• Trump eyes even higher tariffs as trade war with China escalates
    46 replies, posted
https://www.bloomberg.com/news/articles/2018-07-05/trump-s-trade-war-threat-to-turn-reality-as-china-tariffs-begin President Donald Trump threatened to impose tariffs on every single Chinese import into America as the world’s two largest economies exchanged the first blows in a trade war that isn’t set to end anytime soon. After months of rhetoric, a 25 percent levy on $34 billion of Chinese goods entering the U.S. took effect just after midnight Washington time on Friday with farming plows and airplane parts among the products targeted. China hit back immediately via duties on U.S. shipments including soybeans and automobiles. Neither side shows any signs of backing down. Trump is already eyeing another $16 billion of Chinese goods and suggesting the final total could top $500 billion, more than the U.S. bought in 2017. China’s Commerce Ministry accused the U.S. of “bullying” and igniting “the largest trade war in economic history.” The first ever U.S. tariffs aimed just at China will likely rally Trump’s voters who agree with his “America First” argument that Beijing hasn’t played fair for years, stealing America’s intellectual property and undercutting its manufacturers. But the risk is that a spiraling conflict undermines economic growth by gumming up international supply chains and inflicting higher prices on companies and consumers. The Federal Reserve has already noted some firms are slowing investment, while Harley-Davidson Inc. and General Motors Co. are warning they may cut jobs. Given the moves were widely telegraphed, investors took them in stride. U.S. stocks were little changed and the dollar extended losses in early trading in New York. Treasuries rose and gold fell as investors assessed the impact of the escalation in the trade rift. Hours after the tariffs, the U.S. released jobs figures that showed few signs of any early pressures on employment from the trade tension. U.S. hiring topped forecasts in June, while the unemployment rate rose from an 18-year low and wage gains unexpectedly slowed. “Our view is that trade war is never a solution,” Chinese Premier Li Keqiang told reporters during a trip to Bulgaria. “No one will emerge as a winner from trade war, it benefits no one.”
Escalating a trade war he started. I'm really tired of all this WINNING.
https://youtu.be/ZmnOJSUkjrA
This is the one thing that is really going to hurt later in time. The US already is beginning to have a shortage of farmers, we don't need any more going out of business because of this shit, even if it's for monoculture farming.
Andrew Johnson's 149 year "Worst President Ever" streak is going to be shattered when historians write the book on this decade
Reference: Johnson was Lincoln's VP and the opposite of him, a racist democrat, so him being president after Lincoln was killed was a large roadblock to rights for black people in the south. He was impeached and acquitted by one Senate vote for not listening to a law Congress passed to restrict his ability to fire Cabinet members.
At the same time, I expect to see articles claiming that soy beans are the new super-food, brought to you by Soy Bean Farmers of America, Inc., LLC.
Me in another thread 3 months ago about trump tariffs: The decision making here feels akin to printing money in order to escape a mess caused by printing money.
Johnson also was slightly opposed by one of the centralized bank heads and killed the second centralized bank of the U.S. out of spite while also murdering any infrastructure bill he could come across.
Why does he think this is the right thing to do?
He has little to no idea when it comes to economics
Because it's his idea.
World politics. "No u" edition.
galaxy brain: the us is getting economically worse because of the deep state democrats in a government where all 3 branches are controlled by the GOP
Trump shot one foot off, and now his legs aren't the same length so he's aiming at his other to blow it off and even himself back out. All the blood can be ignored, it's fake news.
If China blinks, Trump will have secured the future of stronger US trade.
Seems pretty doubtful to me. Doesn't matter how much Chinese citizens bitch, even if things get bad on their end if the government doesn't wanna' stop they won't stop. On our end, Trump's beholden to his constituents. The end result is going to depend on whether those farmers and exporters still want to vote for Trump once they start feeling the squeeze, and if they don't, he'll either have to re-evaluate his position or risk getting voted out. That's a big if though. Could be that nobody blinks, but that'll be shitty in the long run for everyone too.
Why would China blink?
It is if China doesn't blink we are in trouble, and that debt you speak of is both ways, China has massive debt issues.
This might make a bit more sense if China were the only country the US were raising tariffs on. But the US has sabotaged the one chance they have at "winning" by going to trade wars with all their allies. Let's not forget that China has more natural resources and will soon have more trading partners and thus more production capabilities than the US.
once again wallstreet shrugged and went about its day as basically the entire world announced tariffs on US goods
China isn't blinking, you tit. They don't have trade wars with the rest of the world, they'll be fine longer than the US.
Meanwhile in little Australia: https://www.theguardian.com/world/2018/jun/01/chinese-interference-in-new-zealand-at-critical-stage-says-canada-spy-report https://i.kym-cdn.com/entries/icons/original/000/019/601/smilelaugh.jpg
This, in a 1-on-1 trade war the US might last longer than China, but they've made the weird move of starting war with everybody at once including their allies. The rest of the world only have tariffs in place with the US so they affect a relatively lower portion of their imports and exports. It's like the US are doing everything they can to lose a trade war they didn't have to lose in the first place.
Seriously? Where did you learn these ideas of economics? Do you just make things up to support your worldviews or something?
Almost like Trump serves an agenda other than the betterment of the United States or something... :thinking:
Because it makes sense in the context of his way of doing business. International trade agreements are viewed as a "deal" that he doesn't think favor the US enough, so in the spirit of "America First" he wants to tear them up and have them renegotiated. He counts on his ability to "make the best deals" I.E coerce his counterparts into compliance and break promises and agreements if at any point he finds them unfavorable. No matter how untrustworthy or unstable it makes the US seem. If it works it'd be a miracle, and possibly help the US in the short term, but that hinges solely on the chance that China caves to the pressure, which as we can see is not at all likely. It'd also hurt everybody by creating uncertainty and sowing mistrust in the global market.
With WHO? He's already pissed off every other major trade ally at this point
This is game theory, the thing is that if they hit back, the US will respond, and will actually out tariff the Chinese. Exactly.
Beliefs like yours are honestly really dangerous, because you don't seem to acknowledge or care at all about the damage this is doing and will continue to do to Americans, all so Trump can wag his dick and pretend he's in control. We have virtually no other nation to fall back on, because we're alienating all of them. Europe is leaning towards China to offset our actions, we're entering a trade war with Canada, and we're imprisoning Latin America's children. Republicans spent all July 4th harping on with questions like "Why aren't Democrats full of American Pride!", meanwhile, they are the ones demonstrating that they don't care about Americans for the world to see.
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