Will Trump Implement $505 Billion Tax?

US President Donald Trump says he is ready to introduce additional tariffs on Chinese goods. This involves import duties worth $505,50 billion. Trump made this known in an interview with American TV channel CNBC.

Trump's answers, in a broadcast with the American TV channel CNBC, would mean that almost all Chinese imports to the United States (US) are taxed.

'Right for our country'
Trump says in the interview that he is not doing this for politics. "It is the right thing for our country. We have been scammed by China for a long time," said the president. So far, the US has taxed an amount of $34 billion worth of Chinese commodities with import duties. This amount is expected to be increased by $16 billion.

The Chinese government responded on Trump's actions by also introducing tariffs on US products; this also involves an amount of $34 billion. The US exported $2017 billion worth of goods to China in 129,9, according to figures from the US Census Bureau.

If President Trump decides to introduce $505,50 billion in tariffs, it will be difficult for China to come up with an equivalent counter-reaction. 

Kimberly Baker

Kimberly Bakker is an all-round editor at Boerenbusiness. She also has an eye for the social media channels of Boerenbusiness.

k.baker @boerenbusiness. Nl

© DCA Market Intelligence. This market information is subject to copyright. It is not permitted to reproduce, distribute, disseminate or make the content available to third parties for compensation, in any form, without the express written permission of DCA Market Intelligence.