US to put $50B in tariffs on China. China to retaliate.

[K1052]

The Trump administration said on Friday that it would move ahead with imposing a 25 percent tariff on $50 billion of Chinese products that are imported into the United States, threatening to escalate what had primarily been a war of words between the world’s two largest economies into a full-blown trade war.

Beijing has said it will retaliate by imposing its own tariffs on a list of roughly $50 billion in American exports, a list likely to include agricultural products and manufactured goods, people briefed on their plans said.

“If the U.S. takes unilateral and protectionist measures and harms our interests, we will take action immediately and take necessary measures to protect our legitimate rights,” Geng Shuang, a Chinese foreign ministry spokesman, said at a briefing on Friday.

Tensions could escalate further in the coming weeks. The White House is currently formulating a plan for restricting Chinese investments in the United States and putting stricter limitations on the types of advanced technology that can be exported to the country. It has said those restrictions will go into effect shortly after they are announced by June 30.

https://nyti.ms/2lc8oxz

The Chinese warned US trade reps that announcing this would cancel any concessions they may have secured so far in negotiations. Trump's various trade wars look to escalate out of control.

 

[Mai72]

This is stupid and dangerous at the same time. It's not even China. We declared a tariff war on Europe, Canada and Mexico as well.

He's insane. This could tank the economy. History has a funny way of repeating itself.

 

[PJFrylar]

One Two Three Four
Trump declares a trade war
Five Six Seven Eight
This will not make America great

 

[Indus]

One Two Three Four
Trump declares a trade war
Five Six Seven Eight
This will make America weak again

FTFY.

 

[sportage]

Well, it looks like EVERYTHING at Walmart will soon be going up (and up, and up and up).
Hope you Trump people are feeling the MAKE AMERICA GREAT AGAIN.

 

[Fenixgoon]

This is stupid and dangerous at the same time. It's not even China. We declared a tariff war on Europe, Canada and Mexico as well.

He's insane. This could tank the economy. History has a funny way of repeating itself.

cmonnnnn 25th amendment.....who am i kidding? really makes me sad to live in the US right now, to see 1 man do this much damage.

 

[Mai72]

cmonnnnn 25th amendment.....who am i kidding? really makes me sad to live in the US right now, to see 1 man do this much damage.

Fox says that we can win this.

 

[Jhhnn]

This is stupid and dangerous at the same time. It's not even China. We declared a tariff war on Europe, Canada and Mexico as well.

He's insane. This could tank the economy. History has a funny way of repeating itself.

Well, yeh, but market insiders can get fat off that too.

https://www.propublica.org/article/...one-hedge-fund-helped-keep-the-housing-bubble

Build it to fail & bet against it.

So, place your bets in the Wall St casino. Just remember that the House always wins.

 

[brycejones]

Only the most bigly presidenting.

 

[Zorba]

cmonnnnn 25th amendment.....who am i kidding? really makes me sad to live in the US right now, to see 1 man do this much damage.

The problem with the 25th is it assumes the cabinet is mentally fit.

 

[PJFrylar]

FTFY.

But that doesn't rhyme!

 

[ericlp]

Well, when it happens and the stock market tanks... will be a good time to get in, just as he reverses everything he says so that maybe someone (but trump) can pick up the pieces and save face?

 

[1prophet]

Well, it looks like EVERYTHING at Walmart will soon be going up (and up, and up and up).
Hope you Trump people are feeling the MAKE AMERICA GREAT AGAIN.

Good, why should Americans enjoy their cheap consumer lifestyle on the backs of foreigners, illegals, h1-b's, etc., working under conditions and wages they would consider criminal,

while corporate America makes huge profits due to the disparity in wages, labor laws, environmental laws, healthcare, etc. that they can avoid by not hiring Americans or manufacturing in America.

