China Strikes Back with Tariffs on $60 Billion in U.S. Goods — Including Textiles
Yesterday, President Trump ordered the administration to place 10 percent tariffs on about $200 billion Chinese goods, and today, China has announced it will retaliate with tariffs on $60 billion in U.S. goods.
This tariff and retaliation played out earlier this year, when the Trump administration levied a 25 percent tariff on about $50 billion in Chinese goods, and China responded in kind.
The tariffs will be placed on items ranging from meat to wheat and textiles, and will take effect on Sept. 24, according to an article in Bloomberg, which also states that President Donald Trump has threatened additional punitive measures against China if it targets "politically potent" U.S. agricultural products.
Yesterday, in a statement from the American Apparel & Footwear Administration, president and CEO Rick Helfenbein said, "We are extremely disappointed that President Trump has, once again, decided to impose a huge new tax on American consumers and manufacturers.
"During the public review process, AAFA and many of its members detailed the extreme damage this new tax will do to our industry, our nearly four million U.S. workers, and to every American family. It seems most of those pleas were ignored. Instead, today’s announcement shows a deep disregard for American businesses, American workers, and American families, who will be negatively impacted by this decision. This is a very dangerous game to play, one that will not end with a winner."