Trump delays some tariffs on Chinese imports

[Zippyjuan]

https://www.bbc.com/news/business-49287494

Flip Flopper In Chief backs off threatened tariffs yet again. Says he doesn't want to ruin Christmas for everybody. More likely he is concerned about the declining stock market and warnings of possible recession. (odds of one in the next 12 months was raised to a one in three chance). He likes to use the stock market as a measure of his success. Dow Jones is about where it was just a few weeks after he took office though he likes to brag when it goes up. Now investors don't expect a trade deal with China until after the 2020 elections at the earliest.

The US is delaying imposing tariffs on some imports from China until 15 December because of "health, safety, national security and other factors".

The products include mobile phones, laptops, video game consoles, some toys, computer monitors, and certain footwear and clothing.

The surprise news from the United States Trade Representative office sparked a 5% jump in Apple shares.

Other items facing a 10% tariff will go ahead as planned on 1 September.

US President Donald Trump, speaking to reporters, said that the delay was in part to avoid hitting US shoppers this Christmas.

The USTR's announcement was released minutes after China's Ministry of Commerce said Vice Premier Liu He had conducted a phone call with US trade officials.

Technology investors welcomed news of the exemptions, pushing an index of chip stocks up 2.8%. Retailers and industrial shares also rose, with General Electric up 4.4%. Just after midday on Wall Street, the three main share indexes were up almost 2%.

In the UK, stocks exposed to global trade also rose, with miner Glencore closing up 2.3%.

Mr Trump said on 1 August he would impose a 10% tariff on $300bn of Chinese goods, blaming China for not following through on promises to buy more American agricultural products.

He also personally criticised Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl amid an opioid overdosing crisis in the US.

But in a tweet on Tuesday, Mr Trump hinted that he was expecting something in return, suggesting that China's failure to "buy big" from US farmers could be about to change.

The USTR's announcement comes amid growing concerns about a global economic slowdown. Goldman Sachs said on Sunday that fears of the US-China trade war leading to a recession were increasing.

Earlier on Tuesday, China's chief trade negotiators, Vice Premier Liu He and Commerce Minister Zhong Shan, spoke to their US counterparts, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

The Xinhua news agency said that the Chinese officials issued "a solemn protest" against the punitive duties set to come into effect on 1 September. Mr Lighthizer and Mr Liu have scheduled another telephone call in two weeks.

The two sides were due to hold another round of meetings in Washington in September, but the deterioration in relations in the past two weeks cast doubt on whether the talks would take place.

Additional details and lists of the specific product types affected by the announcement are due to be published by USTR later.

[Swordsmyth]

Trump is fine tuning the trade war.
He is also winning:

laptop maker Inventec Corp. said it will to shift production of notebooks for the U.S. market out of China within months, adding to the tech industry’s exodus as the world’s two largest economies escalate their trade war.Inventec plans to move its entire American-bound laptop operation to its home base of Taiwan within two to three months, President Maurice Wu said on a post-earnings call Tuesday. Wu’s company assembles Apple Inc.’s AirPods and produces notebook computers for HP, which accounts for an estimated third of its revenue.
Underscoring the difficulty of making such long-term production decisions, President Donald Trump said just hours later that the U.S. would push back implementation of tariffs on Chinese-made laptop and other products to December from September. But tech companies aren’t waiting for a trade resolution. From Inventec to Apple-assembler Hon Hai Precision Industry Co., Taiwanese companies that make most of the world’s electronics are reconsidering their reliance on the world’s No. 2 economy as Washington-Beijing tensions simmer.
“The trade war is very painful for us,” Wu said, concluding a call during which executives shared how production shifts have hurt the company’s efficiency and margins.
Rising tariffs on Chinese-made products threaten to wipe out their margins and up-end a well-oiled, decades-old supply chain. Microsoft Corp., Amazon.com Inc., Sony Corp. and Nintendo Co. are said to be among those now weighing their options away from the line of fire, such as Southeast Asia and India. Alphabet Inc.’s Google has already shifted much of its production of U.S.-bound motherboards to Taiwan, Bloomberg News has reported.
Inventec’s shift marks one of the most dramatic relocations since Trump announced his decision to slap 10% tariffs on $300 billion of Chinese imports -- including consumer gadgets from smartphones to notebooks -- originally slated for next month. Spurred on by clients, which include household names like Dell Technologies Inc. and Nintendo, many Taiwanese contract manufacturers are now drawing up contingency plans, shifting select assembly operations or exploring alternative venues.

More at: https://news.yahoo.com/very-painful-...093211924.html

[Zippyjuan]

Trump is fine tuning the trade war.
He is also winning:

laptop maker Inventec Corp. said it will to shift production of notebooks for the U.S. market out of China within months, adding to the tech industry’s exodus as the world’s two largest economies escalate their trade war.Inventec plans to move its entire American-bound laptop operation to its home base of Taiwan within two to three months, President Maurice Wu said on a post-earnings call Tuesday. Wu’s company assembles Apple Inc.’s AirPods and produces notebook computers for HP, which accounts for an estimated third of its revenue.
Underscoring the difficulty of making such long-term production decisions, President Donald Trump said just hours later that the U.S. would push back implementation of tariffs on Chinese-made laptop and other products to December from September. But tech companies aren’t waiting for a trade resolution. From Inventec to Apple-assembler Hon Hai Precision Industry Co., Taiwanese companies that make most of the world’s electronics are reconsidering their reliance on the world’s No. 2 economy as Washington-Beijing tensions simmer.
“The trade war is very painful for us,” Wu said, concluding a call during which executives shared how production shifts have hurt the company’s efficiency and margins.
Rising tariffs on Chinese-made products threaten to wipe out their margins and up-end a well-oiled, decades-old supply chain. Microsoft Corp., Amazon.com Inc., Sony Corp. and Nintendo Co. are said to be among those now weighing their options away from the line of fire, such as Southeast Asia and India. Alphabet Inc.’s Google has already shifted much of its production of U.S.-bound motherboards to Taiwan, Bloomberg News has reported.
Inventec’s shift marks one of the most dramatic relocations since Trump announced his decision to slap 10% tariffs on $300 billion of Chinese imports -- including consumer gadgets from smartphones to notebooks -- originally slated for next month. Spurred on by clients, which include household names like Dell Technologies Inc. and Nintendo, many Taiwanese contract manufacturers are now drawing up contingency plans, shifting select assembly operations or exploring alternative venues.

More at: https://news.yahoo.com/very-painful-...093211924.html

Moving jobs to Taiwan is winning for the US?

[Swordsmyth]

Moving jobs to Taiwan is winning for the US?

Yes.

Collapsing China is winning, China is an enemy that is trying to destroy and subjugate us.

And many jobs will come back here sooner or later too.