Trump says he's 'ready' to put tariffs on all $505 billion of Chinese goods imported to the US

[edpc]

President Donald Trump has indicated that he is willing to slap tariffs on every Chinese good imported to the U.S. should the need arise.

"I'm ready to go to 500," the president told CNBC's Joe Kernen in a "Squawk Box" interview.

The reference is to the dollar amount of Chinese imports the U.S. accepted in 2017 — $505.5 billion to be exact, compared to the $129.9 billion the U.S. exported to China, according to Census Bureau data.

https://www.yahoo.com/finance/news/trump-says-apos-apos-ready-100900482.html

[INVAR]

It will be fun to hear all the screaming, wailing and gnashing of teeth when everything containing plastic and electronic components triples in price.

Kiss that 'tax cut' goodbye in spades.  Ought to really help that economy roar back.

[Night Hides Not]

It will be fun to hear all the screaming, wailing and gnashing of teeth when everything containing plastic and electronic components triples in price.

Kiss that 'tax cut' goodbye in spades.  Ought to really help that economy roar back.

MAGA!!!

[Restored]

" triples in price."

Oh my sides. Someone doesn't understand manufacturing.

[edpc]

The tariff, theoretically, makes the American product price competitive.  However, buying the Chinese product gets you the item, plus, the US government collects the tariff.  That would allow funding for the wall to build it through M - whatever the F that means.  Seems like a win-win for the Trump supporting American consumer!

[txradioguy]

"Tariffs do very well at protecting the consumer, they protect the consumer from lower prices. " - Milton Freidman.

[INVAR]

" triples in price."

Oh my sides. Someone doesn't understand manufacturing.

Someone doesn't understand who pays the tariffs.

[ABX]

It will be fun to hear all the screaming, wailing and gnashing of teeth when everything containing plastic and electronic components triples in price.

Kiss that 'tax cut' goodbye in spades.  Ought to really help that economy roar back.

It isn't just the crap you buy at Wal Mart. The easy ability to import inexpensive goods has caused a boom in small business reselling those goods. I like to use the example of women's clothing botiques. They seem to be popping up all over the place. Within a block of my office, three or four are open and booming. All of these are locally owned by middle class families. Without sites to import at low prices like Alibaba, they likely wouldn't have been able to start up. So it isn't just the cost of goods you directly buy that are impacted, but local businesses as well.

I challenge everything to take a ten minute drive around your town and spot every locally owned business that opened in the past 5 years. I will bet a vast majority get most of their inventory from imports.

[skeeter]

"Tariffs do very well at protecting the consumer, they protect the consumer from lower prices. " - Milton Freidman.

Serious question - how do you propose we deal with a nation that innovates by stealing our technology, who's government has its fingers in every area of production and manipulates its currency to maintain a balance of trade advantage, using the money to fuel an increasingly aggressive international military posture?

[txradioguy]

Serious question - how do you propose we deal with a nation that innovates by stealing our technology, who's government has its fingers in every area of production and manipulates its currency to maintain a balance of trade advantage, using the money to fuel an increasingly aggressive international military posture?

I'll repeat it again.  Repeal the Clinton imposed permanent most favored nation trading status.  The money they get from that is what fuels their aggressive tactics we see today.

Treat them the way we did during the cold war.  There ARE national security implications to what China is doing...and imposing tariffs that hurt us more than it hurts them is not smart on our part.

[ABX]

Serious question - how do you propose we deal with a nation that innovates by stealing our technology, who's government has its fingers in every area of production and manipulates its currency to maintain a balance of trade advantage, using the money to fuel an increasingly aggressive international military posture?

I think we really shouldn't go there about a country that artificially manipulates it's currency to maintain a trade, or other advantage. We wrote the book on it and it has been our policy for a century.

If this was a game board, that's a rule we wrote on how to play.

[skeeter]

I'll repeat it again.  Repeal the Clinton imposed permanent most favored nation trading status.  The money they get from that is what fuels their aggressive tactics we see today.

Treat them the way we did during the cold war.  There ARE national security implications to what China is doing...and imposing tariffs that hurt us more than it hurts them is not smart on our part.

Doesn't Most Favored Nation status mean the recipient country gets lower tariffs? Revoking it means raising tariffs?

BTW if we treated them like we did during the cold war we scarcely trade with them at all.

[XenaLee]

I'll repeat it again.  Repeal the Clinton imposed permanent most favored nation trading status.  The money they get from that is what fuels their aggressive tactics we see today.

Treat them the way we did during the cold war.  There ARE national security implications to what China is doing...and imposing tariffs that hurt us more than it hurts them is not smart on our part.

I agree.  Tariffs are going to cost Americans (that can ill afford higher costs right now) more than they will cost China.  There has to be a better way and perhaps that is either it or part of the solution.

And personally?  I would repeal EVERY damned thing the Clintons (and Obama) did.... if possible.

[ABX]

As a quick reminder, all taxes, and duties (tariffs) must originate in Congress per Article 1, Section 8 of the Constitution.

