Posted on 07/20/2018 6:19:02 AM PDT by GonzoII
President Donald Trump has indicated that hes willing to hit every product imported from China with tariffs, sending U.S. markets sliding before the opening bell Friday.
In a taped interview with the business channel CNBC, Trump said Im willing to go to 500, referring roughly to the $505.5 billion in goods imported last year from China.
The administration to date has slapped tariffs on $34 billion of Chinese goods in a trade dispute over what it calls the nations predatory practices.
Dow futures which had already been pointing modestly lower slid sharply after the comments were aired by CNBC early Friday, indicating triple-digit losses when the market opens.
The yuan dipped to a 12-month low of 6.8 to the dollar, off by 7.6 percent since mid-February.
China has retaliated with duties of its own, hitting U.S. imports of soybeans and pork. The administration July 10 announced a second possible round targeting $200 billion worth of goods. Beijing vowed firm and forceful measures in response.
Beijing is targeting sectors, like agriculture, that could harm Trump politically at home, though he said in the CNBC interview that he is seeking to do only what is fair.
Im not doing this for politics, Im doing this to do the right thing for our country, Trump said. We have been ripped off by China for a long time.
There is already pushback in the U.S. from businesses that will take a hit in an escalating trade war.
(Excerpt) Read more at washingtontimes.com ...
“...and Adam Smith was opposed to tariffs, because they distort the market,”
He was absolutely correct, the market IS currently distorted:
There’s little or no manufacturing in the USA.
“1) The Chinese think its ok to break any rule as long as you dont get caught.”
Sounds like New Jersey.
You can’t be serious when you suggest North Korea as a substitute for the Chinese market...the Chinese market is > 1B consumers, while the small number of North Koreans are eating grass. They have no foreign currency.
Unfortunately, not enough to tariff to eliminate the income tax for personal but we could for businesses in the US, which would greatly pump up domestic production and boost 401ks/pensions. ($2.5T in imports x 20% = $500b, although imports would drop so maybe $350b)
Trump doesn’t like tariffs either, which is why he offered the G7 no tariffs, no trade barriers, and no subsidies.
Why wouldn’t they take that offer?
Furthermore, the other countries in question have tariffs on our guides, outright trade blockage, and steal IP, so it's not even free trade. Lastly, Adam Smith also hypoticized that currencies would rebalance to eliminate trade deficits. Why do we have a $500b trade deficit then (hint: currency manipulation)?
We were being “de-industrialized” prior to the 90’s, and THAT was planned.
Result: Destruction of the middle class (that’s what the dems/deep state want)
Whole towns (around here) were once thriving wealth-building factory towns...now:
The row housing is all section 8, welfare recipients wander under the shadow of the empty factory like medieval peasants amidst Roman ruins in the dark ages.
“We still make jet engines”
GE has moved much of their jet engine manufacturing and support to China.
We used to make EVERYTHING.
We don’t make clothing
We don’t make tvs
We don’t make cell phones.
We don’t make computers.
Etc, etc...
We need more tariffs until we’ve re-established manufacturing in the above areas.
Sell your stock in Dollar Tree now.
Yup - the Euro model today is a ruling class and a peasant class, no different than in the middle ages. They want the US to be that way as well.
Taxes, I mean Tariffs, get people’s attention.
Taxes, I mean Tariffs, get people’s attention.
We have a little start with computers with the Mac Pro plant in TX.
Unfortunately, Apple has been criminally negligent in their treatment of the desktop Mac line, especially the Pro and Mini. Cook is an idiot to not use a tiny fraction of the reserve to refresh the MacOS part of the ecosystem that makes for the most complete integration of the iOS products (iPhone, iPod, iPad, iWatch) and has been earned by the grahic artists and publishing types that kept Apple afloat during the lean years.
Foxconn could make TV screes, cell phones and computer main boards in Wisconsin. Eight out of 11 Intel manufacturing plants are in the U.S. (OR, AZ, NM, MA). The processor is the most expensive (and most profitable for a big company) part of the computer. The other three plants are in Israel, Ireland and Red China.
Well, you picked the right character to make your point. Stupid, hot headed, reckless, ... and dead on the causeway.
Good! F the damn “markets”
They have tariffs on our stuff. Equity is so unfair.
They have been adjusting organically for years. in 2007 our trade deficit with China was 6% of GDP. Today, our China trade deficit is 2% of GDP.
You may think these tariffs are temporary now, but they are not.
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