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.
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