The Tariff Wars Continue: Trump ups the ante

08/23/2019 Ms. G 2020 Elections, Business, Economy, News, Politics 33

In the never ending Tariff War between the United States and China, Trump just tweeted that the original 10% tariff on $300 billion dollars worth of Chinese goods, which goes into effect on Sept. 1, increased to 15%. And, if that’s not enough, on October 1, the original 25% on $250 billion dollars worth of goods also increased to 30%.

….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

Of course, it’s Obama’s fault, said the “Chosen One.”

…unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%…
— Donald J. Trump (@realDonaldTrump) August 23, 2019

…Additionally, 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%. Thank you for your attention to this matter!
— Donald J. Trump (@realDonaldTrump) August 23, 2019

All of these latest developments occurred after China imposed a new round of tariffs earlier today.

And, after Trump attacked his hand picked guy who heads the Fed, Jay Powell.

As a result of all this chaos and back and forth tariff attacks, the DOW closed -623.34 points in the red.