U.S. and China announce new tariffs in escalation of trade war
Source: The Washington Post
By David J. Lynch and Emily Rauhala
June 15 at 8:36 AM
BREAKING NEWS: China announced retaliatory tariffs designed to hit President Trump’s supporters in farm states and the industrial Midwest. The measures, announced barely an hour after the White House went ahead with 25 percent import tax on $50 billion of Chinese imports to the United States, brought the world’s two biggest economies closer to the tit-for-tat trade war that business leaders and Republicans in Congress fear.
This is a developing story and will be updated.
President Trump followed through Friday on his threat to crack down on China for its “very unfair” trade practices, announcing that he is imposing a 25-percent tariff on $50 billion in Chinese imports.
Beijing already has promised to retaliate with equivalent measures of its own, designed to hit the president’s supporters in farm states and the industrial Midwest.
If that occurs, the president said, the United States would “pursue additional tariffs,” raising the specter of the tit-for-tat trade war that business leaders and many congressional Republicans fear.
Read more: https://www.washingtonpost.com/business/economy/trump-imposes-import-taxes-on-chinese-goods-and-warns-of-additional-tariffs/2018/06/15/da909ecc-7092-11e8-bf86-a2351b5ece99_story.html
= new reply since forum marked as read
See: https://www.bloomberg.com/news/articles/2018-06-15/trump-targets-50-billion-in-china-goods-vows-more-if-needed
Even the right-wing Chamber of Commerce does not agree...
(snip)
“Imposing tariffs places the cost of China’s unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers. This is not the right approach,” Thomas Donohue, president of the U.S. Chamber of Commerce, said in an emailed statement.
China, the world’s No. 2 economy behind the U.S., has pledged to retaliate on U.S. exports including soybeans and pork. The U.S. imported $505 billion of goods from China last year and exported about $130 billion, leaving a 2017 deficit of $376 billion, according to government figures.
Thanks for the heads-up, DonViejo.....
We'll all pay out-of-pocket for tRump's dangerous experiment and in the end, I doubt if the balance of trade will change much at all.
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