Chinese, Trump spar over tariffs
The Chinese Commerce Ministry said today that if President Donald Trump increases tariffs on Chinese goods, it will respond with “countermeasures” as Trump said he believes Chinese leaders want to wait to negotiate with a “very weak” Democratic president.
“The U.S. intends to raise the tariff of 200 billion U.S. dollars of Chinese exports to the United States from 10% to 25% on May 10. The escalation of trade friction is not in the interests of the people of the two countries and the people of the world. The Chinese side deeply regrets that if the U.S. tariff measures are implemented, China will have to take necessary countermeasures,” the Chinese Commerce Ministry said in a statement.
Trump tweeted, “The reason for the China pullback & attempted renegotiation of the Trade Deal is the sincere HOPE that they will be able to ‘negotiate’ with Joe Biden or one of the very weak Democrats, and thereby continue to ripoff the United States (($500 Billion a year)) for years to come….
“….Guess what, that’s not going to happen! China has just informed us that they (Vice-Premier) are now coming to the U.S. to make a deal. We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers…great for U.S., not good for China!”
Ed Krassenstein of Hill Reporter, a frequent Trump critic, responded to Trump’s tweets by tweeting, “You are wrong. They simply know that America will be hurt more than China is. You are literally bankrupting American farmers, and you don’t even care!”
The Office of the U.S. Trade Representative also announced that an official notice of the administration’s plans to increase the tariffs will be published in the Federal Register on Thursday.