In order to create jobs at home and structure better trade deals for America, President-elect Donald Trump has expressed the possibility of slapping a large import tariff of 45% on Chinese products. This is not going over well with the Chinese government. According to CNBC, a state-backed newspaper from China revealed Monday that Apple products like iPhones and other U.S. goods could suffer major sales declines if the policy is placed into effect.
“A batch of Boeing orders will be replaced by Airbus. U.S. auto and iPhone sales in China will suffer a setback, and U.S. soybean and maize imports will be halted. China can also limit the number of Chinese students studying in the U.S.,” the Communist Party affiliated Global Times revealed.
China further claims they don’t believe Trump will follow through on the policy, calling it “merely campaign rhetoric.” The legal eligibility of the policy was also called in to question, since current U.S. laws dictate that presidents can only impose tariffs of no more than 15 percent for a maximum of 150 days on all imports.
In 2009, the U.S. imposed 35 percent on tariffs over Chinese tires. China retaliated with its own tariffs on U.S. car parts and chicken. “Both China and the U.S. suffered losses as a result. From then on, the Obama administration waged no trade war against China. If Trump imposes a 45 percent tariff on Chinese imports, China-U.S. trade will be paralyzed,” the Global Times said.
“The new president will be condemned for his recklessness, ignorance and incompetence and bear all the consequences. We are very suspicious the trade war scenario is a trap set up by some American media to trip up the new president,” the Global Times concluded in its piece.
JOIN THE MOVEMENT to SAVE THE NATIONAL ANTHEM
Please join the thousands of DML readers who have purchased a bumper sticker. CLICK HERE.
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Russian & Iran Planning $10B Arms Deal