US President Donald Trump’s increased tariffs on $200 billion of Chinese products to enter the United States took effect on Friday.
The products in which the tariffs were imposed are consumer products including cell phones, computers, clothing, and toys. They are specially targeted to increase the tariff to 10%-25%.
Trump posted in twitter on Friday that the increased tariffs will bring “FAR MORE wealth” to the U.S. He tweeted that, tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch! In the meantime, China should not renegotiate deals with the U.S. at the last minute. This is not the Obama Administration, or the Administration of Sleepy Joe, who let China get away with “murder!”
According to Reuters, On Friday morning, China’s top trade negotiator Liu left the U.S. Trade Representative’s office.
Brook Chen, a businessman in China said that American want products at lower prices as they don’t need to raise their price. But the situation has changed for imposing tariffs. So, he said “This is totally a lose situation,” “We lose profits and have to shut down. American importers cannot find effective alternatives that can deliver products with the same quality.”