrote the book The Art of the Deal and he knows how to get the job done.
According to Fox News,
The Trump administration will move ahead with tariffs on $325 billion worth of Chinese goods Friday after a round of trade talks between the United States and China on Thursday failed to produce an agreement, Fox News has learned.
“This evening, Ambassador Lightizer and Secretary Mnuchin met with President Trump to discuss the ongoing trade negotiations with China," White House Deputy Press Secretary Judd Deere said in a statement. “The Ambassador and Secretary then had a working dinner with Vice Premier Liu He, and agreed to continue discussions tomorrow morning at USTR.”
There have been talks of a trade agreement, but for now, no agreement exists. Therefore, the Trump administration is raising the duties from 10% to 25%.
The move risks widening a trade war that has spooked investors and raised fears about global economic damage. Only a week ago, the White House was boosting hopes that the U.S. and China would resolve their trade dispute this week and potentially have a deal to announce.
Beijing promised "necessary countermeasures" this week if the U.S. raised tariffs. China did not specify the actions it would take to retaliate.
Trump first announced the tariff increase Sunday as the White House accused China of reneging on key parts of a developing agreement. On Wednesday night, he claimed Beijing "broke the deal" — a remark that sent Asian and U.S. stocks tumbling on Thursday. U.S. equity markets recovered later in the day after Trump said a deal was still possible this week. He added that he received a letter from Chinese President Xi Jinping and could speak to his counterpart on the phone.
I think this will help motivate China to work out a good deal with the United States so that we can be respected in the world economy once again.