Economy

White House Puts Tariffs on Chinese Imports, China Promises to Retaliate

President Donald Trump didn’t back down Tuesday as China vowed to counter tariffs proffered by the Trump administration.

China to hit back at the White House's $200 billion in tariffs

On Monday, the White House announced that they would implement $200 billion worth of tariffs on Chinese goods, and threatened to do more if China retaliated.

Hours later, China’s Ministry of Commerce warned of “synchronized countermeasures” if the United States did not back down.

However, it needs to be noted that Trump advocated for tariffing China while he was on the campaign trail, and if he backs down and obeys China’s will, he is at risk of losing a measurable amount of supporters.

According to the White House, the new tariffs will take effect Sept. 24, and will start at a flat 10% for all products, gradually increasing to 25% by the end of the year.

Trump added that China has had “many” opportunities to “fully address our concerns,” but that they continue to practice bad trade, with the U.S. taking out hundreds of billions of dollars in trade deficits every year.

“Once again, I urge China’s leaders to take swift action to end their country’s unfair trade practices,” Trump stated.

Despite this move being a nationalistic policy, there are groups in the United States working to persuade the White House to ease up on the tariffs. These groups consist of thousands of companies who have been hurt by Chinese, European, and Mexican tariffs over the course of this year.

For China, these tariffs show that the administration lacks “sincerity” and “goodwill.”

“The Chinese side has repeatedly emphasized that the only correct way to solve the trade dispute between China and the United States is through talk and consultation on the basis of equity, integrity and mutual respect,” Chinese Foreign Ministry spokesman Geng Shuang said on Tuesday.

Larry Kudlow, the senior White House economic advisor, said that the White House “stand[s] ready to negotiate with China anytime,” but doubts that they are willing to engage in “serious talks.”

 

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Categories: Economy

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