Posted on 05/23/2019 4:52:12 AM PDT by cba123
China scrapped 30% of draft trade deal, sources say
Pages went from 150 to 105 after Chinese leadership objected to 'unequal treaty'
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TOKYO -- The U.S.-China trade talks broke down after the Chinese government returned to Washington a significantly reduced version of the U.S. draft, angering President Donald Trump, Nikkei has learned. Sources say the original 150-page document, compiled through five months of painstaking negotiations, was cut up and reduced to 105 pages.
The editing was revealed in early May and led the U.S. to raise import tariffs on $200 billion of Chinese goods. China has retaliated with tariff hikes on $60 billion of American products.
According to sources familiar with U.S.-China relations, Chinese leadership deemed legally binding parts of the draft text to be tantamount to "an unequal treaty." All of the sections judged "unequal" were deleted or revised.
(please see full article, at the link)
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There you have it.
(Excerpt) Read more at asia.nikkei.com ...
China (heavily) redacted from it, deleting almost a third of the agreement. An entire third.
Now I think I understand why Trump was originally positive. He had a good agreement.
China agreed to it, but then reneged.
Time to stand up for America, Mr. Trump. Don't leave the current trade mess in place.
It is currently a DISASTER.
Time for action, Mr. President. Enough monkeying around.
Raise tariffs, for real. 1000% where they are now.
Act.
We have great deal. 25% tariff and $100B+ into the treasury. win-win.
Meanwhile libertarian Amash sides with the deep state and his business ties with chicom against Trump.
Amazing to see libertarians going from liberals to now outright chicom deep statists
That is what I say. Income tax and not tariffs are a strain on Americ, because income taxes are taxes on our own exports!
Nobody understands how the Chinese operate better than President Trump. He’s been dealing with them for decades.
We are so fortunate that he’s in the WH to finally shut this s***t down.
Ignore the ignorant lib caterwauling about how we’re all going to pay massively higher prices.
The President took care of that on his big Asia trip in 2017. He’s got Japan, S Korea, Taiwan, Vietnam, and even India poised to fill the gaps.
It’s called the long game.
25%, on part of our imports, from China? You going soft, these days? (just kidding, sort of)
Nope. China had an agreement. They backed out. Raise them, significantly. And also, put them on ALL imports from China.
To heck with them. Trump is the first president who is standing for America.
Time for him to act. For real.
I say we channel 1,000 B+ into the treasury.
THAT would be a win-win.
When President Trump raises the terror he ought to also include in his tweet how did Joe Biden’s son would be hurt and Justin Amash would be hurt also. But that’s okay that you were never patriots anyway.
What's wrong with that? Should be higher.
Tarrifs
...
Sorry I’m on a treadmill voice texting with reading glasses on it’s a struggle.
Exactly.
I was just joshing with you.
(sort of)
:D
A lack of tariffs IS a kind of economic terrorism perpetrated against the American worker. Terror is the right world for what we have now.
Thanks for the save bro!
Chinese car parts seemed to be designed to last only as long as the warranty period then fail.
Most of it is junk. But hey, it’s cheap, right?
I purchase about the average amount of stuff, some of it at Walmart. I haven’t felt any pain. Keep it up.
Amash needs to be primaried. He has made it quite clear he is representing himself and China, and not the people of western Michigan.
African Swine Fever is raging rampantly in China. Right now over one third of the swine are infected or dying. Our pork producers can fill the void easily but we will see an increase in pork prices here but it will be great for agriculture. China consumes a significant amount of pork and will need our pork. Win Win!
The prior 10% tariffs were easy for the market to bear because they were expected to be temporary and a number of industries either ate the cost themselves or split the costs with business partners. Most companies operate above a 5% margin, and the continued good business climate made it worth it to eat the costs.
Raising the tariffs to 25% ate up the entirety of the profit margin for some of those suppliers who could shoulder the 5% split cost increase. This is different. Likely, durable goods manufacturers who depend upon low raw material costs will raise costs that are then passed down to consumers, especially if the tariffs stay in effect through the end of the fiscal year when the bean counters will have to treat the tariffs as a new baseline for pricing. That’s going to be felt by the American public and spook the stock market. The media will pounce and do everything it can to blame Trump and Republicans.
Here’s the thing though, if the tariffs stay in place long enough, suppliers from places other than China will start showing up. Some of those suppliers could even be in the US, meaning more US jobs and restored manufacturing capacity and more Americans able to afford those higher prices. The stock market will adjust to this rapidly because every stock market crisis is only a crisis for a short time.
At which point the media will pounce on Trump again for causing inflation.
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