Apparently feeling impatient about the US’ ongoing trade negotiation with China, our ever-petulant man-child in chief took to Twitter on Sunday to announce that he (personally, I guess?) will be raising tariffs on $200 billion worth of imported Chinese goods from 10% to 25% this coming Friday.
In addition to announcing the increase, Trump also tweeted that “The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!”
This is, of course, not true. According to National Retail Federation Senior Vice President for Government Relations, David French, “Tariffs are taxes paid by American businesses and consumers, not by China. A sudden tariff increase with less than a week’s notice would severely disrupt U.S. businesses, especially small companies that have limited resources to mitigate the impact.”
Trump also tweeted that “325 Billions Dollars [sic] of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%.” According to retail dive, it’s actually “only $289.5 billion worth of goods [that] remained untaxed,” but Trump was never one to let facts get in the way.
You can read more about it at Retail Dive.