By Victor Nava
New tariffs on China went into effect Tuesday as part of President Trump’s effort to use trade measures to halt the flow of fentanyl into America – and Beijing retaliated by announcing its own tax on some imports from the US.
The 10% additional tariff on imported Chinese goods came into force at 12:01 a.m., hours after the leaders of Mexico and Canada were able to negotiate a 30-day pause on the implementation of massive, 25% duties on goods bound for the US.
Trump, 78, declared last week that the fentanyl crisis in America constituted a “national emergency” and that he would use his authorities under the International Emergency Economic Powers Act (IEEPA) to impose additional tariffs on China.
The goal is to get Chinese officials to crackdown on the flow of precursor chemicals from China to criminal cartels that use fentanyl to manufacture deadly drugs for the US market.
“Access to the American market is a privilege,” read a White House statement on the tariff announcement, arguing that import taxes are a “powerful, proven source of leverage for protecting the national interest…
READ FULL ARTICLE HERE… (nypost.com)
Home | Caravan to Midnight (zutalk.com)
Be First to Comment