Trump raises tariffs on $200bn of Chinese goods (10 May 2019)

llien

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The US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in a sharp escalation of the countries' damaging trade war.
Tariffs on affected Chinese goods have risen to 25% from 10%, and Beijing has vowed to retaliate.
China says it "deeply regrets" the move and will have to take "necessary counter-measures."
It comes as high-level officials from both sides are attempting to salvage a trade deal in Washington.
Only recently, the US and China appeared to be close to ending months of trade tensions.
China's Commerce Ministry confirmed the latest US tariff increase on its website.
"It is hoped that the US and the Chinese sides will work together... to resolve existing problems through co-operation and consultation," it said in a statement.
Tariffs are taxes paid by importers on foreign goods, so the 25% tariff will be paid by American companies who bring Chinese goods into the country.
The US imposed a 10% tariff on $200bn worth of Chinese products - including fish, handbags, clothing and footwear - last year.
The tariff was due to rise at the start of the year, but the increase was delayed as negotiations advanced.


Even though Mr Trump has downplayed the impact of tariffs on the US economy, the rise is likely to affect some American companies and consumers as firms may pass on some of the cost, analysts said.

Deborah Elms, executive director at the Asian Trade Centre, said: "It's going to be a big shock to the economy.

"Those are all US companies who are suddenly facing a 25% increase in cost, and then you have to remember that the Chinese are going to retaliate."




BBC


Well, there we go, trade war escalation.
 

Rentahamster

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It'll be interesting to see the effects of these tariffs along with the manufacturing push in the rust belt states. If the needle moves enough, Trump will have made his electoral victory that much more secure. He ain't winning without them, and he has to prove to them that voting for him was worth it.
 

HenkDV

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By most accounts, China is on the ropes here. It's only a matter of time.
The problem is that the government in China can probably outlast Trump's administration pretty easily so they can take a bigger hit for longer. Obviously they still don't want the negative economic consequences, but it'll be interesting to see where it's gonna stop.
 

cryptoadam

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Well you gotta have some pain. For Americans its either that or let China eat your lunch and pass you. Maybe some American's don't care and don't mind being in the rear view of China, but others don't want to see their spot at the top go away.

Its kinda like when Britain had to deal with the US starting to nip at its heels and taking away its position as world super power.

Either the choice is stand up to China but deal with some financial pain, or continue what has been going on since slick Willy and allow China to eat USA's lunch.
 
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HE1NZ

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The problem is that the government in China can probably outlast Trump's administration pretty easily so they can take a bigger hit for longer. Obviously they still don't want the negative economic consequences, but it'll be interesting to see where it's gonna stop.
Yeah, it's a strategy of both China and Russia. Trump being constantly undermined by congress is not helping either. Dems are being treasonous by not standing behind Trump on those issues.
 
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Panda1

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Its no surprise these N.Korean missile tests are happing right as these talks happen.
China still has the superior hand - they can try to wait out Trump hoping for a Dem in 2020 and have N.Korea in their pocket.These wont change anything for the average citizen - if anything these tariffs will be passed on to them, a couple 100 billion is not gonna change the increasing power of China.
China being kicked out of the WTO - thats where Trump should put pressure on China -they have millions in camps and just as bad as N.Korea in terms of humans rights abuse.
 
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Panda1

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It's always made no sense to me that China has been taxing American/foreign cars at 30% or more and we don't do the same to their crap.

China has ALREADY been in a trade war with us for a long, long, time.

What Trump is doing should have been done long ago.
Because then you would be paying 30% more for their cars! ideally you want as close to zero tariffs for incoming goods then the overall price of the product is reduced.
 
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Even the liberal Krugman is saying some people are overreacting to the China tariffs.

Of course.

This is his specialty (trade). Theoretically, the recession predictions are not plausible.

Plus, he knows in an estimated $21 trillion economy, the proposed tariffs can't cause the kind of output decline the folks rattling their cages keep predicting.

