After China announced on Friday a US $75billion tariff on US exports, the US response came—President Donald Trump announced late Friday that the United States would subject Chinese imports to additional 5% tariffs in response to what he called China’s politically motivated move to impose tariffs on US exports.
Trump announced that he will never allow that saying on his official account on Twitter: “For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight”.
Trump continued, “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. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%”.
Trump added, “Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%”.
This means that the United States would increase tariffs on Chinese imports by $250bn to 30% from the current 25% from October 1.
At the same time, Trump announced that it would raise tariffs on the rest of China’s $300bn worth of goods from 10% to 15%.
The United States will begin imposing duties on some products from September 1, but duties on about half of those goods have been postponed to December 15.