Donald Trump hints at Chinese tariff of over 60% if elected
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The news: Former US President Donald Trump said if elected he could impose an import tariff of more than 60% on China, the largest supplier of goods to the country, Bloomberg reported.
The numbers: In 2018-19 tariffs imposed by the Trump administration represented a USD80 billion ($123 billion) tax increase on USD380 billion worth of imports, according to Washington-based research group the Tax Foundation. The US has been China’s biggest export market for over two decades, including USD536 billion in exports in 2022.
The context: The US government started imposing tariffs to curb imports of Chinese goods in 2018, mid-way through Trump's term in office. China retaliated with levies on US imports such as soybeans, wheat and poultry. Trump's tariffs have broadly been maintained during Biden's presidency, drawing criticism from business groups that the duties have driven up prices and undermined US competitiveness.
What they said: Asked in an interview on Fox News’ Sunday Morning Futures whether he was considering a 60% tariff on Chinese goods imports, Trump said “no, I would say maybe it’s going to be more than that".
“Well, you have to do it,” he added. “You know, obviously I’m not looking to hurt China. I want to get along with China. I think it’s great. But they’ve really taken advantage of our country.”
The front-runner for the 2024 Republican presidential nomination claimed that rather than raise tensions with Beijing, he “did great with China with everything” during his presidency between 2017 and 2021.
The source: Bloomberg
