China is retaliating against the Trump administration's proposed tariffs on Chinese goods with $50 billion in new tariffs on 106 U.S. products, including vital American exports like automobiles and soybeans.
The Competitive Enterprise Institute (CEI) is concerned that a shift from free-market policies to more protectionist policies will erase any and all gains this administration has made on the economic front. When it comes to President Trump’s position on trade and tariffs, these policies that he claims are good for national security, could potentially tank our nation’s economy and create ripe conditions for a trade war.
CEI senior fellow Marc Scribner weighs in on today's news:
“China’s latest retaliatory actions against the Trump administration’s unilateral tariffs are entirely predictable. Unfortunately for American businesses and consumers, this is likely only the beginning. The White House’s slipshod protectionism ironically provides China cover for its unfair trade practices by short-circuiting the World Trade Organization’s dispute resolution process. If President Trump wishes to avoid a full-blown trade war and effectively address China’s rampant counterfeiting and piracy of American intellectual property, he should immediately reverse course and commit to adhering to our international agreements.”
More from CEI on trade:
- Trump's Recent Trade Decisions Could Spell Doom for the Economy
- A Trade Policy to Boost American Competitiveness
- CEI Joins Coalition Letter to President Trump Urging Reconsideration of Aluminum and Steel Tariffs