The trade war is just getting started.
On Thursday, President Donald Trump signed an executive memorandum that would institute tariffs on $60 billion in Chinese imports. The president’s latest efforts were to combat alleged theft of American intellectual property by Beijing.
Well, as expected, China retaliated by implementing its own set of tariffs.
On Friday, the Chinese government proposed tariffs on 128 U.S. products worth $3 billion. The reports suggest that duties will be slapped on American steel pipes, ginseng, ethanol, wine, and fruit. The tariffs range from 15 to 25 percent – the higher tax will be imposed on U.S. aluminum and pork.
Analysts are warning that the next step China could take would be to impose levies on U.S. agricultural products, including soybeans, which is one of America’s biggest agricultural exports to the world’s second-largest economy.
Suffice to say, you can expect a lot more retaliation from Chinese President Xi Jinping’s administration.
Why do Trump supporters think a trade war is a good thing?
China doesn’t care for their people either. Let them eat cake!