Auto tariffs will also be imposed.
Communist China is hitting the US with tariffs on $75 billion in US goods.
The tariffs will range from 5% to 10%, and will take effect on September 1st and December 15th.
Tariffs of 25% on US cars, and 5% on US auto parts will also take effect on December 15th.
Those tariffs are timed to go into effect at the same time as US tariffs on $300 billion worth of Chinese goods take effect.
In a statement, China said “In response to the measures by the U.S., China was forced to take countermeasures. The Chinese side hopes that the U.S. will continue to follow the consensus of the Osaka meeting, return to the correct track of consultation and resolve differences, and work hard with China to end the goal of ending economic and trade frictions.”
The US Federal Reserve Chairman also spoke today, discussing trade tensions and possible fed policy.
Perhaps referencing both the fed and the new China tariffs, US President Trump Tweeted yet another attack on the Federal Reserve:
“As usual, the Fed did NOTHING! It is incredible that they can “speak” without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great…”
As usual, the Fed did NOTHING! It is incredible that they can “speak” without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great…
— Donald J. Trump (@realDonaldTrump) August 23, 2019
“….My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?”
….My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?
— Donald J. Trump (@realDonaldTrump) August 23, 2019
Spencer Fernando
Photo – YouTube
