WASHINGTON (WFXR) — Virginia’s two senators, Democrats Mark Warner and Tim Kaine, condemned the growing trade war with China on Friday. Their statement against escalating trade tensions between the U.S. and China comes after both countries slapped additional tariffs on each other’s imports.
Beijing first announced on Friday $75 billion in tariffs on American goods, including auto parts, starting later this Fall. In response, President Donald Trump announced tariffs of 25 percent or more on $250 billion in additional Chinese goods on top of the $300 billion in tariffs he had announced previously.
Warner and Kaine assert that the growing trade war between the United States and China would have no winners.
“Trade wars yield no winners and hurt consumers and producers all over the Commonwealth, especially the farmers and small business owners who count on Chinese demand for products grown in Virginia,” the Senators said in a statement.
The Dow dropped almost 2.4 percent Friday as a result of the escalation, losing 600 points.
“Time and time again, we have warned President Trump against escalating a trade war with China. Trade wars yield no winners and hurt consumers and producers all over the Commonwealth, especially the farmers and small business owners who count on Chinese demand for products grown in Virginia. We’re even seeing devastating second-order effects of this trade war, with the possibility that fires in the Amazon are being deliberately set to clear land for soybean exports to China. While the U.S. must absolutely crack down on China for its illegal trade practices, we can’t afford to do so in an incoherent and erratic way. Today’s announcement shows once again that the Trump Administration’s bizarre trade policies destabilize the economy, put the livelihoods of many Americans at risk, undermine global stability, and fundamentally fail to hold China accountable for its unfair practices.”Senators Mark Warner and Tim Kaine (D-Va.)