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Stupid is As Stupid Does: Trump Hits China With $200 Billion More Tariffs
• https://www.themaven.netThe global trade war escalated moments ago when Trump fired back with a threat of $200 billion more tariffs.
In response to US tariffs, China put $50 million of its own tariffs on US good. Trump did not like that and responded with a threat of $200 billion more tariffs.
CNBC reports Trump Fires Back at Beijing with Threat of New Tariffs on $200 Billion in Chinese Goods.
President Donald Trump has requested the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.
The new duties will go into effect "if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced," the president said in a statement provided by the White House late on Monday.
The move comes after the U.S. on Friday announced that it would impose a 25 percent tariff on up to $50 billion of Chinese products. Tariffs on an initial list of goods worth some $34 billion will kick in on July 6.
Monday's proposed measure is in response to Beijing's decision to raise tariffs on U.S. exports, the White House statement said.
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1 Comments in Response to Stupid is As Stupid Does: Trump Hits China With $200 Billion More Tariffs
Trump is in the process of reducing taxes and regulations. This means that we will be able to produce all those things that China can't afford to send us, more easily and cheaply at home. Jobs will come back to America. Big companies that outsourced to other countries will fold if they don't move back and hire Americans. Import tax money that we DO get will make up for reduced income taxes at home. Finally, our better workmanship ingenuity will out-pace foreign countries, and we will make a lot of money off exports (but this will happen a few years down the road). If there happens to be something we can't produce at home because some important "ingredient" is only found overseas, this will spark new invention processes to make the item without that ingredient. This will make us even more capable in our ingenuity and manufacturing. Import taxes is the thing that is making America great again.