Retaliation:China Will Impose Tariffs Ranging From 5 percent To 25 Percent On U.S. Goods

[Jan van Eck + 7,558]

9 hours ago, Tom Kirkman said:

Perhaps Canadians will vote out Trudeau and get rid of his economy-killing Socialist and anti- oil & gas agendas.

Come now, Tom, let's leave the Canadians alone to go sort out their own affairs.  It is an educated society, they don't need sideline carping about their leaders,the Canadians are quite capable of doing that themselves  (and that, in Canada, is a bit of a national sport, not quite hockey, but getting there).  Enough with the "economy-killing Socialists" already.  Cheers. 

[Jan van Eck + 7,558]

2 hours ago, RuudinFrance said:

Time to stop, got some mowing of the grass to attend to.

Zo zo. Ruud, if you are sitting in France,  then hire yourself a migrant from Cote d'Ivoire to do that.  Mooi zo.

[Tom Kirkman + 8,860]

30 minutes ago, Jan van Eck said:

Come now, Tom, let's leave the Canadians alone to go sort out their own affairs.  It is an educated society, they don't need sideline carping about their leaders,the Canadians are quite capable of doing that themselves  (and that, in Canada, is a bit of a national sport, not quite hockey, but getting there).  Enough with the "economy-killing Socialists" already.  Cheers. 

Be sure to join us next week on Mutual of Omaha's Wild Kingdom, where Jim will take us to the Great White North, the mighty and snowy Canada, and take our viewers on a tour of the vast wildlife refuge there for the endangered Socialist, whose economy keeps mysteriously shrinking.

This is a different variety of the endangered Socialists which can be found in the sunny South American regions around Venezuela.

[RuudinFrance + 25]

21 minutes ago, Jan van Eck said:

Zo zo. Ruud, if you are sitting in France,  then hire yourself a migrant from Cote d'Ivoire to do that.  Mooi zo.

Disappointing Jan, when this is the only thing you can come up with. 

Anyhow, sitting at this desk, typing words, only makes me grow fat. Need some physical work too. Besides that, as any Dutchman, I'm stingier than the proverbial Scotsman. This also happens to be the main reason why we live in France, so much cheaper.

Sample: My Toyota Hilux was Euro 76000 in The Netherlands, in France <36000. France is nice 🙂

Have fun.

 

[ceo_energemsier + 1,818]

As US-China trade war tariffs strike, ships at sea are safe but ‘blackmail’ mood sours at Chinese docks

Cargo bound for the United States from China will not attract the higher 25 per cent tariff imposed on Friday by the United States government, provided the importer can prove the goods were purchased before May 10.

A directive from US Customs and Border Protection carved out an exclusion to the tariff increase for firms that bought goods before Friday, even if they arrived at American docks or airports after the tariff rise.

“For subject goods entered for consumption or withdrawn from warehouse for consumption on or after 12.01am eastern standard time on May 10, 2019, the 10 per cent duty will still apply,” read a customs guidance note.

The importer will need to prove that the goods were bought before the deadline, said Adrienne Braumiller, a partner at US law firm Braumiller Law Group.

“It is important that the importer ensures it has proof of export such as the date of export on the bill of lading,” she said.

This sort of “grandfathering” clause is understood to be uncommon in tariff rulings and given the transit time – it can take from 14 to 21 days for ships to travel from China to the US – it may offer some respite for companies, which will hope negotiators reach a trade deal before their goods arrive, thus meaning no extra tariff would be due.

“The notice unlike the others has an on-water exception – so if the goods have been exported already they will not be subject to the duty. For entry into the US, the importer needs a bond underwritten by a surety company,” said John Brew, partner and co-chair of US law firm Crowell & Moring’s international trade group.

“Goods that were exported before [Friday] are grandfathered in to the previous 10 per cent rate,” Goldman Sachs analysts Alec Phillips and Blake Taylor added in a research note. “In practice, this means most of the tariff increase will not hit until two to three weeks from now, or roughly the amount of time it takes cargo to ship from China to the US.”

