Trump's tariffs: A boon for China, economic folly says Bolton
The tariffs on imports announced by U.S. President Donald Trump are a significant opportunity for China and demonstrate "economic illiteracy," assessed former U.S. National Security Advisor John Bolton on CNN.
What Trump is doing is a substantial opportunity for China on a global scale. These tariffs are indicative of economic illiteracy. Trump does not fully grasp how tariffs operate, 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. In the escalation of trade skirmishes between Washington and Beijing, he delivered another blow to China and simultaneously postponed new tariffs on other countries by 90 days.
According to Bolton, Trump's actions have placed the U.S. in a "very vulnerable position." Instead of confronting the nation that has been pilfering our intellectual property for decades, aligning with our allies who are also afflicted by intellectual property theft by China, and taking concerted action, we are engaging in a dispute with our largest trading partners while simultaneously clashing with China, Bolton emphasised.
"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 summarised 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 is in response to the U.S. administration's implementation of tariffs at a level of 104% on imports of products from China.
