Skip to comments.Donald Trump says US to hit US$300 billion worth of Chinese goods with 10 per cent tariff
Posted on 08/01/2019 12:28:27 PM PDT by SeekAndFind
US President Donald Trump announced on Thursday that he will impose new tariffs on US$300 billion worth of Chinese imports following a high-level trade mission that, Trump said, produced too little in terms of concessions from Beijing.
US customs will impose a small, additional levy of 10 per cent on the imports, starting September 1.
China agreed to buy agricultural product from the US in large quantities, but did not do so, the US leader said in a series of tweets.
Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States this never happened, and many Americans continue to die!
Trumps announcement breaks a ceasefire that had been in place since he met his Chinese counterpart Xi Jinping a month ago during the G20 summit in Osaka, Japan.
It also marks the biggest escalation in the 13-month trade war since the US leader announced in May, just ahead of bilateral talks in Washington, that 10 per cent tariffs on US$250 billion worth of goods would step up to 25 per cent.
State television broadcasts ahead of trade talks in Shanghai this week between Chinas vice-premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin the first since talks broke down in May , lauded Chinas purchases of US agricultural goods as a sign of good will in the trade dispute.
The purchases were part of unremitting efforts to show goodwill ahead of the resumption of trade talks, as well as a bid to shift the focus away from the controversial issues of forced technology transfer and enforcement, according to state media.
After the talks, the US said it wanted further negotiations to result in an enforceable trade deal.
(Excerpt) Read more at scmp.com ...
And next: no more “developing country” status in WTO.
Trump talked about that and I hope it happens.
“Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States this never happened, and many Americans continue to die!
Exactly. F EM.
The American consumer has financed the buildup of the Chinese military. No more.
The US taxpayer has subsidized inefficient socialist/communist economies for so long their citizens actually think their systems are sustainable - even superior to ours. They need a major wake up call. And I could sure use a tax break.
Wow I think this is thread number four on this subject, or is it number five? I am not sure.
The theft of intellectual property rights continues.
The big ramp up in tariffs did not really start until June 2019, and we have not yet seen the effects play out in quarterly reports.
The much smaller tariffs from Q4 of 2018 produced a noticeable slowdown in China. China is in for a big hit from this package of tariffs, on top of the huge package that hit in June.
I expect that this new package will bump up to 25% on January 1st (the pattern of quarterly increases now seems clear). Basically, that would be phasing in 25% across the board over three quarters.
This is on a strategic scale - and at shockingly sudden pace. It will reverse some of what took decades to develop, in a couple of years. The communist Chinese are screwed.
Looking at the tariff revenue as a percent of GDP: 30B/21,000B = .0014% of GDP.
Talks not going very good , China thinks Joe will win and he’ll kick start their economy ,LOL
“And next: no more developing country status in WTO.”
The US is pressuring the WTO to address this by October - the same month that we will withdraw from the Universal Postal Treaty, if they do not readjust China’s “developing country” for subsidized shipping rates.
The US Postal service loses money delivering products for Chinese manufacturers. It costs more to mail a product from LA to New York, than it does from Shanghai to New York, under their outdated rules.
The Trump Administration gave the required one year notice last October - indicating to me that this whole sequence of events was planned well ahead of time, to get the job done, and the results reported, before the President has to stand for re-election.
These are no longer warning shots. Starting with the June 2019 tariff package, the major actions to forcibly rip our supply chain out of communist China are being taken. I expect these 10% tariffs to bump up to 25% on January 1st, bringing it to 25% across the board - which should do the job.
I would think that Trump has enough over the Chicoms that they may not get any deal if he wins.
RE: $30B annual tariff is < $3B/month.
The title says $300 Billion
I stand corrected. That’s 10% of $300 Billion.
“$30B annual tariff is < $3B/month.”
The last package of tariffs, imposed in June, is close to a $60B annual tariff. The tariffs announced today are in addition to those, and in addition to the earlier tariffs.
I expect the tariffs to ramp up again (the following quarter, January 1st), to get to 25% across the board.
I believe that has been the plan all along. They knew that the communists would never negotiate in good faith, so it was all just kabuki theater, while businesses were given time to adjust.
Now its hammer time.
Good. One of the most frequent complaints is, everything in Walmart is made in China, everything in the hardware store is made in China boo hoo. And sure the tariffs will be passed on to the consumer - of made in China goods. So, now there’s even more incentive to buy American or other, and there shouldn’t be any more complaining about all that cheap Chinese product that occupies store shelves.
“The US taxpayer has subsidized inefficient socialist/communist economies for so long their citizens actually think their systems are sustainable - even superior to ours.”
The whole rest of the world can compete to sell us the products that have been coming from China.
But there is no where in the world where China can sell all the stuff that they used to sell to us.
California is a big economy but Im sure their unfunded liabilities are through the roof. Love that President Trump canceled their train money. Ha
Trump just cuckolded China
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