Things are getting ugly between China and the US. In response to China imposing new tariffs on $75 bn of US imports, US President Donald Trump today announced new tariffs on Chinese import products in the US. Starting on October 1st, the 250 billion dollars of goods and products from China, currently being taxed at 25%, will be taxed at 30%. In addition, the remaining 300 billion dollars of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%.
….Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
Donald Trump has also “ordered” the US companies to find alternatives to China for their operations. “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..your companies HOME and making your products in the USA,” he tweeted. Shares of Apple, Amazon and others tech companies went down following Trump’s tweets.