Not taking it lying down: Trump hits China back with MORE tariffs after Beijing’s latest tit-for-tat

By Jon Dougherty

(NationalSentinel) A day after China’s leadership announced they would impose about $75 billion in new tariffs on U.S. imports in retaliation for previous tariffs imposed by the Trump administration, the president announced he, too, would up the ante with new tariff retaliations.

“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 said in an Aug. 23 tweet.



“As President, I can no longer allow this to happen!” he added.

The new rates will go into effect Oct. 1, the president said. He vowed to balance the “very unfair trading relationship” with the Chinese regime by raising tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent.

The Epoch Times noted:

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.

In addition, the president announced that tariffs will go up to 15 percent from 10 percent on a previously sanctioned $300 billion worth of Chinese imports.

“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,” said POTUS.

“Our 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…The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must stop,” he noted further, adding that U.S. companies should find alternatives to China.

As usual, the U.S. stock market reacted negatively to the president’s new trade tariff announcements.

The Dow Jones Industrial Average fell 623.34 points, or 2.37 percent, to 25,628.9, while the S&P 500 lost 75.84 points, or 2.59 percent, to 2,847.11. The Nasdaq Composite dropped 239.62 points, or 3 percent, to 7,751.77.

U.S. crude oil prices fell by 2.67 percent to $53.87 per barrel. The dollar index also fell by 0.47 percent.

And several market and economic analysts also predicted doom and gloom. (Related: Trump tariffs working: Apple to move 30 percent of production OUT of China due to tariffs)

Brian Dodge, chief operating officer of the Retail Industry Leaders Association, said the White House’s continued escalation of tariffs had already rattled U.S. markets, the South China Morning Post reported.

“Mr. President, we implore you to end this trade war before the damage is irreversible,” he said. “If uncertainty spreads from Wall Street to Main Street, the record expansion we’re enjoying will undoubtedly come to an end and it will be the American consumer, not China, who will suffer.”

“For two and a half years we have been promised a new and innovative approach, yet what we’ve been given is a 1930s trade strategy that will be a disaster for American consumers, American businesses and the American economy,” Rick Helfenbein, president of the American Apparel and Footwear Association, said soon after the president announced his latest tariff moves.

“Meanwhile, the president has said he wants American businesses to stop working in China, yet he doesn’t seem to understand that moving a supply chain is incredibly complicated and expensive,” Helfenbein said, according to the SCMP. “It takes years to build relationships that meet compliance standards and deliver quality products, yet we have been given weeks and in this case days.”

But does that criticism make sense? If any president understands logistics, supply chains, and developing international relationships, it’s Trump — not a president like Obama or the Bushes or Bill Clinton. (Related: China’s super rich are bailing out fast over fears Communist leaders are tanking the economy)

And isn’t the world’s biggest economy (by far) better situated to ride out a trade war than the world’s second-largest economy? Also, what happens when, say a year or so from now, the trade issues aren’t resolved and U.S. companies have begun to find alternatives to China: Where else will the Chinese go to sell their products? How will President Xi keep his tens of millions of workers employed, if not in factories shipping products to the U.S.?

Away from the Washington naysayers, the American heartland continues to benefit from the president’s economic policies, GOP Sen. Mike Braun of Indiana notes in an op-ed for Fox Business:

I’ve been on a 50-city Solutions Tour across Indiana over the past two weeks, and the one message that I heard from job creators across my state is that they have never seen a better climate for job growth, bigger paychecks and for companies to reinvest in themselves.

We can thank President Trump’s economic policies.

For example, during a tour of a national food and beverage company, one of the executives pulled me aside to say that the unemployment rate – which is 3.7 percentin America and 3.3 percent in Indiana – is so low that it’s hard to find talented, skilled workers to fill the open positions. This is a great problem to have.

I shared with him that in my business, a logistics company, we shared the benefits of President Trump’s tax cuts with our employees through bonuses, lowering health-care costs, reinvesting in the company and hiring additional employees.

Later that week while touring a manufacturing facility, one of the employees told me how grateful he was that President Trump kept his promise to cut burdensome red tape and eliminate unnecessary regulations.

As the 24-hour news cycle remains focused on the 2020 Democratic presidential candidates trying to decide who can be more socialist than Bernie Sanders or Alexandria Ocasio-Cortez, real Americans in the heartland are thrilled President Trump kept his economic promises.

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Craig Furlong
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Craig Furlong

Eenie meine minee moe
Catch ’em Chinamen by the nose
And if they holler make ’em pay
$684,463 every day!

Anon
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Anon

Helfenbein must be a translational corruption of “Half a Brain” “For two and a half years we have been promised a new and innovative approach, yet what we’ve been given is a 1930s trade strategy…” “‘yet he doesn’t seem to understand that moving a supply chain is incredibly complicated and expensive,’ Helfenbein said, according to the SCMP. ‘It takes years to build relationships that meet compliance standards and deliver quality products, yet we have been given weeks and in this case days.’” I believe it MUST take years to create an effective supply chain because in the 3+ decades I’ve… Read more »

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