How a U.S. – China trade war could hit your pocketbook

Political News

Thursday night President Trump announced a possible 100 billion dollars of additional tariffs against Chinese goods. That’s after 50 billion dollars of proposed tariffs came out on Tuesday. He cites concerns with China stealing American intellectual property.

President Donald Trump says China hasn’t been playing fair. 

“The easiest thing for me to do would be just to close my eyes and forget it. If I did that, I’m not doing my job.” President Donald Trump

In a radio interview with WABC Friday morning, Trump defended his annoucement Thursday night, that the U.S. should consider another $100 billion in tariffs agaiunst Chinese goods. That’s after U.S. tariffs were already imposed on Chinese steel and aluminum earlier this year. 

China fought back, targeting U.S. fruits, nuts, wine and steel pipes.

Then on Tuesday, President Trump threatened to levy import taxes on 1,300 Chinese products, including TVs, dishwashers, and printers.

Hours later, China fired back with an equal amount of tariffs on U.S. cars, planes and soybeans.

“The market price of soy beans dropped 40 cents this morning.  American soy bean producers, are down $1.6 to $1.7 billion today. Yes, we feel like a casualty.” Brian Duncan / Vice President, Illinois Farm Bureau

“Secretary of Agriculture is aggressively working out plans to assist any American farmers that are threatened by these actions.” Peter Navarro / Assistant to the President, Director, Office of Trade and Manufacturing Policy

Now with the potential new tariffs – no one knows which U.S. exports could be hit next with Chinese taxes.

The U.S. National Retail Federation accused Trump of “playing a game of chicken with the nation’s economy”.

“I’m not saying there won’t be a little pain. But the market’s gone up 40% 42%, so we might lose a little bit of it. But we’re going to have a much stronger country when we’re finished.” President Donald Trump

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