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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: 0, Troll) by curunir_wolf on Thursday September 05 2019, @08:11PM (4 children)
HAHAHA! You're a FOOL!
Globalists gotta be globalists, I guess, and are blind to local economies unless they affect the global markets.
Trump understands this, some economists understand this, but you don't. Other countries, including China, are facing economic woes. That affects US companies that are heavily entangled in global trade.
What Trump's policies are doing is encouraging investment and business growth within the US, a strategy that's working as the economy on Main Street is doing great, while all the globalists are whining because their derivative bullshit global market shares are losing value.
Here you go, buddy, this guy can explain it to you in terms you can understand. [youtube.com].
I am a crackpot
(Score: 2) by c0lo on Friday September 06 2019, @02:39AM
In what town is this Main Street that you mention?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2, Interesting) by khallow on Friday September 06 2019, @09:35AM (2 children)
Nonsense. There are two things forgotten here. First, the tariffs aren't going to be applied for long enough to affect long term business strategy. Sure, if tariffs were going to be around for 20 years, it might be worth my while to invest in steel, textiles, and other such things. In the meantime it disrupts supply chains all over the place.
Second, the rest of the world isn't standing still and waiting for the US to sort itself out. The massive growth has been outside of the US ever since the end of the Second World War. It was Western Europe in the early part of that era, rebuilding from the destruction of the Second World War, and now it's almost everyone on the planet building towards developed world status. Protectionism cuts off the US from that massive growth.
There is no encouraging here. It's just disruption without any long term effect other than to encourage businesses to move yet more stuff out of the unpredictable zone, namely, out of the US and into those massive growth areas.
(Score: 2) by curunir_wolf on Friday September 06 2019, @11:03AM (1 child)
Just claiming that what's going on is "protectionism" exposes your ignorance. It's a rebalancing and deglobalization.
Trump did not just show up out of nowhere and decide to do these corrections. He was a response to the years of globalist elites extracting wealth from main street to maintain the US empire. The empire needed to be dismantled, one way or another. It's been costing the US more than it's worth for a decades.
The only thing that's happening now is that the costs are being shifted and no longer borne as much by the US workers.
That's disruption, sure, it had to happen as part of the deglobalization and empire dismantling. You're still just blind to the direction it's all going.
Those of us who have seen the elites crushing the middle class for decades are cheering standing up to China for a change. The cost is well worth it. China has been around a long time, and they treat the US as a barbarian nation. That kind of strategy means you bring in the barbarian leaders, and show them some good life, and they then go along with whatever China wants. That's what has been happening to the US for a long time, with the US population paying the cost for the good life of the China-friendly elites. Trump is just interrupting that strategy.
I am a crackpot
(Score: 1) by khallow on Friday September 06 2019, @11:31PM
And just how much ignorance is exposed by that? Not much.
In other words, just protectionism, but gussied up with fancy rhetorical decorations. Nobody is for "unbalanced deglobalization", it's just a natural consequence of such shortsighted protectionism schemes.
This empire has nothing to do with free trade. I agree that Trump is a response. I don't agree that the response is sane or going to improve things with respect to the current situation. My view is that tariffs and similar bits of protectionism have a remarkably bad history of failure (even when they succeed at first such as with the Japanese Empire and Paraguay in the early 19th century). But this time will be different, right?
Let us keep in mind that the crushing has resulted in most of the people who left the middle class becoming richer [soylentnews.org] rather than poorer.