China Increases Tariffs on US Imports, Escalation of Trade War
“We don’t need China and, frankly, would be far better off without them,” Trump wrote on Twitter. He also “ordered” American companies “to immediately start looking for an alternative to China.” The National Retail Federation issued a statement calling the demand “unrealistic.”
“Seems like American President Donald Trump is losing control in a trade war. Many Americans can suffer and according to some surveys, all these trade measures can cost a 1000 dollars each household in the US”, YourTradeNews.com analyses.
China’s Finance Ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts. The tariffs would be 25% for vehicles or 5% on parts and would take effect on December 15th. The new tariffs will target 5,078 products, including soybeans, coffee, whiskey, seafood, and crude oil.
Last week, China said it would take countermeasures after the United States announced it would impose 10% tariffs on Chinese imports worth $300 billion.
The United States postponed the implementation of about half of those tariffs, which will cover several categories of Chinese-made consumer goods, until December. They had been due to take effect in September.