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Trump ready to hit all Chinese imports with tariffs
The Associated Press via Washington Times ^ | Friday, July 20, 2018

Posted on 07/20/2018 6:19:02 AM PDT by GonzoII

President Donald Trump has indicated that he’s 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 “I’m 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 nation’s 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.

“I’m not doing this for politics, I’m 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 ...


TOPICS: Business/Economy; Foreign Affairs; Front Page News; News/Current Events
KEYWORDS: china; politics; tariffs; tradewar; trump; trumpasia; trumptrade
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To: dinodino

“...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.


21 posted on 07/20/2018 6:46:24 AM PDT by JPJones (More tariffs, less income tax.)
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To: DIRTYSECRET

“1) The Chinese think its ok to break any rule as long as you don’t get caught.”

Sounds like New Jersey.


22 posted on 07/20/2018 6:47:20 AM PDT by JPJones (More tariffs, less income tax.)
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To: 4Runner


"Well then, business will have to suffer, all right?"
23 posted on 07/20/2018 6:48:18 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: wiseprince

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.


24 posted on 07/20/2018 6:49:38 AM PDT by dinodino
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To: DIRTYSECRET

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)


25 posted on 07/20/2018 6:51:00 AM PDT by rb22982
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To: dinodino

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?


26 posted on 07/20/2018 6:53:00 AM PDT by dynoman (Objectivity is the essence of intelligence. - Marilyn vos Savant)
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To: JPJones
There’s little or no manufacturing in the USA.

We still make jet engines, despite United Terchnologies' best efforts. We also have a reasonable injection molding industry (cheap plastics). Foxconn is setting up shop in Wisconsin, and there are still a number of steel and auto manufacturing plants. We can do more with fewer people, but we should keep those fewer (but better paying) jobs here, and most of the money, too.
27 posted on 07/20/2018 6:53:22 AM PDT by Dr. Sivana (There is no salvation in politics.)
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To: dinodino
Adam Smith opposed tariffs when the entire world's GDP was about 5% of what the USA alone produces today. You have to remember the world's population in 1750s-1800s was a fraction of what it is today and the world consumption has increased by 100x+. Back then, countries did need to specialize. Today? The US has 3x as many people as Europe in total did in 1750 with far more resources than Europe did at the time. The US does not need the world to be productive. The world needs the US purchasing, though.

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)?

28 posted on 07/20/2018 6:55:28 AM PDT by rb22982
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To: rb22982

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.


29 posted on 07/20/2018 6:56:16 AM PDT by JPJones (More tariffs, less income tax.)
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To: Dr. Sivana

“We still make jet engines”

GE has moved much of their jet engine manufacturing and support to China.


30 posted on 07/20/2018 6:56:52 AM PDT by CodeToad
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To: Dr. Sivana

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.


31 posted on 07/20/2018 7:01:27 AM PDT by JPJones (More tariffs, less income tax.)
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To: GonzoII

Sell your stock in Dollar Tree now.


32 posted on 07/20/2018 7:01:53 AM PDT by Buckeye McFrog
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To: JPJones

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.


33 posted on 07/20/2018 7:02:46 AM PDT by rb22982
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To: GonzoII

Taxes, I mean Tariffs, get people’s attention.


34 posted on 07/20/2018 7:06:07 AM PDT by Blue House Sue
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To: GonzoII

Taxes, I mean Tariffs, get people’s attention.


35 posted on 07/20/2018 7:06:07 AM PDT by Blue House Sue
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To: JPJones

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.


36 posted on 07/20/2018 7:15:27 AM PDT by Dr. Sivana (There is no salvation in politics.)
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To: dfwgator
"Well then, business will have to suffer, all right?"

Well, you picked the right character to make your point. Stupid, hot headed, reckless, ... and dead on the causeway.

37 posted on 07/20/2018 7:18:08 AM PDT by Poison Pill
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To: GonzoII

Good! F the damn “markets”


38 posted on 07/20/2018 7:19:27 AM PDT by montag813
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To: GonzoII

They have tariffs on our stuff. Equity is so unfair.


39 posted on 07/20/2018 7:21:22 AM PDT by E. Pluribus Unum (<img src="http://i.imgur.com/WukZwJP.gif" width=600><p>https://i.imgur.com/zXSEP5Z.gif)
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To: dinodino
temporary tariffs to reset our relationship with China, I’m fine with that, as long as they’re temporary.

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.

40 posted on 07/20/2018 7:23:31 AM PDT by Poison Pill
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