Trump to increase tariffs on Chinese goods Friday
Apparently frustrated that trade talks with China have stalled, President Donald Trump tweeted Sunday that he intends to increase tariffs on imported Chinese goods from 10% to 25% on Friday.
The announcement is negative news for the prospects of increased U.S. farm product sales to China.
Tariffs Hurt the Heartland, a group opposed to the tariffs that Trump has already imposed, said in a news release, “If the president follows through on this threat, the consequences will be dire.”
“Raising tariffs to 25 percent could cost nearly 1 million American jobs, according to recent estimates,” the group said. “This decision will also roil financial markets and increase the likelihood of retaliation on American farmers who are facing the lowest income levels in years.”
“Republicans and Democrats in Congress need to step up to meet this threat head on. Job-killing tax hikes on their own constituents should be a non-starter, and in the days ahead, lawmakers must act to protect Americans from this threat.”