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Trump Slaps Tariffs On $200BN In China Imports; Will Add Another $267BN If China Retaliates
With traders waiting with bated breath for hours, moments ago the White House announced that it has imposed tariffs on approximately $200 billion worth of imports from China, effective September 24.
The tariffs will start at 10% until the end of the year, but in an unexpected twist, are set to rise to 25% on January 1, 2019, in what is worse case scenario than what the market had been pricing in, namely a 10% rate indefinitely.
Trump also warns that if China takes any retaliatory action "against US farmers or other industries", the US will immediately pursue "phase three", and impose an additional $267 billion in tariffs on Chinese imports.
The statement notes that while the US has given China "every opportunity to treat us more fairly", so far China "has been unwilling to change its practices."
With traders waiting with bated breath for hours, moments ago the White House announced that it has imposed tariffs on approximately $200 billion worth of imports from China, effective September 24.
The tariffs will start at 10% until the end of the year, but in an unexpected twist, are set to rise to 25% on January 1, 2019, in what is worse case scenario than what the market had been pricing in, namely a 10% rate indefinitely.
Trump also warns that if China takes any retaliatory action "against US farmers or other industries", the US will immediately pursue "phase three", and impose an additional $267 billion in tariffs on Chinese imports.
The statement notes that while the US has given China "every opportunity to treat us more fairly", so far China "has been unwilling to change its practices."
