Some facts:
Tariffs
First, on tariffs: In general, the president, acting unilaterally via executive action, can only impose tariffs of up to 15% and for 150 days to combat balance of payments deficits. This clause was used by President George W. Bush in 2002 to combat underpriced imports of steel; tariffs were priced at 8-30%. As a result, the U.S. angered trading partners and was held in violation of WTO commitments.
Over the course of our history, tariffs have been primarily been imposed by the Commerce Department or Congress—and under specific conditions, as put forth by the World Trade Organization (WTO). WTO stipulates that tariffs can only be imposed when there is material injury to the domestic industry.
When China and other foreign producers started dumping steel into the U.S. in 2014, the U.S. tried to fight back with anti-dumping tariffs. For its part, the WTO has mainly sided with China in its complaints on U.S. anti-dumping duties. In a report issued by the WTO last month, the WTO, for the most part, finds China to be justified in its grievances regarding U.S. tariffs on various types of steel.
That was a specific case, but that isn’t what Trump is talking about. He wants to impose a blanket 45% tariff across all goods imported from China if the country is unwilling to negotiate better trade terms for the U.S. This is against the spirit and rules of the WTO, and would lead to condemnation by the organization along with other trading partners. This might lead to U.S. withdrawal from the WTO, which Trump has the power to carry out as President.
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Now, tell me again - what is so laughably ridiculous about what I wrote?
"Even 25% tariff on Chinese goods would be a monumental blow to both China and to US business and the poor folk of the USA".
