Tariff Tracker: China Retaliates With $16 Billion In New Tariffs
Recent Polling Underscores Support For Trade Deals, Not Trade Wars
Last Thursday, a new round of U.S. tariffs targeting $16 billion worth of Chinese imports went into effect, with China responding by placing tariffs on the same amount on numerous American exports. In total, the U.S. and China have now imposed $50 billion in tariffs on each other’s goods with U.S. farmers facing a devastating blow with tariffs on products including soybeans, corn and seafood. And that’s not it. The U.S. is considering increasing its current tariffs on $200 billion of Chinese exports from 10 to 25 percent, and China resultingly has threatened an additional $60 billion in tariffs.
The ongoing escalation of tariffs may make it seem like the American people largely back tariffs, but in fact voters have consistently shown that they overwhelmingly oppose tariffs and prefer free trade. Last week, NBC/Marist polls found that a plurality of voters in Pennsylvania, Texas and Illinois believe that tariffs will raise the cost of basic necessities for consumers and reverse positive U.S. economic growth. And in May, a POLITICO/Morning Consult poll found that 70 percent of the 2,000 registered voters surveyed preferred the Trump Administration focus on “negotiating trade agreements to open new markets to sell American-made products and goods.” Only 14 percent wanted Trump to focus on “imposing tariffs or taxes on foreign products to slow down their sales in the United States.”
Right now, it’s America’s farmers, not China, that are experiencing the brunt effects of the trade war. The administration’s $12 billion aid package shows that it recognizes that the current trade war is negatively impacting the Farm Belt. Yes, we must ensure China follows the rules of the international trade system, but not at the expense of Americans. Farmers need a win, and free trade and expansion of markets will do just that.
On August 23, The U.S. And China Each Imposed $16 Billion In New Tariffs On Each Other. “The United States imposed 25% tariffs on another $16 billion of Chinese goods just after midnight ET Thursday – midday in Beijing. The tax affects 279 Chinese products, including chemical products, motorcycles, speedometers and antennas. China responded immediately with 25% tariffs on an equal amount of American goods, such as chemical products and diesel fuel.” (Katie Lobosco, “Trade War: The US And China Just Slapped New Tariffs On Each Other,” CNN, 8/23/18)
U.S. And China Have Now Imposed $50 Billion In Tariffs On Each Other’s Products. “Both China and the United States have now imposed tariffs on $50 billion of each other’s goods in the clash, which the Trump administration launched in an effort to punish China for what it says are unfair trade practices, such as stealing intellectual property.” (Katie Lobosco, “Trade War: The US And China Just Slapped New Tariffs On Each Other,” CNN, 8/23/18)
U.S. Has Also Proposed Increasing Current 10 Percent Tariffs On $200 Billion Of Chinese Goods To 25 Percent. “The United States has threatened to slap 25% tariffs on an additional $200 billion of goods. China has said it would respond with tariffs on another $60 billion of American goods in retaliation.” (Katie Lobosco, “Trade War: The US And China Just Slapped New Tariffs On Each Other,” CNN, 8/23/18)
NBC/Marist Polls From August Reveal That A Plurality Of Voters In Pennsylvania, Texas And Illinois Believe Tariffs Will Raise Costs For Consumers And Hurt The Economy. “A solid plurality of adults in Pennsylvania, Texas and Illinois say the duties will raise the cost of consumer goods and hurt the U.S. economy, according to NBC News/Marist polls released this week.” (Jacob Pramuk, “Trump’s Tariffs Are Unpopular In Key Midterm States Texas, Pennsylvania And Illinois: NBC News/Marist Polls,” CNBC, 8/23/18)
A May POLITICO/Morning Consult Poll Found Voters Prefer Trade Deals To Tariffs. “The poll of nearly 2,000 registered voters found that 70 percent of them would prefer the Trump administration focus more on ‘negotiating trade agreements to open new markets to sell American-made products and goods.’ Only 14 percent, in contrast, answered that they would prefer the administration focus on ‘imposing tariffs or taxes on foreign products to slow down their sales in the United States.’” (Megan Cassella, “Poll: Voters Want Trade Deals, Not Tariffs,” Politico, 5/31/18)