Posted on 08/05/2019 1:02:16 PM PDT by SeekAndFind
China announced on Tuesday that it has suspended purchases of US agricultural products in retaliation for a “serious violation” of agreements between its President Xi Jinping and his counterpart Donald Trump.
Trump’s announcement last week that the US would put a new 10 per cent tariff on US$300 billion worth of imports from China was “a serious violation of the consensus of the heads of state of the two countries”, state news agency Xinhua said in a report issued soon after midnight.
China “has not ruled out import tariffs on US agricultural products purchased after August 3, and related Chinese companies have suspended purchasing US agricultural products,” Xinhua said.
“It is hoped that the US will conscientiously implement the consensus reached at the meeting between the heads of state of China and the United States, and have the confidence to implement the commitments to create the necessary conditions for cooperation in the agricultural fields between the two countries,” the report added.
After the two presidents held a summit during the G20 in Osaka, Japan in June, Xinhua reported that the two leaders had agreed to resume economic and trade negotiations, and that the US said it would not impose any new tariffs on Chinese products.
Trump told reporters after the meeting that: “We’re holding back on tariffs and they’re going to buy farm products”, adding that his meeting with Xi was “far better than expected.
Negotiations since the June meeting – including high-level talks in Shanghai last week between Chinese Vice-Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin – failed to produce any breakthrough concessions, prompting Trump to announce the new tariffs shortly after the US officials returned to Washington.
(Excerpt) Read more at scmp.com ...
“Farmers need to learn to code.‘
Oh, that’s a keeper.
Yeah, just like out of work machinists, tool and die makers were told 2 decades ago. GloBULLism is a bitch farm boys.
Just slap ‘em with another round of tariffs. Use the extra money raised to compensate American farmers.
Here’s the thing....when you run a massive trade surplus, they can tariff your crap and you can’t retaliate after a certain point which they’ve reached.
-PJ
Let them starve. Use this food to feed our hungry and underfed children.
In your economic books does it talk about subsidizing the primary sector economy to the tune of $25B/yr? Does it talk about the political power of the farmer lobby?
A very "apt" description..
Not to mention that much of China’s crap came in to the US, via....Mexico....labeled as Mexican imports.
Trump was on to that game.
RE: Let them starve. Use this food to feed our hungry and underfed children.
Wishful thinking, They’re NOT going to starve. They have their own agricultural industry and they can always buy from alternative sources ( just as we can buy from alternative sources as well ).
The result of this trade war is BOTH PARTIES get hurt, that’s all.
That is both BS and a lie. But I'd expect nothing else from a Free Traitor™. There are billions flowing into the US Treasury right now that wouldn't happen without the current tariffs. So you deficit chicken hawks better start loving the tariff. There a other benefits to the tariff that I won't get into now.
RE: That is both BS and a lie. But I’d expect nothing else from a Free Traitor™
I hasten to remind you that we have a rule to be civil with each other. Just because we disagree on a certain point does not make me a TRAITOR. Please cut down that kind of rhetoric. We may disagree, but we need not be disagreeable.
Attack my arguments and show me where they are wrong but please do not get personal.
Our disagreement is on the RESULT of this trade war.
You seem to think that America will not be hurt by this trade war, I disagree.
WARS by definition produce PAIN.
Our farmers will be affected as they will have to find alternative markets for the huge loss of produce they sell to China.
Our financial markets are roiled by this trade war ( see the 1,000 point drop in the Down yesterday ). You think this will not affect the pension funds and 401K investments of workers and retirees?
Consumer products will go up and this means more money have to be spent by households to buy goods. Sure, you can say that we can have alternative sources, Vietnam, Cambodia and the like, but moving factories TAKES TIME and MONEY. It isn’t going to be an easy thing to do.
Just 3 items off the top of my mind.
Now here’s the kicker you should think about — CHINA HAS ONE ADVANTAGE WE DO NOT HAVE, WHICH IS THIS -— THEY PLAY THE LONG GAME WHILE OUR ELECTIONS GO IN CYCLES.
Sure, their economy will be hurt as well, but what do they care? Can their party be voted out of office? Nope.
What about us? We hope that a recession will not occur during Trump’s tenure. If God forbid, the economy takes a bad turn next year as a result of this lingering effects of the trade war, there is no guarantee that Trump will be re-elected ( factor in voter fraud ).
So, China can wait us out hoping that with their interference in the world economy, it will cause things to turn bad for us ( never mind them, they don’t worry about the fate of their party ) which will result in a change of American administration, which hopefully will result in a more docile President ( remember, Joe Biden was already in their pockets when he was VP ).
