Checkmate!
perfect timing, with Trump going to the G7 to promote HIS policies for a strong economy....
China hits U.S. with tariffs on $75 billion worth of goods, reinstates auto levies, state media report
By Taylor Telford and
Gerry Shih August 23 at 8:30 AM
U.S. stock futures dived Friday after China announced retaliatory tariffs on $75 billion in U.S. goods and reinstated levies on American auto products.
The levies will range from 5 to 10 percent and will be put in place in two rounds, on Sept. 1 and Dec. 15 — the same dates on which President Trump’s latest tariffs on $300 billion in Chinese goods are slated to take effect, the State Council’s Customs Tariff Commission said in a statement.
A 25 percent tariff on automobiles and a 5 percent tariff on auto parts will go into effect on Dec. 15.
“China’s imposition of tariffs is a forced response to the unilateralism and trade protectionism of the United States,” said the Communist Party-run Global Times. The outlet said it hoped the trade conflict would be resolved “on the premise of mutual respect and equality and trustworthiness in words and deeds.
Dow Jones industrial average futures, which had been predicting a 100-point gain at markets’ open, sank immediately following the announcement of China’s retaliation and now point to a 150-point loss.
“China has ammunition to fight back,” Hu Xijin, the editor in chief of the Global Times, tweeted Friday. “The U.S. side will feel the pain.”
http://www.washingtonpost.com/business/2019/08/23/china-hits-us-with-tariffs-billion-worth-goods-reinstates-auto-levies-state-media-report/
DO SOMETHING!
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