Last updated on August 25, 2019
This story is developing. Check back for later updates.
Our top story today is the new tariffs China recently imposed on The United States. On Friday, The Chinese State Council announced it is imposing tariffs that range between 5 to 10% on U.S. Goods. The State Council wrote in a memo that they were “forced to take countermeasures” against the United States. According to China’s leadership, the tariffs will come separately on two dates… the first on September 1 and the second on December 15. These dates are identical to the ones U.S. President Donald Trump planned to impose American tariffs on Chinese goods.
China also reported they are going to impose a 25% tariff on U.S. cars, and a 5% tariff on all technical automobile components. This seperate tariff was reportedly to be imposed in April of this year, but has now been rescheduled to late 2019.
In response to Chinese President Xi Jing Ping’s numerous tariffs, U.S. President Donald Trump wrote in a series of tweets: “Our country has lost, stupidly, Trillions of Dollars with China over many Years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year & they want to continue.” The President goes on to say “We don’t need China and, frankly, would be far better off without them.”
This series of tweets combined with other economic downturn have rattled US Markets. A full check on domestic and international stock prices coming up.