The Trade Expansion Act of 1962  does give the president the authority to enact tariffs in an emergency, but he is required under section 2 of that act to submit them for congressional approval within 60 days.

Let's see if he follows the law. So far he hasn't on prior tariffs.

[INVAR]

It isn't just the crap you buy at Wal Mart.

No.  Anything that has component parts imported for manufacturing like plastic, computer boards and chips and everything that we NO LONGER MANUFACTURE here stateside because it is cost-prohibitive to manufacture due to regulations and taxation - we are going to be soon paying through the nose for.

Which, as I said, kills whatever minuscule 'tax cut' you think you got to enjoy.

[Bigun]

I'll repeat it again.  Repeal the Clinton imposed permanent most favored nation trading status.  The money they get from that is what fuels their aggressive tactics we see today.

Treat them the way we did during the cold war.  There ARE national security implications to what China is doing...and imposing tariffs that hurt us more than it hurts them is not smart on our part.

@txradioguy

I don't think Trump can do that on his own authority which is why he is pretty much reduced to tariffs at present and even that is on shaky ground Constitutionally.

[ABX]

No.  Anything that has component parts imported for manufacturing like plastic, computer boards and chips and everything that we NO LONGER MANUFACTURE here stateside because it is cost-prohibitive to manufacture due to regulations and taxation - we are going to be soon paying through the nose for.

Which, as I said, kills whatever minuscule 'tax cut' you think you got to enjoy.

Not just that, it is the actual machinery we use to manufacture goods domestically. That US tie maker is likely to use Chinese made sewing machines. That locally owned grocery store, only selling locally produced products, is using Chinese refrigerators.

[XenaLee]

No.  Anything that has component parts imported for manufacturing like plastic, computer boards and chips and everything that we NO LONGER MANUFACTURE here stateside because it is cost-prohibitive to manufacture due to regulations and taxation - we are going to be soon paying through the nose for.

Which, as I said, kills whatever minuscule 'tax cut' you think you got to enjoy.

So, get rid of the job-killing/business-killing regulations, bring back manufacturing to America and offer folks willing to work for a lower salary and benefits a job in manufacturing.  I bet a helluva lot of Americans would be willing to work under that scenario.... especially when presented as a means to get cheaper goods without having to import them.   No?

[ABX]

@txradioguy

I don't think Trump can do that on his own authority which is why he is pretty much reduced to tariffs at present and even that is on shaky ground Constitutionally.

It isn't shaky ground in the Constitution, it is clear and not questionable that they must go through Congress per Article 1 Section 8.

I think the only reason Congress hasn't said anything yet is either to wait to see sentiment or they don't want to cross unions who love protectionism.

[Concerned]

It will be fun to hear all the screaming, wailing and gnashing of teeth when everything containing plastic and electronic components triples in price.

Kiss that 'tax cut' goodbye in spades.  Ought to really help that economy roar back.

Tariffs are simply a tax.  IMO Trump supporters, who claim they are for lower taxes are suddenly for tariffs, simply because "their guy" is for them. Many of these same folks claim to be for smaller government yet think government intervention here is just fine just because "their guy" is for it.  I think had Obama implemented these tariffs many of these same folks would have been against them.   

[Wingnut]

"President Donald Trump has indicated that he is willing to slap tariffs on every Chinese good imported to the U.S. should the need arise."

A day without a chinaman's product on the shelves will be a good day!

[skeeter]

No.  Anything that has component parts imported for manufacturing like plastic, computer boards and chips and everything that we NO LONGER MANUFACTURE here stateside because it is cost-prohibitive to manufacture due to regulations and taxation - we are going to be soon paying through the nose for.

Which, as I said, kills whatever minuscule 'tax cut' you think you got to enjoy.

Whats stopping US companies from moving manufacturing to another country offering lower costs? Thats the way the market works.

China is highly vulnerable here. Far more than we are. The less we make ourselves voluntarily economically dependent upon our most likely military adversary the better. IMO.

[Bigun]

So, get rid of the job-killing/business-killing regulations, bring back manufacturing to America and offer folks willing to work for a lower salary and benefits a job in manufacturing.  I bet a helluva lot of Americans would be willing to work under that scenario.... especially when presented as a means to get cheaper goods without having to import them.   No?

Pass a SINGLE bill (HR25) currently lingering in the House Ways and Means Committee and the problem is permanently solved! Why won't they do that?  Because it takes away their power to manipulate us (social engineering)!

[aligncare]

What part of the threat: “should the need arise,” do the critics in the peanut gallery not recognize as tactics of a skilled negotiator?

While tariffs can create temporary price instability, as part of a carrot and stick approach, they can also force a recalcitrant trading partner back to the table, and in the long run boosting American industry.

Maybe after we get a better deal out of China, the peanut gallery can afford to buy their fainting couches from the good old USA.

[Restored]

Someone doesn't understand who pays the tariffs.

Just so you know. If an iPhone costs $500, it doesn't cost $500 for it to be put together. Much of the cost is R&D and software