President Trump sent the stock market tumbling on Monday after a weekend tweet threatening to levy more extensive tariffs on imported goods from China.
President Trump threatened to raise the 10% tariffs on Chinese goods to 25% on Friday.The Republican president also threatened to tax an additional $325 billion in Chinese goods coming into the United States.
….of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!
— Donald J. Trump (@realDonaldTrump) May 5, 2019
The stock market tumbled several hundred points following the threat of new tariffs.
Now we know why President Trump tweeted the threats.
China reneged on all of its trade commitments with the United States.
Reuters reported on Wednesday that China backtracked on almost all aspects of the US trade deal last week.
That’s when Trump acted.
Via Varney and Co.:
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