US to Impose New Tariffs on $300 Billion of Chinese Goods Starting September 1

August 2, 2019 by Dan McCue
US to Impose New Tariffs on $300 Billion of Chinese Goods Starting September 1

WASHINGTON – President Donald Trump announced Thursday the U.S. is placing an additional 10% tariff on $300 billion worth of Chinese goods, effective September 1.

“Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional tariff of 10% on the remaining $300 billion of goods and products coming from China into our country,” Trump said in the first of a series of tweets Thursday afternoon.

The president then went on to criticize China for allegedly not following through on promises to buy agricultural products from the U.S. in large quantities, and for failing to stop the sale of Fentanyl to the United States.

Nevertheless, Trump concluded “We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!”

The tweets killed an early day rally for the Dow Jones Industrial Average and put downward pressure on both Nasdaq and the S&P 500.

Earlier this week, Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer traveled to Shanghai to continue trade talks with China’s vice premier, Liu He, and a team of government ministers.

In a muted statement the White House said the two sides have discussed a range of topics, including forced technology transfer, intellectual property rights, services, non-tariff barriers, and agriculture.

The statement described the talks as “constructive” and said negotiations are expected to resume in Washington, D.C. in early September.

On Wednesday, the Federal Reserve cut its key interest rate for the first time in a decade in part to counter the impact of Trump’s trade wars.

“Weak global growth and trade tensions are having an effect on the U.S. economy,” Fed Chairman Jerome Powell told reporters.

Powell also said that sluggishness in some sectors of the U.S. economy, like manufacturing, along with inflation chronically below the Fed’s target level justify the “insurance of a rate cut now.”

Yet he insisted Wednesday’s action was “not the beginning of a long series of rate cuts.”

“When you think about rate-cutting cycles, they go on for a long time, and the committee is not seeing that — not seeing us in that place. You would do that if you saw real economic weakness,” he said.

Trump has also gone so far this week as to accuse China of wanting to stall trade negotiations through the 2020 election in hopes of being able to negotiate with a more easy-going Democratic president.

“China would love to wait and just hope,” Trump told reporters at the White House on Tuesday.

“They would just love if I got defeated so they could deal with somebody like Elizabeth Warren or Sleepy Joe Biden … They’ll pray that Trump loses. And then they’ll make a deal with a stiff, somebody that doesn’t know what they’re doing like Obama and Biden, like all the presidents before,” Trump said.

A+
a-
  • China
  • Donald Trump
  • negotiations
  • tariffs
  • trade
  • In The News

    Health

    Voting

    Trade

    Baltimore's Busy Port Fully Reopens After Bridge Collapse, and a Return to Normal Is Expected

    BALTIMORE (AP) — Authorities anticipate commercial shipping traffic through the Port of Baltimore will soon return to normal levels after... Read More

    BALTIMORE (AP) — Authorities anticipate commercial shipping traffic through the Port of Baltimore will soon return to normal levels after the channel fully reopened this week for the first time since the Francis Scott Key Bridge collapse. “They are back open for business, ready to bring... Read More

    May 16, 2024
    by Dan McCue
    Federal, State Agency Collaboration Speeds Recovery From Baltimore’s Key Bridge Collapse

    WASHINGTON — Transportation Secretary Pete Buttigieg remembers Monday, March 25, as being like any other night. The last thing he... Read More

    WASHINGTON — Transportation Secretary Pete Buttigieg remembers Monday, March 25, as being like any other night. The last thing he did before going to sleep that night was put his cellphones on a dresser across from his bed, “so I’m not tempted to keep myself awake... Read More

    May 14, 2024
    by Dan McCue
    Biden Rolls Out Sweeping Tariffs Against China

    WASHINGTON — President Joe Biden on Tuesday rolled out steep new tariffs on a wide range of Chinese imports, including... Read More

    WASHINGTON — President Joe Biden on Tuesday rolled out steep new tariffs on a wide range of Chinese imports, including electric vehicles, solar panels, semiconductors and medical products in an effort to protect American manufacturers from competitors he said are unfairly subsidized by the government in... Read More

    April 5, 2024
    by Tom Ramstack
    Congress Pursues New Strategies for Port Security

    WASHINGTON — Maritime experts told a congressional panel Friday that the March 26 collapse of Baltimore’s Francis Scott Key Bridge... Read More

    WASHINGTON — Maritime experts told a congressional panel Friday that the March 26 collapse of Baltimore’s Francis Scott Key Bridge served as an example of potentially devastating risks confronting U.S. ports. The collapse after collision with a cargo ship temporarily shut down the nation’s ninth largest... Read More

    China to Challenge Biden's Electric Vehicle Plans at the WTO

    BEIJING (AP) — China filed a World Trade Organization complaint against the U.S. on Tuesday over what it says are... Read More

    BEIJING (AP) — China filed a World Trade Organization complaint against the U.S. on Tuesday over what it says are discriminatory requirements for electric vehicles subsidies. Starting this year, U.S. car buyers are not eligible for tax credits of $3,750 to $7,500 if critical minerals or other battery... Read More

    March 21, 2024
    by Tom Ramstack
    Lawmakers Say US Semiconductors Sometimes Used by Foreign Adversaries

    WASHINGTON — A congressional panel juggled competing interests Thursday of trying to lead the world in industrial development without having... Read More

    WASHINGTON — A congressional panel juggled competing interests Thursday of trying to lead the world in industrial development without having the new technologies fall into the hands of foreign militaries that might want to harm the United States. More than anything, lawmakers want more and better... Read More

    News From The Well
    scroll top