Earlier this month, President Donald Trump imposed tariffs on about $50 billion of Chinese imports. China responded by placing billions of dollars worth of tariffs on many items they import from the United States, including bourbon.
Many wanted Trump to back off from his tariffs, but he is not one to back down when he knows he’s doing the right thing in trying to fix a decades old problem, where other countries have been reaping the rewards at the expense of the United States.
It’s being reported that Trump is ready to increase the Chinese tariffs from $50 billion to $500 billion.
(Newsmax) – President Donald Trump has indicated that he’s willing to hit every product imported from China with tariffs, sending U.S. markets sliding before the opening bell Friday.
In a taped interview with the business channel CNBC, Trump said “I’m willing to go to 500,” referring roughly to the $505.5 billion in goods imported last year from China.
The administration to date has slapped tariffs on $34 billion of Chinese goods in a trade dispute over what it calls the nation’s predatory practices.
Dow futures which had already been pointing modestly lower slid sharply after the comments were aired by CNBC early Friday, indicating triple-digit losses when the market opens…
Many are blaming Trump’s tariffs for the Stock Market dropping and while that may be true, it reflects the fact of how much foreign markets were creating a false prosperity for American suppliers and manufacturers. Others say the market is overdue for a correction anyway and that the tariff war could be what brings on that correction.