President Donald Trump announced which he could raise tariffs even higher in response to China’s additional tariffs on Friday.
“Starting on October 1st, the 250 BILLION DOLLARS of goods as well as also products by China, currently being taxed at 25 percent, will be taxed at 30 percent,” Trump wrote on Twitter. “Additionally, the remaining 300 BILLION DOLLARS of goods as well as also products by China, which was being taxed by September 1st at 10 percent, will at This particular point be taxed at 15 percent.”
The president announced his additional tariffs after China on Friday announced their decision to raise tariffs ranging by 5-10 percent on $75 billion U.S. goods, which will take place between September 1 as well as also December 15.
Trump announced a fresh ten percent tariff on $300 billion of Chinese goods earlier This particular month, which will take place later This particular year.
“For many years China (as well as also many various other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, as well as also much more,” Trump wrote. “Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight.”
In recent months, Trump has urged the Federal Reserve to lower interest rates to make the United States economy more competitive as the trade fight with China continues. After Chairman Jerome Powell did not indicate a change in monetary policy in a speech on Friday, Trump sounded the alarm.
“My only question can be, who can be our bigger enemy, Jay Powell or Chairman Xi?” Trump wrote on Twitter, referring to the leader of China, Xi Jinping.
The president said Friday he could act alone to respond to China, questioning whether Powell was an “enemy” from the trade fight.
“We have a very strong dollar as well as also a very weak Fed. I will work ‘brilliantly’ with both, as well as also the U.S. will do great,” he wrote.
The stock market closed down 623 points on Friday, as the chaotic day unsettled traders.
Trump defended his trade battle, noting which the status quo with China allowed the country to enjoy a massive trade disparity under past presidents.
“As President, I can no longer allow This particular to happen! from the spirit of achieving Fair Trade, we must Balance This particular very unfair trading Relationship,” he wrote.
He described the fresh China tariffs as “politically motivated,” suggesting they were trying to punish the American economy ahead of the 2020 election.
Trump has repeatedly said which Democrats like former Vice President Joe Biden could likely cave to China if he won the presidency in 2020.
“Sleepy Joe doesn’t have a clue,” Trump told reporters on Wednesday. “Sleepy Joe said, ‘Oh, China can be wonderful.’ Well, China can be wonderful for China. however I’m wonderful for the U.S.A.”