Donald Trump Lashes Out At China, Vows Quick Response To Tariffs

Marco Green
August 24, 2019

Stocks are falling sharply on Wall Street after President Donald Trump said he would respond to China's latest tariff increase and called on USA companies to consider alternatives to doing business in China.

"I won't let that happen!" wrote Trump, who also said he "hereby ordered" American companies to seek alternatives to doing business in China.

BEIJING-China unveiled on August 23 retaliatory tariffs against about $75 billion worth of US goods, putting an additional 10 percent on top of existing rates in the latest tit-for-tat exchange in a protracted dispute between the world's top two economies.

US agricultural commodities groups have had enough with trade tariffs and the lack of progress.

Earlier today, Trump had vented his frustration via Twitter about the Chinese regime's unfair trade practices, including intellectual property theft, saying that the United States would be "far better off without them [trade with China]".

The United States and China exchanged blows Friday as each side increased punitive tariffs on the other, intensifying a trade war that is threatening to engulf the global economy.

Nevertheless, Trump has urged vendors, specifically Apple, to bring their manufacturing back to the US.

The president said Friday he would act alone to respond to China, questioning whether Powell was an "enemy" in the trade fight. The move by China comes a little more than a week after Washington announced plans to impose tariffs on $300 billion worth of Chinese goods beginning December 15. "President Xi said this would stop - it didn't".

So, Catherine, I hardly know where to begin, but let me start by asking you about the effect of these tariffs announced by China in the morning, and then, at the end of the day, the president, President Trump, announcing higher tariffs on China.

In 2018, exports to China dropped to $9.1 billion, due to retaliatory tariffs.

He also announced that those tariffs on $300 billion of Chinese goods will now go up to 15 percent from the previously announced 10 percent.

Meanwhile China has hit back with duties on around $110 billion of United States goods - or almost all of the $120 billion worth of American goods it imported previous year. "We need substantive trade agreements that ensure American agriculture can provide an abundant and safe food supply for the world's growing population".

Soybeans, crude oil and other energy goods face 5 percent tariffs.

Whitman believes China is too big of an economy to isolate them as a country we will not trade with.

The announcement also came just before the chairman of the Federal Reserve gave a speech investors and analysts planned to scrutinize for signs of how the central bank would address worries of a slowing economy - and as President Trump sent mixed messages on tax cuts.

Other reports by Click Lancashire

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