Donald Trump fulfilled his promise to impose tariffs on Chinese products. The products are produced in the People’s Republic of China, an authoritarian Maoist communist world power.
The tariffs that were imposed on the major Asian nation began on Friday, July 7, 2018. The Chinese far-left government in Beijing resorted to placing tariffs on American products. The Chinese retaliated with similar tariffs as those imposed by the United States.
The Xi administration in Red China stated that they would tax American products such as automobiles, soybeans, and pork. Gao Feng, who is the Ministry of Commerce for post-Cultural revolution China, said that the U.S. has ignited the greatest trade war in the history of the global economy.
Trump stated that his administration will tax $34 billion in goods from Maoist China. The administration will then admit another $16 billion in taxes on Chinese goods. The leader of the free world said that he will escalate tariffs to $450 billion of Chinese products, which is a promise that Trump promised to fulfill.
The commander-and-chief and his advisers stated that the tariffs are a vital part of forcing one of the largest global authoritarian powers to abandon some of their unethical and unfair old-world Stalinist tactics. Some of the tactics include forcing free U.S. entrepreneurs to give their valuable technology to China and steal intellectual property.
Beijing said that they are not practicing illegal methods. They are ready to fight a trade war, as well. Feng stated that the tariffs will harm foreign companies that export products from China to the U.S. Additionally, the Leninist bureaucrat warned that the free world will be harming the rest of the world and sabotaging itself.
Nikkel Asian Review reported that China tariffed 25 percent of U.S. goods entering the Land of the Dragon. The tax was an economic counterattack of the U.S. tariffing $34 billion of Chinese goods entering the free world.
The communist world power initially taxed American soybeans. However, Nikkel reported that the Eastern nation will tariff 25 percent of energy commodities such as crude oil. The Chinese tariffs were imposed after the U.S. imposed a 25 percent tax on $16 billion worth of Chinese products.
China is the largest importer of soybeans in the international community. The nation relies on imports for an estimate of 90 percent of its needs. The U.S. accounts for more than 30 percent of China’s total consumption of the plant product.
Brookings reported that in comparison to the massive American and Chinese financial markets the amount of trade affected is at a moderate amount. President Trump has stated that he will tax 10 percent on further imports valued at $200 billion that come from China.
Chinese authorities have been attempting to narrow the fiscal conditions of the nation. The country’s economy is being dwarfed before it is hit with the tax.
The Shanghai stock market is down 23 percent. The market had hit a high in January. Brookings reported that the dip in the nation’s economy symbolizes a mixture of anxieties related to trade and their drive to resolve their debt by selling their assets, as Trump has fulfilled his promise to impose tariffs on Chinese products.
By John A. Federico
Edited by Jeanette Smith
The New York Times: Trump’s Trade War With China Is Officially Underway
CNN: The US-China trade war is about to get real
NIKKEL Asian Review: Global commodities in for a bumpy ride from US-China trade war
Brookings: The future of the U.S.-China trade war
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