President Trump continues to wage war on Chin as he raised the trade tariffs on $200 billion worth of Chinese goods. On Friday, he went ahead to further put a tax on almost every single China imports as a punishment for what was he stated as being Beijing’s attempt to “renegotiate” a trade deal.
Trump reached this decision right after trade talks with China in Washington on Thursday. The talks were not fruitful in reaching an agreement hence leading to forestall and higher levies. The trade deal was aimed at lifting the tariffs, to strengthen China’s intellectual property protection rights and open up the Chinese market to American companies.
The markets in the United States and Asia, however, rose on Friday despite these countermeasures, a sign that investors have faith that these two will reach a resolution.
Viewing this as an act of defiance, On Sunday Trump responded by threatening to raise the tariffs to 25 percent and impose new ones on an additional $325 billion worth of Chinese products. Trump further stated the American tariffs imposed on Chinese imports were bringing “billions” into the United States government and he had made the best decision. He retaliated that he would not back down despite receiving a “beautiful letter” from President Xi Jinping of China.
China which already has tariffs on nearly all America exports has retaliated by threatening to also take countermeasures onset the Trump’s tariffs taking effect. This may affect the agricultural sector adversely but the Trump administration states that it has farmers covered. The administration will consider taking more measures to mitigate the effect of any retaliatory measures that China has planned.