China said on Friday it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.
The 2 largest economies in the world have just declared economic war.
I don’t see how this ends well for the U.S.
Fasten your seatbelts and buckle up your socks.
It might do given the trade imbalance between the two countries:
China should be the only target of the tariffs.
Yep we are fighting on all fronts with not a friend in sight. Even Russia told Trump to take a hike and won’t listen to him.
What do the Chinese buy from the US anyway? They used to buy Boeing airliners, but Boeing has bungled it’s way to losing half it’s commercial market share, and clearly doesn’t care about the rest, as it latches on to DoD’s ummm…thingy, next to Lockheed.
Steve
China buys a lot food from us.
Correction, bought a lot of food from us. As of today, some food companies are simply banned.
China isnt messing around.
The biggest exports to China these days has been agricultural products like soybeans and corn, followed by oil and gas with some cars, machinery parts and a smattering of electronics thrown in.
Pete
“Businesses around the world, including in trade and global trade, they just need to know what the rules are. Once they know what the rules are, they will adjust to those rules,” Rubio told reporters at a meeting of NATO foreign ministers in Brussels.
When are they going to announce the rules?
One more thing to break.
Trump is threatening another 50% if the Chineses do not remove that 34%.
I think this is going to escalate. Both sides have its weaknesses. But the bluster is more on the American side. The Chineses have planned and prepared for this since the last Trump tariffs if not earlier, and it has reduced its exports to the US by a lot, and increased its trade with others.
The bluster is more for domestic consumption and that even does not work. Many don’t believe him. The art of the deal? yeah right.