The Trump administration has announced a 10-percent tariff on around $200 billion worth of imports from China in response to unfair trade practices.
BREAKING: The Trump administration will slap a 10% tariff on about $200 billion in Chinese goods next week https://t.co/uwVdmGVjSa
— Bloomberg (@business) September 17, 2018
More details from Bloomberg:
The Trump administration will slap a 10 percent tariff on about $200 billion in Chinese goods next week, and more than double the rate in 2019, setting up what could be a prolonged trade war between the world’s two biggest economies.
The administration is giving U.S. businesses a chance to adjust and look for alternative supply chains by delaying an increase of the tariff to 25 percent until next year.
Pres Trump announces additional tariffs of 10% on roughly $200-billion of imports from China, in response to unfair trade practices. The new tariffs take effect Sep 24; will increase to 25% on Jan 1. If China takes retaliatory action, the new US tariffs will be further expanded.
— Mark Knoller (@markknoller) September 17, 2018
NEW statement from @POTUS: "Today….I directed the United States Trade Representative (USTR) to proceed with placing additional tariffs on roughly $200 billion of imports from China." pic.twitter.com/ExP7VdLHQA
— Saagar Enjeti (@esaagar) September 17, 2018
Here is a look at several of the growing United States trade deficits with China.
Why the U.S.-China trade deficit is so huge: Here’s all the stuff America imports https://t.co/N4GlaHWd8S
— MarketWatch Economy (@MKTWeconomics) September 17, 2018
This action follows threats from the president about potential tariffs if a trade deal was not able to be accomplished.
Larry Kudlow says President Trump has "not been satisfied" with the trade talks with China and confirmed the administration is readying additional tariffs. https://t.co/eljDqSuwe9
— CNBC (@CNBC) September 17, 2018
The president waited until the close of the markets to implement this action.
It should be interesting to see how they react tomorrow and throughout the week.
