The Trump Tariffs are supposed to even the playing field, as Trump claims that America is getting the short end of the stick when it comes to the Global Market. At the G7 summit, Trump expressed this and found other countries were not very receptive. So far Canada has claimed they will be bringing forth retaliatory tariffs.
“It would be with regret, but it would be with absolute certainty and firmness that we move forward with retaliatory measures on July 1 applying equivalent tariffs to the ones that the Americans have unjustly applied to us,” Trudeau said. “I have made it very clear to the president that it is not something we relish doing but it is something that we absolutely will do because Canadians, we’re polite, we’re reasonable but we also will not be pushed around.”
And now China is following suit.
“If the US side adopts unilateral measures of protectionism and damages China’s interests, then we will respond right away, and take necessary measures to resolutely safeguard our own legitimate rights and interests,” Chinese Foreign Ministry Spokesman Geng Shuang stated.”
The White House issued a statement as far as why they are targeting China.
“In light of China’s theft of intellectual property and technology and its other unfair trade practices, the United States will implement a 25 percent tariff on $50bn of goods from China that contain industrially significant technologies.”
Trump has said that he has a good working relationship with the Chinese President. He even claimed that they had agreed that they were surprised the US had allowed this conduct to go on for so long.
“We are announcing some very big tariffs today on China. Because China has been, ya know look he’s my friend, President Xi. He’s a great man, he’s a wonderful guy, but at some point, we have to straighten it out. We lost over 500 billion dollars in trade deficits last year. We can’t do that.”
In response to claims Trump is starting a trade war, he said the following: “The trade war was started many years ago by them and the United States lost.”
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It is tough to try and fix years of poor practices when it comes to foreign trade policy. Hopefully, Trump will make these countries see that they were in the wrong, and prevent further tariffs on our goods.