The United States will raise tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports effective Friday, according to a notice posted to the Federal Register on Wednesday.
The U.S. Trade Representative’s office will establish a process to seek exclusions for certain products from additional tariffs, the Federal Register notice said.
The reason this took place? China backtracked on nearly all aspects of US trade deal.
Almost every issue between the US and China which was "settled" turned out to NOT be settled; China needed to "wait" or "refine their understanding of . . ."
In the end, NO CHANGE to US - CHINA Trade was actually agreed to and implemented by China. So they get smashed with higher Tariffs -- again.
Hal Turner Commentary
This situation is THE issue for the USA. As it stands now, the Trade Deficit between the US and China is almost a TRILLION dollars a year. They sell us about TRILLION MORE than we sell them.
Thus, their junk and trinkets come in to America . . . but our CASH goes out. That can only occur for so long before our cash is either gone or useless.
Thankfully, President Donald Trump made this a campaign issue and has been ferociously trying to renegotiate with China to get a better, safer deal for America. But China is loathe to renegotiate because they're so close to having us destabilized enough to take us over!
All of us that follow & know China knew that these Trade Talks were never going to fly. China is a rogue nation playing a deadly rogue game of theft-thru-trade.
They force US companies to turn over trade secrets in order to have access to China markets. Once those trade secrets are turned over, China thieves the secrets, using them to make their own version of the American product, thus wrecking the US company.
You can't negotiate with a rogue, predator state like China.
This is not going to end well.