The US and China are officially in a Trade War that the American President has started…
As said here before…
Countries have stop worrying about Donald Trump’s action’s…
They are now pushing back…
We are going to see what Republicans in Congress do….
(There is still time before the full effect of these taxes kick in)
Higher prices for American consumers , farmers and manufactures will NOT help Trump keep his job…Nor will help GOPer’s running for office next year…
Donald Trump’s experience with running things is suspect…..
China’s finance ministry announced on Monday evening that it was raising tariffs on a wide range of American goods to 20 percent or 25 percent from 10 percent, in the first Chinese move to retaliate over President Trump’s broader increase in tariffs on Chinese goods last Friday.
But the finance ministry delayed the implementation of its tariff increase until June 1, a delay of nearly three weeks that allows time for negotiators to make one last push for a deal. The delay roughly matches one that the Trump administration in effect put on its own tariff increase.
Beijing’s retaliation comes at a time when many in China feel that the United States has behaved highhandedly in threatening tariffs. “Mutual trust and respect are of the essence in handling the negotiations,” said Zhu Ning, a Tsinghua University economics professor.
President Trump on Friday raised tariffs on $200 billion a year worth of Chinese goods, particularly auto parts, to 25 percent from 10 percent. He had already imposed 25 percent tariffs last summer on another $50 billion a year of Chinese goods, including a wide range of products that his administration views as strategic, from cars to aircraft parts and nuclear reactor components.
The Trump administration has more tariffs planned. The Office of the United States Trade Representative has said that on Monday, it will issue for public comment at Mr. Trump’s direction a proposal to raise tariffs on “essentially all remaining imports from China, which are valued at approximately $300 billion.”….
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Neither the American tariffs nor China’s retaliation will go into effect right away. Despite the rising tensions, the Trump administration structured its tariff increase on Friday so that it won’t take effect for a few weeks, giving both sides a bit more room to reach a deal. In a departure from the usual practice of assessing tariffs on goods as they reach American seaports and airports, the Trump administration declared that the increased tariffs on $200 billion a year in goods would be applied only to shipments that left China from Friday onward….
Update….
The Market opens up DOWN almost 600 points with this trade war news….
Trump and China fight is driving down the market this morning….