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BREAKING: Trump Tightens The Noose On China In Trade War

Andrew Harrer/Bloomberg via Getty Images

President Donald Trump announced retaliatory measures against China on Friday after the Chinese government imposed tariffs on the United States, stating that he is increasing tariffs on hundreds of billions of dollars of Chinese goods by an additional 5%.

“For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight,” Trump tweeted. “Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very….”

“…unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” Trump continued. “Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!”

“Trump’s tweets about China earlier Friday helped to send major U.S. stock indexes spiraling more than 2% for the day,” CNBC reported. “The trade war intensified in the morning when China announced new tariffs on $75 billion in U.S. goods in retaliation to the U.S. duties on $300 billion in Chinese products.”

In response to China’s new tariffs on U.S. products, the Office of the United States Trade Representative released the following statement detailing Trump’s response:

Today, China announced it will impose unjustified tariffs targeting U.S. products. In response to China’s decision, and in order to achieve the objectives of the China Section 301 investigation, President Trump has instructed the United States Trade Representative (USTR) to increase by 5% the tariffs on approximately $550 billion worth of Chinese imports. For the 25% tariffs on approximately $250 billion worth of Chinese imports, USTR will begin the process of increasing the tariff rate to 30%, effective October 1 following a notice and comment period. For the 10% tariffs on approximately $300 billion worth of Chinese imports that the President announced earlier this month, the tariffs will now be 15%, effective on the already scheduled dates for tariff increases on these imports.

Author: Ryan Saavedra

Source: Daily Wire: BREAKING: Trump Tightens The Noose On China In Trade War

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