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President Trump finally dropped the hammer on China this afternoon, and boy was it a big one!
Early today President Trump caught everyone by surprise by announcing that all American companies were immediately ordered to bring their manufacturing home to America!
It was the boldest proclamation on trade I can ever recall a President making in my lifetime.
If there were any doubt before about how seriously he views this, there isn’t anymore.
Take a look:
Then later in the day he dropped the big hammer...massive tarrifs going into place!
And folks, if you've studied the economics, you know that China cannot hold pace against the U.S. with these increases.
Now do you see why President Trump is so calm about the matter? He's holding all the cards and he knows it!
For a man who's been making deals all his life, President Trump understands leverage perhaps better than anyone else on the planet, and it must be tremendously fun for him to know he's got the biggest stack of chips of anyone in the room because he has the U.S.A.! 🇺🇸
I love it.
Here was the bombshell announcment:
If you can't see that, I've copied it below:
For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight. Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%. Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!
Fox News had more:
President Trump's trade war with China boiled over Friday as Beijing slapped retaliatory tariffs on America and the president declared he's ordering U.S. companies to prepare to leave the country and relocate back home -- prompting pushback from corporate America.
"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing ... your companies HOME and making your products in the USA," Trump tweeted in a blistering set of statements Friday morning. The president went on to call on companies to “search for & refuse” shipments of the opioid painkiller fentanyl from China.
The U.S. has said it plans to impose 10 percent tariffs on $300 billion of Chinese goods in two steps, on Sept. 1 and Dec. 15. China responded Friday with new tariffs on $75 billion of U.S. products in retaliation, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.
On Friday evening, Trump said products coming from China that were slated to be hit with a 10 percent tariff on Sept. 1 will now face a 15 percent tariff. Trump also said goods and products currently being taxed at 25 percent will be taxed at 30 precent starting Oct. 1
But as Trump rejects such warnings while keeping his foot on the gas in the clash with China, American businesses responded to his latest guidance by urging continued trade talks.
The U.S. Chamber of Commerce issued a statement saying it wants to see continued "constructive engagement" with China.
"The U.S. business community has for many years called out the lack of progress in addressing China’s unfair trade practices. ... Despite our concerns, the 40-year-old trade relationship between our two countries has been for the most part productive, constructive, and mutually beneficial," said Myron Brilliant, executive vice president of the U.S. Chamber of Commerce.
"While we share the President’s frustration, we believe that continued, constructive engagement is the right way forward. Time is of the essence. We do not want to see a further deterioration of US-China relations. We urge the administration and the government of China to return to the negotiating table."
And CNBC explained the tarrifs:
President Donald Trump will hike tariff rates on most imports from China in response to the latest shots in the trade war between the world’s two largest economies, he said Friday.
The White House will raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1, the president tweeted. The tariffs on another $300 billion in Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%, he added.
In a series of tweets, the president said he would increase the pressure on Beijing as part of his long held goal to force China to change what he calls unfair trade practices. Trump has fired more shots in the trade war as he seeks a sweeping trade deal with Beijing — even as the tariffs threaten global economic growth.