g5000
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- Nov 26, 2011
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China imposes retaliatory tariffs on US goods including coal, crude oil, and large cars
China hit back at President Donald Trump's trade plan on Tuesday morning with two tiers of tariffs on American goods.
China's Ministry of Finance said it would impose a 15% tariff on coal and liquefied natural gas and a 10% tariff on crude oil, agricultural machinery, large cars, and pickup trucks.
The announcement comes days after Trump placed a 10% tariff on all Chinese imported products, building on his campaign promise of robust tariff policy.
[snip]
Trump's approach to trade with China echoes his first term in office. Throughout 2018 and 2019, the president placed tariffs on hundreds of billions of dollars worth of Chinese products — including tech equipment and plastics. China previously responded in 2019 by placing 10% retaliatory tariffs on $75 billion of US imports.
Still, both lawmakers and billionaires have urged the president to rethink his tariff plan, saying that it will cost small businesses and American consumers.
Trump's last trade war with China resulted in the highest trade deficit the US has ever had with China.
Perhaps Xi will summon Trump to China again and put on another big pageant to stroke his ego with little communist children.
Trump couldn't say enough nice things about Xi after that trip.
China is a major producer of US electronics, and it's likely that cell phones, laptops, and other devices could become more expensive.
Oligarch Tim Apple, who used to be a Democrat supporter, gave Trump a million dollars for his inauguration. Precisely so Trump will exempt Apple products from his tariffs.