NEW YORK – By Janet Ekstract – Today, President Trump is revealing his new plan to slap stiffer trade tariffs on China as well as a number of other nations because the Trump administration’s take is simple: for far too long America has made trade concessions that have hurt its economy across the board.
China may see at least $50 billion worth of annual tariffs and other penalties due to what is being termed as ‘theft of technology and trade secrets,’ that the current administration are saying has prevented billions of dollars from going to American companies and nixed thousands of jobs.
These measures, according to the media, financial and trade experts could be very detrimental not only to America but may potentially cause a major backlash with America’s allies as the protests are beginning to trickle in. The worst case scenario, experts say is a drop in the Dow Jones Industrial Average which could tip the stock market into a downward spiral potentially having major negative economic effects.
The president is set to instruct the Treasury Department to pursue restrictions on specific types of Chinese investments to counter China’s aggressive industrial policy with the goal of dominating cutting-edge industries such as artificial intelligence (AI) and mobile phone technology.
Though many see the president’s moves as his pledge to fulfill a campaign promise to crack down on China that the president characterizes as an “economic enemy” – what the president seems to have forgotten in this quest is the fact that China is a huge property owner in America and a major player in the real estate market as well as medical field.
The prediction is that such a drastic action will increase tensions with China at a time when the administration needs its support more than ever especially in the move to reign in North Korea’s nuclear ambitions.
