It’s the American president being quoted: ‘THEY BROKE THE DEAL’.
He pledged to hike tariffs on $200 billion of Chinese goods from Friday – rocking equity markets across the world.
US negotiators also want China to clamp down on the alleged theft of US technology.
“For 10 months, China has been paying tariffs to the USA of 25% on 50 billion dollars of high tech, and 10% on 200 billion dollars of other goods,” Mr Trump said in his tweet.
“These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 billions dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%.
“The tariffs paid to the USA have had little impact on product cost, mostly borne by China. The trade deal with China continues, but too slowly, as they attempt to renegotiate. No!”
Analysts have now pointed out that the President’s message cost the markets more than $13bn for each of the 102 words in the tweet.
Global stocks have tumbled to a six-week low.
A six-week low. Not quite the end of the world. Free trade must work on both sides, not just on one. That’s what the WTO is there to remind us of. And while you consider the above, you might add this into the equation: China’s Communist Dictatorship Targets American Creativity. And no doubt all of the above is related to this.