However, for those companies with goods waiting to ship, the situation is more complex. A Hunan-based state-owned exporter of canned fruit, who wished not to be named, said that she signed an export agreement with a US client in April, but that 20 container-loads have yet to be shipped, with a value of between US$400,000 and US$500,000.

“Luckily, we had confirmed with the client when signing the contract that if the tariff increased, they would be responsible for the additional tariffs for this order. Meanwhile, I already heard some other peers have already produced goods, but their US customers said that they would rather abandon the deposit if facing added tariffs,” she said, adding that the buyer had paid a deposit, but not the full invoice.

The exporter felt that this was a ploy being used by US importers to haggle over price, “because the goods have been produced and it is impossible for Chinese factories to cancel the order”.

“US clients will threaten to cancel the order with the Chinese side in order to blackmail them. Most of them will be only be responsible for 5 per cent on the US side, and the Chinese side has to pay the other 10 per cent,” she added. “We have already absorbed the 10 per cent tariff to keep our US market share. Now there is no room for another 15 per cent.”

The tariffs, she said, had almost “cut the throat” of China’s canned fruit exports to the US.

“I heard that another big canned fruit producer in Hunan had already suspended production last year, firing many workers and leasing out their factory plant,” she added.

Wu Suojun, general manager of Shanghai Ener Warehouse near Waigaoqiao port, said the news of a 25 per cent tariff came so suddenly that it did not give exporters much time to prepare and so “there was a lot of front-loading last year, but not much now”.

“After the tariff rise, I believe goods loaded for the US market will decline further for sure. That means I need to make more efforts to find new clients, and my competitors in storage and transport will feel the same way because we are all services for trade. Competition will get fierce and even ugly,” Wu said.

Logistics workers at various Shanghai docks had not noticed a spike in business this week, despite expectations that companies would get their purchase orders in early to avoid tariffs announced by US President Donald Trump via tweet on Sunday.

Zha Zhonglei, a worker for Shanghai Tongchang, a logistics company at Waigaoqiao port, explained that goods for export usually stay in their warehouses to be loaded into containers before shipment, but that the new tariffs could lead to an exodus of business out of Shanghai’s ports.

“I don’t know how much impact [the tariffs] will have on us because we are focused on export orders to Southeast Asian countries. But it will eventually. I have seen clients move their production to Vietnam and export to the US from there,” said Zha, who has worked in the logistics business for over two decades.

According to Jennifer Diaz, a trade lawyer at Diaz Trade Law in Florida, importers must file shipment documents at the US port of entry, at a location specified by a port director, within 15 days of the shipment arriving, if they are to avoid paying the higher duty.

“These could include an invoice, packing lists, or other trade documents such as bills of lading,” she said.

However, these documents are notoriously open to manipulation – the largely paper-based world of trade and shipping is rife with document forgery and fraud.

Jolyon Ellwood-Russell, a trade finance partner at Simmons & Simmons in Hong Kong, said that “the increase in tariffs and the new dateline imposition may incentivise some fraudulent avoidance tactics and we may see a spike in such behaviour, such as the backdating of invoices”.

This would involve changing the date on an invoice to make it look like the goods were purchased before the tariff increase.

“It would have to be done in collaboration between the importer and exporter, because neither wants to have their margin eroded. But there are so many data points in a trade deal, just because you change the date on the invoice, doesn’t mean the customs won’t find you out. The bank who is paying the letter of credit, for example, could notice discrepancies, and US Customs and Border Protection will also be on the lookout for this sort of behaviour,” Ellwood-Russell added.

[ronwagn + 6,290]

A very wordy answer that revolves around the fringes but fully supports the E.U. and globalism. Sorry, I got you confused as French, it must be the attitude. 

Of course, I think you are wrong in most respects. I oppose globalism but support cooperation and harmony among nations. The E.U. doing their best to rule the British against their will is abhorrent to any ethical person. Globalism leads to global tyranny, as can well be seen in the Global Warming extremism, Global Gun Control Movement, lack of interest in freedom of speech, etc. 

