On Friday, China announced it would impose new tariffs on $60 billion worth of U.S. goods, further escalating trade tensions between the two countries.
CEI Senior Fellow Ryan Young said:
“Just as numerous analysts have predicted, China is responding in kind to President Trump’s trade policies, and the costs will be felt by American consumers. China announced plans to enact retaliatory tariffs ranging from 5 percent to 25 percent on 5,207 different U.S. goods worth a total of $60 billion. Trump has been mulling raising recent 10 percent duties on $200 billion of Chinese goods up to 25 percent, on top of an earlier levy on $34 billion of Chinese goods. He is reportedly also considering tariffs on all imports from China, which currently total more than $500 billion of goods.
“One does not lower trade barriers by raising them. Trump’s long history of protectionism mean he is almost certainly not telling the truth when he says his goal is zero tariffs and zero trading barriers. Tellingly, he already has the power to lower tariffs himself, and is not doing so. Proper authority to set tariff policy belongs with Congress, not the president. Congress needs to take back the authority it delegated away, and end President Trump’s harmful and unpopular trade war.”