It came after he said he d hike tariffs on chinese imports after china made a similar move on american goods and wall street responded the dow jones dropped more than 600 point, but the president brushed it off. he claimed he was only doing what previous presidents should have done all along. china has been hurting our country for 30 years with the money they ve been taken out. other presidents should have done something about it a and they should have done something a long sometime ago, whether it was clinton or bush or obama, any of them. they should have done something about it. they didn t. i m doing it. we have no choice. we re not going to lose close to a trillion dollars a year to china. china understands that. i hope with president xi, we have a good president. that was the oopresident.
As we speak, the u.s. president is playing over the atlantic on his way to the g7 summit that gets under way in the coming hours. president trump is not a fan of the international forum. he considers it a waste of time. but he is going reluctantly. the trade dispute between washington and beijing rattled markets. he increased tariffs on imports after china imposed new imports on american goods. that sent wall street into a panic. the dow plunged and closed down 623. before leaving the white house, the president claimed he was cleaning up the mess left by previous administrations. china has been hurt ouing ou
Inside-the-issues special. america s brewing trade war with china just became a lot more intense. earlier today, china announced new tariffs on $75 billion worth of american goods. as is his habit, the president responded on twitter, announcing a 5% increase in tariffs on $550 billion of chinese goods. bill gertz here s the obvious thought. trump is the first president in my lifetime to challenge china in this way on trade. the chinese don t like it. they have an opportunity to hurt the american economy going into a presidential election, thereby getting rid of trump. why won t they do that? of course they would try to do that, and i think that s what they are trying to do right now with these tariffs, and also retaliating against u.s. companies. but tucker, the whole thing about this is that they are running out of bullets. first of all, they sell us a lot
Billion worth of american goods as of september 1st. the president in turn said he would raise by 5% tariffs on $550 billion in chinese goods, and here s how it breaks down. the president would rise, raise from 25 to 30% tariffs existing already on $250 billion in chinese goods, that would happen on october 1st. and then he s planned to raise tariffs on $300 billion worth of chinese goods would go up by 5% to 15%. some of those tariffs would take effect september 1st, some would wait until december the 15th. leaving the white house last night, the president says in order to preserve america s economic prosperity in the future, he s got no choice but to take on china and that the united states will ultimately prevail. listen here. we re having a little spat with china, and we ll win it. china s been hurting our country for 30 years with the money they ve been taking out. other presidents should have done something about it. i m doing it, and i have no choice because we re not going
tucker: welcome back to our inside these issues special. the trade war with china just became a lot more in science. earlier today china announced new tariffs on $75 billion worth of american goods. as i have been, president was spotted on twitter and announced a 5% increase on tariffs other than $550 billion of chinese goods. author of the book china threats. gordon, thanks a lot for coming on. here s the obvious thought. trump is the first president in my lifetime to challenge china in this way on trade for the chinese don t like it. they have an opportunity to hurt the american economy going into a presidential election thereby getting rid of trumpet why won t they do that? of course they would try to do that and i think that s what they are trying to do right now with these tariffs and also retaliating against u.s. companies. but tucker, the whole thing about this is that they are