Here we go AGAIN…..
President Donald Trump on Friday said he would impose a new 100 percent tariff on goods from China, escalating tensions with Beijing after Chinese leader Xi Jinping issued new export restrictions that upended months of trade negotiations between the world’s two largest economies.
Trump announced the levy shortly after the markets closed — and after stocks sank on his earlier threats to increase tariffs and cancel a meeting later this month with Xi. The Dow Jones Industrial Average was down almost 900 points, and the S&P 500 sank 2.7 percent in the biggest one-day drop since April.
The new tariffs will take effect Nov. 1 “or sooner, depending on any further actions or changes taken by China,” he wrote on his Truth Social platform. Average tariffs on imports from China stand at about 57 percent, according to the Peterson Institute for International Economics, after hitting a high of 140 percent at the peak of Trump’s trade war earlier this year.
Trump also wrote that he would impose export controls on “any and all critical software” as he retaliated against China’s new restrictions on rare earth minerals that are essential to the U.S. economy. The announcement could set back a U.S.-China trade deal that businesses and investors have hoped would stabilize one of the world’s most consequential foreign policy relationships…..
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The Trump administration and Chinese leaders have spent months wrangling over Trump’s plan to impose high tariffs on China, with both countries trading economic threats in their trade showdown….
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“We’ve seen Trump threaten to blow up the relationship at least three separate times this year, but each time he came back to the table because he knows that China can hurt the U.S. as much as he can hurt China,” said Jake Werner, director of the East Asia Program at the Quincy Institute. “I think that will be the outcome this time, too.”….
Note…
One seriously doubts Trump will levy 100% tariff/import taxes across the board on Chinese imports to America….
The American Market and American Consumers would be for serious chaotic economy turbulence …
And?
The US Supreme Court IS supposted to deal with IF President Trump can LEGALLY freelance Tariff policy without imput and clearance from Congress….Other Federal Courts have cast doubt’s on Trump’s tariff actions….
He claims he can because their IS a economic ’emergency’?
The only maybe the one he’s creating ?
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