As I said, BOTH PARTIES GET HURT. I stick by this belief unless you can convince me that my reasoning is flawed.
RE: There are billions flowing into the US Treasury right now that wouldn’t happen without the current tariffs. So you deficit chicken hawks better start loving the tariff.
Yes, there are billions flowing into the US treasury right now and even as a result of the tax cuts, billions were already flowing in. More than during Obama’s administration.
But you are forgetting one thing — MORE MONEY IS FLOWING OUT BECAUSE OF OUR INCREASED SPENDING. Spending EXCEEDS revenue by much much more. This recent bipartisan budget only confirms this.
Our deficit and debt are INCREASING, not decreasing. And guess which foreign country holds a significant amount of our debt — if you say CHINA, go to the head of the class.
Back at you. Get behind your President or STHU.
Which is partially alleviated by the tariff. Next.....
BACK AT YOU, I get behind our President if I believe he is doing the right thing.
Your job, is to show me where my belief that we ALSO get hurt by this trade war is wrong.
I am a very reasonable man. If your arguments are reasonable, I can change my mind. Putting a sentence in large fonts without any good arguments to refute what I said isn’t going to cut it.
RE: Which is partially alleviated by the tariff. Next.....
Which will be affected in the future should a recession hit and company earnings go down. And if a recession occurs and God forbid, the Democrats take over, expect SPENDING TO INCREASE EVEN MORE. Where is the alleviation here?
When you buy a foreign made import you are are actually hiring foreign nationals to build, assemble, ship that product. You are picking foreign workers over Americans. That is the reality of what is happening with trade. Those foreign workers are not paying income taxes to uncle Sam and those imports come in duty free! OTH our workers are burdened with regs and taxes. THIS IS EVIL!!!!! Free Traitors™ aren't just wrong they are doing something I consider evil.
Consumption taxes, especially the tariff is the fairest most conservative tax of all. Liberalizations and Republican should be in favor of them. They can be used a propaganda foil to assuage the stupid deficit hawks and their zero sum income tax game.
Why does the rest of the world almost universally practice protectionism? And name a country with lower average tariff rates than the USA.
Adam Smith never envisioned multi national corporations closing factories in England and moving production to the third world to exploit cheap labor and then re importing the same product back into England duty free! Smith would have been hung for that. That is not Free Trade. That is f--k trade.
This one is not mine: "I keep asking the establishment shills why America has some moral obligation to tolerate foreign countries imposing higher tariffs upon us than we impose upon them. Seems facially unfair, right? So, there’s got to be a really good reason because how can you support our working people facing a higher obstacle to trade than the foreigners do? I’m just wondering what’s wrong with a level playing field. Fair is fair, right? But I never get a good answer."
The rest of the world practices protectionism. The rest of the world charges really high import tariff on our exports, the rest of the world operates with a trade surplus. So there must be something good about import tariffs. So you point out all the possible negative aspects of raising our import tariff to be more in line with the rest of the worlds tariff rates but can you name ONE thing good about raising tariffs? Intellectual honesty would be appreciated. (but not expected).
What would economists in the EU, China, EVERYWHERE but the USA, have to say to you about that? When EVERY other country practices mercantilism/protectionism how can you possible call me an anachronism? Seems the rest of the world DOES NOT AGREE!
The Republicans are the party of globalist corporate power and want cheap labor and marginally higher profits by any means, thru legal and illegal immigration or by simply offshoring entire industries to the third world. The Democrats are simply socialists and want the immigration and could care less about the impact Republican globalist polices have on us wages and worker. SO THERE IS NO CONFLICT.
Both parties represent tiny fractions of the electorate but have taken over all political power, freezing out the commoner.
If you asked economists from the EU, S. Korea, Japan, Vietnam, India, China or Taiwan whether the protectionist tariffs, tariffs all of them use against the USA’s imports to their respective nations, were beneficial to their countries economy and in general a great thing, what would they tell you?
RE: When you buy a foreign made import you are are actually hiring foreign nationals to build, assemble, ship that product. You are picking foreign workers over Americans. That is the reality of what is happening with trade.
And you are saying that American businesses should NEVER, EVER build, assemble, ship their products overseas AT ALL?
That everything that has to be made must be made here?
That it is treasonous to even contemplate making a product elsewhere?
RE: And name a country with lower average tariff rates than the USA.
Switzerland, Dubai, Singapore and Hongkong come to mind.
A. Yes.
That everything that has to be made must be made here?
A. Yes.
That it is treasonous to even contemplate making a product elsewhere?
A. In light of the destruction that "free trade" has wrought on the USA over the past 3 decades I say without hesitation, yes.
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