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posted by janrinok on Thursday September 05 2019, @04:49PM   Printer-friendly
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.


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  • (Score: 1, Disagree) by The Shire on Thursday September 05 2019, @07:11PM (8 children)

    by The Shire (5824) on Thursday September 05 2019, @07:11PM (#890202)

    My god man, if you don't see a thriving economy right now they you never will. This is as good as it ever gets - you should be out there taking advantage of it. If you're not improving your lot in life RIGHT NOW then you're not trying. Too many people prefer to gripe and grumble and shake their fists at perceived inequities instead of getting out there and claiming a chunk for themselves.

    If you aren't out there taking advantage of this economy then I have no sympathy for you. But don't expect the vast majority of people in this country who are working and moving forward to willingly vote to subsidize your lazy ass next year.

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  • (Score: 5, Insightful) by DannyB on Thursday September 05 2019, @07:31PM (2 children)

    by DannyB (5839) Subscriber Badge on Thursday September 05 2019, @07:31PM (#890207) Journal

    I've been productively working continuously for almost four decades. I don't need any sympathy. I think my life is pretty improved already.

    You seem to miss my point that corporations will create the absurd situation I describe -- for their own profit. No matter how easy it is to see that it could ruin the country. Corporate profit comes first. Must outsource or offshore all jobs.

    --
    People today are educated enough to repeat what they are taught but not to question what they are taught.
    • (Score: 2) by DannyB on Thursday September 05 2019, @07:33PM

      by DannyB (5839) Subscriber Badge on Thursday September 05 2019, @07:33PM (#890208) Journal

      You seem to miss my point that corporations will create the absurd situation I describe

      Sorry, wrong thread for that one.

      I'm thinking of the current generation that seems to feel entitled to be supported from birth to death.

      --
      People today are educated enough to repeat what they are taught but not to question what they are taught.
    • (Score: 3, Insightful) by The Shire on Thursday September 05 2019, @10:26PM

      by The Shire (5824) on Thursday September 05 2019, @10:26PM (#890273)

      They'll outsource until we make it economically more advantageous to hire Americans. You can count on businesses to work a specific way, to increase profit. You just have to adjust things around them to insure that their best path towards profit is the same path that profits the American worker.

      If you tariff chinese goods enough to make local sources the profitable route then that's what you need to do.

  • (Score: 3, Informative) by Anonymous Coward on Thursday September 05 2019, @07:53PM (1 child)

    by Anonymous Coward on Thursday September 05 2019, @07:53PM (#890220)

    The economy isn't thriving for normal people. Normal people work more for less while the millionaire class gets to keep the proceeds.

    Perhaps for those that are old enough to have been able to benefit from the gains, but not for normal working stiffs that entered the workforce over the last 20 years.

    It's more or less a Ponzi scheme where newer workers are paying for the older ones. Just be happy that you got yours.

    • (Score: 3, Insightful) by Anonymous Coward on Friday September 06 2019, @12:26AM

      by Anonymous Coward on Friday September 06 2019, @12:26AM (#890310)

      Yes. Almost half the country can't afford a $400 emergency. Very, very few can afford a $1,000 emergency. So many are having trouble even affording car payments. The stock market and GDP being up only tells you that the mega-rich are doing better.

      People who think the economy is great for ordinary people are suckers who slurped up mainstream media propaganda. Even though CNN and MSNBC are supposedly anti-Trump, they oppose him for some of the dumbest reasons possible, and implicitly accept that the status quo is great. To them, Trump is the problem, rather than a symptom of a system which is fundamentally rotten.

  • (Score: 0) by Anonymous Coward on Thursday September 05 2019, @08:23PM

    by Anonymous Coward on Thursday September 05 2019, @08:23PM (#890226)

    My god man, if you don't see a thriving economy right now they you never will.

    Employment rate: 60.7% [tradingeconomics.com] - thriving economy, my ass.

  • (Score: 1, Insightful) by Anonymous Coward on Thursday September 05 2019, @09:28PM

    by Anonymous Coward on Thursday September 05 2019, @09:28PM (#890252)

    Someone needs to check their privilege.

  • (Score: 0) by Anonymous Coward on Friday September 06 2019, @01:54AM

    by Anonymous Coward on Friday September 06 2019, @01:54AM (#890342)

    We are probably in a recession already.

    The US has been contemplating negative interest rates . Europe has been issuing negative interest bonds for a while now (and people are buying them, so must think things will get worse). Iceland just started issuing negative interest mortgages! Institutional savings accounts have been charging interest. There are massive efforts to keep the bubble from popping, and trying to get folks to spend rather than save is the number one tool). And, unlike 2008, the Chinese are in no position to (nearly single handedly) pull the rest of the world out of recession.