Prez Trump hits back at China, raises existing & planned tariffs

Trump, EU leaders exchange trade war threats on Saturday as they arrived in France for the G-7 summit

Washington, Aug. 24: US President Donald Trump on Friday announced to raise existing and planned tariffs on Chinese products in retaliation for Beijing’s announcement earlier in the day of new duties on American goods.

“Starting on October 1st, the 250 BILLION (US) DOLLARS of goods and products from China, currently being taxed at 25 per cent, will be taxed at 30 per cent,” Mr Trump said in a statement to the White House press corp.

“Additionally, the remaining 300 BILLION (US) DOLLARS of goods and products from China, that was being taxed from September 1st at 10 per cent, will now be taxed at 15 per cent. Thank you for your attention to this matter!” said the US President in his unusual statement, portions of which were in capital letters.

In his statement, which was mainly against China, Mr Trump also issued a warning to other countries as well.

“For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more,” he said. “Our Country

has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight. 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,” Mr Trump said.

“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!),” he said.

The Trump’s announcement came after China on Friday said it will impose additional 10 per cent tariffs on USD 75 billion worth of US exports in retaliation to President Donald Trump’s threat to impose new tariffs on $300 billion worth of Chinese imports as trade war between the top two economies continues to intensify.

Meanwhile, Mr Trump and EU leaders exchanged trade war threats on Saturday as they arrived in France for a G7 summit of wealthy democracies overshadowed by trans-Atlantic tensions before it had even begun.