closevideo of China announces tariff hike to $75 billion in U.S. goods
Fox Business Briefs: the fear of a global recession grow as China collective announces hikes of $75 billion in U.S. products.
President Trump announced on Twitter on Friday that his government would retaliate against China by raising tariffs on imports from the Asian nation in the midst of a bitter trade war between the two countries.
“For many years in China (and many other countries) the advantages of the United States on the Commerce, theft of Intellectual property, and much more. Our country was not to lose HUNDREDS OF BILLIONS of DOLLARS a year in China, the end is in sight,” Trump tweeted. “The last governments of China allowed sad to have to be so far ahead is to become a Fair and Balanced trade, that it is a big burden for American taxpayers. As President, I can no longer allow this to happen!”
The move came hours after Beijing said it would threatens to hike tariffs on $75 billion of U.S. imports, the escalation of the conflict on trade and technology, to tilt a fragile world economy into a recession.
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Trump called motivated tariffs “political.”
“1. October, the US $ 250 BILLION of goods and products from China that are currently taxed taxed at a rate of 25 percent, 30 percent,” Trump continued. “In addition, the remaining $ 300 BILLION of goods and products, the taxed was from China, from 1. September 10 per cent, will now be taxed at the 15 per cent. I thank you for your attention to this matter!”
Economic groups were appalled at the new rates, the one hour closed announced after the Dow Jones Industrial Average, more than 623 points after a former President broadside against the Chinese.
“It is impossible for businesses to plan for the future, in this kind of environment,” National Retail Federation Senior Vice President of Government Relations David French said in a statement. “The administration is not working the approach clearly, and the answer is not more taxes on American businesses and consumers. Where does this end?”
Earlier in the day, Trump tweeted that the U.S. is “stupid” have lost trillions of dollars to China and accused Beijing of stealing “our Intellectual property in the amount of hundreds of billions of dollars per year, and you want to continue.
“I’m not going to let that happen!”, Trump, who also said that he “hereby designates wrote,” American companies are looking for alternatives to the business in China.
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The President raged against Federal Reserve Chairman Jerome Powell for his continued refusal to cut interest rates, at one point saying: “My only question is, who is our bigger enemy, Jay Powel (sic!) or [China’s] Chairman Xi [Jinping]?”
That outbreak came after Powell, speak to Central bankers in Jackson Hole, Wyoming., gave vague assurances that the Fed “as appropriate” to support the nation’s economic expansion. While the style was widely seen as the importance of interest rate cuts, he offered no indication of whether or how many of the reductions could come, the rest of the year.
The Associated Press contributed to this report.