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Trump Agrees Not To Raise Tariff Levels on Chinese Goods; China Agrees To US Purchases. Two Sides To Start Broader Negotiations. (wsj.com)
U.S. President Donald Trump and Chinese President Xi Jinping agreed Saturday to keep their trade war from escalating with a promise to temporarily halt the imposition of new tariffs [the link may be paywalled; alternative source], as the world's two largest economies negotiate a lasting agreement. China also agreed to further market opening, its foreign minister said. In a statement, White House said the U.S. had agreed not to increase tariffs on Chinese goods to 25% on Jan. 1. From a report: The truce between the U.S. and China emerged after a highly anticipated dinner Saturday between Trump and Xi on the sidelines of the Group of 20 summit in Argentina. The leaders agreed to stop the introduction of new tariffs and intensify their trade talks, Chinese Foreign Minister Wang Yi told reporters hours later in Buenos Aires. The White House called the meeting "highly successful," saying the U.S. will leave existing tariffs on $200 billion of Chinese goods at 10 percent and refrain from raising that rate to 25 percent as planned on Jan. 1. In exchange, the U.S. wants an immediate start to talks on Trump's biggest complaints about Chinese trade practices: intellectual property theft, non-tariff barriers and cyber theft. After 90 days, if there's no progress on structural reform, the U.S. will raise those tariffs to 25 percent, White House Press Secretary Sarah Huckabee Sanders said in a statement. China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the U.S., she said.
Of course he DID cave by limiting his hand, and of course he could not really possibly have already removed the tariffs by now anyway so using that as evidence he didn't cave is typical Shanghai dishonesty again.
"Call it a hole in the ground, call it a snow fort, call it The Art of the Deal (a book written by someone else) - but don't call it caving, Trump will tweet nasty things about you within seconds."
You're misspelling "republican."
Fascism: An authoritarian and nationalistic right-wing system of government and social organization. See also: NAZI's
So,Trump failed. When it was obvious China was going to call his ultimatum bluff, he extended the deadline 30 days. Cause otherwise it would be obvious he failed. But China understands face-saving non-things. So they agreed to stop boycotting our agricultural products... which only existed because of Trump's policies. So, we've gained nothing.
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Tariffs are idiotic and Trump is stupid for using them at all. If the Chinese want to make their own citizens pay more for goods when they could buy cheaper American ones, that's their loss. Worse yet, they only encourage their own industry to remain less efficient and allow it to remain inefficient.
Similarly if they want to subsidize their industries, we should import as many of those goods as possible, since it's the Chinese taxpayer who is ultimately paying for Americans to have cheaper prices.
It is more likely worth more than that of American's.
- The US recently pulled out from climate change treaty it signed
- The US recently pulled out from the Iran nuclear it signed, without any concrete evidence that Iran violated the deal
- The US pulled out from the mid-range missile treaty it has signed with Russia
- The US failed to pay its UN member dues for years
Need more examples?