Posted on 08/24/2015 2:47:22 PM PDT by xzins
Republican presidential candidate Donald Trump on Tuesday said China's devaluation of the yuan would be "devastating" for the United States as the global currency war entered a new and critical phase.
"They're just destroying us," the billionaire businessman, a long-time critic of China's currency policy, said in a CNN interview.
"They keep devaluing their currency until they get it right. They're doing a big cut in the yuan, and that's going to be devastating for us."
Earlier on Tuesday, China devalued its currency following a series of poor economic data in the yuan's biggest fall since 1994. Some said this could signal a long-term slide in the exchange rate.
China has been a frequent theme for Trump since he entered the 2016 presidential campaign, promising to be a tougher negotiator with Beijing in order to bolster the U.S. economy.
"We have so much power over China," he told CNN. "China has gotten rich off of us. China has rebuilt itself with the money it's sucked out of the United States and the jobs that it's sucked out of the United States."
China's surprise devaluation threatened to unleash a wave of competitive devaluations and keep monetary policy around the world looser for longer — perhaps even forcing the U.S. Federal Reserve to delay or slow its expected rate rise cycle.
(Excerpt) Read more at newsmax.com ...
I don’t listen to any national radio guys. Rush once in a long while.
You are right, but it doesn't stop there either, because if am a consumer in the US, and I get lower prices, I benefit, and I have extra money to invest or spend which either way will help. If it was all win/win to devalue, everyone would do it. The US has often been at its best (like the mid-80's) with a strong dollar, big trade deficit, and competitors trying to devalue to compete.
It’s a net loss though, this isn’t complicated.
Your lower prices are offset by increased underemployment and unemployment and all the costs that come with that. Including a diminished tax base. If you don’t like big government than you shouldn’t like trade deficits.
Increase tariffs and you could decreases income taxes as an offset.
They devalued it 30 percent. Why not a 40 percent tariff?
Walmart gets all their horrible crap in China
Yes but their good stuff comes from Jordan. (not Jordash) The George washable dress pants i wear are great.
How is it a net loss? Every single person in the US now has more purchasing power. The more you’ve saved, the more you win when China devalues. You only lose if you lose your job. Think about the losses to every China citizen, the government just took 2% of every persons savings in China. Would you want the US to devalue? If it is a net win, why not?
China dropping the Yuan a couple percent is nothing. We need to worry about our debt and our taxes and Obamacare.
>> Trump’s not a pure as the driven snow conservative! He donated to libs! <<
Trump can do no wrong. Don’t you know that?
>> Mark is trashing Trump today - not using his name, but innuendos all the same <<
Aha! The truth finally emerges. Now we know that all along, Mark Levin has been a complete phony, a wolf in sheep’s clothing, a Trojan Horse who secretly owes allegiance to the uniparty’s evildoers.
One supposes that it’s only a matter of time before he shows up on national TV in a dress, singing a show-tune duet with Rudy Giuliani. Can’t wait for the spectacle!
Trump said it on O’Reilly last night — what he would do. He would fight back. One tool would be tariffs. O’Reilly replied with the predictable “trade war” scare tactic, and Trump replied that they already impede our products getting to their markets, and NOW they’re making them more expensive.
The lowering of the value of their currency is a trade war tactic.
Trump is saying we should fight back rather than bohica.
do you know the ugly word that “tariff” covers up as a euphimism?
No, I don’t. Is it spelled from the letters in ‘tariff’?
the first two letters are the same. You might call it a “hidden” one of these.
and their policies are killing them 100X worse......it all came home to roost in the last few months, and specifically, in the last few days.
China has been set back decades - their own liberalism finally caught up with them.
Do you mean tax? Of course it’s a tax. But it’s a tax that be recouped by the merchandiser if it puts the goods he is buying at a competitive price with those within his own market.
There is no doubt in my mind, CEW, that my Milwaukee tools from a few years back are far better than the Chinese tools that sell at 1/3 the price. I know I went through 2 sets of their electric tools in a few years before I bought the Milwaukee. I just bit the bullet because experience had proven to me which was really cheaper.
But the young family out there looking for tools just sees the price difference. Bring that price in the neighborhood of the American, and they’d choose American all the time.
Do I pay for higher American wages or do I pay for Chinese slave wages? Do I distort the market with those slave wages and force American companies to go overseas so they can compete with the shelf price?
Or do I use tariffs?
FWIW, I’ve been a supporter of ‘smart tariffs’ for some time; i.e., those used against countries clearly engaging in war with us. Nor have I been a fan of any of the so-called ‘free trade’ agreements.
Correction:
“But it’s a tax that be recouped by the merchandiser “
Correction: “But it’s a tax that CANNOT be recouped by the merchandiser
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.