Paul took a second or two of brain power to figure out that the net effect of the proposed tariffs is too small as a % of GDP. There are also other things going on all over the world in terms of fiscal and monetary policy far more important.

Unlike when Paul said the markets would crash following Trump's election, he's not letting emotion and hate get the best of him.

The EPI study I shared awhile back talked about direct effects and likely downstream effects of the steel and aluminum tariffs. Krugman has done some back of the envelope calculations. People have gone back to the myth tariffs caused the Great Depression and debunked it.

The Armageddon crowd ought to give it up. I wouldn't recommend people continue to give them a platform about how Trump is going to cause economic havoc in the US. The opposite has happened and his approval rating on the subject has gone up. Case closed.
 
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juliotendo

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China has more to lose than the US. China can’t afford to have any economic disturbances, they have over 1 billion people to keep in line.
 
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oagboghi2

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Get some perspective my dude.
They literally are.

Unless you think their saber rattlin with Russia, open border policy and constant cries of the president committing treason is helping the country.
 
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Kenpachii

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More jobs going back to America as a result. This should have been done ages ago. They could even go further.

You can say whatever you want from trump, but honestly dude is delivering.
 
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cryptoadam

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Trump could be like the presidents before him and kick this one down the road. I bet it would make him look a lot better maybe even make the economy better if he continued to let China take advantage of the US.

Instead of making it the next guys problem he is actually trying to do something. Would be a lot easier to just wait till 2024 and let it be someone elses problem.
 

Bullet Club

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China strikes back.

China hits back at US with tariffs on $60bn of products

Beijing has ignored Donald Trump’s warning not to retaliate against US tariffs

China has hit back in its trade war with the US, announcing plans to impose tariffs on $60bn of American imports.

Tariffs will be imposed on 5,140 US products with an annual value of about $60bn (£46bn) from 1 June, the Chinese finance ministry said on Monday.

The latest escalation in the trade war between the world’s two biggest economies came shortly after Donald Trump tweeted a warning to China not to retaliate against the extra tariffs he imposed last week on imports to the US.

However, Beijing has apparently ignored the US president’s threat that the escalating trade war between the world’s two biggest economies “will only get worse!”.

China’s Global Times newspaper reported that Beijing was also considering cutting orders for new Boeing planes and boycotting US agricultural products.

Earlier on Monday, the US president said China would be “hurt very badly” if the country did not make a deal with the US. His comments came after the US more than doubled tariffs on $200bn (£15.4bn) of Chinese goods on Friday.

Trump ordered the tariff increases after talks in Washington with China’s vice-premier, Liu He, ended with no deal in sight.

In a series of tweets on Monday, Trump said China had “taken so advantage of the US for so many years”.


Trump said there “is no reason for the US consumer to pay the tariffs, which take effect on China today … China should not retaliate – will only get worse!”

The president suggested that manufacturers who make goods in China could shift production to other countries to avoid the tariffs.

“I say openly to President Xi and all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries,” Trump said. “Too expensive to buy in China. You had a great deal, almost completed, and you backed out!”

“Many tariffed companies will be leaving China for Vietnam and other such countries in Asia. That’s why China wants to make a deal so badly!” he added.

Trump said in another Twitter post that the trade war would not have a significant impact on US trade. “We are right where we want to be with China. Remember, they broke the deal with us and tried to renegotiate. We will be taking in tens of billions of dollars in tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-tariffed countries.”

Source: Guardian
 
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Alebrije

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China strikes back.

China hits back at US with tariffs on $60bn of products

Beijing has ignored Donald Trump’s warning not to retaliate against US tariffs

China has hit back in its trade war with the US, announcing plans to impose tariffs on $60bn of American imports.

Tariffs will be imposed on 5,140 US products with an annual value of about $60bn (£46bn) from 1 June, the Chinese finance ministry said on Monday.

The latest escalation in the trade war between the world’s two biggest economies came shortly after Donald Trump tweeted a warning to China not to retaliate against the extra tariffs he imposed last week on imports to the US.

