China Announces Retaliatory Tariffs Against the U.S.
Photo by Kevin Frayer/Getty
Following President Trump’s latest round of proposed trade tariffs, China announced its own retaliatory trade tariffs Wednesday on over 100 American goods. The Chinese tariffs will impact $50 billion in U.S. exports, mirroring the American tariffs in economic impact.
Trump’s second round of tariffs issued against China targeted multiple technological exports, such as transistors and semiconductors, and large-scale mechanical implements, such as motorcycles and airplane parts. China’s response will slap a 25 percent tariff on products ranging from cars to orange juice. The president’s plan still needs approval, but Chinese response to any further attempt to impact the country economically was expected to be swift.
The move represents the first back-and-forth maneuvers between the two global superpowers, signaling the trade war economists feared would happen when Trump surprised many with his steel and aluminum tariffs last month. At that point, the president seemed to welcome a trade war, exclaiming how easy they were to win. Wednesday morning, the president delusionally tweeted, “We are not in a trade war with China.”
We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!