Friday morning, Beijing announced a round of retaliatory tariffs against the United States. The Tariffs will be on US imports, and will range 5-10%, and this announcement sparked an angry response from President Trump on Twitter who immediately began to slam China for their decision. “Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won’t let that happen! We don’t need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon. This is a GREAT opportunity for the United States. Also, I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE, all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop – it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!”
The President also weighed in on Jay Powell and the Fed, criticizing them, and questioning who our biggest enemy was, Jay Powell or President Xi in these Tweets, https://twitter.com/realDonaldTrump/status/1164914609180033026?s=20 https://twitter.com/realDonaldTrump/status/1164914610836783104?s=20. President Trump has also stated, that he will be speaking this afternoon, announcing the action that he will be taking in response to the fresh tariffs that China has placed on United States imports, and automobiles. the announcement of fresh tariffs against the United States, threw the market into a panic, causing the stock market to drop over 400 points, and this is the same thing that has happened the last time tariffs of any kind, or any fear of a trade war has caused the stock market, and the stock market will always go up and down, and this does not mean this is the beginning of a recession, this story is still developing, and will be updated as more details arrive.
(Updated August 23rd, 2019 1:02am)
President Trump announced that in light of the tariffs that China imposed on the United States, that he would be raising the rate of tariffs on China. President Trump also held a brief press conference, on his way to the G7 Summit, where he lashed out past administrations for failing to do anything about China, and again lashed out at Jerome Powell, suggesting that if Powell were to resign, he wouldn’t stop him.