Trump Hits China With Tariffs On $50 Billion Of Goods

President Trump is enacting a 25 percent tariff on $50 billion of Chinese goods "that contain industrially significant technologies," after months of exchanging threats amid concerns over a potential trade war. The penalty is designed to punish China for stealing American technology and trade secrets. It will apply to roughly 1,100 exports and will target the Chinese aerospace, robotics, manufacturing and auto industries.

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I don't know if this is an act of desperation by this administration or if they really believe this is going to make a difference. We either need China or we don't. I don't see anyone acquiescing. In the short-term, I would venture to guess that this is not going to be good for America.

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How will these tariffs affect the US currency? I'm far from being economist but will it make the US dollar weaker? 

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Trade deficit is a direct transfer of wealth from one country to another. We have already have a trade deficit with China for so long now that they are flush with money and own a lot of American debt. American consumers are getting burned with higher prices. Manufacturers are getting hit with higher raw materials. 

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Are Ivanka's shoes included in this list of products?

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Big surprise fo MAGA supporters who shop at Wal-Mart. 

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This isn't a smart political move. What they expect to achieve with this tariffs? If they wanted to stop intellectual property theft, they could just stop their deal with ZTE. 
 

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Read The Absent Superpower.  Almost everything that is happening was predicted by the author, Peter Zeihan.  

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Multilateral sanctions placed on the United States through WTO thereby ensuring the next Great Recession by the end of the year.

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We will be soon taking our ball, going home and sulking alone in the corner wondering why no one wants to play

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Just now, Joanna said:

We will be soon taking our ball, going home and sulking alone in the corner wondering why no one wants to play

and mom and dad arguing over the higher prices

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14 minutes ago, Ja’Nako Bezze said:

Multilateral sanctions placed on the United States through WTO thereby ensuring the next Great Recession by the end of the year.

Trump is taking a preschool approach to solving a complex problem

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All part of the make America stupid policy. :)

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4 hours ago, Sofia said:

How will these tariffs affect the US currency? I'm far from being economist but will it make the US dollar weaker? 

When/if the dollar is no longer the currency countries use in energy trade, that is when the U.S. will be in trouble.

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It's now my policy to wait at least 2 weeks before devoting any brainpower to these reports...

In case he...

  1. Was only trolling
  2. Was only using 'brinksmanship'
  3. Changes his mind
  4. Denies ever saying it

 

 

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(edited)

Escalating trade war with bad news for US oil exports to China...

 

Hours after the U.S. announcement -- China’s Finance Ministry issued a list of 545 product categories, also covering about $34 billion in exports from the U.S., to be subject to an additional 25 percent tariff starting July 6. They included a variety of agricultural products, including soybeans, corn and wheat along with beef, pork and poultry, plus automobiles. A second set of tariffs to begin at a later date covered other goods including coal, crude oil, gasoline and medical equipment.

https://www.bloomberg.com/news/articles/2018-06-16/next-move-is-trump-s-after-china-hits-back-in-trade-war-opener

China currently imports about 363,000 barrels of U.S. crude daily, on par with Canada as the biggest U.S. crude importer, according to U.S. Energy Department figures. It also takes in an additional 200,000 barrels a day (bpd) of other products like propane.

https://www.reuters.com/article/us-usa-trade-china-oil/china-surprises-with-threat-on-u-s-energy-exports-idUSKBN1JB301

US sanctions on Iran were supposed to reduce chinese imports of iranian oil and increase imports of US oil. Now with chinese tariffs on US oil, the opposite could happen.

Edited by Guillaume Albasini
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Our government throws out taunts at our trading partners apparently without researching the overall reaction or considering the retaliating measures that could be taken by those involved. Trade is a very complicated plus extremely widespread spread over a vast variety of industries/products. Surely cooler & brilliant minds can exercise this policy in a better style.

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(edited)

On 6/15/2018 at 2:38 PM, HermitMunster said:

When/if the dollar is no longer the currency countries use in energy trade, that is when the U.S. will be in trouble.

Countries already use lots of different currencies in settling oil trades.  I suspect you are confusing this with the currency the pricing is being set at. That, traditionally in dollars, is entirely arbitrary.  

If Kenya buys oil products from South Africa, there is no requirement that the trade be concluded in US Dollars.  It would more likely be done in South African Rand. 

Edited by Jan van Eck
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Now Trump is creating a plan for tariffs on $200 billion in Chinese products after China hit back with tariffs on $50 billion of American products, including agricultural goods. Trade conflicts with Canada, Japan, Mexico, China and the EU all at the same time. That should work out well.

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(edited)

As with all petty geo/economic/political games played by the powerful, little will change on the ground in each country.

My prediction?

- Wealthy people will pay more without really noticing the tariffs.

- Poor people will continue to struggle to survive without really noticing the tariffs.

Edited by Jason Lavis
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20 hours ago, Jan van Eck said:

Countries already use lots of different currencies in settling oil trades.  I suspect you are confusing this with the currency the pricing is being set at. That, traditionally in dollars, is entirely arbitrary.  

If Kenya buys oil products from South Africa, there is no requirement that the trade be concluded in US Dollars.  It would more likely be done in South African Rand. 

Is the U.S. dollar not the world currency? It is the defacto global currency.

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