News

Economy & Business

China Announces Tariff Hike on $60 Billion of U.S. Goods

A crane unloads shipping containers at a port in Lianyungang, China, in 2014. (China Daily/via Reuters)

China retaliated on Monday against the Trump administration’s recent tariff hike on Chinese goods, saying it will raise tariffs on $60 billion worth of U.S. goods.

The new tariffs will range from 5 to 25 percent on hundreds of U.S. products like coffee, batteries, and spinach, according to the Chinese Finance Ministry.

The White House raised tariffs on $200 billion of Chinese imports from 10 to 25 percent on Friday after accusing the world’s second largest economy of reneging on terms for a trade deal they had previously agreed to. The U.S. also currently has a 25 percent tariff on $50 billion worth of Chinese high-tech products.

President Trump pushed back in a series of tweets Monday morning on a claim from his own top advisor that both the U.S. and China will suffer from their tit-for-tat trade battle.

“The unexpectedly good first quarter 3.2% GDP was greatly helped by Tariffs from China,” Trump wrote. “Some people just don’t get it!”

The president’s remark came after his top economic adviser, Larry Kudlow, said Sunday that “both sides will pay in these things.”

However, Kudlow added that China’s gross domestic product will be hit “with respect to a diminishing export market” and that “this is a risk we should and can take without damaging our economy in any appreciable way.”

“Their [sic] is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today,” he said, adding that businesses and consumers can completely avoid the tariffs by buying from a country that does not impose them, such as the U.S.

Trump also warned China not to continue retaliating as it will only hurt their economy.

“China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job),” he added. “Therefore, China should not retaliate-will only get worse!”

Most Popular

White House

On the Bidens, Schiff Opened the Door

You opened the door. Trial lawyers live in fear of that phrase. When a trial starts, both sides know what the allegations are. Both have had enough discovery to know what the adversary will try to prove. Just as significantly, both know what their own vulnerabilities are. A litigator spends his pretrial ... Read More
White House

On the Bidens, Schiff Opened the Door

You opened the door. Trial lawyers live in fear of that phrase. When a trial starts, both sides know what the allegations are. Both have had enough discovery to know what the adversary will try to prove. Just as significantly, both know what their own vulnerabilities are. A litigator spends his pretrial ... Read More
Elections

Buttigieg’s Hollow Military Bragging

The term “veteran” wields a strange talismanic power in American politics today; the military is almost the only institution in American life that has maintained very high favorability ratings over the past 30 years. Invocation of the sacred words “military service” invariably grants a presumed license to ... Read More
Elections

Buttigieg’s Hollow Military Bragging

The term “veteran” wields a strange talismanic power in American politics today; the military is almost the only institution in American life that has maintained very high favorability ratings over the past 30 years. Invocation of the sacred words “military service” invariably grants a presumed license to ... Read More
White House

Impeachment Doesn’t Require a Crime

Senate Republicans, by and large, have reached an unspoken consensus about President Trump and Ukraine. He should not have put a temporary freeze on congressionally authorized aid to Ukraine, should not have dabbled with using the aid to get Ukraine to investigate Joe Biden or a nutty theory about Ukrainian ... Read More
White House

Impeachment Doesn’t Require a Crime

Senate Republicans, by and large, have reached an unspoken consensus about President Trump and Ukraine. He should not have put a temporary freeze on congressionally authorized aid to Ukraine, should not have dabbled with using the aid to get Ukraine to investigate Joe Biden or a nutty theory about Ukrainian ... Read More
World

Alarmists Were Wrong about the Soleimani Strike

Two weeks ago, the United States seemed on the brink of starting another war in the Middle East after a drone strike killed Iran’s most notorious spymaster, Qasem Soleimani, as he departed an international airport in Baghdad. The shadowy general, in charge of the Iranian equivalent of the CIA, was one of the ... Read More
World

Alarmists Were Wrong about the Soleimani Strike

Two weeks ago, the United States seemed on the brink of starting another war in the Middle East after a drone strike killed Iran’s most notorious spymaster, Qasem Soleimani, as he departed an international airport in Baghdad. The shadowy general, in charge of the Iranian equivalent of the CIA, was one of the ... Read More