However, Beijing has apparently ignored the US president’s threat that the escalating trade war between the world’s two biggest economies “will only get worse!”.

China’s Global Times newspaper reported that Beijing was also considering cutting orders for new Boeing planes and boycotting US agricultural products.

Earlier on Monday, the US president said China would be “hurt very badly” if the country did not make a deal with the US. His comments came after the US more than doubled tariffs on $200bn (£15.4bn) of Chinese goods on Friday.

Trump ordered the tariff increases after talks in Washington with China’s vice-premier, Liu He, ended with no deal in sight.

In a series of tweets on Monday, Trump said China had “taken so advantage of the US for so many years”.


Trump said there “is no reason for the US consumer to pay the tariffs, which take effect on China today … China should not retaliate – will only get worse!”

The president suggested that manufacturers who make goods in China could shift production to other countries to avoid the tariffs.

“I say openly to President Xi and all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries,” Trump said. “Too expensive to buy in China. You had a great deal, almost completed, and you backed out!”

“Many tariffed companies will be leaving China for Vietnam and other such countries in Asia. That’s why China wants to make a deal so badly!” he added.

Trump said in another Twitter post that the trade war would not have a significant impact on US trade. “We are right where we want to be with China. Remember, they broke the deal with us and tried to renegotiate. We will be taking in tens of billions of dollars in tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-tariffed countries.”

Source: Guardian
 
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Alebrije

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I agree with the doofus on this one. We can't let China rob us any longer.

China is not robbing ....they are offering products on a better price than if they were made in the U.S. yep it cost jobs in the U.S. but gives consumers cheaper products.

The idea companies will close facilities in China and return to U.S. production sounds nice but the cost will be for the consumer.
 

btgorman

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China is not robbing ....they are offering products on a better price than if they were made in the U.S. yep it cost jobs in the U.S. but gives consumers cheaper products.

The idea companies will close facilities in China and return to U.S. production sounds nice but the cost will be for the consumer.
What is wrong with you? China does rob the US. They steal intellectual property.

The state also props up Chinese industries to drive out international competitors — i.e. not a free market.

If it truely was a free market with free trade then there wouldn’t be such a huge problem. But that is definitely not the case. The US government must do something to protect US businesses from asymmetric market forces.
 
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ssolitare

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What is wrong with you? China does rob the US. They steal intellectual property.

The state also props up Chinese industries to drive out international competitors — i.e. not a free market.

If it truely was a free market with free trade then there wouldn’t be such a huge problem. But that is definitely not the case. The US government must do something to protect US businesses from asymmetric market forces.
Well they don't have to, they just want to. It makes sense from a nationalistic point of view rather than a free market one. Our companies love China, and China isn't changing.
 
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Cucked SoyBoy

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China is not robbing ....they are offering products on a better price than if they were made in the U.S. yep it cost jobs in the U.S. but gives consumers cheaper products.

The idea companies will close facilities in China and return to U.S. production sounds nice but the cost will be for the consumer.

How does "cheaper products" help Americans if we have no jobs to make money to buy these products? I'll gladly pay higher prices if the product is made in America.
 
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Arkage

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China just announced a 60 billion tariff on US imports. It's amazing there are people in here defending a trade war that deeply impacts the pockets of millions of Americans because of some "yeh get tough on China" tough guy shit, which literally no political party endorses other than Trumpkin's defenders.
 

pramod

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Oh boo hoo maybe you have a pay $320 now instead of $300 for that cheap ass HDTV. Cry me a river.
Americans waste enough money on non-essentials as it is, just check out the other thread. Maybe this will be a good way for them to stop wasting money.

And yes too bad for the soybean farmers. But I think I would gladly pay the price of a few dozen soybean farmers getting screwed if it means we can bring China to heel.
 
