President Donald Trump announced Thursday he will be imposing a 10 per cent tariff on $300 billion in goods from China in September after trade negotiations with the nation fell through.
He cited recent bilateral negotiations that broke down this week, and said China had not followed through on commitments he hyped touted in Japan to buy U.S. goods and stop the sale of Fentanyl to the U.S.
‘We have rebuilt China. So now it’s time that we changed things around. If they don’t want to trade with us anymore, that would be fine with me. It would save a lot of money,’ Trump fumed at the White House when asked about the new tariff announcement, which caused stocks to tumble and oil prices to plunge.
‘It can be lifted in stages so we’re starting at 10% and it can be lifted up to well beyond 25 per cent, Trump said. ‘But we’re not looking to do that, necessarily.’
‘If they don’t want to trade with us anymore, that would be fine with me,’ Trump said of China on a day he announced an additional 10 per cent tariff on $300 billion of Chinese goods
He claimed inaccurately that Americans weren’t paying the cost of tariffs, which get slapped on imports.
‘We’re taking in many billions of dollars. There’s been absolutely no inflation and frankly it hasn’t cost our consumer anything. It cost China,’ Trump said.
Trump announced the tariffs on Twitter Thursday afternoon.
‘Our representatives have just returned from China where they had constructive talks having to do with a future Trade Deal. We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing,’ Trump posted in a Twitter thread Thursday afternoon.
‘Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country,’ he continued, adding this would not affect the tariffs already imposed earlier this year.
‘This does not include the 250 Billion Dollars already Tariffed at 25%,’ he tweeted. ‘We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!’
The president lamented that the tariffs are in response to Chinese President Xi Jinping failing to deliver on buying U.S. crops and putting an end to Fentanyl sales.
‘More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so,’ he tweeted. ‘Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die!’
Earlier Thursday morning Trump claimed that China – as well as other foreign nations, like Iran – are ‘drooling’ at the prospect of getting the opportunity to deal with Democratic presidential candidates.
Trump tweeted about the ‘small prospect’ he might be succeeded by a Democrat hours after ripping Democrats who took to the debate stage in Detroit Wednesday night.
That debate followed yet another breakdown in talks with China over ending the lingering trade war that has hit farmers and cost the U.S. billions in emergency funds meant to bolster them.
Trump’s Treasury Secretary Steven Mnuchin left Shanghai this week with no end to the dispute in sight and the next talks likely to occur in September.
‘China, Iran & other foreign countries are looking at the Democrat Candidates and ‘drooling’ over the small prospect that they could be dealing with them in the not too distant future,’ Trump tweeted Thursday morning.
‘They would be able to rip off our beloved USA like never before. With President Trump, NO WAY!’ he added.
Trump made the announcement on Twitter after those conducting negotiations, including Treasury Secretary Steven Mnuchin, returned from China
In the Twitter thread, Trump claimed Chinese President Xi Jinping broke his vow to buy U.S. crops and stop selling Fentanyl to America
Negotiations in Shanghai ended Wednesday with no sign of progress. When Trump met with Chinese President Xi Jinping he had announced the resumptions of talk and said China would be making new purchases of U.S. agriculture products.
But goodwill gestures for China to buy soybeans, pork, ethanol have yet to materialize. The White House said China restated its commitment to purchase more.
Sen. Chuck Grassley of Iowa said: ‘I don’t think you’re going to find that the Chinese ever let the world know that they decide to do something because the United States demanded it.’
The delay has brought speculation that China may be reluctant to make concessions needed to reach a deal knowing there could be a change in power in Washington after 2020.