Tag: import tax

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China Raises Tariffs On US Goods After Trump Hikes Taxes On Chinese Imports

CNBC is reporting China has announced it will "raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods. Beijing will increase the tariffs to 25% from 10% on June 1."
Donald Trump

CNBC is reporting China has announced it will “raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods. Beijing will increase the tariffs to 25% from 10% on June 1.”

The news is not a surprise in the aftermath of Donald Trump’s decision to raise taxes on $200 billion in Chinese products to 25% from 10% as the world’s two largest economies struggle to ink a new trade deal.

U.S. stock futures signaled a sharp drop Monday morning amid the escalation.

The Trumpster thinks he’s got China right where he wants them:

In related news, Huffpost reports that Trump is seeking an additional $15 billion in U.S. subsidies in an effort to protect farmers from the devastating impact of his trade war with China.

That’s on top of $12 billion already earmarked for the farmers to help them weather the fallout.

Now, where would the U.S. government get billions in subsidy funds?

Oh, the American taxpayer…

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Trump Threatens General Motors With “Big Border Tax”

Just as he promised throughout the campaign, Donald Trump is beginning to threaten American companies that move jobs abroad by slapping them with a “big border tax” along the lines of 35% on imported goods.

Via Politico:

General Motors is the latest target of President-elect Donald Trump’s Twitter cannon, with the Manhattan billionaire complaining that the American automaker is manufacturing cars in Mexico and importing them into the U.S. without penalty. “General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A. or pay big border tax!” Trump wrote on Twitter Tuesday morning.

General Motors issued a statement in response regarding it’s manufacturing of the Chevy Cruze:

General Motors disputed the facts in Donald Trump’s Tuesday morning attack on the automaker, saying it makes most of its Chevy Cruze models in the United States. The company said in a statement that “all Chevrolet Cruze sedans sold in the U.S.” are made at an assembly plant in Lordstown, Ohio. It clarified that it builds hatchback models for global markets in Mexico, “with a small number sold in the U.S.”

Free trade agreements, including NAFTA, were constant targets of Trump on the campaign trail.