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Rentahamster

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China just announced a 60 billion tariff on US imports. It's amazing there are people in here defending a trade war that deeply impacts the pockets of millions of Americans because of some "yeh get tough on China" tough guy shit, which literally no political party endorses other than Trumpkin's defenders.
Trade policy that protects the jobs of working class people is historically a left wing position.
 

pramod

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China just announced a 60 billion tariff on US imports. It's amazing there are people in here defending a trade war that deeply impacts the pockets of millions of Americans because of some "yeh get tough on China" tough guy shit, which literally no political party endorses other than Trumpkin's defenders.
 

Joe T.

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China just announced a 60 billion tariff on US imports. It's amazing there are people in here defending a trade war that deeply impacts the pockets of millions of Americans because of some "yeh get tough on China" tough guy shit, which literally no political party endorses other than Trumpkin's defenders.
Do you consider Chuck Schumer one of "Trumpkin's defenders"?


But trade protection is something Trump has believed in for years, and it’s actually an issue on which he seems to have some support from Democrats on Capitol Hill — including Senate Minority Leader Chuck Schumer, who specifically urged him to "hang tough."
The above quote from Vox.
 
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HoodWinked

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Tariffs are the only option since china doesnt give a fuck. If china had a more free market things like Google Facebook whatsapp would have gotten a strong foothold there but they actively stop them from operating there so a chinese successor can fill that need. Android one of the few non chinese products that has large market share there cant even be monetized because china blocks Google play and cannot come preinstalled in china what is that?
 
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Alebrije

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How does "cheaper products" help Americans if we have no jobs to make money to buy these products? I'll gladly pay higher prices if the product is made in America.
Well , I will also since a can afford but not the mass market. Lets say Nike brings a factory to the U.S. and generates 3000 direct jobs and 30,000 indirect jobs ( from the local 7eleven and grocery to internal suppliers ) but since the cost is more Nikies go from 50 U.S. to 75 U.S. Maybe yo and me and a lot of people will pay for "made in u.s." label because we can pay those 25 extra but surely we are just the 10-15% on Nike costumers....even if we where 50% it would be bad for Nike.

I like made in my country products but companies like more profit no matter where are their products done....
 

Zangiefy360

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China just announced a 60 billion tariff on US imports. It's amazing there are people in here defending a trade war that deeply impacts the pockets of millions of Americans because of some "yeh get tough on China" tough guy shit, which literally no political party endorses other than Trumpkin's defenders.
Let's face it, you and people who think like you, aren't tough enough to stand up and negotiate with China. Thankfully we've got President Trump to fight this battle on our behalf.

You know what happens to weak folks like you?

Barack Obama 'deliberately snubbed' by Chinese in chaotic arrival at G20

 
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Alebrije

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What is wrong with you? China does rob the US. They steal intellectual property.

The state also props up Chinese industries to drive out international competitors — i.e. not a free market.

If it truely was a free market with free trade then there wouldn’t be such a huge problem. But that is definitely not the case. The US government must do something to protect US businesses from asymmetric market forces.
China is not robbing ....they are offering products on a better price than if they were made in the U.S. yep it cost jobs in the U.S. but gives consumers cheaper products.

The idea companies will close facilities in China and return to U.S. production sounds nice but the cost will be for the consumer.

Nobody said China was a free market but a cheap one yes it is. I blame companies for going to China instead producing locally but at the same time China saw the opportunity decades ago....basically U.S. created this "monster" and now does not know how to stop it.... A tax war is interesting but will hurt some people in the U.S. in the short time. China does not cares if some chinese workers lose jobs or some companies sell less due to tax war.
 
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Nov 23, 2010
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China strikes back.

China hits back at US with tariffs on $60bn of products

Beijing has ignored Donald Trump’s warning not to retaliate against US tariffs

China has hit back in its trade war with the US, announcing plans to impose tariffs on $60bn of American imports.

Tariffs will be imposed on 5,140 US products with an annual value of about $60bn (£46bn) from 1 June, the Chinese finance ministry said on Monday.

The latest escalation in the trade war between the world’s two biggest economies came shortly after Donald Trump tweeted a warning to China not to retaliate against the extra tariffs he imposed last week on imports to the US.

