China said it would begin imposing 25% duties on an additional $16 billion of American goods immediately after U.S. levies take effect, making good on its pledge to retaliate in kind for the U.S. levied 25% duties levied on $34 billion in Chinese goods imported to the U.S.on July 6, 2018...
Chinese customs will begin enforcing and collecting duties of 25% on $16 billion U.S. products imported into China at midnight on Aug. 23, according to China’s Ministry of Finance making good on its pledge to retaliate against tariff hikes imposed by the Trump Administration. The list covers U.S imports affected include coal, oil, chemicals and specifically targeted medical equipment and devices.
The escalation of this festering trade war is about to accelerate. At the direction of President Trump, the U.S. Trade Representative’s Office is currently preparing to recommend an additional $200 billion in tariffs on Chinese imports as early as Sept. 7th. China has threatened that in response that move it would place additional tariffs of $60 billion, 25% on even more American imports.
Meanwhile, this trade war brews China’s trade surplus with the U.S. hit a record high in June according to statistics released by the Department of Commerce.
WallStreetRebel.com believes this trade war is pure insanity especially when one considers that President Trump is under the false impression that reducing the national trade deficit will somehow reduce our country’s national debt. Do to his lack of understanding of economic principal this new policy like others he has drafted are absurd.