Trump defends decision to slap China with $200 billion in tariffs

Trump defends decision to slap China with $200 billion in tariffs

Published
President Trump in Oval Office April 11, 2019
President Trump in Oval Office April 11, 2019

WASHINGTON – President Donald Trump in a Friday morning tweetstorm defended his administration’s decision to impose $200 billion worth of tariffs on Chinese imports.

The tariffs went into effect Friday at 12:01 a.m. EDT. They come as Washington and Beijing are engaged in talks to end a trade war that began in March 2018 when the administration announced plans to implement tariffs on steel and aluminum imports.

While the tariffs are primarily designed to crack down on Chinese trade abuse, the administration has targeted close U.S. allies as well.

In 2018, Canada, Mexico and the E.U. were given temporary exemptions before being hit with tariffs. Those nations and China have since imposed retaliatory tariffs on U.S. products.

U.S. markets plunged in the immediate aftermath of each tariff regime but quickly recovered and are now at an all-time high.

Friday’s regime increased tariffs on Chinese goods from 10% to 25%.

The administration implemented the tariffs in response to what they said is Beijing’s non-compliance with previous trade agreements.

China has said it will again respond with retaliatory tariffs on U.S. products.

The U.S. and China are the world’s largest economies, respectively.

China is America’s largest creditor. Beijing owns most of America’s debt, which now exceeds $22 trillion.

Analysts predict that U.S. financial markets will take a hit on Friday. U.S. markets open at 9:30 a.m. EDT.

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