Here’s how hard the escalating tariff fight will hit the economy

[libertybele]

Not good. Not good at all.

Here’s how hard the escalating tariff fight will hit the economy

Tariff hike will cost U.S. economy $29 billion by 2020, cost to global economy at $105 billion: Oxford Economics

The escalation of the U.S.-China trade fight — and the threat of further tit-for-tat measures — marks a significant risk to both countries and the world economy, analysts said.

The U.S. early Friday increased tariffs on $200 billion of Chinese goods to 25% from 10% and President Donald Trump threatened to extend levies to other goods from the country in an attempt to ratchet up pressure on Beijing as trade negotiations continue. Beijing has said it would retaliate.

https://www.marketwatch.com/story/heres-the-hit-us-chinese-and-global-economies-could-face-as-trade-battle-heats-up-2019-05-09?mod=MW_home_top_stories

[rustynail]

More FUD.

[skeeter]

Oh no, this tactic might cost someone some money.

Much better we should continue funding China arms' build up and allowing them to steal our technology.

[Wingnut]

Total bull crap.  A talking mouth piece spouting crap.  We have capitulated to the chicons on trade for over 40 years.  We know how that ends and how it costs America in the the long run.   

The chicken little crowd and the so called experts are full of the doom and gloom.

I am not buying into it.  And neither should anyone else buy this talking heads estimates.   This is like the man made global warming hoax, only on an economists tablet.

[skeeter]

Total bull crap.  A talking mouth piece spouting crap.  We have capitulated to the chicons on trade for over 40 years.  We know how that ends and how it costs America in the the long run.   

The chicken little crowd and the so called experts are full of the doom and gloom.

I am not buying into it.  And neither should anyone else buy this talking heads estimates.   This is like the man made global warming hoax, only on an economists tablet.

This crowd's economic happy talk has been burying this nation for 40 years.

A bullish stock market trumps absolutely every other consideration, just as long as they make their's before the butcher bill comes due.

[edpc]

Related story.....


China to impose tariffs on U.S. goods despite Trump warning

https://www.yahoo.com/finance/news/china-defiant-toward-u-trade-kudlow-urges-strong-003402593--finance.html

[Hoodat]

China is raising tariffs on $60 billion of US goods starting June 1

Jacob Pramuk     |     13 May 2019

China will raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods, the Chinese Finance Ministry said Monday.

Beijing will increase tariffs on more than 5,000 products to as high as 25%. Duties on some other goods will increase to 20%. Those rates will rise from either 10% or 5% previously.

The move follows President Donald Trump’s decision to raise duties on $200 billion in Chinese products to 25% from 10%. The world’s two largest economies have struggled to sign a trade deal and end a widening conflict that threatens to damage the global economy.  .  .  .

https://www.cnbc.com/2019/05/13/china-is-raising-tariffs-on-60-billion-of-us-goods-starting-june-1.html



Gee, if only someone could have predicted that this would happen?  If only someone could have remembered what happened the last umpteen times this has been tried.  Sadly, we are stuck with a purely Democrat Party mindset that there are no consequences to our actions - a mindset that insists China won't retaliate in any way or fashion when we try to block their goods from being sold in the US.  It is no different from the mindset that raising taxes on high wage earners will result in them working more hours to make up the difference.

In the mean time, the American worker gets screwed just as they did when Obama did the same exact thing.  The only difference now is that we have people cheering that policy on only because Trump is the one doing it.  Bah!

[aligncare]

President Trump’s not in a tariff war with China, he’s engaging in negotiations to equalize the rates. Trump is no longer going to accept the United States being the world’s patsy. In other words, fair trade not free trade.

The U.S. imports over $450 billion a year from China, at unequal rates that favored China for decades. $60 billion is peanuts. Remember that China imports very little from the US. Whereas, we buy a ton of stuff from them.

As for this move on the part of China to raise tariffs, that’s normal. If there were no gestures like this or other breakdowns in talks, it would mean we’re about to be screwed again—just like in the Iranian deal. Iran got everything and we got nothing thanks to Kerry and Obama’s fecklessness. Nothing like that’s gonna happen under President Trump’s watch. That I can tell you.

[goatprairie]

China is raising tariffs on $60 billion of US goods starting June 1

Jacob Pramuk     |     13 May 2019

China will raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods, the Chinese Finance Ministry said Monday.

Beijing will increase tariffs on more than 5,000 products to as high as 25%. Duties on some other goods will increase to 20%. Those rates will rise from either 10% or 5% previously.

The move follows President Donald Trump’s decision to raise duties on $200 billion in Chinese products to 25% from 10%. The world’s two largest economies have struggled to sign a trade deal and end a widening conflict that threatens to damage the global economy.  .  .  .

https://www.cnbc.com/2019/05/13/china-is-raising-tariffs-on-60-billion-of-us-goods-starting-june-1.html



Gee, if only someone could have predicted that this would happen?  If only someone could have remembered what happened the last umpteen times this has been tried.  Sadly, we are stuck with a purely Democrat Party mindset that there are no consequences to our actions - a mindset that insists China won't retaliate in any way or fashion when we try to block their goods from being sold in the US.  It is no different from the mindset that raising taxes on high wage earners will result in them working more hours to make up the difference.

In the mean time, the American worker gets screwed just as they did when Obama did the same exact thing.  The only difference now is that we have people cheering that policy on only because Trump is the one doing it.  Bah!

