Tariffs on Chinese goods are going to 104 percent.
China now faces another 50% in tariffs after Beijing missed a noon deadline to withdraw the retaliatory import taxes it imposed on the United States.
The new tariffs will go into effect at 12:01 am, the White House said. That brings the total tariffs on all goods from China coming into the United States to 104%.
Trump placed a 34% increase on China when he announced his tariff plan on Liberation Day. That was on top of 20% import taxes rolled out earlier this year on Beijing.
The president, on Monday, pledged another 50% tariffs after Beijing responded to his tariff threat with a 34% increase on U.S. goods coming into China.
Well, the Chinese can’t say they weren’t warned. I warned them, on their state TV, nearly nine years ago, that President Trump would wage, and would win, a trade war against them. None of the Chinese or Hong Kong economists agreed, of course, but what was obvious then is even more obvious now.
When you’re running a trade surplus, you can’t win a tariff battle. Reciprocal tariffs are not a viable weapon for the country doing most of the exporting, because the importing country benefits from protecting its manufacturers.