China retaliates against the US with tariffs on $75B worth of American goods

[edpc]

The trade war between the U.S. and China escalated further Friday as China announced a new set of tariffs on American products.

The China State Council announced Friday that it would impose tariffs ranging from 5% to 10% on an additional $75 billion in U.S. goods, according to state media outlet Global Times.

The new tariffs are poised to go into effect in stages, with the first round beginning Sept. 1 and the second Dec. 15.

https://news.yahoo.com/china-retaliates-against-us-tariffs-130427545.html;_ylt=AwrE190M6l9dvHEApydx.9w4;_ylu=X3oDMTByMjB0aG5zBGNvbG8DYmYxBHBvcwMxBHZ0aWQDBHNlYwNzYw--#

[kidd]

In 2017, US exports were $2350 billion. $75 billion is 3% of this.

This is a gesture

[Wingnut]

China's bark is worse than its bite.  They suck.

[edpc]

China's bark is worse than its bite.

Midwestern farmers that sell soybeans and pork disagree.

[edpc]

USTR Statement on Section 301 Tariff Action Regarding China

Washington, DC - Today, China announced it will impose unjustified tariffs targeting U.S. products.  In response to China’s decision, and in order to achieve the objectives of the China Section 301 investigation, President Trump has instructed the United States Trade Representative (USTR) to increase by 5% the tariffs on approximately $550 billion worth of Chinese imports.  For the 25% tariffs on approximately $250 billion worth of Chinese imports, USTR will begin the process of increasing the tariff rate to 30%, effective October 1 following a notice and comment period.  For the 10% tariffs on approximately $300 billion worth of Chinese imports that the President announced earlier this month, the tariffs will now be 15%, effective on the already scheduled dates for tariff increases on these imports.

https://ustr.gov/about-us/policy-offices/press-office/press-releases/2019/august/ustr-statement-section-301-tariff

[libertybele]

Midwestern farmers that sell soybeans and pork disagree.

Those that are seeing their 401k's, IRA's tank would also strongly disagree.

[Wingnut]

Midwestern farmers that sell soybeans and pork disagree.

bullshit.  you are out of touch.  but keep believing.

[Wingnut]

Those that are seeing their 401k's, IRA's tank would also strongly disagree.

  you are clueless.  uneducated and  a knee jerk trump hater.

[corbe]

    Don't be so modest @The Ghost

[Wingnut]

    Don't be so modest @The Ghost

Don't bogart that joint @corbe

[corbe]

   Way too late for that advice @The Ghost

[edpc]

bullshit.  you are out of touch.  but keep believing.

Right. They are paying out billions in farm aid, because I am out of touch.   

[IsailedawayfromFR]

Midwestern farmers that sell soybeans and pork disagree.

China loses much more than we do.



http://www.gopbriefingroom.com/index.php/topic,361257.msg1971147.html#msg1971147

[InHeavenThereIsNoBeer]

China loses much more than we do.

But I left that person cursin', nursin' seven broken bones
And he only broke ah three of mine, that makes me the winner.

[edpc]

China loses much more than we do.

BFD. The overall GDP doesn’t pay the mortgage or the loans on equipment for farmers. They want to sell their products, not get federal aid from the American taxpayers.


National Farmers Union condemns new tariffs: 'Trump is making things worse'

“Instead of looking to solve existing problems in our agricultural sector, this administration has just created new ones. Between burning bridges with all of our biggest trading partners and undermining our domestic biofuels industry, President Trump is making things worse, not better.”

https://thehill.com/policy/finance/trade/458641-national-farmers-union-condemns-new-tariffs-trump-is-making-things-worse

[Hoodat]

China loses much more than we do.

Yet we still lose.

[truth_seeker]

Those that are seeing their 401k's, IRA's tank Fluctuate up and down, would also strongly disagree. ought to think longer term.

[IsailedawayfromFR]

Yet we still lose.

Everytime you purchase something you give up wealth.

You can twist that also to say you lose.

[InHeavenThereIsNoBeer]

Everytime you purchase something you give up wealth.

You can twist that also to say you lose.

No, you exchange a store of wealth for actual wealth.  Money is not the end goal, it's simply a convenient way to facilitate trade without direct barter.

[IsailedawayfromFR]

No, you exchange a store of wealth for actual wealth.  Money is not the end goal, it's simply a convenient way to facilitate trade without direct barter.

Just to demonstrate how this can be twisted, when I pay my taxes, how is that 'actual wealth'?

[InHeavenThereIsNoBeer]

Just to demonstrate how this can be twisted, when I pay my taxes, how is that 'actual wealth'?

That's being taxed, not making a purchase.

[IsailedawayfromFR]

That's being taxed, not making a purchase.

From your own definition, I have a convenient way of storing wealth that is my money that is being used to pay my taxes.

If I did not transfer that to what you call 'actual wealth', then did my wealth go up or down after I paid my taxes?

Also, when I purchase a stock that goes down, did my 'actual wealth' stay the same or go down as well?

[InHeavenThereIsNoBeer]

From your own definition, I have a convenient way of storing wealth that is my money that is being used to pay my taxes.

If I did not transfer that to what you call 'actual wealth', then did my wealth go up or down after I paid my taxes?

Also, when I purchase a stock that goes down, did my 'actual wealth' stay the same or go down as well?

Obviously, when you are taxed, you lose wealth (or at least a potential claim on future wealth if you pay in cash).  But that's different from the statement that, "Everytime you purchase something you give up wealth".  If one properly understands trade, and assuming the trade is voluntary, the proper statement would be, "Every time you purchase something you gain wealth" since if you weren't better off from the trade you wouldn't make it in the first place.

If you purchase a stock that goes down, your actual wealth remains the same, just as it would if the stock went up.  Your potential wealth has changed, or at least it is likely to once you sell.

[Hoodat]

Everytime you purchase something you give up wealth.

Not true.  If I use $100,000 in cash to purchase a $100,000 house, my net worth remains the same.

The gist here is that the US should set policy based on what helps Americans - not on what hurts China, or Mexico, or Canada, or whomever.  Revenge politics is detrimental to our bottom line.  I really don't give a damn on how unrestricted trade policy is "unfair".  The bottom line is whether Americans benefit with zero regard on how it affects foreign countries.  And the bottom line here is that placing taxes on American consumers through tariffs hurts Americans.

[Hoodat]

Obviously, when you are taxed, you lose wealth .  .  .

Which is why I oppose tariffs since they force me to pay more for an item than I would have paid without the tariff.  And if you tax something, you get less of it.  Econ 101.