The news that Donald Trump has just approved tariffs on $50 billion worth of goods from China just broke this morning. This news puts the U.S. on the brink of a trade war with China. The stock market officially opens in a little under an hour as this huge news breaks. If recent history has shown us anything, this will certainly have a negative impact on the market and panicked investors today. That negative effect will carry over to panicked business owners. Then that negative effect will be passed on to you….the consumer. I’m almost as sure of this that I am sure that the sun is yellow. The only question that remains is how long will this last?
NBC News (@NBCNews) reports, Donald Trump has approved a plan to impose punishing tariffs on tens of billions of dollars of Chinese goods, a move that could put his trade policies on a collision course with his push to rid the Korean Peninsula of nuclear weapons.
Trump has long vowed to fulfill his campaign pledge to clamp down on what he considers unfair Chinese trading practices. But his calls for billions in tariffs could complicate his efforts to maintain China’s support in his negotiations with North Korea.
In an official White House statement released this morning, Trump threatened to slap China with even steeper tariffs if they placed tariffs of their own on U.S. goods or retaliated in any way at all.