After China’s Latest ‘Politically Motivated’ Move, Trump Immediately Enacts New Tariffs

President Trump went tit-for-tat with China on Friday, calling for a new wave of tariffs on the country after they first launched a series of new “politically motivated” tariffs of their own.

Trump took to Twitter to announce the new tariffs as quick retaliation, Politico reports: “saying he would hike already existing tariffs on $250 billion in Chinese imports from 25 percent to 30 percent starting Oct. 1.”

“In addition, tariffs on $300 billion worth of other goods would increase from 10 percent to 15 percent as originally planned starting on Sept. 1,” Politico adds.

President Trump tweeted: “For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more.”

“Our country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight,” he continued.

“Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen!” Trump said, “In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!).”

The president then announced: “Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%.”

“Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%,” Trump concluded. “Thank you for your attention to this matter!”

Politico adds:

Investors had been in a relatively forgiving mood after China‘s tariffs and the Fed speech on Friday. But Trump’s tweets triggered a sharp sell-off in the stock market, with the Dow Jones Industrial Average down more than 600 points and the S&P 500 tumbling about 2.6 percent by the end of trading. The president’s own tariff escalation came an hour after regular trading closed for the week.

Trump’s initial tweets took the president’s aides by surprise, triggering the latest instance of the White House making policy on the fly after Trump issued a directive via Twitter. Trump huddled midday with his economic team including trade adviser Peter Navarro, U.S. Trade Representative Robert Lighthizer, National Economic Council Director Larry Kudlow and Treasury Secretary Steven Mnuchin, who was on vacation and called into the meeting by phone, according to a senior administration official.

His tweets come as the lastest tiff in a lengthy trade war with China. As 2020 nears and the tariffs continue to mount, the president continues to quell rumors of an upcoming recession and says the economy will remain strong heading into 2020 and beyond.