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Trump Ups Ante on China, Threatens Duties on Nearly All its Imports (reuters.com)
U.S. President Donald Trump warned on Friday that he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion in Chinese goods on top of $200 billion in imports now primed for levies in coming days. Reuters: The moves would sharply escalate Trump's trade war with Beijing over his demands for major changes in economic, trade and technology policy. China has threatened retaliation, which could include action against U.S. companies operating there. Hours after a public comment period closed on his $200 billion China tariff list, Trump told reporters aboard Air Force One that he was "being strong on China because I have to be."
"The $200 billion we are talking about could take place very soon depending on what happens with them. To a certain extent its going to be up to China," Trump said. "And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want. That totally changes the equation." [...] The $200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 percent to 25 percent. Cell phones, the biggest U.S. import from China, have so far been spared, but would be engulfed if Trump activates the $267 billion tariff list. Further reading: Apple says Trump's China tariffs are going to hurt the company.
"The $200 billion we are talking about could take place very soon depending on what happens with them. To a certain extent its going to be up to China," Trump said. "And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want. That totally changes the equation." [...] The $200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 percent to 25 percent. Cell phones, the biggest U.S. import from China, have so far been spared, but would be engulfed if Trump activates the $267 billion tariff list. Further reading: Apple says Trump's China tariffs are going to hurt the company.
If, and I mean if this happens, its going to hurt and hurt bad. Sorry to say that but if this ever happens (which I don't think will), it will take 10 years or longer before things settle. The chicken will come to roost after decades of cheap prices for everything we use today. Basically China was our drug dealer; we are hooked and now it may be time to face rehab which isn't going to be fun and probably put more in the poor house before all said and done.
Did you ever stop to think that the reason your wages haven't kept pace with inflation is... wait for it... cheap foreign goods? Cheap foreign goods have decimated US manufacturing and annihilated millions of jobs. These people all compete for the remaining jobs. Companies have very little incentive to raise wages ... in fact, some people consider themselves lucky to have a job at all. But hey, at least when you need a new toaster it's pretty cheap.
Close to 8 years of easy Fed interest rates, deficit spending, and under Trump, even more deficit spending...now to the tune of $1 Trillion per year, and every year, now that he and the Republicans have paid off their cronies in industry with their tax cuts.
Basic Keyesian economics, dump that much money into the economy and there would have been something seriously wrong if the economy hadn't boomed. So enjoy it while the bill hasn't yet come due, because when it does, every one of us will suffer.
I'm sorry, which industries has he bailed out? Coal? Natural gas and renewable are still eating their lunch. Steel and aluminum? I fail to see the boom except is CEO's blowing smoke in Trump's direction, although he very much likes and believes it.
In the meantime, he's helped tanked the farming and ag business. His tariffs are being paid by every industry and customer reliant on those imports. And now that inflation is taking off and given the eye-watering deficits and debt, the interest rates will continue to rise. That is tanking the rest of the world's economies. And sooner or later, they won't be able to afford American exports because of the dollar's strength and their own currencies weakness. See Turkey for a preview.
every penny of that 467 billion is being spent on Dear Leader's ego. It's a small price to pay for such an exquisitely rare, delicate, and gilded of egos. I hear there may be one or two more out there, but I never saw one. No Collusion! Let me tell you, though, the ego that you're going to be getting... means that I'll be very happy on tv. That means more ratings. The happier I am, the more ratings I get, which means I'm worth more. And let me tell you, once all of that happiness trickles down to you dumb southerners, you'll be happier too - thus you'll get better ratings, and make more money. That'll really make those 17 angry democrats even more angry. And the more angrier they get, the less happy they'd be... so they'd get less ratings and make less money. It's win win win lose draw win. I like drawing. I make the best drawings. I colored that flag better than all those kids. Those kids are losers, let me tell you about losers. Losers have fragile egos. Not an ego like mine, mine is huge. An ego that big can't be fragile because it's big. Have you seen those photoshops of my inauguration? Ya, big like that. Bigly big. Big bigly. Happy.