 

[fskimospy]

Good, why should Americans enjoy their cheap consumer lifestyle on the backs of foreigners, illegals, h1-b's, etc., working under conditions and wages they would consider criminal,

while corporate America makes huge profits due to the disparity in wages, labor laws, environmental laws, healthcare, etc. that they can avoid by not hiring Americans or manufacturing in America.

Working under those ‘criminal’ conditions has led to the largest reduction of poverty in the history of humanity. You’re literally arguing against one of the greatest achievements in human welfare that’s ever occurred.

Jobs like that helped America get here it is today. Now we have graduated from that economy and it’s time for someone else to take a turn. You should be thankful, not angry.

 

[hal2kilo]

Working under those ‘criminal’ conditions has led to the largest reduction of poverty in the history of humanity. You’re literally arguing against one of the greatest achievements in human welfare that’s ever occurred.

Jobs like that helped America get here it is today. Now we have graduated from that economy and it’s time for someone else to take a turn. You should be thankful, not angry.

He wants to protect the bubuh''s that did not take their schooling too seriously. They just want to show up and stick a widget into another widget all day and collect a paycheck. Come on they're entitled.

 

[K1052]

China tariffs on U.S. soybeans could cost Iowa farmers up to $624 million

Perhaps Iowa farmers' biggest fear is becoming a harsh reality: The escalating U.S.-China trade dispute erupted Friday, with each country vowing to levy 25 percent tariffs on $50 billion in goods.

U.S. and Iowa agriculture is caught in the crossfire, with farmers selling $14 billion in soybeans to China last year, its top export market.

Soybeans are among hundreds of U.S. products China has singled out for tariffs. The U.S. has an equally long list that includes taxing X-ray machines and other Chinese goods.

Iowa farmers could lose up to $624 million, depending on how long the tariffs are in place and the speed producers can find new markets for their soybeans, said Chad Hart, an Iowa State University economist.

U.S. soybean prices have fallen about 12 percent since March, when the U.S.-China trade dispute began.

https://www.desmoinesregister.com/s...d-cost-iowa-farmers-up-624-million/705121002/

Not exactly good timing with interest rates and fuel prices rising...

 

[Jhhnn]

He wants to protect the bubuh''s that did not take their schooling too seriously. They just want to show up and stick a widget into another widget all day and collect a paycheck. Come on they're entitled.

We can't just discard people. Well, unless we're Job Creators. Then we can discard whole regions.

Or, don't be a classist, OK?

 

[BUTCH1]

He wants to protect the bubuh''s that did not take their schooling too seriously. They just want to show up and stick a widget into another widget all day and collect a paycheck. Come on they're entitled.

The situation is much more complex than that. Young people today are encouraged to opt for a 4 year degree often falling into massive debt to do so, if they cannot find work, the loans are still due. In times past many were also encouraged to opt for a trade school, this is seen as "dirty" work today but those jobs now are paying well and hopefully this trend continues. Simple manual labor non-skilled jobs will not pay enough to manufacture here in the US, that's why so many Co's have chose to relocate operations to Mexico. No workers comp to pay, no overtime laws, no matching SS to pay either and rock-bottom wages.

 

[SickBeast]

Trump is bluffing. He did the same thing with North Korea. He is doing it with Canada also. This is all posturing and BS. You'll see.

 

[Jhhnn]

The situation is much more complex than that. Young people today are encouraged to opt for a 4 year degree often falling into massive debt to do so, if they cannot find work, the loans are still due. In times past many were also encouraged to opt for a trade school, this is seen as "dirty" work today but those jobs now are paying well and hopefully this trend continues. Simple manual labor non-skilled jobs will not pay enough to manufacture here in the US, that's why so many Co's have chose to relocate operations to Mexico. No workers comp to pay, no overtime laws, no matching SS to pay either and rock-bottom wages.

What we're facing is a breakdown of the whole "work for a living" model of how to distribute goods & services. It's actually a function of technological progress & moralistic backwardness around the concept of ownership. We accept them taking the lion's share of the economic benefits of progress. We're all being automated & better engineered right out of our livelihoods.

