Trade Wars - Updates on Trump’s Tariffs
Trade protections have been one of the cornerstones of President Trump’s policy agenda. He has continuously stated the necessity of protecting the American industries that have been “ravaged by aggressive foreign trade practices.”
While President Trump’s tariffs against China may seem like well intentioned motives to protect American businesses, they could potentially lead to a Trade War.
The Trump administration has accused China of acquiring American technology through aggressive means and investing in the US to serve their own interests. As a result, the Trump administration announced in March that it was going to implement $60 billion in tariffs on Chinese imports. The United States also took measures to limit investment opportunities for China in the U.S. and hamper technology deals between the two nations.
China’s commerce ministry made its country’s stance quite lucid “China will not sit idly by and let its legitimate rights and interests be harmed, and will certainly take all necessary measures to resolutely defend its legitimate rights and interests.” China claims that the US has blatantly violated World Trade Organization Rules by instituting such tariffs, thereby negatively impacting the international trading aura. They’ve already implemented a 25% levy on certain U.S. products as well as $50 billion in tariffs.