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Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs

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China unveiled on Friday retaliatory tariffs against about $75 billion worth of U.S. goods, putting an additional 10% on top of existing rates in the latest tit-for-tat exchange in a protracted dispute between the world’s top two economies. The latest salvo from China comes after the United States unveiled tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on Sept. 1 and Dec. 15. China’s commerce ministry said in a statement it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States including agricultural products such as soybeans, crude oil and small aircraft. China is also reinstituting tariffs on cars and auto parts originating from the United States. “China’s decision to implement additional tariffs was forced by the U.S.’s unilateralism and protectionism,” the Chinese ministry said in a statement, adding that its retaliatory tariffs would also take effect in two stages on Sept. 1 and Dec. 15.

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Fear of recession is coming stronger and stronger...

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Like every war, this war will end without the winner and with "many victims"...

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In trade terms, this means watching a war that is coming slowly and inevitably.

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Not a surprise. It was a matter of a day when they would attack...

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14 minutes ago, francoba said:

Not a surprise. It was a matter of a day when they would attack...

Apparently they are not afraid to go 15. I think originally trump had their attention but not now. China will go all in.

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12 hours ago, Pavel said:

Fear of recession is coming stronger and stronger...

Mainly because the left wing media is rooting for it. The China issue is more important than any fear of recession. 

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Feature story today on The Epoch Times:

Trump Hits Back at China With More Tariffs Following China’s Retaliation

In the latest escalation of the U.S.-China trade war, President Donald Trump announced on Twitter Aug. 23 that he will balance the “very unfair trading relationship” with the Chinese regime by raising tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent.

The new rate will go into effect on Oct. 1.

“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 said in an Aug. 23 tweet.

“As President, I can no longer allow this to happen!” he added.

Trump’s decision came after China imposed an additional 10 percent of tariffs on roughly $75 billion worth of U.S. goods earlier in the day, a tit-for-tat retaliation for the U.S. administration’s decision to impose tariffs on a previously untaxed $300 billion worth of Chinese goods that will go into effect on Sept. 1.

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Related tweets:

trump-tweet-china-round-two-august-23-2019-v2.jpg.39a36e55bb12d8c043677f2825e12912.jpg

 

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3 hours ago, Tom Kirkman said:

Feature story today on The Epoch Times:

Trump Hits Back at China With More Tariffs Following China’s Retaliation

In the latest escalation of the U.S.-China trade war, President Donald Trump announced on Twitter Aug. 23 that he will balance the “very unfair trading relationship” with the Chinese regime by raising tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent.

The new rate will go into effect on Oct. 1.

“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 said in an Aug. 23 tweet.

“As President, I can no longer allow this to happen!” he added.

Trump’s decision came after China imposed an additional 10 percent of tariffs on roughly $75 billion worth of U.S. goods earlier in the day, a tit-for-tat retaliation for the U.S. administration’s decision to impose tariffs on a previously untaxed $300 billion worth of Chinese goods that will go into effect on Sept. 1.

====================

Related tweets:

trump-tweet-china-round-two-august-23-2019-v2.jpg.39a36e55bb12d8c043677f2825e12912.jpg

 

Trump is blinking like a busy LED panel. 

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(edited)

On 8/23/2019 at 6:54 AM, joze44 said:

Like every war, this war will end without the winner and with "many victims"...

Victims.... none.  Assailaints: some

Either you hold a nation accountable for their actions or not. 

Pretending no consequences is absurd. 

Edited by footeab@yahoo.com
used wrong word
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On 8/23/2019 at 10:46 PM, Tom Kirkman said:

Feature story today on The Epoch Times:

Trump Hits Back at China With More Tariffs Following China’s Retaliation

In the latest escalation of the U.S.-China trade war, President Donald Trump announced on Twitter Aug. 23 that he will balance the “very unfair trading relationship” with the Chinese regime by raising tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent.

The new rate will go into effect on Oct. 1.

“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 said in an Aug. 23 tweet.

“As President, I can no longer allow this to happen!” he added.

Trump’s decision came after China imposed an additional 10 percent of tariffs on roughly $75 billion worth of U.S. goods earlier in the day, a tit-for-tat retaliation for the U.S. administration’s decision to impose tariffs on a previously untaxed $300 billion worth of Chinese goods that will go into effect on Sept. 1.

====================

Related tweets:

trump-tweet-china-round-two-august-23-2019-v2.jpg.39a36e55bb12d8c043677f2825e12912.jpg

 

We are the victim of China, and ourselves for letting this go on for so long. Now we have a real leader. 

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China is hitting three sectors because those sectors lie in the US Midwest.  But upon examination, it is not the hammer that China is pretending. 

The US soybean export trade was negligible twenty years ago.  Midwest farmers switched to soybeans specifically because of Chinese demand for the product.  That land can (and will) be used for other crops soon enough. The "hit" to the farmers is nowhere near as large as the pundits are trying to make it out to be. 

Crude oil flowed to China both from the Texas Gulf and from North Dakota.  There is lots of world demand for oil, and the Chinese are now stuck with buying lesser grades, with sulfur, from others. It seems to have hurt exports of WCS from Canada, again a Chinese embargo over the Huawei Executive issue, So far the Canadians have found no solution.  

Light aircraft are manufactured in the US Midwest, from Minnesota to Kansas to Texas, although I suspect the major portion that would be exported would be from the Cessna and Beech plants in Kansas.  Again, their idea is to hit Kansas voters, whom are suspected of being trump supporters.  They probably are. That said, I don't think the hit is anywhere near as big as the Chinese would like to make it out to be. 

Putting a tariff on what you are already not buying is just show.  That does not provide real bite. 

It is my prediction that this will continue to rise until the US reaches a 100% tariff on most Chinese goods.  It will go to at least 45% by next year. There is not going to be some "trade deal."  The two countries are disengaging. Ultimately, import quotas will be added to the mix. Those will be so restrictive that nothing much will transport. 

It leaves two interesting thoughts:  (1) what does China propose to do with its pork plants in the USA?  China bought out some large pork producers, I think Smithfields is one of them, and that pork, originally calculated for the Chinese market, is now going nowhere.   (2) what are the big containership companies going to do with all that newly surplus tonnage?  Start scrapping it?  Ouch. 

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