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Trump wastes no time in retaliating against Beijing's new levies on US goods

  • Regular
  • Economy
  • 2 months ago
  • 34

U.S. President Donald Trump has upped the ante against China as he revealed an increase in tariffs for Chinese goods.

In a clear retaliation to Beijing’s announcement of imposing tariffs on $75 billion of U.S. imports, the President did not wait around.

Shortly after Wall Street ended its exchange session, Trump announced he would increase the current tariffs on $250 billion of Chinese goods from 25% to 30% starting from October 1, followed by a further increase from 10% to 15% on $300 billion of imports from Beijing, which will come into place from the start of September.

Mr. Trump did not stop there, Fed chief, Jerome Powell, aired his concern of the situation by claiming that the central bank could not counteract the effects of the ongoing trade war.

Hence, Trump made it very clear of what he thought…

“We don’t need China and, frankly, would be far better off without them.”

“Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.”

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”

 

 

 

Source: Smart Trend Team