President Trump signed a proclamation on Thursday that will apply what he said would be “about $60 billion” in tariffs on Chinese imports in an effort to reduce the massive trade deficit the U.S. has with China.
“It is the largest deficit of any country in the history of our world,” Trump said during an speech at the White House on Thursday.
“The word that I want to use is reciprocal,” Trump said. “If they charge us, we charge them the same thing. That’s the way it’s got to be.”
Robert Lighthizer, the U.S. trade representative, said the administration undertook an “extensive” study of trade with China and concluded that the Chinese government unfairly forces U.S. companies to share intellectual property in order to compete in the Chinese economy. The administration will impose the tariffs under Section 301 the 1974 Trade Act, which gives the president authority to seek an end to unfair trade practices.
“This is the first of many,” Trump said as he signed his proclamation on Thursday.
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JUST IN: Trump slaps tariffs on China over unfair trade practices https://t.co/kkZm2GGcoU pic.twitter.com/Mb7Gcaj6zE
— Washington Examiner (@dcexaminer) March 22, 2018
Thanks to Donald, my retirement nest egg is rapidly losing money. Dow dropped more than 700 points today because of these tariffs.
These tariffs will not bring steel, aluminum or other jobs back to America. All they will do is hit everyone in the pocketbook hard.
I was afraid to look today. Trump gets to playact at being POTUS and in the meantime people like us will lose enough to keep us working until we drop dead.
The Repubs in Congress who are running cover for this train wreck of a president will be able to retire nicely on our money. They got theirs and to heck with the rest of us I guess. Somehow I don’t think this is what our founders intended.
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