By newsfirstusa 
Former Vice President Mike Pence got here out in aid of the “hawkish” price lists President-elect Trump has vowed to hit China with, regardless that warned in a Tuesday night time cope with that the U.S. must steadiness its difficult dating with Beijing.
“The threats of additional tariffs on China and on other nations are not a bluff,” he stated, addressing the U.S.-based China Normal Chamber of Trade Tuesday night time. “I believe with wise choices that look to the future, America’s relationship with China can ultimately improve – not in spite of President Trump’s tough approach to China, but because of it.
“China is our rival and our financial adversary – however China should now not turn into our enemy,” he added.
Former Vice President Mike Pence addresses the U.S.-based China Normal Chamber of Trade on Dec. 3, 2024. (Photograph equipped via Advancing American Liberty)
TRUMP’S PROPOSED TARIFFS ON MEXICO, CANADA, CHINA WILL INCREASE INFLATION, GOLDMAN SACHS WARNS
Pence’s feedback got here only one day later Trump stated certainly one of his first strikes as president shall be to slap a 25% tariff on all goods coming from Mexico and Canada until they crack down on border control – a move President Biden warned could upend the 2020 U.S.-Mexico-Canada Agreement that promotes duty-free trade between the three North American countries.
In addition, he said China can expect “an spare 10% tariff, above any spare price lists” until it too cracks down on illegal fentanyl smuggling.
Tariffs are taxes placed on goods crossing the U.S. border and are used as a tool to dissuade certain imports as U.S. companies pay the price for higher tariffs – a fee that gets passed along to the American consumer.
According to the Tax Foundation, the Trump administration imposed some “$80 billion virtue of untouched taxes on American citizens” in 2018 and 2019 when he slapped tariffs on $380 billion worth of products.
The Biden administration largely kept these tariffs in place and then enforced additional tax increases on $18 billion worth of Chinese goods.
A jockey truck passes a stack of 40-foot China Shipping containers at the Port of Savannah in Georgia, on July 5, 2018. (AP Photo/Stephen B. Morton, File)
TRUMP TARIFFS WILL BRING MEXICO TO THE TABLE, TEXAS DEMOCRAT SAYS
The combined trade war policies currently in place reportedly account for $79 billion in active tariffs, which “quantities to a median annual tax building up on U.S. families of $625,” found the organization.
But in an attempt to ease concerns over additional tax hikes, Pence addressed American and Chinese company owners in attendance at the gala Tuesday night, saying it is a necessary step to bring China back to the negotiating table to reverse trade abuse practices, intellectual property theft, and the Chinese government’s increasingly adversarial posture.
President Xi Jinping reviews the honor guard during a welcome ceremony at The Great Hall of the People on Nov. 22, 2023, in Beijing, China. (Florence Lo – Pool/Getty Images)
“I’m positive that a few of you’re involved that price lists and alternative restrictions on China will harm the economic system, ours and China’s, or probably even worse, manage to a industry conflict that damages each our international locations. I perceive the ones considerations,” Pence said.
“I fervently hope his proposed price lists will convey China again to the negotiating desk because it did all over our management. I do know this shall be tough and form demanding situations within the non permanent, however it’ll be smartly virtue it within the long-term,” he added. “We wish higher for The us and China – and I imagine a company, however honest method is the easiest way to get there.”
Presidential candidate Donald Trump stands with vice presidential candidate Mike Pence at the Republican National Convention on July 20, 2016, in Cleveland, Ohio. (Chip Somodevilla/Getty Images)
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Pence said that after four years of serving with Trump, he “know[s] his thoughts” and rest assured the president-elect can balance respectful diplomacy with hardened financial insurance policies.
“The purpose of price lists isn’t to isolate or oppose China, however the president-elect’s purpose in price lists is to advertise higher family members via movements and reform to forge a greater pace,” he stated.