We have to ask what's in it for the people & skills the job creators don't need nearly as much as they once did.

 

[Jaskalas]

I was uncertain and fearful of "offshoring jobs". My fear lead me to consider trade wars and economic isolation as actual policy. As something that could MAGA. But the truth is something far... worse. Automation is poised to ELEMINATE labor. The fight with other nations is over scraps. And here comes a vaccume cleaner to suck them all up. Game over.

So instead of RISKING EVERYTHING by blowing up the world economy in some hail marry to create a glorious economy stuck in isolation... I would rather see us value stability. Maintain the status quo when it comes to trade. Hell, sponsor and support free trade. Let the goods flow. And figure out how to help our people when they don't have jobs. When they cannot be paid for labor. Because THAT future is upon us, and nothing we do to attack other nations will change that.

Keep it stable, keep it big, and then THINK about how to make it work for us.

 

[K1052]

Welp...Trump is announcing tariffs of 10% on $200B of Chinese goods in retaliation for their retaliation to our tariffs. Threatens further escalation if China retaliates again, which is basically a given.

Thanks economy, was a nice ride while it lasted.

 

[senseamp]

So corporations get huge tax cuts, but consumers get hit with 10% tax stuff we buy (which is mostly made in China)?

 

[darkswordsman17]

Trump is bluffing. He did the same thing with North Korea. He is doing it with Canada also. This is all posturing and BS. You'll see.

I don't care if its a card game with 7 year olds, you should be concerned about someone bluffing when its not their money on the line.

I'm waiting for when Turmp realizes that he could become relatively better off by slapping these other rich assholes with huge tax increases. Wonder how quickly we'll see these assholes that were cheering him on flip when he starts trying to play zero-sum games with them.

What we're facing is a breakdown of the whole "work for a living" model of how to distribute goods & services. It's actually a function of technological progress & moralistic backwardness around the concept of ownership. We accept them taking the lion's share of the economic benefits of progress. We're all being automated & better engineered right out of our livelihoods.

We have to ask what's in it for the people & skills the job creators don't need nearly as much as they once did.

Let's not conflate conservative raiding of American prosperity with technology moving us towards a post-scarcity society. Just because the latter is really starting to show itself (with the inevitable issues as we accept, and adapt towards that), it shouldn't be confused with the former. If the former wasn't happening, the issues over the latter would be much less of a concern. What we're seeing is that there's a hug schism between the two, in what society would require to enable them. Simply put, you want a good society where we can have machines doing so much of the work for us, you need a much more socialist minded society. The more that we ignore that the former is going to lead to us being enslaved by the wealthy as they reap the benefits of the technology while we scrounge for ever shrinking share of the resources, the more likely that is the outcome we will end up with.

Er, think I misunderstood your post, we're pretty much saying the same thing.

I was uncertain and fearful of "offshoring jobs". My fear lead me to consider trade wars and economic isolation as actual policy. As something that could MAGA. But the truth is something far... worse. Automation is poised to ELEMINATE labor. The fight with other nations is over scraps. And here comes a vaccume cleaner to suck them all up. Game over.

So instead of RISKING EVERYTHING by blowing up the world economy in some hail marry to create a glorious economy stuck in isolation... I would rather see us value stability. Maintain the status quo when it comes to trade. Hell, sponsor and support free trade. Let the goods flow. And figure out how to help our people when they don't have jobs. When they cannot be paid for labor. Because THAT future is upon us, and nothing we do to attack other nations will change that.

Keep it stable, keep it big, and then THINK about how to make it work for us.

You globalist!!!! (That's supposed to come with a big sneer like its some despicable insult.)

 

[Jhhnn]

So corporations get huge tax cuts, but consumers get hit with 10% tax stuff we buy (which is mostly made in China)?

Well, yeh, of course. When sales go down margins have to increase to maintain profits.