U.S. Hits China with $50B in Import Tariffs
CBJ — The trade wars just keep get bigger and bigger.
The latest move by the U.S. Trump administration puts a 25% tariff on up to $50 billion worth of Chinese imports. The move is sure to escalate an already nasty trade war that Trump seems to be carrying out with virtually every significant trading partner that deals with America.
China has previously said that it would retaliate with $50 billion in tariffs.
Trump is determined to fulfill his campaign pledge to crack down what he contends are unfair trade practices and deficits with other countries. He seems bound and bent on doing it regardless of the after effects.
During an unscheduled appearance on the White House North Law, the president spoke about the latest move.
“You know we have the great brain power in Silicon Valley, and China and others steal those secrets. And we’re going to protect those secrets. Those are crown jewels for this country,” Trump said.
The tariffs will cover more than 1,100 Chinese product lines worth about $50 billion a year. Those include more than 800 products, worth $34 billion a year, remaining from a list of 1,333 the administration released in April. The government will start to collect the tariffs July 6.
Trump has already imposed steel and aluminum tariffs on Canada, Mexico and the European Union, which has caused an unbelievably high amount of friction between the U.S. government and many of its closest allies.