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US firms told to leave PRC after tariff hike announcement

24
Aug '19
Pic: Shutterstock
Pic: Shutterstock
China on August 23 announced tariff hikes on $75 billion worth US goods retaliating to President Donald Trump's planned increase. The tariffs of 10 per cent and 5 per cent will be effective on two batches of goods on September 1 and December 15 respectively. Trump followed by vowing a quick response to China, while ordering US firms to leave the country.

Beijing, which had appealed to Trump this week to compromise to break a deadlock in talks, offered no details of what goods would be affected but the timing of the tariffs matches Trump's planned duty hikes.

"We don't need China and, frankly, would be far... better off without them....Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won't let that happen!," Trump wrote on Twitter.

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing... your companies HOME and making your products in the USA," he wrote.

Trump earlier announced plans to raise tariffs on an additional $300 billion worth Chinese imports after talks broke down in May. They were due to take effect September 1 but some were postponed to December 15.

The trade friction has slowed US growth and stock markets fell sharply. (DS)

Fibre2Fashion News Desk – India


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