The trade negotiations between the U.S. and China took a hostile turn Friday, as President Donald Trump plans to raise tariffs on the nation in reaction to Chinese tactics to thwart American demands to reduce tariffs and control fentanyl shipments.
“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 tweeted. “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!”The move came hours after Beijing said it would hike tariffs on $75 billion in U.S. imports, escalating a conflict over trade and technology that threatens to tip a fragile global economy into a recession.Trump called those tariffs “politically motivated.””Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25 percent, will be taxed at 30 percent,” Trump continued. “Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10 percent, will now be taxed at 15 percent. Thank you for your attention to this matter!”
The social media announcements also included the demand that American companies relocate out of China.
It is interesting to note that shortly following the demand to move businesses from China, Trump noted that there were plans to enhance trade with Brazil.
Earlier this month, I noted that Trump had slammed China for failing to reduce its shipments of the addictive opioid to those who send it to this country. The President has now called on major package carriers in the United States to “search for & refuse” packages from China that contain the drug fentanyl.
August tends to be a slow news month. Trump has managed to dump several months worth of material out ahead of the weekend. I expect the elite media will be doing some major pearl clutching during this weekend’s news shows.
Perhaps the talking heads will escalate the recession fears even further! One thing they won’t do is support a leader who has taken on a frenemy who has stolen technology, sent poison to our young, and seems completely unwilling to negotiate in good faith.
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