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Thread: U.S. imports hit all-time high, trade deficit with China sets new record despite tariffs

  1. #1

    U.S. imports hit all-time high, trade deficit with China sets new record despite tariffs

    https://www.marketwatch.com/story/us...ffs-2018-11-02

    The numbers: The nationís trade deficit rose 1.3% in September to a seven-month high as imports set a fresh record, confounding efforts by the Trump White House to bring deficits down.

    The deficit edged up to $54 billion from a revised $53.3 billion in August, the Commerce Department said Friday.

    Economists polled by MarketWatch had forecast a $53.6 billion gap.

    Itís the second biggest monthly trade deficit since Donald Trump became president in January 2017. Whatís more, the trade deficit with China set a new record despite U.S. tariffs meant to punish the country for what the U.S. considers unfair trade practices.

    The U.S. trade deficit added up to almost $447 billion in the first nine months of 2018. That compared to about $404.5 billion in the same span in 2017.

    The U.S. is on track to post its biggest deficit in a decade.
    More at link.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

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



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  3. #2
    Related?

    https://www.politico.com/story/2018/...s-trade-960499

    Trade war: Chinese exporters’ front-loading beats U.S. tariffs, but for how long?


    Guangzhou Seagull Kitchen and Bath Products, which relies on the U.S. market for over a third of its revenues, has been running its production lines in China around the clock for the past three months, according to its workers.

    Uniformed employees outside its factory compound said they were working 12-hour shifts to expedite orders for early next year, making sure their tap handles arrive in the United States ahead of a scheduled tariff increase.

    The bathroom fixtures Seagull makes are on the list of $200 billion worth of Chinese products on which the U.S. imposed a 10 percent duty starting on Sept. 24, and which is set to rise to 25 percent on Jan. 1 if Beijing does not make trade concessions.

    “Many of us have to work rotating [12-hour] shifts from 8 p.m. to 8 a.m. or 8 a.m. to 8 p.m. each day,” said a migrant worker in his forties, who declined to be named. He and his colleagues were having a late lunch, costing 12 yuan ($1.70 in U.S. dollars) each, in a small restaurant outside the factory on the outskirts of Guangzhou, the capital of south China’s Guangdong province.

    Analysts have said the practice by Chinese exporters of accelerating production and shipment now to avoid the upcoming tariff increase — or “front-loading” orders — is one probable reason behind China’s strong export performance since Washington started to levy its first round of tariffs on Chinese imports in early July.

    The practice may be widespread, because Chinese exports of chemicals, non-ferrous metals, plastics and special industrial machinery were the fastest-growing Chinese export categories in September, according to Chinese customs data, despite all of them being included on U.S. tariff lists.

    But fulfilling next year’s orders so far in advance could lead to a significant slowdown in future sales if U.S. clients reduce their next orders accordingly. China’s official purchasing manager’s index has shown new export orders have been contracting since June.

    Ding Shuang, the chief China economist at Standard Chartered bank, who has just visited exporters in the eastern province of Zhejiang, said many companies were doing the same as Seagull and the production frenzy could last the rest of the year.

    “Increased demand for shipments has pushed up shipping rates and some exporters are even having trouble finding any space on cargo ships,” Ding said. But the situation could quickly turn bad next year, he warned, as exporters face a double blow from fewer new orders and a sharp depletion of existing orders.

    So far, the trade war has not had any significant impact on China’s trade and broad economy. Manufacturers’ front-loading may be partly responsible.

    China’s exports rose 14.5 percent in September from a year earlier, accelerating from a 9.8 percent rise in August. Meanwhile, its trade surplus with the U.S., its biggest export market, widened to a record $34 billion last month.

    In Guangdong, China’s export manufacturing hub, the economy expanded 6.9 percent during the first three quarters of 2018 from a year ago, or slightly higher than the nationwide growth rate of 6.7 percent for the period.

    Guangdong’s exports posted a modest rise of 0.4 percent in the first nine months of the year, rebounding from a 3.3 percent decline in the first half, implying strong third-quarter gains.

    The stronger exports figure was supported by activity at factories like Seagull’s. The question is what will these factories do once those orders have been completed, particularly if U.S. clients reduce or even stop orders because of the extra tariff costs.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

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

  4. #3
    Yes, it is because of "front loading." That will come to an end soon and China will begin to feel the effects of the tariffs. At the China International Import Expo, European countries pretty much snubbed the Chinese. Everyone is getting tired of their antics.

  5. #4
    Quote Originally Posted by phill4paul View Post
    Yes, it is because of "front loading." That will come to an end soon and China will begin to feel the effects of the tariffs. At the China International Import Expo, European countries pretty much snubbed the Chinese. Everyone is getting tired of their antics.
    I need to buy some cheap Chinese toys for x-mas. I hope Trump's tariffs don't make me spend a few extra dollars on my cheap sh!t!
    Quote Originally Posted by Zippyjuan View Post
    Ron Paul know some weird people...



    Quiz: Test Your "Income" Tax IQ!


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    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  6. #5
    Quote Originally Posted by Danke View Post
    I need to buy some cheap Chinese toys for x-mas. I hope Trump's tariffs don't make me spend a few extra dollars on my cheap sh!t!
    I don't think there is a tariff on sex dolls. Yet.

  7. #6
    Quote Originally Posted by phill4paul View Post
    I don't think there is a tariff on sex dolls. Yet.
    I get those from Japan.
    Quote Originally Posted by Zippyjuan View Post
    Ron Paul know some weird people...



    Quiz: Test Your "Income" Tax IQ!


    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  8. #7
    Quote Originally Posted by Danke View Post
    I get those from Japan.
    "They all look alike." - Hillary Clinton

  9. #8
    Quote Originally Posted by phill4paul View Post
    "They all look alike." - Hillary Clinton
    But the quality difference is like night and day. Japanese products can really holdup to abuse better.
    Quote Originally Posted by Zippyjuan View Post
    Ron Paul know some weird people...



    Quiz: Test Your "Income" Tax IQ!


    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.



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  11. #9
    Quote Originally Posted by Danke View Post
    I need to buy some cheap Chinese toys for x-mas. I hope Trump's tariffs don't make me spend a few extra dollars on my cheap sh!t!
    I only buy the best , avoiding chinese - north korean goods alltogether .I am a Great American Patriot and lead by example .
    Do something Danke

  12. #10
    Quote Originally Posted by oyarde View Post
    I am a Great American Patriot and lead by example .
    Quote Originally Posted by Zippyjuan View Post
    Ron Paul know some weird people...



    Quiz: Test Your "Income" Tax IQ!


    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  13. #11
    Quote Originally Posted by Danke View Post
    I usually overcharge that guy a little bit , goes in the tribal beer fund held by the Great and Wise Sagamore .
    Do something Danke



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