Trade

Trump Says He’ll More Than Double Current Tariffs, Impose New Tariffs

JM Ashby
Written by JM Ashby

The Trump regime has not formally announced additional tariffs on over $260 billion in Chinese goods yet, but Trump's previous round of tariffs on $200 billion in Chinese goods are set to automatically increase from 10 to 25 percent on January 1st.

We didn't necessarily have any reason to think that would not happen, but Trump spoke to the Wall Street Journal yesterday and confirmed that his tariffs will increase.

He also said the next around of tariffs could be announced very soon.

President Donald Trump said he’ll likely push forward with plans to increase tariffs on $200 billion of Chinese goods, indicating he would also slap duties on all remaining imports from the Asian nation if negotiations with China’s leader Xi Jinping fail to produce a trade deal.

Trump, in an interview with the Wall Street Journal published Monday, said he’s prepared to impose tariffs on a final batch of $267 billion of Chinese shipments if he can’t make a deal with Xi when they meet at the Group of 20 meeting in Argentina, which starts Nov. 30. The rate could be either 10 percent or 25 percent, Trump said.

If Trump's next around of tariffs is announced shortly after the G20 conference, that would match the timeline that was first reported over a month ago.

Bloomberg previously reported that Trump would formally announced his next round of tariffs in December and that the tariffs would officially hit the books in February.

I believe the only thing that may prevent this from happening is if Trump himself decides to declare victory and forget the whole thing even if he does not reach a substantive agreement with Chinese President Xi Jinping.

It wouldn't be the first or even the 10th time Trump has declared victory for no substantiated reason, but that's the only way out of this that I can see. If Trump moves ahead with his current plans to more than double his current tariffs and impose new tariffs on all remaining imports from China, it's all over for this economy. He's going to destroy a lot of people's lives.

  • muselet

    Golly, it was just a month ago that this happened:

    “We don’t even have tariffs. I’m using tariffs to negotiate,” Trump told the Wall Street Journal during an Oval Office interview. The Journal asked him about the risk that tariffs pose to the economy, to which he replied: “Where do we have tariffs? We don’t have tariffs anywhere.”

    [link omitted]

    Now Trump says he’s going to increase those nonexistent tariffs and add new ones. I guess the sustained effort needed to gaslight the entire world was too much for him.

    This will not end well for the world economy.

    –alopecia

  • Scopedog

    “He’s going to destroy a lot of people’s lives.”

    Yeah, but I kept hearing from the purists that it was Hillary who was really going to destroy lives, since she’s had a long list of dead people including Vince Foster and Seth Rich!

    …But in all seriousness–yep, this is going to happen. And many of these people are those who willingly voted for Trump and really do not care if they go over the cliff with him, so long as he hurts the liberals, people of color, women who are not Trump supporters, and the LGBT community.

  • mnpollio

    When has destroying a lot of people’s lives ever stopped Trump or the Republicans in general from doing something? In truth, they probably see that as a plus. Their goals do not lie in how prosperous they can make the country and its citizens – it lies in how much can be snatched and hoarded by themselves and how many people that are barely clinging for dear life they can stomp on and cast into the abyss. That seems to be their definition of power anyway.

    • Georgie

      Sad upvote.

    • Scopedog

      Sounds like what Putin and his gang are doing over in Russia.