Republican presidential candidate Donald Trump has stated that if he were to be elected in November, he would once again implement tariffs on China. These tariffs could potentially surpass 60 percent.
"We have to do it," stated Trump during an interview that aired on Sunday on the Fox News program 'Sunday Morning Futures.' When questioned about a potential plan to impose tariffs on Chinese goods, Trump responded by suggesting that the proposed tariffs could be even higher than the reported 60 percent.
Trump currently leads the race within his party to become the nominee who will go head-to-head against Democratic President Joe Biden in the upcoming US election on November 5th. The United States imposed significant tariff hikes on Chinese goods throughout President Trump's tenure, spanning from 2017 to 2021.
In June 2018, Trump implemented a 25% tariff on $50 billion worth of Chinese goods. Beijing responded with its own tariffs, and the cycle persisted until the two nations reached a resolution in 2020. The Biden administration has maintained the tariffs implemented during the previous administration.
According to the former president, there are concerns about potential interference in the upcoming 2024 presidential election. Chinese leader Xi Jinping assured President Joe Biden during their November meeting that China would refrain from interfering in the 2024 US presidential election, as per The Washington Post.
On Wednesday, FBI Director Christopher Wray issued a warning about the alarming intentions of Chinese hackers, emphasizing their potential to cause significant damage and real-world consequences for the United States. The President declined to comment on potential intervention in the event of a Chinese takeover of Taiwan, citing concerns about the impact on his ability to negotiate with China.
China's ruling Communist Party considers Taiwan as part of its territory, even though it has never had control over it. Leader Xi has not dismissed the possibility of using military force to "reunify" the island with the mainland. Meanwhile, the US is obligated under the Taiwan Relations Act to provide Taiwan with the necessary military resources to safeguard its defense. This action is seen by Beijing as interference in its internal matters.
China Exports in US Drop
According to Chinese customs data, China experienced a significant drop in exports to the US in 2023, with a decline of 13.1% compared to the previous year. This decline is the largest in nearly three decades. Based on recent data from the US, China is on track to relinquish its long-held position as the leading exporter to the US after 17 years.
According to the US International Trade Commission, Mexico and even Canada outpaced China in total US imports for consumption from January to November in 2023, reaching a total of $388 billion.
Based on a report released in 2023 by the commission, it was found that US importers were responsible for almost the entire cost of the tariffs implemented during the Trump era. This was due to the fact that import prices rose in parallel with the tariffs.
On Monday, Chinese Foreign Ministry Spokesman Wang Wenbin refrained from providing any comments regarding the report on Trump's proposed 60 percent tariffs. He stated that the ministry does not comment on information that has not been verified.
"It is important to emphasize that the economic and trade relations between China and the US are characterized by mutual benefits and positive outcomes," Wang stated. He emphasized the importance of maintaining strong and stable economic and trade relations between China and the United States, highlighting the benefits for both countries and the global economy, SCMP reported.
