Stupid is As Stupid Does: Trump Hits China With $200 Billion More Tariffs
Mike Mish Shedlock
In response to US tariffs, China put $50 million of its own tariffs on US good. Trump did not like that and responded with a threat of $200 billion more tariffs.
President Donald Trump has requested the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.
The new duties will go into effect "if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced," the president said in a statement provided by the White House late on Monday.
The move comes after the U.S. on Friday announced that it would impose a 25 percent tariff on up to $50 billion of Chinese products. Tariffs on an initial list of goods worth some $34 billion will kick in on July 6.
Monday's proposed measure is in response to Beijing's decision to raise tariffs on U.S. exports, the White House statement said.
Stupid is As Stupid Does
Not to worry. Trade wars are very winnable.
China's prices will rise. US prices will rise.
We call this "winning"
Mike "Mish" Shedlock