US China Tariff Increases

Trump is making bi-lateral trade deals with Japan and others and is working on bi-lateral trade deals with the UK, France and others.  See Tariff plan update below.

Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30%. By Alan Rappeport and Keith Bradsher, 8/23/19.

President Trump, in a tweet, said he would raise tariffs on $250 billion worth of Chinese goods to 30 percent from the current rate of 25 percent beginning Oct.

WASHINGTON — President Trump said he would increase taxes on all Chinese goods and demanded that American companies stop doing business with China as his anger toward Beijing and his Federal Reserve chair boiled over on Friday.

Twelve hours after China said it would retaliate against Mr. Trump’s next round of tariffs by raising taxes on American goods, Mr. Trump said he would bolster existing tariffs on $250 billion worth of Chinese goods to 30 percent from 25 percent on Oct. 1.

And he said the United States would tax an additional $300 billion worth of Chinese imports at a 15 percent rate, rather than the 10 percent he had initially planned. Those levies go into effect on Sept. 1.

“China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)” Mr. Trump said on Twitter. “Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%.”

On Friday, China said it would increase tariffs on $75 billion worth of American goods, including crude oil, automobiles and farm products like soybeans, pork and corn in response to Mr. Trump’s plan to tax an additional $300 billion worth of Chinese goods in September and December.

https://www.nytimes.com/2019/08/23/business/china-tariffs-trump.html

Norb Leahy, Dunwoody GA Tea Party Leader