This is the one part of Trump's economic agenda I don't like. Tariffs didn't work during the last Bush admin, but somehow the geniuses in the Trump admin believe they'll work now.
If he wants to punish China, there are other ways to do it without hurting American consumers.  Even Larry Kudlow admitted the tariffs are hurting American consumers.
Limbaugh, with his lips firmly attached to Trump's rear end, refuses to admit that tariffs are taxes on consumers. You'd better believe if it were Obama enacting the tariffs he'd be squawking bloody murder.
Trump thinks he'll bring China to its knees? That won't happen. Cutting off your nose to spite your face is not the way to punish China.

[Wingnut]

This is the one part of Trump's economic agenda I don't like. Tariffs didn't work during the last Bush admin, but somehow the geniuses in the Trump admin believe they'll work now.
If he wants to punish China, there are other ways to do it without hurting American consumers.  Even Larry Kudlow admitted the tariffs are hurting American consumers.
Limbaugh, with his lips firmly attached to Trump's rear end, refuses to admit that tariffs are taxes on consumers. You'd better believe if it were Obama enacting the tariffs he'd be squawking bloody murder.
Trump thinks he'll bring China to its knees? That won't happen. Cutting off your nose to spite your face is not the way to punish China.

How is this hurting the American consumer more than say....when how many american jobs have been lost over the years so China could sell cheap shit to stupid Americans? 

[edpc]

President Trump’s not in a tariff war with China....

Where the fuque have you been, for the last year?



Donald J. Trump
@realDonaldTrump

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

4:50 AM · Mar 2, 2018 · Twitter for iPhone

[ABX]

Where the fuque have you been, for the last year?



Donald J. Trump
@realDonaldTrump

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

4:50 AM · Mar 2, 2018 · Twitter for iPhone

I still shake my head that the reaction to what the Communists do is, for some strange reason, to do what the Communists do.

I'm not that old (probably younger than most here) but I remember that the economic actions of Communists was something you tried to avoid, not something you mimicked.

I guess we are all Chicoms now.

The last President who got into this level of a tariff war was Jimmy Carter, and that resulted in the popularizing of the word 'malaise'.

[Right_in_Virginia]

I still shake my head that the reaction to what the Communists do is, for some strange reason, to do what the Communists do.

I'm not that old (probably younger than most here) but I remember that the economic actions of Communists was something you tried to avoid, not something you mimicked.

I guess we are all Chicoms now.

What would you do about China's trade policies and intellectual theft @ABX ?

Serious question.

[Absalom]

Rather than a trade/tariff war, this is about cultural values.
We align w/creativity and initiative as drivers of success yet
the Chinese choose to cheat, lie and steal their way to success.
But the sob sisters are in a frenzy it might hit their wallet. How sad.
One stands for principle or one doesn't and the consequences follow!!!

[aligncare]

China’s reneging on agreed tariffs is simply a negotiating tactic. They do it all the time. And Trump is just maneuvering to get a better deal for the United States. That’s not a war—that’s simply common sense self interest. We won’t be taken advantage of any more. Our interests come before global interests.

[Right_in_Virginia]

Rather than a trade/tariff war, this is about cultural values.
We align w/creativity and initiative as drivers of success yet
the Chinese choose to cheat, lie and steal their way to success.
But the sob sisters are in a frenzy it might hit their wallet. How sad.
One stands for principle or one doesn't and the consequences follow!!!

Are you on the right thread?

[skeeter]

We can manufacture our wares anyplace.

The Chinese cannot find a US consumer market anyplace.

If they dump their T-bills they're shooting themselves in the head, figuratively speaking.

[Hoodat]

What would you do about China's trade policies and intellectual theft @ABX ?

Serious question.

Doing what is best for the US economy is more important than punishing China.

[skeeter]

I still shake my head that the reaction to what the Communists do is, for some strange reason, to do what the Communists do.

I'm not that old (probably younger than most here) but I remember that the economic actions of Communists was something you tried to avoid, not something you mimicked.

I guess we are all Chicoms now.

The last President who got into this level of a tariff war was Jimmy Carter, and that resulted in the popularizing of the word 'malaise'.

Ridiculous. Before the income tax the US federal government used to fund itself exclusively with tariffs.

[skeeter]

Doing what is best for the US economy is more important than punishing China.

Indeed. Protecting our IP and our manufacturers from predatory trade practices is definitely best for the US economy. There are many other nations that can stand in for China that won't take our assets and militarily threaten us with them.

[Wingnut]

Indeed. Protecting our IP and our manufacturers from predatory trade practices is definitely best for the US economy. There are many other nations that can stand in for China that won't take our assets and militarily threaten us with them.

Job number one right there.  China really is our enemy.  Has been for years and every adm has allowed them  to steal our intellectual property and spy on us.   

[Hoodat]

Ridiculous. Before the income tax the US federal government used to fund itself exclusively with tariffs.

Today, the federal government is funded exclusively through excise taxes, tariffs, fees, corporate taxes, borrowing and printing new money. Our income taxes go 100% towards a wealth redistribution scheme.

[Hoodat]

Indeed. Protecting our IP and our manufacturers from predatory trade practices is definitely best for the US economy.

Having the US consumer pay 25% more than the rest of the world for steel is not good for the US economy.

[Wingnut]

Having the US consumer pay 25% more than the rest of the world for steel is not good for the US economy.

Buying US made steel is great for the US economy. 

[Right_in_Virginia]

Doing what is best for the US economy is more important than punishing China.

So, fair trade and securing military secrets from a global enemy is not best for the US economy?  Interesting worldview you've got there.