New Delhi, April 9: United States President Donald Trump on Monday blamed Chinese government for imposing higher taxes on the import of automobiles and called it stupid trade. He took to micro-blogging site to highlight imbalanceof trade between China and the United States.
Trump’s tweet read, “When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!”
The tweet comes after China came out with a list of goods imported from the United States which will attract 25 percent additional tariffs. The goods include soybeans, planes, cars, chemicals, and whiskey. This move was taken in retaliation to the Donald Trump administration’s plan to slap tariffs on Chinese goods.
The Chinese list covers 106 items on which 25 percent additional tariffs will be levied. The trade value matches the US target of $50 billion. This has triggered a trade war between the two countries.
On April 7 Trump had warned China to end unfair trade and only charge the reciprocal tariffs while claiming that unfair trade is causing an annual loss of $500 billion to the US.
Earlier on March 23 Trump had imposed massive trade tariffs amounting to USD 60 billion on China, in an effort to stop the latter from stealing “intellectual property” from American companies.
(With agency inputs)