Late Monday President Trump issued a statement regarding the planned ten percent tariff on $200 billion worth of Chinese imports.
The statement which can be found in full @ The White House, states the new round of tariffs comes, following weeks of “public notice, hearings, and extensive opportunities.”
The ten percent tariff according to the statement will take effect on September 24, 2018. It will remain at ten percent until the first of the year when it raises to twenty-five percent.
President Trump added, that if China “takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.”
The New York Times explains that if President Trump imposes another round of tariffs against Chinese imports, that would be a “tax on all imports.”
This new round of tariffs levied against the $200 billion worth of imports, “comes on top of the $50 billion worth already taxed earlier this year,” the Times article notes, this is “half of all Chinese imports into the,” U.S., that “will soon face levies.”
National Association of Manufacturers President and CEO Jay Timmons issued a statement Monday, via CNBC, “With every day that passes without progress on a rules-based, bilateral trade agreement with China, the potential grows for manufacturers and manufacturing workers to get hurt. No one wins in a trade war, and manufacturing workers are hopeful the administration’s approach will quickly yield results.”
The U.S. and China were due to resume trade talks on September 27th and 28th, but as Bloomberg reported on Monday, “Chinese officials have also signaled to U.S. counterparts that Mnuchin’s talks won’t happen.” China has signaled they plan to retaliate against more tariffs.
Tuesday China’s Ministry of Commerce announced they will retaliate with tariffs on additional $60 billion in U.S. imports. The Ministry of Commerce issued a statement via The Washington Post, “In order to safeguard our legitimate rights and interests and the global free trade order, China will have to take countermeasures. We deeply regret this.”
President Trump responded to China’s planned retaliation against the new round of tariffs via Twitter @ 8:50 a.m. and 8:55 a.m.
In President Trump’s closing remarks in Monday’s announcement he wrote, “Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection.”
Full list of effected Chinese imports can be found @ USTR.gov.