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President Trump made his promised announcement on Twitter Friday afternoon, following China’s vow to impose new tariffs on $75 billion worth of U.S. goods and resume duties on American autos.

The president had hit back, calling for all American companies to get out of China and bring their businesses back to the United States. In his later statement Friday afternoon, Trump announced that, effective Oct. 1, the tax on $250 BILLION of goods and products from China will increase from 25% to 30%.

Additionally, he said the tax on the remaining $300 billion worth of Chinese imports will jump from 10% to 15%.  Trump’s full statement is as follows:

For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight.

Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship.

China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%…

…Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!

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