China has responded to President Donald Trump’s hike on tariffs, claiming it will raise tariffs on $60 billion worth of American imported goods starting on June 1, 2019.
The agricultural industry will be most affected by this move.
China imports close to $100 billion in American goods.
That’s compared to the $530 billion it sends to this country — which limits how much it can retaliate against what Trump is doing.
U.S. stock futures moved sharply lower following the China announcement.
I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!
— Donald J. Trump (@realDonaldTrump) May 13, 2019
We are right where we want to be with China. Remember, they broke the deal with us & tried to renegotiate. We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-Tariffed countries…
— Donald J. Trump (@realDonaldTrump) May 12, 2019
https://twitter.com/realDonaldTrump/status/1127886307118678016
….We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total Tariffs received, and distribute the food to starving people in nations around the world! GREAT! #MAGA
— Donald J. Trump (@realDonaldTrump) May 12, 2019
This past Friday, Trump decided to instruct Robert Lighthizer, the U.S. trade representative, to raise tariffs on the $300 billion or so of Chinese goods not yet subject to tariffs.
Only the shortsighted would fail to see how badly the U.S. is faring against China, even down to the individual purchase.
Related: Tariffs Are a Necessary Response to China’s Intransigence
Let me ask an honest question of all of those who are pro-China. How many times have you bought something made in China — only to have it break prematurely?
What are the next two things you do after this occurs?
Soon, Chinese-made goods will be languishing in holding areas and harbors overseas.
China’s financial bubbles are about to break; when it comes down to it, we can and will produce what we need and want.
Stock futures plunge over 700 points after China announces retaliatory tariffs https://t.co/X2ZdJRiLhk pic.twitter.com/oKCyYIvyW7
— The Hill (@thehill) May 13, 2019
For the last 20 years, China has been taking advantage of the U.S. through tariffs and intellectual property theft. Every president has threatened to do something about this.
None of them have until now.
President Trump is playing the long game.
This piece originally appeared in WayneDupree.com and is used by permission.
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