Posted on 06/18/2018 4:58:57 PM PDT by SpeedyInTexas
President Trump said Monday he's directed his administration to identify $200 billion worth of Chinese goods that will be subject to additional tariffs, escalating the ongoing trade dispute between the U.S. and China.
The president announced Friday that the U.S. would impose 25 percent tariffs on $50 billion in Chinese goods. Beijing responded with reciprocal tariffs on U.S. products.
Trump declared Monday that "further action must be taken to encourage China to change its unfair practices." As a result, he asked his trade representative, Robert Lighthizer, to identify $200 billion worth of Chinese goods that would be taxed at a rate of 10 percent.
(Excerpt) Read more at thehill.com ...
For context: If China loses access to the US Market, they lose 4% of their overall economy.
That will drive prices in China through the floor and likely cause many banks to fail due to rolling defaults.
If the US loses access to the Chinese market, we lose less than 1% of our economy and it will cause minor disruptions in a few sectors.
No Contest.
Does anyone know how long it takes for tariffs to be removed? I know for steel the markets they figure two years at least. It is much more cumbersome than just a stroke of the pen.
Oil is a fungible commodity. If China doesn’t buy US oil, some other country will.
Canada is dependent on the US for oil sales. They don’t have enough pipeline capacity to export oil from their coastal ports.
The stats you seek regarding metallurgical coal are on page 10.
https://www.worldcoal.org/sites/default/files/resources_files/coal_steel_report%2803_06_2009%29.pdf
And here’s where you find it.
https://www.mining-technology.com/features/feature-the-worlds-biggest-coal-reserves-by-country/
even my dog is at risk of chinese food products. He has me read the ingredients to him before he eats it...He is the smartest dog in the world. He’s a 12 year old pit/lab mix....
"The largest producers of coking coal are China and Australia."
China seem to be all set.
I tried telling my dog some bedtime stories for the first time last night.
The things that bring her joy during the day were not soothing....
Back to the drawing board.
It was pretty funny though.
It is ABOUT DARNED TIME someone stood up for America.
For the entire last generation and a half, everyone has been sold out on trade.
Republicans. Democrats. The media. Everyone.
Trump is now saying, why is everyone selling out? That is a very good question.
Bring back manufacturing, to America.
good. finally we got a guy in who knows how to play poker. they call, so we raise.
China is also the largest consumer, and runs a net deficit. Although Australia exports most of the coal and iron ore to South Korea and Japan, and probably to China, too, we also export coal to China.
Not listed among the coking coals is the coal used for electrical generation. It does not have to be of the same quality, but China uses a lot of that too. And we send them some.
My memory of a quick read of charts contained showed a deficit of ~1%. Easily covered by Australia if Trump decides to cut them off.
US trade in goods with China, 2017:
Exports: $129,893 (millions)
Imports: $505,470 (millions)
They will lose.
The GOPe prefers Trade Surrender.
Especially Tilapia...and melamine-laced dog food.
The we build the biggest, most beautiful factories in the world, build the best toasters, phones, TVs, cars, etc., pay legal immigrants and Americans a good wage, they can now afford a nice car, house. etc. cities and suburbs grow. More people get jobs to deliver the goods, run the stores and restaurants nearby, etc. America wins, the ChiComs loose.
“Good for you, I’m honored to comment on your posting, A REAL AMERICAN, willing to put our country’s interests first.”
Me too! And furthermore we need to do something about the ANTI-AMERICAN MULTINATIONAL BUSINESSMEN, who have no qualms about screwing their own country and helping an enemy like China, all for a buck!
Let me get this straight. The US puts tariffs on manufactured goods and China retaliates by putting huge tariffs on US produced food.
Seems to me this was essentially tried in the 1790s in France when the nobility forced Luis XVI to re-instate royal monopolies on grain. Food prices jumped, then … revolution. Not so sure China’s absolute monarch, Xi, knows what may be lurking in his future.
The NappyOne
“this is just going to go back and forth ...until there’s nothing left to put additional tariffs on. What’s the end game here?”
President Trump just announced that he won’t go back and forth - if there is another round, he will hit the Chinese 4 to 1. China can not withstand that.
China runs a net trade deficit with the rest of the world combined (they are very dependent on importing raw materials, oil and even food). The whole of their trade surplus, with which they build their military and bully their neighbors, can be accounted for by their exports to the USA.
The end game (if we are in it to win it) almost requires us to choke off China’s profits for National Security purposes, and to defend our allies. We can win a strategic competition against China much easier through trade than through military confrontation.
The first round of U.S. tariffs against China, worth $34 billion will go into effect on July 6. Steel and aluminum tariffs for the rest of the world will be going into effect soon as well, and the total of the rest of the world is to place new tariffs on a total of $75 billion of US exports. So the impacts of tariffs should start hitting next month.
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