US President Donald Trump announced on Thursday that he will increase taxes on Chinese goods to 145%. This decision came after China responded by adding its own high taxes of 84% on American products. This information was shared in a memo from the White House.
Earlier this year, Trump had already placed a 20% tax on some Chinese items, blaming China for being involved in the illegal drug trade, especially with fentanyl. Just a day before this new announcement, he had raised the tax to 125%. The goal of these moves is to fix the trade imbalance between the US and China and to respond to China’s actions against American products.
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