Trump Hits Back at China With More Tariffs Following China’s Retaliation
The new rate will go into effect on Oct. 1.
“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 dollars a year to China, with no end in sight,” Trump said in an Aug. 23 tweet.
“As President, I can no longer allow this to happen!” he added.
Trump’s decision came after China imposed an additional 10 percent of tariffs on roughly $75 billion worth of U.S. goods earlier in the day, a tit-for-tat retaliation for the U.S. administration’s decision to impose tariffs on a previously untaxed $300 billion worth of Chinese goods that will go into effect on Sept. 1.
Of note, earlier this month, the president had said that some categories of goods in the $300 billion, including China-manufactured consumer electronics, would have tariffs delayed until December 15. Trump had said this was to alleviate added costs for U.S. consumers during the holiday shopping season.
In a series of tweets on Friday evening, Trump protested about China’s new tariff rates, calling it “politically motivated.”
“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,” Trump said.
Earlier today, Trump had vented his frustration via Twitter about the Chinese regime’s unfair trade practices, including intellectual property theft, saying that the United States would be “far better off without them [trade with China].”
Donald J. Trump
✔@realDonaldTrumpOur Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won’t let that happen! We don’t need China and, frankly, would be far….