The Wall Street Journal wasn't shy this week when it ripped into US president Donald Trump's recent reversal of tariffs on Chinese imports, calling the move less a victory than a "major retreat", as per a report.
“Rarely has an economic policy been repudiated as soundly, and as quickly, as President Trump’s Liberation Day tariffs—and by Mr. Trump’s own hand,” the board said in their criticism of the administration's action in reducing the tariffs on Chinese products from a record-high 145% to 30%, as per the report. China subsequently lowered its own levies from 125% to 10%.
While the stock market applauded the news, rallying on Monday, the Journal wasn't so optimistic. “The China deal is more surrender than Trump victory,” the editorial opined bluntly, as per DailyBeast. It also noted that “Apart from the tariff rollback, neither side announced any broader concessions on the substantive trade issues that weigh on the U.S.-China relationship," quoted DailyBeast.
The editorial also mentioned that, “One tragedy of Mr. Trump’s shoot-America-in-the-foot-first approach is that he’s hurt his chances of rallying a united front of countries against Beijing’s mercantilism,” adding that, “By targeting allies with tariffs, Mr. Trump has eroded trust in America’s economic and political reliability,” as quoted in the report.
They believe rolling back tariffs looks like a surrender, not a win, and undermines Trump’s own trade policy.
What exactly did Trump do with tariffs?
He cut US tariffs on Chinese imports from 145% to 30%. China lowered its own from 125% to 10%.
WSJ Says Donald Trump’s China Tariff Deal Looks More Like a Surrender
In an editorial entitled "The Great Trump Tariff Rollback," the Journal's editorial board presented the deal as far from the "historic trade win" the White House touted it to be, according to DailyBeast.“Rarely has an economic policy been repudiated as soundly, and as quickly, as President Trump’s Liberation Day tariffs—and by Mr. Trump’s own hand,” the board said in their criticism of the administration's action in reducing the tariffs on Chinese products from a record-high 145% to 30%, as per the report. China subsequently lowered its own levies from 125% to 10%.
While the stock market applauded the news, rallying on Monday, the Journal wasn't so optimistic. “The China deal is more surrender than Trump victory,” the editorial opined bluntly, as per DailyBeast. It also noted that “Apart from the tariff rollback, neither side announced any broader concessions on the substantive trade issues that weigh on the U.S.-China relationship," quoted DailyBeast.
The editorial also mentioned that, “One tragedy of Mr. Trump’s shoot-America-in-the-foot-first approach is that he’s hurt his chances of rallying a united front of countries against Beijing’s mercantilism,” adding that, “By targeting allies with tariffs, Mr. Trump has eroded trust in America’s economic and political reliability,” as quoted in the report.
Feud Between Trump and the Wall Street Journal Heats Up Again
This latest confrontation comes after Trump's long-standing feud with the Murdoch-owned newspaper. Trump lashed out at a Wall Street Journal reporter just last week, calling the newspaper "China-oriented" and adding that it had "gone to hell," reported DailyBeast. Later,the Trump administration said that Trump “nuked” The Journal at the time, as per the report.FAQs
Why is the Wall Street Journal criticizing Trump now?They believe rolling back tariffs looks like a surrender, not a win, and undermines Trump’s own trade policy.
What exactly did Trump do with tariffs?
He cut US tariffs on Chinese imports from 145% to 30%. China lowered its own from 125% to 10%.
