Latin America's anger grows over China's economic clout

Deutsche Weil ^ | 7th June 2024 | To bias Kaufer

[Cronos]

Brazil imposes tariffs on Chinese imports Brazil is now fighting back against cheap Chinese imports by imposing a 20% tax. This affects goods valued under $50 (€46) which are bought via international shopping websites.

According to Brazilian media, Chinese online retail platform AliExpress was "surprised" by the decision, as the tax would primarily hit the poorest and discourage foreign investment in the country.

In the textile industry, considerable anger has been directed at Chinese suppliers, because conglomerates such as Shein, which don't produce their goods under the same conditions and general framework as small Brazilian firms, are pushing thousands of local companies out of the market. At the grassroots level, there's a growing feeling that China's strategy destroys local trading structures rather than making them profitable.

[PIF]

Flash back to 30 years ago

[who_would_fardels_bear]

Brazil and China are both members of BRICS. It will be interesting to see how this works out. Freemarketeers loathe tariffs of any kind, but without tariffs all factories will move from low wage country to lower wage countries to lowest wage countries.

[laplata]

I might be wrong but wasn’t BRICS started up to get away from the need to pay for oil and other commodities with US dollars?

[who_would_fardels_bear]

I think BRICS is more like NAFTA. However, since Russia was kicked out of SWIFT they may be trying to create their own separate parallel banking system.

If China starts dumping US Treasuries and countries start buying oil with something other than petrodollars, then all bets are off about what will happen to the US economy.

[laplata]

Thanks for the BRICS explanation. That makes sense because more and more countries are sick of US bullying and want to rid themselves of the US in that aspect.

You’re right about China and US Treasuries.

All things considered, I’m afraid we’re in the calm before a terrific storm.

[Chode]

and they thought the wicked yankeez were bad

the chins will burrowed in like a tick and you’ll never get them out...

embrace the suck

[HYPOCRACY]

China needs US treasuries i. e. $ to control their currency. They can’t let it free float or they would price themselves out of the export market.