President Trump tweeted on Monday that tariffs of 10 per cent would rise to 25 per cent, later adding that $US325 billion ‘of additional goods sent to us by China remain untaxed, but will be shortly’.
The Whitehouse has brushed criticism that the tariff threats were escalating the trade war, claiming the US negotiation team was making progress. Chief market strategist at InvestSMART, Evan Lucas, noted the pressure was on for China, as the $200 billion USD of tariffs along with the remaining $325 billion USD of Chinese imports would rise from 10 to 25 per cent. The next round of trade talks are due to begin in Washington on Friday.
Let’s all pray these negotiations fall through. If they drop tariffs our economy is in big trouble. Especially now Labor are planning to destroy our biggest export.