Posted on 07/20/2018 6:19:02 AM PDT by GonzoII
President Donald Trump has indicated that he’s willing to hit every product imported from China with tariffs, sending U.S. markets sliding before the opening bell Friday.
In a taped interview with the business channel CNBC, Trump said “I’m willing to go to 500,” referring roughly to the $505.5 billion in goods imported last year from China.
The administration to date has slapped tariffs on $34 billion of Chinese goods in a trade dispute over what it calls the nation’s predatory practices.
Dow futures which had already been pointing modestly lower slid sharply after the comments were aired by CNBC early Friday, indicating triple-digit losses when the market opens.
The yuan dipped to a 12-month low of 6.8 to the dollar, off by 7.6 percent since mid-February.
China has retaliated with duties of its own, hitting U.S. imports of soybeans and pork. The administration July 10 announced a second possible round targeting $200 billion worth of goods. Beijing vowed “firm and forceful measures” in response.
Beijing is targeting sectors, like agriculture, that could harm Trump politically at home, though he said in the CNBC interview that he is seeking to do only what is fair.
“I’m not doing this for politics, I’m doing this to do the right thing for our country,” Trump said. “We have been ripped off by China for a long time.”
There is already pushback in the U.S. from businesses that will take a hit in an escalating trade war.
(Excerpt) Read more at washingtontimes.com ...
If only Sonny had an EZ-Pass.
“Taxes, I mean Tariffs, get people’s attention.”
Cheap foreign imports are taxes on the American people.
Americans lose their jobs, that’s a 100% tax on their income.
American’s pay taxes to maintain our standard of living, but greedy corporations cheat and import cheap foreign goods not subject to those taxes.
Sadly, the Democrap party used to be the party of the American worker.
Not any more.
Democraps support foreigners over Americans so the foreigners illegally vote and support the Democrap campaigns through illegal camping bribes.
Farmers don’t have to grow soybeans either. One of the most amazing things about farming is.....what ever you put into the ground, add water and fertilizer and you get something, usually something people or animals want to eat.
The farmers will survive and they know PT won’t let them drown. He is actually doing this for them.
I like the way you put that! I'm going to tattoo that on my forehead and go to a Trump rally...
“Yup - the Euro model today is a ruling class and a peasant class, no different than in the middle ages. They want the US to be that way as well.”
Exactly! (As goes California, so goes the country)
The biggest threat to the dem party is a thriving economically independent middle-class (Bourgeois).
The Income tax much more greatly distorts the market.
Taxes are penalties. Would any sane person want to penalize reportable income over buying foreign?
I think not.
“Foxconn could make TV screes, cell phones and computer main boards in Wisconsin.”
From what I hear, the Foxconn plant is HUGH!
We need more of that.
“Eight out of 11 Intel manufacturing plants are in the U.S. (OR, AZ, NM, MA).”
That’s good too, but without tariffs we risk losing those plants.
Remember IBM? They used have office buildings everywhere around my house, now they’re gone and the biggest private employer in INDIA...(shhh they want to keep that on the qt)
Indeed if it’s made in China it stays in China.
LOL!! My sister works at their headquarters. She said everyone seems fine...the tariffs so far are minor.
The US has 3x as many people as Europe in total did in 1750 with far more resources than Europe did at the time with 20000% higher productivity per person (ie 200x more productivity) than in the mid/late 1700s.
Yup
I do a fair amount of business with Chinese suppliers. Promotional products, mostly.
So far they say it hasn’t impacted them yet.
When the next $200b go into effect it will.
Good, who needs melamine in the dog food?
I think you missed my point. There are other markets. Not just North Korea. The trade deals one way or another will give each country less and less power to negotiate. Saying North Korea is just a way to point out that the ball is moving
> ...and Adam Smith was opposed to tariffs, because they distort the market, the same reason I’m opposed to them.
There’s no way to an undistorted market BUT through the imposition of reciprocal tariffs, and a later reciprocal agreement to remove them.
There is simply zero reciprocity in our trade agreements today and that lets foreign powers, including hostile ones, strip mine our economy for their own benefit and Americans’ detriment.
That is what tariffs are going to put an end to.
If you genuinely support free markets, you’re all but obligated to support reciprocal tariffs as the only reasonable path to get to a free market.
Do it. There are lots of other Asian countries we could be doing business with instead.
The right way to go Trump.
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