It’s a tit-for-tat trade dispute between the United States and China. Beijing strikes back at Washington with its own tariffs on U.S. goods. This came just hours after the U.S. unveiled proposals to impose a 25-percent tariff on around $50 billion dollars’ worth of Chinese imports.
CGTN’s Nathan King reports from the White House.
U.S. president Donald Trump has previously said it’s easy to win a trade war. Well, he woke up to the news that China had responded to proposed U.S. tariffs with a list of its own, targeting key U.S. exports like cars planes and soybeans.
The U.S. President took to Twitter and in reference to the U.S. trade deficit with China exclaimed: “When you’re already $500 Billion DOWN, you can’t lose!”
His spokesperson also seemed to say the U.S. was ready to impose tariffs even if some U.S. businesses suffered.
“We may have a little bit of short-term pain, but we’re certainly going to have long-term success. And, we’re focused on long-term economic principles, and making sure we have a strong and stable economy that’s exactly what the president is doing,” said Sarah Sanders, the White House Press Secretary.
But other officials indicate that Trump’s tough talk could be posturing. The incoming White House economic adviser Larry Kudlow says it’s possible that the tariffs won’t go into effect.
“I would take the President seriously on this. You know, there are carrots and sticks in life. But he is, ultimately, a free trader,” said Kudlow, currently the Director of the U.S. National Economic Council.
The planned U.S. tariffs – that could harvest an extra $12.5 billion from Chinese imports- won’t be imposed right away. There’s a public comment period and a government hearing. China hasn’t announced a date for its tariffs yet. That leaves room for maneuver.
Nsenga Burton on the historical impact of Martin Luther King, Jr.’s movement
Today marks the 50 years since the journey of civil rights icon Dr. Martin Luther King was cut short by an assassins’ bullet in Memphis, Tennessee. CGTN’s Mike Walter talks with Nsenga Burton of The Burton Wire about the legacy of Martin Luther King, Jr.