However, Beijing has apparently ignored the US president’s threat that the escalating trade war between the world’s two biggest economies “will only get worse!”.

China’s Global Times newspaper reported that Beijing was also considering cutting orders for new Boeing planes and boycotting US agricultural products.

Earlier on Monday, the US president said China would be “hurt very badly” if the country did not make a deal with the US. His comments came after the US more than doubled tariffs on $200bn (£15.4bn) of Chinese goods on Friday.

Trump ordered the tariff increases after talks in Washington with China’s vice-premier, Liu He, ended with no deal in sight.

In a series of tweets on Monday, Trump said China had “taken so advantage of the US for so many years”.


Trump said there “is no reason for the US consumer to pay the tariffs, which take effect on China today … China should not retaliate – will only get worse!”

The president suggested that manufacturers who make goods in China could shift production to other countries to avoid the tariffs.

“I say openly to President Xi and all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries,” Trump said. “Too expensive to buy in China. You had a great deal, almost completed, and you backed out!”

“Many tariffed companies will be leaving China for Vietnam and other such countries in Asia. That’s why China wants to make a deal so badly!” he added.

Trump said in another Twitter post that the trade war would not have a significant impact on US trade. “We are right where we want to be with China. Remember, they broke the deal with us and tried to renegotiate. We will be taking in tens of billions of dollars in tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-tariffed countries.”

Source: Guardian
What do you mean by China strikes back?

Keep in mind the overarching story. If critics are right about Pres. Trump's agenda, then presumably China is hitting itself in the face. Tariffs just don't work and the Chinese will bear the brunt of the burden.

Personally, I wouldn't be surprised if China came out on top against the US because it's no secret they use a lot of tariffs, subsidies, and theft to get ahead. And the fact China is calling the shots as a major player must give "free" traders heartburn. Because in their world the country ought to be a shithole. The truth is countries like China that do things the pundits say you can't slap countries like America around.
 
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btgorman

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Nobody said China was a free market but a cheap one yes it is. I blame companies for going to China instead producing locally but at the same time China saw the opportunity decades ago....basically U.S. created this "monster" and now does not know how to stop it.... A tax war is interesting but will hurt some people in the U.S. in the short time. China does not cares if some chinese workers lose jobs or some companies sell less due to tax war.
What is a “cheap market?” Is that an economic term? That’s a new one to me.

I didn’t put words in your mouth either. I just said if it were a free market, i.e. not whatever the heck you (subjectively) define as a “cheap market.”

The US did not create the monster that is China. Weak leaders and weak followers did. Thank god Trump is not a weak leader. Unfortunately we still have weak followers like you, but Trump will make you a winner anyway (if you are a US citizen, if you’re not I can see why you’re jealous of the US winning). And we do know how to stop it, by backing Trump against China. Trump is pressuring China 1000x (exaggeration) the pressure China has on the US. China will be facing immense capital flight and Trump is poking their economy thats built like a house of cards.


You see how balanced the US age demographic is distributed? The goddamn millennials are gonna carry the US economy for the near future. Businesses all around the world will want a piece of that market and will leave China to fulfill demand. Thank god for the millennials.

You clearly have little understanding of the current global economy and how we got to the point of China having a “cheap market.” I suggest you do more reading until you have something demonstrably substantive that contributes or counters your current discourse.
 
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dragonfart28

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Republicans sure do love their taxes, gubmint, military and debt.

Signature lefties, as I've always said.

If these latest countermeasures by China are substantial, prices will go up and people will be whining about how much things cost.

Oh well, at least this will have a positive impact on GDP.........

....


.
 
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btgorman

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Republicans sure do love their taxes, gubmint, military and debt.

Signature lefties, as I've always said.

If these latest countermeasures by China are substantial, prices will go up and people will be whining about how much things cost.

Oh well, at least this will have a positive impact on GDP.........

....


.
Uhhh...
 
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