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Tue, 10 Dec 2019 02:58 GMT

Trump Rejects Criticism over New Tariff on Chinese Imports


7Dnews London - Reuters

Sat, 03 Aug 2019 22:52 GMT

US President Donald Trump has refuted criticism regarding his decision to impose an additional 10% tariff on $300 billion worth of Chinese imports starting on September 1st, Reuters reported on Saturday August 3rd.

Trump said that things are going well with China, insisting US consumers are not paying for the import taxes he has imposed on goods from China although economists say Americans are footing the bill.

"Things are going along very well with China. They are paying us tens of billions of dollars, made possible by their monetary devaluations and pumping in massive amounts of cash to keep their system going. So far, our consumer is paying nothing and no inflation. No help from Fed!" Trump said on Twitter.

He also said, without any substantiation, that countries are asking to negotiate "REAL trade deals," saying on Twitter, "They don't want to be targeted for tariffs by the US"

Tariffs are intended to make foreign goods more expensive to boost domestic producers, unless international exporters reduce prices. But there has been no evidence that China is cutting prices to accommodate Trump's tariffs.

A study published by the National Bureau of Economic research in March found that the full cost of tariffs imposed in 2018 was passed on to US consumers.

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