As tension between China and the United States rises, President Trump and his administration have enacted pressure.
In response, Florida Senator Rick Scott (R) today praised the President’s efforts, declaring that the President is “taking strong action to hold China accountable.”
In addition, Senator Scott detailed that “China has autonomy and freedom. Now more than ever, the President must be aggressive and stay strong against China.”
As well, he asserted that “we have to continue putting economic pressure on China, while doing everything we can to support U.S. taxpayers and job creators.”
The statement comes at a time when China is facing economic difficulties as a result of the economic war with the United States.
According to China’s National Bureau of Statistics, their industrial production grew just 4.8% in July compared to the growth in 2018. This marks the worst growth for the sector in 17 years.
In addition, the United States announced this week that it would postpone new tariffs on several categories of consumer goods made in China until December instead of imposing the tariffs in September as was originally planned.
Last week, the Trump administration designated China as a currency manipulator.
Steve Mnuchin, the Treasury Secretary, detailed that “China has a long history of facilitating an undervalued currency through protracted, large-scale intervention in the foreign exchange market.”
Mnuchin added that “in recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past.”
Wilbur Ross, the Commerce Secretary, announced that the United States and China have not determined the next date when they’ll hold face-to-face trade talks.
As the tension escalates between both countries, the world will be watching as the trade war develops.
