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 ...
The believe that they are the center of the world (Middle Kingdom).
You can’t just start growing something else. There is a lot of infrastructure that has to come with every crop. Ever wonder why some area grow say, sugar beets and another doesn’t? It has to do with the demand, the buyers, and the methods of getting product around. You are talking of millions, if not billions to change an area, and the demand just isn’t there.
For the last handful of decades it has been beans and corn. You can’t just change over night. And once China stops buying from the US, it will all be sourced for South America.
So a lot of farmers are looking and bankruptcy in some very red states that are being actively campaigned in by Dems.
I guess those Harbor Freight tent sales will become a thing of the past.
No big deal.
“The row housing is all section 8, welfare recipients wander under the shadow of the empty factory like medieval peasants amidst Roman ruins in the dark ages.”
Nicely written.
“They’re already raising prices and certain items now cost $1.99, $2.99, etc. “
Now my dollar store joke of “how much is this?” will be met with an honest answer instead of a dumb stare.
Then the government needs to help them during the change over. If China want to buy from somewhere else let them. Those farmers have not been growing soy beans forever. China will be back and if they are not the farmers will grow something comparable. I have no problem with helping them during the changeover
Where do you live that they've raised the prices at the Dollar Tree? Everything I buy there is $1 - are you sure you're talking about Dollar Tree? There are other stores like Dollar General etc that have higher prices but Dollar Tree is specifically named because every item is $1.
According to American media the American soybean farmers were going to get hit hard. However, the price remains steady. Unknown to most, Archer-Daniels has a huge stake in soya production in Paraguay. As soybeans are not stamped “Made in America” the product is fungible; Brazilian soya is transhipped through Paraguay and if I know ADM, our farmers will not starve.
I believe I have posted multiple times that I am in favor of temporary tariffs to reset trade imbalances.
Its immoral what the US government has done to its people - debasing the currency, and over taxing and over regulating its manufacturing base, while giving nations like China access to our markets who do not have similar tax and regulatory burdens.
Those fundamental inequities need to be addressed - tariffs may be the only leverage we have over foriegn nations but we need to address our own problems at the same time.
Trump seems to be pushing in the right direction with tax and regulatory reform and with misbehavior of our trading partners, but the federal reserve remains the elephant in the room.
The Democrap party was never the party of the American worker. You were duped.
“The Democrap party was never the party of the American worker. You were duped.”
No. You just think you were being cute by saying that. Grow up.
Wrong again.
Thanks GonzoII.
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