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Thread: China to put 25% tariffs on $16 billion worth of US products

  1. #1

    China to put 25% tariffs on $16 billion worth of US products

    https://money.cnn.com/2018/08/08/new...ade/index.html

    They talked about adding more tariffs and after Trump released his latest list of $16 billion in goods from China to be subjected to a 25% tariff (part of an earlier $50 billion worth), China is making $16 billion of US goods subject to tariffs official starting August 23rd. Neither side showing any indication of backing off from the tariff war.

    China has announced plans to put tariffs of 25% on US products worth $16 billion, the latest move in an escalating trade war.

    The Chinese government said in a statement Wednesday that the taxes would be imposed on August 23.

    The US products in line for tariffs include chemical items and diesel fuel.

    The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation.

    On Tuesday, the Trump administration unveiled its own list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs.

    The latest US tariffs on 279 products, including motorcycles, speedometers and antennas, will also take effect August 23.


    The Trump administration has accused China of unfair trade practices, and President Donald Trump has long vowed to bring down the United States' trade deficit in goods with Beijing.

    In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.
    More at link.
    Last edited by Zippyjuan; 08-08-2018 at 03:25 PM.
    One thing we can say about Trump: Least Boring President Ever.

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  3. #2
    This will not end well for China.

    It would be in their best interest to remove as many tariffs as possible.
    "He's talkin' to his gut like it's a person!!" -me
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    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #3
    Quote Originally Posted by dannno View Post
    This will not end well for China.

    It would be in their best interest to remove as many tariffs as possible.
    Neither side wins in tariff wars.
    One thing we can say about Trump: Least Boring President Ever.

    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    I am Zippy and I approve of this post. But you don't have to.

  5. #4
    Is 25% up from 5? 10? 15?

    It must have been 0% before, otherwise the media would tell us the before and after rates so we would be fully informed.
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  6. #5
    Quote Originally Posted by Zippyjuan View Post
    Neither side wins in tariff wars.
    Compared to what?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  7. #6


    They lead to higher prices and fewer jobs.
    One thing we can say about Trump: Least Boring President Ever.

    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    I am Zippy and I approve of this post. But you don't have to.

  8. #7
    Quote Originally Posted by Zippyjuan View Post

    They lead to higher prices and fewer jobs.
    Ya but that's already happening, it was happening when we had virtually zero tariffs. Why? Well, lots of reasons, but in large part because other countries had tariffs on us and we had no tariffs on their products. So even as things become cheaper, we have less production to support our consumption and so we go into debt.

    Since we are a large economic power, if we had a spine we wouldn't have let that happen to begin with. We would have said, no, you aren't going to put big tariffs on us or we will put big tariffs on you and you won't have access to our markets. Any countries who thought it was a good idea to play tariff war would have been stomped, then they would change their ways or the people will vote other leaders into power who will lower the tariffs so they can get access to our markets as well.

    Trump has to do that now, but it is a process that may take some time. In the longrun it will be beneficial. But Rand is still right, tariffs are bad - but sometimes they can be used as a negotiation tool to make them much lower.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  9. #8
    https://reason.com/blog/2018/03/06/r...s-simply-a-tax

    President Donald Trump's impetuous move last week to announce a steel and aluminum tariff has provoked stronger-than-usual opposition from Capitol Hill Republicans. But will they—and can they—do anything about it?

    I put that question today to the most reliably libertarian-leaning member of the United States Senate, Kentucky's Rand Paul, at the end of an interview about his latest attempt to get a floor vote on auditing the Federal Reserve (on which stay tuned to this space). Here's what Paul said:

    "Well, I think it's important to remind everybody that a tariff is simply a tax, and that the people who pay it are American consumers. And so in a time when we just have been sort of slapping ourselves on the back at having passed over a trillion-dollar tax cut—that's the right direction, you know, returning people's money to themselves back to its rightful owners—but I think it's going the wrong direction to put taxes on consumers for buying imported goods, and really in the end probably will hurt more Americans than it actually will help.

