WASHINGTON — President Donald Trump is complaining about “STUPID TRADE” with China, saying that Chinese tariffs for U.S. cars are much higher than U.S. tariffs for Chinese automobiles.
In a tweet on Monday morning Trump says that when a Chinese-made vehicle is sent to the U.S., the tariff is only 2.5 percent, while American cars exported to China are slapped with a 25 percent tariff.
Trump asks, “Does that sound like free or fair trade.” His says, “No, it sounds like STUPID TRADE.”
China charges total duties of 25 percent on most imported cars — a 10 percent customs tariff plus a 15 percent auto tax. Since December 2016, Beijing also has charged an additional 10 percent on “super-luxury” vehicles priced above $200,000.
Investors across the globe are bracing for uncertain markets over an escalating trade dispute between the U.S. and China. Trump has called on Beijing to ease trade barriers “because it is the right thing to do.”