Trump continues his pressure on China with new tweet in the morning. He played victim again and said the US has been losing, “for many years”, USD 600 to 800B a year on Trade. And “with China we lose 500 Billion Dollars”. He added “sorry, we’re not going to be doing that anymore!”
Yesterday, Trump decided to escalate US-China trade war to full-blown level, instead of pushing for a long awaited agreement this week. In short, , Trump announced to raise the 10% tariffs on the USD 200B of “other goods” to 25%. Additionally, currently “untaxed” USD 325B will be tariffed at rate of 25%. That’s not a warning as White House Economic Adviser Larry Kudlow guessed, as there was not conditions attached. Trump’s tweet was simply an announcement.
The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!
— Donald J. Trump (@realDonaldTrump) May 6, 2019