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US PRESIDENT DONALD Trump has said he will put more tariffs on Chinese imports from 1 September if a trade deal is not reached between the two countries.
He said the US will impose a 10% tariff on the remaining $300 billion in Chinese imports he has not yet taxed from 1 September.
The president made the announcement on Twitter last night.
Donald J. Trump / Twitter
Donald J. Trump / Twitter / Twitter
“We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing,” he wrote.
“We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one,” Trump tweeted.
These tariffs will begin as trade talks continue between the two countries in September. Stock prices fell in Hong Kong, Shanghai and Seoul after the announcement.
The new taxed goods do not include the $250 billion of Chinese goods already taxed at 25%. Beijing responded to this by taxing $110 billion of US goods.
The two countries are in a trade war over US allegations that China uses predatory tactics — including stealing trade secrets and forcing foreign companies to hand over technology — to overtake the American tech industry.
Earlier taxes from the president were focused on industrial goods, but the new ones will affect consumer products such as mobile phones.
The White House said Beijing promised to buy more farm goods from the US after the most recent trade talks ended in Shanghai on Wednesday. This was the twelfth round of trade talks between the world’s two largest economies.
Talks had broken down in May after the United States accused China of not following through on earlier commitments.
Chinese Foreign Minister Wang Yi criticised the newly proposed tax.
Imposing tariffs is definitely not the right way to resolve trade frictions,” Wang said in Bangkok.
- with reporting from Associated Press.
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How has it become acceptable in such a short time that a US President conducts business over social media?
It’s bizarre
@Mel Fitzpatrick: What can you say Mel, the Man is a legend! Make america great again!
@LibertyForIreland: A bit of advice when trolling lad, try not to make it soooooo obvious that you’re talking sh!te.
@Mel Fitzpatrick: triggered…. For what reason?
@Mel Fitzpatrick: I think it’s fantastic, You wouldn’t get that kind of insight from any other president
@Mel Fitzpatrick: I thought these two had reached a agreement some weeks ago?
@Mel Fitzpatrick: would you prefer everything is done behind closed doors?
I’m not saying either method is right or wrong, but the public seems to desire transparency, and when it is somewhat provided, people like yourself have an issue with it?
@Mushy Peas: do you think the tweets represent the reality of the situation?
I have to say this is one of the things I strongly agree with Mr. Trump on.
The entire US is essentially getting IP frauded by China and a strong message needed to be sent. The nicey nice approach that began with Nixon needed to change.
@LibertyForIreland: he’s doing what he said he would do, making America great again. Booming economy and following up with his promises, whether you like them or not. Trump 2020
What Trump said:
@LibertyForIreland: Might want to check out the inversion of the bond indices over the past Quarter, recession is imminent, Trump has undone Obama’s recovery in less than 2 years, tariffs being a major player in speeding up the pace of the recession that is due 2020/2021.
@Graham Wilson: Obama injected a trillion dollar surplus into the economy. When money is expanded in an economy the economy will grow for X period of time, and will eventually stop growing and revert to an equilibrium point, and the duration of the recession will depend on how far we strayed from that equilibrium point.
See: interest rates dropped to 1% in 2000 and then 7/8 years later we had the financial crash.
Trumps measures are trying, and relatively succeeding, in prolonging the boom. All booms bust however.
@Graham Wilson: Facks like this are way above the CD status of most of these numpties.
I am happy someone is finally challenging China for years they have been getting away with murder especially with this silk road and there association with poorly run African countries creating massive debt for these nations yet China will claim there building roads and putting infrastructure in place for these nations but it only benefits China
@Marty: Does America do anything for Africa? It gets them into debt too. America just wants to control to control the world. The Russians and the Chinese too where the Americans and British not liked. It’s been going on for years, just like Germany and France control the other EU members when the Brits leave. It’s called economic control
@Marty: the Saudi’s literally getting away with murder trump doesn’t mind
@Marty: how does it only benefit China? They’re not building massive infrastructure projects in these countries for the craic. They want to see the countries thrive so they can profit from the investment in future. It’s a lot better than the traditional US/European approach of just invading the country or slyly overthrowing the Government. As for the debt, have you ever heard of the IMF or the World Bank? Do they just give out loans for free?
China overtake the american tech industry give me a break they are years ahead of you already
@Karl Charlie: no, they aren’t actually.
@Karl Charlie: they are still years behind Japan , probably the most technically advanced country in the world. China might be big and advanced a lot since 1990 and it creates a big splash in the world. However it’s lost centuries before that still matters , Japan has been developing for centuries, it’s technology is far deeper and superior.
Down with the scamming chinese commies
And then China stop US products made in china ( iPhone ?).. and then what ?
@Dominic Leleu: trump can’t tweet maybe?
Yeakh, because the last ones worked so well
Little Dick swinging contest
have your say