Here is my topic on Globalism https://docs.google.com/document/d/1k8kNhtZJLuN66TpDuo67WBV1U2JhhZIvAefxeMNK0ls/edit

[Matthew w + 27]

20 hours ago, Tom Kirkman said:

Perhaps Canadians will vote out Trudeau and get rid of his economy-killing Socialist and anti- oil & gas agendas.

I certainly hope so, he's under qualified to say the least. Let's chalk the whole term of service down to some kind of disturbing social experiment, hopefully he won't be re elected and the next PM will be more pragmatic. 

[ceo_energemsier + 1,818]

3 hours ago, Matthew w said:

I certainly hope so, he's under qualified to say the least. Let's chalk the whole term of service down to some kind of disturbing social experiment, hopefully he won't be re elected and the next PM will be more pragmatic. 

It is beyond being under qualified. People can learn fast, but when you have an agenda that doesnt suit and doesnt  benefit the country and its people for security , economy , prosperity and you shut the engines for the development and growth of the country.... and you think you can fly on a magic carpet.........................

 

Edited May 15, 2019 by ceo_energemsier
errors

[Tom Kirkman + 8,860]

1 hour ago, ceo_energemsier said:

It is beyond being under qualified. People can learn fast, but when you [ have ] an agenda that doesnt suit and doesnt  benefit the country and its people for security, economy, prosperity and you shut the engines for the development and growth of the county.... and you think you can fly on a magic carpet.........................

 

^ bolded bits BOOM

In my view, dead on accurate observation.

[Matthew w + 27]

I second that. 

[Enthalpic + 1,496]

J. Trudeau started a whole industry with marijuana legalization - it is making us tons of money.  #Legacy

[Enthalpic + 1,496]

14 hours ago, Tom Kirkman said:

Be sure to join us next week on Mutual of Omaha's Wild Kingdom, where Jim will take us to the Great White North, the mighty and snowy Canada, and take our viewers on a tour of the vast wildlife refuge there for the endangered Socialist, whose economy keeps mysteriously shrinking.

Is it really?  The TSX is up as are employment numbers (especially full-time jobs, part-time actually went down).

[Matthew w + 27]

4 minutes ago, Enthalpic said:

J. Trudeau started a whole industry with marijuana legalization - it is making us tons of money.  #Legacy

Since legalization on October 17th marijuana sales have totaled 153 million. It's peanuts compared to oil sand royalties.

 

Royalty is 25% of net revenues at 55 per barrel or less. In 2017, 2.7 million boe were produced per day. If you estimate an average selling price of $50.00, that amounts to 12,318,750,00 dollars. I doubt total pot sales across the indusrey will even come close to the royalty revenue they take in alone in the next decade.

Anyways, I have nothing personal against him, he's a stand up guy. He just no business running our country or any country for that matter. 

[Enthalpic + 1,496]

6 minutes ago, Matthew w said:

Since legalization on October 17th marijuana sales have totaled 153 million. It's peanuts compared to oil sand royalties.

 

Royalty is 25% of net revenues at 55 per barrel or less. In 2017, 2.7 million boe were produced per day. If you estimate an average selling price of $50.00, that amounts to 12,318,750,00 dollars. I doubt total pot sales across the indusrey will even come close to the royalty revenue they take in alone in the next decade.

Anyways, I have nothing personal against him, he's a stand up guy. He just no business running our country or any country for that matter. 

It's bringing in foreign money - Aurora market cap is at 11.4 billion with most of that recently. https://web.tmxmoney.com/quote.php?qm_symbol=ACB&amp;locale=EN

HEXO a couple more billion, etc. https://web.tmxmoney.com/quote.php?qm_symbol=HEXO&amp;locale=EN

[Matthew w + 27]

5 minutes ago, Enthalpic said:

Is it really?  The TSX is up as are employment numbers (especially full-time jobs, part-time actually went down).

A countries economic well being is analyzed by GDP growth (real and nominal), not the stock market. I suggest you look at the numbers since he's taken office. Obviously there are ALOT of factors, you cant blame a single individual, even the head of state. It's just my opinion of him as a leader at the end of the day.