    "I think for every 60 businesses that purchase steel there's one business that makes steel in America, so there's really a lot of people who are going to suffer from rising prices for steel, aluminum, etc. Just in Kentucky we export 20 billion dollars worth of goods and services, including agriculture, every year, and I can tell you that most of the businesses in Kentucky are quite worried about a trade war."
    Last edited by Zippyjuan; 08-08-2018 at 04:03 PM.
    One thing we can say about Trump: Least Boring President Ever.

    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    I am Zippy and I approve of this post. But you don't have to.



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  11. #9
    Quote Originally Posted by dannno View Post
    Ya but that's already happening, it was happening when we had virtually zero tariffs. Why? Well, lots of reasons, but in large part because other countries had tariffs on us and we had no tariffs on their products. So even as things become cheaper, we have less production to support our consumption and so we go into debt.

    Since we are a large economic power, if we had a spine we wouldn't have let that happen to begin with. We would have said, no, you aren't going to put big tariffs on us or we will put big tariffs on you and you won't have access to our markets. Any countries who thought it was a good idea to play tariff war would have been stomped, then they would change their ways or the people will vote other leaders into power who will lower the tariffs so they can get access to our markets as well.

    Trump has to do that now, but it is a process that may take some time. In the longrun it will be beneficial. But Rand is still right, tariffs are bad - but sometimes they can be used as a negotiation tool to make them much lower.
    A trade deficit is not necessarily evidence that you are "losing" or "being screwed". You may simply be able to afford to buy more stuff from your trading partners because you are richer. Trade also lets people do what they are best at- it makes the market more efficient at producing things and everybody benefits from that. Tariffs are actually quite low globally. Trump has been raising- not lowering- them. Tariffs are corporate socialism- protecting specific industries at the expense of others.


    One thing we can say about Trump: Least Boring President Ever.

    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    I am Zippy and I approve of this post. But you don't have to.

  12. #10
    http://time.com/5361394/tv-factory-c...trump-tariffs/

    The Last Major TV Factory in the U.S. Is Shutting Down Because of President Trump's Tariffs

    A South Carolina plant that assembles televisions using Chinese parts plans to shut down and lay off nearly all its employees because of new tariffs imposed by the Trump Administration, the company announced this week.

    Element Electronics — which describes itself as the only assembler of televisions in the U.S. — plans to lay off 126 of its 134 permanent full-time employees and close the Winnsboro, S.C. plant on Oct. 5. Notably, there are still at least two smaller companies that continue to assemble speciality televisions in the U.S.

    “The layoff and closure is a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China, including the key television components used in our assembly operations in Winnsboro,” Carl Kennedy, Element’s vice president of human resources, said in a letter to the South Carolina Department of Employment and Workforce on Monday.

    Kennedy said he hopes the closure will be temporary and the company is advocating for its parts to be removed from the tariff list. “We remain hopeful that the closure of our South Carolina factory will be avoided,” Element said in a statement shared on social media Tuesday.

    President Donald Trump often lamented on the campaign trail that the United States “doesn’t make television sets anymore.” At the time, it was already true that there were no U.S. factories making televisions from scratch — just a few that assembled televisions using imported parts. But with the closure of Element’s plant, the United States will no longer assemble mass-market television sets anymore, either.

    Trump has defended his escalating trade war with China as necessary to reduce the U.S. trade deficit and bring back American jobs. But U.S. companies have complained about rising business costs, and trade experts have warned that the tariffs could hurt the U.S. economy. An analysis by the right-leaning Tax Foundation last month predicted Trump’s trade policy could lead to the loss of nearly 365,000 jobs in the long run.
    One thing we can say about Trump: Least Boring President Ever.

    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    I am Zippy and I approve of this post. But you don't have to.

  13. #11
    Quote Originally Posted by Zippyjuan View Post
    A trade deficit is not necessarily evidence that you are "losing" or "being screwed". You may simply be able to afford to buy more stuff from your trading partners because you are richer. Trade also lets people do what they are best at- it makes the market more efficient at producing things and everybody benefits from that. Tariffs are actually quite low globally. Trump has been raising- not lowering- them. Tariffs are corporate socialism- protecting specific industries at the expense of others.


    Look at China on that map zip, and that doesn't even deal with non-tariff barriers.
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  14. #12
    They and others will be back when manufacturing for the whole supply chain moves back to the US or countries that don't rip us off on trade or when China surrenders and agrees to play fair.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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