Trump's tariffs: A global boon for China, warns Bolton
The tariffs on imports announced by U.S. President Donald Trump present a significant opportunity for China and reflect "economic illiteracy," assessed former U.S. National Security Advisor John Bolton on CNN.
What Trump is doing is a major opportunity for China on a global scale. These tariffs demonstrate a lack of understanding of economics. Trump doesn't grasp how tariffs function, evaluated the former U.S. National Security Advisor (2018-2019) in an interview with CNN.
Bolton: Trump's tariffs are a huge opportunity for China
On Wednesday evening, Trump once again surprised the world. Amid the escalating trade tensions between Washington and Beijing, he dealt another blow to China and simultaneously postponed new tariffs on other countries by 90 days.
According to him, Trump's actions have placed the U.S. in a "very vulnerable position." Instead of addressing the country that has been stealing our intellectual property for decades, rallying our allies who are also suffering from intellectual property theft by China, and taking coordinated action, we are engaging in a trade conflict with our biggest trading partners while simultaneously confronting China, Bolton emphasized.
"It simply makes no sense and it’s just sad and depressing that more Republicans haven’t stood up and said that. This is illiteracy," Bolton summarized the situation from the perspective of American politics.
On Wednesday, the Ministry of Finance in Beijing announced that the Chinese government approved raising retaliatory tariffs on goods imported from the U.S. from 34% to 84%. This move responds to the U.S. administration's implementation of tariffs at a rate of 104% on imports from China.
