China Raises Tariffs On US Goods After Trump Hikes Taxes On Chinese Imports

Donald Trump

CNBC is reporting China has announced it will "raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods. Beijing will increase the tariffs to 25% from 10% on June 1."

The news is not a surprise in the aftermath of Donald Trump’s decision to raise taxes on $200 billion in Chinese products to 25% from 10% as the world’s two largest economies struggle to ink a new trade deal.

U.S. stock futures signaled a sharp drop Monday morning amid the escalation.

The Trumpster thinks he's got China right where he wants them:

We are right where we want to be with China. Remember, they broke the deal with us & tried to renegotiate. We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-Tariffed countries...

— Donald J. Trump (@realDonaldTrump) May 12, 2019

https://t.co/HTPTRD3dqP pic.twitter.com/AL80sqyQku

— Pete Souza (@PeteSouza) May 10, 2019

Trump/China Vol. 1 pic.twitter.com/7Ifj9LGpkN

— on the 🍊s of species (@waxingcrecent) May 10, 2019

pic.twitter.com/Z73iXbX9rX

— on the 🍊s of species (@waxingcrecent) May 10, 2019

In related news, Huffpost reports that Trump is seeking an additional $15 billion in U.S. subsidies in an effort to protect farmers from the devastating impact of his trade war with China.

That’s on top of $12 billion already earmarked for the farmers to help them weather the fallout.

Now, where would the U.S. government get billions in subsidy funds?

Oh, the American taxpayer...