Posted on 11/09/2024 7:03:30 AM PST by Twotone
China has unveiled new measures aimed at boosting its flagging economy, as it braces for a second Donald Trump presidency.
The country plans to tackle tens of billions of dollars of local government debt to prevent it being a drag on growth.
Trump won the US election on a platform that promised steep import taxes, including tariffs as high as 60% on Chinese-made goods.
His victory is now likely to hinder Xi Jinping’s plans to transform the country into a technology powerhouse – and further strain relations between the world’s two biggest economies.
A property slump, rising government debt and unemployment, and low consumption have slowed down Chinese growth since the pandemic.
So the stakes are higher than ever for the latest announcement from the Standing Committee of the National People’s Congress (NPC), the executive body of China's legislature.
During his first term in office Trump hit Chinese goods with tariffs of as much as 25%.
China analyst Bill Bishop says Trump should be taken at his word about his new tariff plans.
"I think we should believe that he means it when [he] talks about tariffs, that he sees China as having reneged on his trade deal, that he thinks China and Covid cost him the 2020 election".
(Excerpt) Read more at bbc.com ...
Too bad the Labor Party is in charge of the UK. Biden being elected really messed up Brexit.
I generally dislike tariffs, using them as a shield creates incentives for inefficiency.
Mr. Trump used them as a club, selectively punishing malicious economic behavior. The Commmunist Party of China created specific policies to undermine and weaken us. Those some policy makers also created policies that are weakening their own country. Renewed tariffs may speed that process.
I hope their comeuppance arrives sooner than later.
China has no economy
They have been very successful at destroying American industry, stealing American intellectual property, and in making America dependent on Chinese health products...
The writer of this article has to be on the Communist Chinese Payroll
Trump will never forget the China virus and what it did to the US and the world. If I were in President Trump’s shoes, I’d lay waste to China in every way possible.
SMDH...China is on track to monetize their debt and move to a gold standard. This will cause massive worldwide inflation.
Our only answer is to get production of essential goods back home on American shores as quickly as possible.
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