President Trump kept his promise to put tariffs on Chinese imports. Now China vows it will retaliate with the same. Trump raised taxes on 200$ billion dollars worth of Chinese goods.
Beijing promptly vowed to retaliate with “necessary countermeasures” in a major escalation of the year-old trade conflict that has roiled global stock markets and increased costs for consumers.
“China deeply regrets that it will have to take necessary countermeasures,” China’s Commerce Ministry said in a statement.
Trump apparently did not take the threat well unleashing a storm of tweets Friday morning
The latest increase extends 25 percent duties to about $250 billion of Chinese imports. On Sunday Trump said he might also expand penalties to all Chinese goods shipped to the United States.
Previous tariffs against Chinese goods have prompted Beijing to retaliate by hiking duties on $110 billion of U.S. imports.Source
Does China really want to go down this road? President Trump must stand firm even Chuck Schumer is urging Trump to do so drawing harsh criticism from his own party.
Joe Biden on the other hand contradicted Schumer recently and said China is NOT competition.
The U.S. goods and services trade deficit with China was $378.6 billion in 2018.
China has finally met its match and it will only be a matter of time before Trump flips the script. This President is a master negotiator and is finally giving China a taste of their own medicine.