Skip to comments.Lighthizer Says China 'Reneging' on Trade-Talk Commitments
Posted on 05/06/2019 2:29:39 PM PDT by billorites
U.S. Trade Rep. Lighthizer: China Reneging on Previous Commitments in Talks
*Lighthizer Says U.S. on Friday to Raise Tariffs to 25% From 10% on $200 Billion in Chinese Goods
*Lighthizer: Were Raising the Tariffs Effective Friday Morning
*Lighthizer: Has Seen Erosion in Commitments by China in Last Week
*Lighthizer: Talks Will Continue With China Officials Thursday, Friday
*Lighthizer Says Doesnt Know Why China Position Shifted
*Treasury Sec. Mnuchin: Over the Weekend New Information Showed Issues With China
*Mnuchin: China Trying to Go Back With Language That Had Been Clearly Negotiated
*Lighthizer, Mnuchin Spoke to Reporters in Washington Briefing Monday Afternoon
*Lighthizer, Mnuchin Decline to Say Which Commitments China Backtracked On
*Lighthizer: There Was Concern About the Form of the Agreement
*Mnuchin: Stock Market Reaction Does Not Play Into the Considerations for Talks
*Mnuchin: Would Be Unfortunate If U.S., China Could Not Get Agreement
(More to come)
(Excerpt) Read more at wsj.com ...
Unhhh, they’re weasels. No surprise there.
The only thing they’ll “understand” is a 2x4 applied firmly between the eyes.
2x4 with a nail.
China will work with Facebook ,Twitter and Google to win the election for anyone but Trump ,D’oh
The Chinese lie and cheat all the time.
Thank God we have a President who won’t tolerate this crap from them anymore!!!
MAGA!!! GO TRUMP!!!! 2020!!!!
China is reacting to the Mueller Report. China believed the propaganda. China was running out the Trump clock
China and north Korea believed they could maintain the status quo simply by letting events take their place and Trump would be gone.
Get this....... China believed hillary won the election. Hillary won the popular vote and thus the election.
“is a 2x4 applied firmly”
2x4 with a nail.
Wrapped with barbed wire is much better.
100% correct. Further evidence of the perils of dealing with communist regimes like China, NORKs, etc. Their words and signatures mean nothing.
Trump is basically the first Prez to call them on their BS. And they got no hole cards.
The communists have no intention of honoring any agreement made anyway - they never have.
I doubt that the Trump Administration expects them to. This is essentially a long and complex economic divorce.
Businesses need a long lead time to shift their supply chains out of China. While that is happening, they will continue to posture on holding trade talks, for appearances’ sake.
This round of tariffs is going to hurt the Chinese economy. $25% is more than they can make up with currency manipulation and lower lending rates from State banks.
Bottom Line: They will be losing the business that has the 25% tariffs over the next year or two, along with its whole supporting supply chain, and the economic support of all the jobs associated with that volume.
If China loses the US market entirely (if the next round of 25% on 325 billion is levied), they will have a net trade deficit with the rest of the world. They are vulnerable to potentially epic debt and currency crises at some point - they are way out of whack by objective measures.
Shanghai stock market down 5.5% today.
Black Monday for them.
Minor blip for us - S&P 500 Index fell 0.5%, Nasdaq 0.5%, and the Dow Jones Industrial Average 0.3%.
Basically a normal day.
Trump doesnt roll that way and the Chinese will come back to the table more honest after having learned that lesson.
The Chinese lie and cheat all the time.
And this is why we need to throw every Chinese student out of every STEM program in the country.
Chinese students are platinum standard cheaters. The Universities don’t care, the ChiComs pay full tuition and board.
I'd bet one reason, and maybe the main reason, is that a bunch Dims are sending the message for the Chicoms to wait out Trump and things will get better for them if he doesn't win re-election.
More flexibility after the 2020 election.
I also think the Chicoms and Russians and maybe even some American Dims are sending Kim and the Norks the same message.
China must not understand the value of integrity - their loss at the end of the day!
I no longer think any deal can be made unless China throws in a HUGE geopolitical treat. Even then, they don’t have that much to offer...
Their economy is just in too bad of a shape now for them to do serious change to it. And that’s their own fault.
Well, let’s see how long they can support the Yuan lol!
the Chinese will be all-in on creepy uncle joe biden
“lets see how long they can support the Yuan”
They have already announced looser money through their bank practices - within hours of President Trump announcing the new tariffs. They are addicted to injecting liquidity - it is one of the few things they have to throw at the problem. The problem is getting a lot worse looking ahead, and they are getting less bang for their buck from inflating money supply.
They only have so much foreign reserve to manipulate their currency and stock markets. They are OK on that front now, but when/if they do hit those constraints (quite possible) - then Katie bar the door!
“they dont have that much to offer...”
That is the Bottom Line. The threat they pose to the rest of the World has grown so great, that it dwarfs the possibility that they will suddenly have a complete change of heart about everything.
We simply have to divorce ourselves from dependency on them, stop subsidizing their evildoing, and manage their replacement with other suppliers.
Yeah, IMHO they’ve blown a lot of their profits from their advantaheous position over the last twenty years on their geopolitical advancement instead of using it to build their financial poition.
Tried for roo much.
No one likes a poor boss...
Saw several reports on twitter that China banned reports of Trump’s tariff tweets yesterday. Maybe so. If so it’s strange.
Thats right. Trump is doing the right thing and the dire predictions are not going to happen. China just needs a face-saving way of giving up.
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