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from the start-counting-the-pennies,-er,-yen dept.
Submitted via IRC for Bytram
Trump's 15 percent tariff on Chinese goods kicks in
It's the first day of September, marked by a new round of tariffs on Chinese imports, which went into effect Sunday. In latest escalation of the trade war with China, the Trump administration has slapped a 15% tariff on $112 billion worth of Chinese goods (PDF), something consumers can expect to feel when buying everything from milk to diapers to some China-manufactured tech products like the Apple Watch.
But on Aug. 13, the USTR said it would offer a temporary reprieve to a batch of about $160 billion products (PDF) like laptops and cellphones. Those goods won't be subject to the new tariffs until Dec. 15 -- an attempt to blunt the impact of the duties on the holiday shopping season. Trump later raised the new tariff on Chinese goods to a 15% rate rather than the initial 10%.
China retaliated Sunday with its own tariff plan taking effect at 12:01 p.m. local time. It's rolling out higher tariffs in stages on a total of about $75 billion in US goods like soybeans and crude oil. It'll also resume an extra 25% duty on cars imported from the US on Dec. 15.
(Score: 5, Interesting) by DeathMonkey on Thursday September 05 2019, @06:17PM (7 children)
Tell that to all who folks who are going to lose their jobs in the coming recession. [foxbusiness.com]
Tell that to all the farmers who have nowhere to sell their goods anymore. [newsweek.com]
Tell that to the manufacturing industry that is already in a recession. [marketwatch.com]
Presidents can't do much to improve the economy but they sure as hell can crash it due to massive incompetence. The Trump Slump is real.
(Score: -1, Troll) by The Shire on Thursday September 05 2019, @06:29PM (5 children)
It amazes me how strongly the left desires a recession - so much so that they pray for it and see it happening in places where it isn't.
The recession will come if the Fed raises the rate. If they keep their hands off the wheel then things will continue to do well.
The farmers are covered by the new trade deals with Japan, Brazil, and the EU. That was part of the reason for the G7 deal with PM Abe. China isn't our only customer.
Manufacturing is far from being in a recession. Panicing about a fluctuation of .5% is like being startled to realize that the temperature goes up and down during the day.
The media and the left would love a recession - they have nothing to run on right now and they're desperate for anything, even at the expense of the American worker. So far, it hasn't happened. The Federal Reserve can trigger one simply by raising the rate - watch to see if they do, it's the tell tale sign of intentional market manipulation and by the gods I hope such an act finally gets Trump to audit them. It's been a long time coming. No private operation should have so much control over the nation.
(Score: 5, Touché) by DeathMonkey on Thursday September 05 2019, @06:38PM (2 children)
Yep, leftist bastions like Fox Business!
(Score: 3, Funny) by The Shire on Thursday September 05 2019, @07:04PM (1 child)
Sadly the deal with Disney, the ouster of Roger Ailes and control of the network falling to James Murdoch, Fox News has been moving towards the hard left. James Mudoch, who inherited control from his father, is an avowed globalist and is on record saying that he "seeks to create a globalist network out of Fox and turn away from its prior conservatism", never mind that being the last remaining conservative network was the very thing that made it more popular than CNN or MSNBC combined.
Sarcastic comments about Fox being "leftist bastards" are no longer funny, they're becoming true.
(Score: 3, Insightful) by fustakrakich on Thursday September 05 2019, @07:51PM
You guys are funny! One minute FOX is "hard right", the next they are "hard left". Ebb and flow... just like your economy in a fickle absent minded world.
Just so you know, it was the government tax handouts (incentives, or whatever euphemism you want to give it) that moved all the factories overseas. It was bipartisan, so we don't have to bring that shit up. It's the "FedEx" way, a package from San Fransisco to Oakland has to go through Atlanta. The secretary of state's useless drunken brother in law gets a cushy job (he doesn't even have to show up!), and the old lady will let him sleep in the bedroom. This is the life they live. What's this "left/right" bullshit you people babble about? You really think they give a shit about that?
I think the phrase is *kicking it up* or *paying tribute*, something like that. Sounds perfectly normal. Keeps the machine from seizing up.
La politica e i criminali sono la stessa cosa..
(Score: -1, Troll) by Anonymous Coward on Thursday September 05 2019, @06:53PM
They're on a religious quest to purify the White House, to atone for their Female President Messias Hillary losing. Just like many on the republican side wanted to purify the White House after that "black, Kenyan, muslim" had defiled it.
(Score: 3, Interesting) by Joe Desertrat on Thursday September 05 2019, @10:03PM
The recession is coming because of another coming credit crash, mostly caused by the relaxing again of any safeguards on what lending institutions do with debt. Trump wants to lower interest rates because his businesses will rake in millions if that occurs, but possibly also (If he is capable of this sort of foresight) because it will allow another round of speculation that staves off the collapse until after the election. That it will be worse the longer before it occurs is of no concern to him, he has access to the ultimate insider information and will be well protected when that happens.
(Score: 2) by Runaway1956 on Friday September 06 2019, @12:46AM
I didn't realize that Americans have stopped eating. Yeah, the farmers will all go bankrupt now, for sure. Of course, obesity should become a thing of the past!