Trump announces increased tariffs on Chinese goods

[mystery-ak]

Trump announces increased tariffs on Chinese goods
By Brett Samuels and Sylvan Lane - 08/23/19 05:09 PM EDT

President Trump on Friday announced plans to increase tariffs on hundreds of billions of dollars in Chinese goods in a sweeping response to duties announced by Beijing earlier in the day.

Trump tweeted that a 10 percent tariff on $300 billion in Chinese goods set to go into effect on Sept. 1 would increase to 15 percent, and that an additional $250 billion being tariffed at 25 percent will be hit with a 30 percent tariff starting Oct. 1.

"China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)" Trump tweeted.


The move marks the latest salvo in Trump's trade war with China, which has dragged on for more than a year with few signs of a resolution in sight.

more
https://thehill.com/homenews/administration/458612-trump-announces-increased-tariffs-on-chinese-goods

[libertybele]

Global recession anyone?

Trump announces increased tariffs on China in latest trade war salvo

President Trump announced on Twitter Friday that his administration will retaliate against China by raising tariffs on imports from the Asian nation amid a bitter trade war between the two countries.

"For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight," Trump tweeted. "Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen!"

The move came hours after Beijing said it would hike tariffs on $75 billion in U.S. imports, escalating a conflict over trade and technology that threatens to tip a fragile global economy into a recession.................

https://www.foxnews.com/politics/trump-announces-raised-tariffs-on-china-to-take-effect-in-september-october

[libertybele]

https://www.foxnews.com/politics/trump-announces-raised-tariffs-on-china-to-take-effect-in-september-october

Anyone doubt that we will soon see a global recession for which Trump will be blamed?  Things will be interesting at the G7 coming up.

BTW Trump has questioned why he has to attend.   

https://www.cnn.com/2019/08/23/politics/donald-trump-g7-attendance/index.html

[MOD8]

Merged topics

[Right_in_Virginia]

Trump's trade war with China will be worth the fight
CNN Business, Aug 23, 2019, James D. Schultz

For years, and through multiple presidential administrations — Clinton, Bush and Obama — the United States has naively looked the other way while China cheated its way to an unfair advantage in the international trade market. It took a long time to get to this point, and it's not going to turn around overnight. But with President Donald Trump's long-term approach to trade policy, the United States is in a good position to make up for the misguided policies of the past, which resulted in millions of lost jobs and thousands of shuttered factories.

A bad day or a bad week on Wall Street is not an indication that Trump's policy is failing. Market volatility is neither a surprise nor a reason to head for the lifeboats. The markets are going to react and fluctuate as the United States and China go back and forth in trade negotiations.

As the US Treasury Department reported in May, there has been, and is, an "exceptionally large and widening" bilateral trade imbalance between China and the United States."

It's not as though China hasn't had a chance to change its ways. It simply chose not to by, among other things, willfully ignoring its G20 commitment to fair trade, dumping products below cost into US markets and stealing intellectual property.

China has also recently been labeled a currency manipulator by the Treasury Department. The Chinese government, not the free market, sets its currency's value against the dollar. When China allows its currency to fall in an attempt to boost its own exporters, American companies and workers pay the price.

[...]

Something had to be done to end China's unfair practices, and rather than capitulate to the predictions of recession and calamity, we need to stay the course and continue to add tariffs to Chinese goods. We as a nation simply cannot allow China to continue to have its way with our economy.

[...]

China appears ready for a long fight, but there are indications it is already feeling the strain. Tech companies — at least 50 to date — are in the process of moving significant portions of their manufacturing operations out of China and back to other countries in an effort to get out from under US tariffs.

It seems that our choice is clear: We stay in this for the long haul to ensure that American businesses can compete on a fair playing field, or we panic and continue to allow China to play with a corked bat.

The former is sound trade policy. The latter is bad for US business, prosperity and security.


More:  https://www.cnn.com/2019/08/15/perspectives/trade-war-trump-triumph/index.html

[Applewood]

Trump's trade war with China will be worth the fight

Really?  Is Trump going to cut me a check to restore my retirement nest egg when it goes belly up? 

[corbe]

       Trump's approach will work.

[libertybele]

The article talks about the affects that China is beginning to feel but mentions little as to what affects this is going to have on the U.S.  China's tariffs won't be fully implemented until mid December.  They will probably respond in kind again with the increases that Trump just announced.

All this back and forth, but what is the end game?  Fair trade, or the U.S. having its way with the Chinese economy?  Recession is one thing, a global recession is quite another, but will this ultimately bring about war?

[Right_in_Virginia]

All this back and forth, but what is the end game?  Fair trade

Yup.  Relax, President Trump's got this. 

[InHeavenThereIsNoBeer]

The article talks about the affects that China is beginning to feel but mentions little as to what affects this is going to have on the U.S.  China's tariffs won't be fully implemented until mid December.  They will probably respond in kind again with the increases that Trump just announced.

All this back and forth, but what is the end game?  Fair trade, or the U.S. having its way with the Chinese economy?  Recession is one thing, a global recession is quite another, but will this ultimately bring about war?

No.  Worst (and probably only) case China will find other buyers (we're not their only customer) for their goods, and we'll find cheap labor elsewhere.