Trump announces further rise in tariffs on Chinese goods
Published : Saturday, 24 August, 2019 at 4:30 PM Count : 114
The US President Donald Trump has announced his decision to further increase the tariffs on Chinese goods, due this autumn, in response to China’s decision to raise tariffs on US-made cars and spare parts.
“China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” the US leader said in a Twitter post, AFP reports.
“Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%,” Trump went on.
The US leader said that “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,” he said.
He once again blamed the current situation on his predecessors.
“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. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship,” Trump wrote.
On Friday, the US president urged his country’s companies to start searching for alternatives to producing their goods in China and to consider relocating their production back to the United States as a possible option.
In the past few months, China and the United States have been negotiating a possible solution to the ongoing trade dispute. The latest, 12th round of consultations was held in Shanghai on July 30-31.