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