President Donald Trump responded swiftly Friday to China raising tariffs on U.S. goods by ordering U.S. companies to stop conducting business in China, further raising tariffs on Chinese goods and slamming Federal Reserve Chairman Jerome Powell for doing “nothing.”
“Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” he announced via Twitter.
“Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%.”
As usual, the Fed did NOTHING! It is incredible that they can “speak” without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great…
— Donald J. Trump (@realDonaldTrump) August 23, 2019
….My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?
— Donald J. Trump (@realDonaldTrump) August 23, 2019
Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won’t let that happen! We don’t need China and, frankly, would be far….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
….better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..
— Donald J. Trump (@realDonaldTrump) August 23, 2019
….your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon. This is a GREAT opportunity for the United States. Also, I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE,….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
….all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop – it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!
— Donald J. Trump (@realDonaldTrump) August 23, 2019
For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
….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. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
…unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%…
— Donald J. Trump (@realDonaldTrump) August 23, 2019
…Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!
— Donald J. Trump (@realDonaldTrump) August 23, 2019
The tweets were posted not long after the Chinese State Council announced new tariffs on U.S. goods.
“The Chinese State Council said it decided to slap tariffs ranging from 5% to 10% on $75 billion U.S. goods in two batches effective on Sept. 1 and Dec. 15,” CNBC reported. “It also said a 25% tariff will be imposed on U.S. cars and a 5% on auto parts and components, which will go into effect on Dec.15. China had paused these tariffs in April.”
In a statement, the council reportedly blamed the new tariffs on Trump.
“In response to the measures by the U.S., China was forced to take countermeasures,” the statement reads. “The Chinese side hopes that the U.S. will continue to follow the consensus of the Osaka meeting, return to the correct track of consultation and resolve differences, and work hard with China to end the goal of ending economic and trade frictions.”
Stocks and bond yields reportedly tumbled after the announcement. They tumbled further after the president responded with more tariffs.
BREAKING: Stocks extend losses into the close; the Dow drops 700 points https://t.co/8Ujr8VMoWv pic.twitter.com/FWLHU833Jr
— Bloomberg (@business) August 23, 2019
But while most in the left-wing mainstream media responded to Friday’s events by spreading more conspiracy theories about an impending recession, one commentator urged the American people to examine the president’s history before rushing to conclusions.
“A bad day or a bad week on Wall Street is not an indication that Trump’s policy is failing,” former Trump administration counsel Jim Schultz wrote for CNN.
“Market volatility is neither a surprise nor a reason to head for the lifeboats. The markets are going to react and fluctuate as the United States and China go back and forth in trade negotiations.”
Fact-check: TRUE.
Repeatedly during the past three years, markets have nosedived because of current news and then bounced back even stronger than before.
“Something had to be done to end China’s unfair practices, and rather than capitulate to the predictions of recession and calamity, we need to stay the course and continue to add tariffs to Chinese goods,” Schultz’s op-ed continues. “We as a nation simply cannot allow China to continue to have its way with our economy.”
Are China’s trade practices unfair, though? Yes, according to CNN’s Fareed Zakaria:
What remains unclear is whether the president’s strategy will ultimately prove successful. The results of his past trade wars suggest that yes, it will eventually spur China into bending the knee.
Thanks to mere tariff threats against Mexico, earlier this year the president successfully forced Mexican officials to agree to a historic deal to assist the federal government in curbing the flow of illegal aliens across the southern U.S. border.
In exchange for Trump rescinding the tariff threats, Mexico agreed it would “take unprecedented steps to increase enforcement to curb irregular migration, to include the deployment of its National Guard throughout Mexico, giving priority to its southern border,” according to a press release by the State Department.
“Mexico is also taking decisive action to dismantle human smuggling and trafficking organizations as well as their illicit financial and transportation networks. Additionally, the United States and Mexico commit to strengthen bilateral cooperation, including information sharing and coordinated actions to better protect and secure our common border.”
More notably, Mexico also agreed to accept all asylum seekers, including those who step foot inside the United States either legally or illegally.
WOW- amazing right? Only to ppl w/o #TDS otherwise the reaction by #MSM & #Libs was ignore or mock with cynicism! #Dems #Libs truly do NOT care abt #Americans! Tariffs suspended! Trump announces historic deal with MX to stem illegal immigration https://t.co/qGBDGphaHT
— ???Lady De’Plorable??? (@LadyRedWave) June 9, 2019
As of now, however, China has shown no willingness to follow Mexico’s path.
In a statement issued Saturday through the nation’s official state newspaper, the People’s Daily, Chinese officials reportedly said they would continue the trade war with the Trump administration “until the end.”
“China will to defend the core interests of the country and the fundamental interests of the people is indestructible, and will not fear any challenge,” they reportedly said. “History will prove that the side on the path of fairness and justice will have the last laugh.”
It’s not clear whether they’re aware the Trump has a history of getting the last laugh.
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