If Donald Trump secures re-election in November, he intends to intensify the trade tensions with China that marked his initial term as president.
The leading candidate for the GOP nomination affirmed during a Sunday interview that he is contemplating imposing tariffs of 60% or potentially even higher on Chinese goods should he serve a second term.
In a broadcast on Fox’s “Sunday Morning Futures,” Trump defended this potential course of action, stating, “We have to do it.”
Trump Suggests (Credits: Bloomberg.com)
The consideration of a 60% Chinese tariff plan was first reported by The Washington Post. Trump hinted that the tariffs might exceed 60%, asserting, “Maybe it’s going to be more than that.”
In addition to targeting China, the former president has proposed implementing a universal 10% tariff on all U.S. imports despite widespread criticism of the potential adverse effects on consumers.
Nikki Haley, Trump’s remaining challenger for the GOP presidential nomination, criticized this policy proposal, emphasizing its impact on American households.
In a January interview on CNBC’s “Squawk Box,” she referred to data from the National Taxpayers Union, asserting that Trump’s plan would raise household expenses by $2,600 annually.
Haley’s objections echo concerns from Wall Street investors who fear that reigniting a trade war with China would disrupt markets once again. Trump initiated a wave of tariffs against China starting in 2018, totaling $250 billion.
In retaliation, China imposed its own set of tariffs on the U.S., resulting in a prolonged economic battle that disrupted global trade dynamics.
The American Action Forum, a conservative think tank, estimates that Trump’s trade war with China has cost Americans approximately $195 billion since 2018. Additionally, the U.S.-China Business Council reports that more than 245,000 U.S. jobs were lost due to the economic conflict.
Deutsche Bank estimated at the time that the trade war was causing the stock market to lose trillions. The tariff dispute also strained the geopolitical relationship between the U.S. and China, once prominent trading partners. President Joe Biden has sought to mend these frayed relations since taking office.
Trump, in his critique of Biden, accused the current administration of being overly accommodating to China while expressing admiration for China’s president, Xi Jinping.
During the Sunday interview, Trump expressed his fondness for Xi, stating, “I like President Xi a lot,” adding that Xi was “a really good friend of mine during my time.”
Trump had previously praised Xi for his firm control over the Chinese government and populace. In a December interview with Fox News’s Sean Hannity, Trump suggested that if re-elected, he would function as a dictator “from day one.”
Although he later clarified that he meant he would be “a dictator” only on his first day in office, the comment raised concerns among election experts and provided ammunition for his critics.