In regards to unemployment numbers, they have been strong though. However, we're in a tail end a boom cycle. America's economy is running strong and there's a strong correlation between the two economies. 

At the end of the day, when I travel and have to exchange CAD to any other western countries currency I cringe. Our dollar has a high correlation to our oil industry (put up long term charts of the price of WCS/Cad dollar. Canadian energy brings prosperity to all of Canada

[Enthalpic + 1,496]

Just now, Matthew w said:

At the end of the day, when I travel and have to exchange CAD to any other western countries currency I cringe.

I hate foreign travel because of the cheap CND - but it helps our exporters.

[Enthalpic + 1,496]

2 minutes ago, Matthew w said:

Canadian energy brings prosperity to all of Canada

I live in Edmonton, and yeah my real estate values have dropped with the oil slump.  I'm not really pro-oil but I am pro-money.

I'm glad Aurora set up their huge facilities here.

[Matthew w + 27]

4 minutes ago, Enthalpic said:

I live in Edmonton, and yeah my real estate values have dropped with the oil slump.  I'm not really pro-oil but I am pro-money.

I'm glad Aurora set up their huge facilities here.

At least there's one industry adding wealth to your province, I hope it lasts :).

[ronwagn + 6,290]

4 hours ago, Matthew w said:

I certainly hope so, he's under qualified to say the least. Let's chalk the whole term of service down to some kind of disturbing social experiment, hopefully he won't be re elected and the next PM will be more pragmatic. 

Macron went to about the only university that French leaders come from. It is very elitist and globalist. 

[ronwagn + 6,290]

I was awarded a medal by the queen of the Netherlands back in the sixties. I believe that Dutch Royalty are ceremonial figureheads much like the English Queen is that not correct? My medal was for the annual Nijmegen march while I was in the military.

 You are living in France so surely have an opinion on Macron.

I am working fifty hours a week to destroy global elitism and other ills of the world. So far things are going my way. 

 https://docs.google.com/document/d/1ipd1YlcDaA_E9QtLhUXJBPiobFcRx1Rgipny9rOPJZE/edit

[Enthalpic + 1,496]

12 minutes ago, ronwagn said:

Macron went to about the only university that French leaders come from. It is very elitist and globalist. 

He was talking about Canada and JT

[Enthalpic + 1,496]

29 minutes ago, Matthew w said:

 America's economy is running strong and there's a strong correlation between the two economies.

Absolutely - a lot of our troubles should be attributed to trump, not JT. 

China has a billion more people... a trade war is not a great idea.

[Enthalpic + 1,496]

8 minutes ago, ronwagn said:

I was awarded a medal by the queen of the Netherlands back in the sixties.

Cool - congratulations.  Seriously that is an honour.

[ronwagn + 6,290]

On 5/13/2019 at 4:01 PM, Tom Kirkman said:

Unfortunately, I can only speak English (due to dyslexia, although I had mandatory 4 years of Latin and 2 years of German in high school, which was a total waste of my time).

My wife of more than 20 years is Chinese Malaysian, and she speaks 7 languages.

And on this forum I use my real name and real photo.  Not in any danger of someone trying to steal my quirky identity here.  And mostly I'm here for amusement and shooting from the hip about oil & gas + its intertwined politics.

And over on Chan forums where everyone is anonymous, trolling can be a sport.  But it can also be great practice for writing coherent, standalone arguments which rely solely on sound reasoning and on its own merits within the confines of a single comment, as each comment is anonymous.

I suffer from a similar problem but am able to speak un poco Espanol und ein Bissen Deutsch. I had to take a year of Latin which was helpful with root words and Roman culture. The Spanish was also helpful in a similar way. There are more Spanish speakers than Latin however. After WW! Germans in the Midwest were badly discriminated against and started to switch to English. I picked up some German in the army in Deutschland. 

[Enthalpic + 1,496]

30 minutes ago, Matthew w said:

At least there's one industry adding wealth to your province, I hope it lasts :).

We have great beef too - we are like Canadian Texas.  Steaks here really are way better.