STORY: As President Donald Trump’s new set of tariffs come into effect, China has hit back at the United States.
On Saturday, the Chinese foreign ministry said “the market had spoken” in rejecting Trump’s economic policies…
Posting a graphic on Facebook that showed stock market plunges in reaction to the trade levies that drew Chinese retaliation.
It also called on Washington to resolve the differences with trade partners through “equal-footed consultation”.
It comes just days after Trump announced a sweeping set of new tariffs on most U.S. trade partners, arguing the import taxes would allow the US to prosper.
Chinese goods received an extra 34% in tariffs, bringing the total duties slapped on the country this year to 54%.
TRUMP: “…So 67%, we’re going to be charging a discounted reciprocal tariff of 34%.”
Trump also closed a trade loophole that had allowed low-value packages from China to enter the U.S. duty-free.
It’s prompted retaliation from China, including extra levies of 34% on all U.S. goods and export curbs on some rare earths.
While it’s escalated the trade war between the world’s two largest economies…
entrepreneurs like Camden Hauge are bearing the brunt.
HAUGE: “…that is so catastrophic for my brand new business…”
Last month, the American launched a business importing Chinese wine.
But just as her first pallet of wine arrived in customs, Trump’s tariffs were threatening to derail the fledgling venture.
“It’s absolutely slowed my ability to order new pallets to come in. We’re literally just about to launch this business and launch these wine makers here in America, and I’m worried that I won’t be able to reorder because the math won’t add up.”
Hauge had been living in Shanghai for over a decade, where she founded popular restaurants like this one.
Inspired by the growing enthusiasm for Chinese wine, especially among her international customers, Hauge saw an opportunity to bring bottles from boutique vineyards to American tables.
But now, the trade war means it could become financially unviable.
“I’m trying to live the American dream. I’m a young American business owner. I found an amazing opportunity, and I’m trying to fulfill that in the market. And this is literally stopping that from happening. I can’t think of a more ridiculous story that kind of flies in the face of what is seeming to be done by allowing these trade wars to happen.”
