Today I Learned... About Trump's Newer and "Greater" Tariff on China... Again
Here we gooooo again... "President" Donald Trump has created a new tariff on China for that put a 10% tax on $300 billion in Chinese goods starting on September 1. This is not the same thing as the 25% tariff on the $250 billion. This is ON TOP of that. This was expected to happen eventually, though, because of the lack of negotiation between Trump and President Xi Jiping. The US still has a good relationship with China and are open to negotiating this tariff. This tariff, as of now, will target Chinese toys, clothes, and technology, so we can expect a price jump for many products in the United States.
I think what Trump is doing is actually good for once. We need to make sure that our economy isn't so reliant on another country, like China. Trump had two purposes in this: to get the US to create an economy more focused around the US and to get China to stop the importation of fentanyl, a huge factor in the opioid crisis. I think Trump should've went about this in a more subtle way and did it slowly over time. Because of this, the stock market plummeted; the Dow Jones is down 280 points today. However, time will only tell if his decision to do tackle the 3 headed monster head on was a good decision.
Ward, Alex. “Trump's New China Tariffs Target Toys, IPhones, and Clothing.” Vox, Vox, 1 Aug. 2019, www.vox.com/world/2019/8/1/20750494/trump-china-tariff-300-billion-10-percent-iphone.