The trade war between China and the United States heated up once again today. The Dow once again took a huge hit as Trump announced an increase in tariffs.
President Donald Trump announced on Twitter Friday that his administration will retaliate against China by raising tariffs on imports from the Asian nation amid a bitter trade war between the two countries.
“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,” Trump tweeted. “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!”
The move came hours after Beijing said it would hike tariffs on $75 billion in U.S. imports, escalating a conflict over trade and technology that threatens to tip a fragile global economy into a recession.Fox News
After the news hit the mainstream media and democrats pounced on it and hinted that a recession might be coming.