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President Donald Trump announced new economic measures against China on Friday and he did it from his Twitter account.
"For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more," the president said.
For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectu… https://t.co/KscBoD4tNm— Donald J. Trump (@Donald J. Trump) 1566594032.0
"Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight," he added.
"China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)," he continued. "Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%."
...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
In a fourth tweet, he added that he would raise tariffs on 300 billion dollars of goods and products from 10 percent to 15 percent.
The actions are the latest in a mounting trade war between the U.S. and China, which had struck back with retaliatory tariffs of their own.
The president has said that trade wars are easy to win, and promised that consumers would not pay for his tariffs, but later admitted that although consumers and producers might take a hit, that they are patriotic and will accept the sacrifices.
Also on Friday, China had announced the new tariffs against $75 billion of U.S. goods. The president had earlier tweeted that he was ordering U.S. companies to look for alternatives to working with China. The stock market did not receive the news well, and will likely not respond well to the president's new tariffs.
Free market critics of Trump's tariffs say they will destroy market product chains and leave long-lasting damage to the economy, but the president and his economic advisors have said that someone needs to stand up to China.
Here's the latest in Trump's tariff war:
US stocks fall sharply as trade war escalateswww.youtube.com
