President Trump announced Thursday, Aug. 1, the United States would put a 10% tariff on $300 billion worth of Chinese goods. This will come into effect Sunday, Sept. 1. This came as a shock since we have started talking to China about new trade deals in Shanghai last week.
The president tweeted, “Our representatives have just returned from China where they had constructive talks having to do with a future trade deal. We thought we had a deal with China three months ago, but sadly, China decided to renegotiate the deal prior to signing. More recently, China agreed to buy agricultural products from the U.S. in large quantities but did not do so. Additionally, my friend President Xi said he would stop the sale of Fentanyl to the United States — this never happened, and many Americans continue to die! Trade talks are continuing, and during the talks the U.S. will start, on Sept. 1, putting a small additional tariff of 10% on the remaining 300 billion dollars already tariffed at 25%. We look forward to continuing our positive dialogue with China on a comprehensive trade deal, and feel the future between our two countries will be a very bright one!”
According to the American Farm Bureau, from 2017-18 United States agriculture exports to China have fallen more than 50%, dropping to 9.1 billion. Since the announcement of increased tariffs, markets have fallen quickly.
In May 2019, China put a 25% tax on American goods, a total of 2,493 goods have the tax. It ranges from things like TV cameras to pipes and tubes to hats and umbrellas to parts for railways to precious diamonds to fertilizers.
Schiereck is the El Dorado Springs FFA chapter president.