Washington – President Donald Trump on Friday ordered the U.S. trade representative to start the process of raising tariffs on all remaining imports from China, the USTR said in a statement.
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The statement by USTR Robert Lighthizer said the value of products subject to new round of tariffs is approximately $300 billion.
It said details on the process for a public notice and comment period for the tariffs will be published shortly in the Federal Register, and more details will be available on the USTR’s website on Monday.
Prior to Nixon going to China in 1972, we didn’t import anything from them. Hence, at that time, we got along fine without their products. in 2019, we can again manufacture products in the USA, and not be dependent upon foreign products. We’ve already done that with fuel oil, and natural gas. There is no reason why we can’t do that with electronics, clothing, and a multitude of other products which are made in China.
The economy is doing well. Why would we want to make big changes to that?
If this starts raising inflation, it can turn out to be very ugly. If the fed has to raise the rates to contain inflation, that can be a major problem. We can eventually enter a depression, since the debt/gdp is so high and companies are so leveraged…