There are lots of Pacific rim nations looking to boost their economy. Eff You China. Go figure out what’s going on in Hong Kong.
Posted on 08/23/2019 8:01:33 AM PDT by Enlightened1
China said Friday it will impose new tariffs on $75 billion worth of U.S. goods and resume duties on American autos.
The Chinese State Council said it decided to slap tariffs ranging from 5% to 10% on $75 billion U.S. goods in two batches effective on Sept. 1 and Dec. 15. That happens to be when President Donald Trump’s latest tariffs on Chinese goods are to take effect.
It also said a 25% tariff will be imposed on U.S. cars and a 5% on auto parts and components, which will go into effect on Dec.15. China had paused these tariffs in April.
Stocks tumbled and bond yields fell following the announcement.
The retaliatory tariffs came after Trump earlier this month surprisingly ended a trade war cease-fire by threatening to impose 10% tariffs on another $300 billion of Chinese goods. Some of those tariffs have been delayed to December to avoid any impact on holiday shopping season and some items were removed from the list.
“In response to the measures by the U.S., China was forced to take countermeasures,” the state council said in a statement. “The Chinese side hopes that the U.S. will continue to follow the consensus of the Osaka meeting, return to the correct track of consultation and resolve differences, and work hard with China to end the goal of ending economic and trade frictions.”
Trump and Chinese President Xi Jinping had reached the truce at the G-20 summit last month in Osaka, Japan. The two sides held talks in Shanghai last month and are scheduled to resume negotiations early next month in Washington.
The trade battle between the world’s two largest economies has dragged on for more than a year and a half. Chinese purchases of U.S. agricultural products remain a big sticking point.
(Excerpt) Read more at cnbc.com ...
And on cue, down goes the market.
China believes the MSM Propaganda that China is winning ,LOL
Market didn’t go down very much, because it already knew these steps were coming. It’s why it went down so sharply when Trump escalated the tariffs last month.
I don’t think Trump is playing chess, I think he’s flipping coins.
China really has no ammunition Ithe Chinese RMB is so thinly traded internationally, Trump has already hinted that if they devalue, US Treasury could easily buy RMBs and drive it through the roof
We are now waring on them, about time!
We shouldn’t trade with Christian haters.
Some think that. We’ll see. I believe eventually there will be a shortage of crow meat.
How many American cars are we selling to the chicoms?
There are lots of Pacific rim nations looking to boost their economy. Eff You China. Go figure out what’s going on in Hong Kong.
Market is still overvalued about 30%. DOW 18,000 before 30,000.
You can count those on fingers of your left hand.
There is also a tariff on US oil?? How much oil to we send to China?? My guess ZERO or close to it.
Both Ford and GM manufacture the majority of their cars sold to Chinese customers in China. The 25% tariff doesn’t apply to cars made in China.
I think most if not all the American cars sold in China are made in China, so I doubt the tariffs will have much of an effect.
Correct, and also auto sales in china has declined recently because of their economy, not because of tariffs.
Well, by golly, THIS will teach Donald Trump a thing or three about trade negotiations.
Yeah, right. The Chinese negotiators are outgunned and outclassed on every front of this “trade war”.
Especially since the US has only begun to fight.
Spring of last year, there was an article that said 265,000 US-made cars went to China the previous year. In return, we (the US) are buying around 58,000 China-made vehicles (its not clear if they were cars, trucks, or range-type jeeps). Here’s the key thing....for the Chinese who have real money, they aren’t buying US vehicles....they tend to buy BMW, Audi, or Mercedes.
Exactly, which is why it must be stopped.
Considerably more than we import, numbers I saw look like around 250,000 a year we export and 60,000 we import.
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