President Trump hits China: Threatens china with additional $100 billion Tariffs on their products
President Trump announced that he has directed his officials to look at slapping $100 billion in additional tariffs on China, the move will definitely escalate trade war between two countries.
President said in a satement “In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,”.
He added “I have also instructed the Secretary of Agriculture, with the support of other members of my Cabinet, to use his broad authority to implement a plan to protect our farmers and agricultural interests,”.
On Tuesday President Trump imposed a $50 billion tariff package on China, 25 percent will be leveled on imports of chinese electronics, shoes and furniture. U.S. Trade Representative Robert Lighthizer released a proposed list of Chinese imports that could face stiffer tariffs as part of a Section 301 investigation into Beijing’s lax intellectual property practices.
China retaliated to the Trump admin’s Tariffs by slapping 25 percent on imports of U.S Soybeans, corn, airplanes and automobiles, total tariff worth $50 billion.
However President Trump took to Twitter on Wednesday to assert that the U.S. is “not in a trade war with China.”