Trump says the US will slap tariffs on
virtually all Chinese imports next month
Business Insider,
by
Gina Heeb
Original Article
Posted By: LittleHoodedMonk,
8/1/2019 1:59:24 PM
President Donald Trump said Thursday he will expand tariffs to virtually all imports from China on September 1, marking a significant escalation in a more than yearlong trade war between the largest economies.
"Trade talks are continuing, and......during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country," the president wrote on Twitter.
He accused China of reneging on past commitments, including buying more American agricultural products and stemming the flow of fentanyl to the US.
Reply 1 - Posted by:
Lucky5 8/1/2019 2:36:42 PM (No. 140103)
I wondered what happened to the stock market in the hour I was outside gardening!
3 people like this.
Reply 2 - Posted by:
harleynyc 8/1/2019 4:15:24 PM (No. 140144)
No wonder the quality of chinese take-out has dropped so much.
2 people like this.
Reply 3 - Posted by:
DVC 8/1/2019 4:16:56 PM (No. 140145)
This is GREAT for the American worker, for American jobs, for American businesses. Not so great for the globalists who are making huge bux on using cheap Chinese labor to make giant profits, after shipping American jobs and factories overseas.
Go Trump!
13 people like this.
Reply 4 - Posted by:
GoodDeal 8/1/2019 4:23:11 PM (No. 140148)
I heard the the 99 Cents Stores are changing their name to the $2.99 Cents Stores to cover the tariff expense which will be paid by the US consumer.
5 people like this.
Reply 5 - Posted by:
DVC 8/1/2019 4:38:25 PM (No. 140160)
Hmm, interesting "math" #4, must be some of that New Math stuff.
My Old Math, says that if ALL of the tariff was passed on to the consumer (and so far, NONE has been passed on in most cases) it would move from $0.99 to $1.089, let's round that up to $1.09.
If that extremely unlikely event happens, I would be tickled pink to pay a bit more to get more Americans employed, and keep more businesses growing HERE instead of in China.
11 people like this.
Reply 6 - Posted by:
Strike3 8/1/2019 4:48:01 PM (No. 140166)
Women and children who shop at Wal Mart suffer most.
5 people like this.
Reply 7 - Posted by:
HPmatt 8/1/2019 6:01:51 PM (No. 140198)
If the Chinese devalue their currency a few %, and the US dollar has increased a few % relative to Chinese reminbi, the price of a $1 made-in-china pet toy's import price drops to $0.91, and when a 10% tariff is imposed, the landed price is $1.00.....that has been going on for years and is what Trump has been talking about.... Same concept when buying $10,000 ton of steel...price in USD is $9100, tariffs $900, landed price $10,000.....
5 people like this.
Reply 8 - Posted by:
GoodDeal 8/1/2019 8:21:22 PM (No. 140264)
Apparently, some newcomers here aren't familiar with my pithy sense of sarcastic satiric humor. You know as well as I do that the cost of a tariff is passed along and paid at the cash register when the consumer purchases the item with the tariff. It is impossible to manufacture cheap plastic toys holiday decorations and most of the other things you find in the 99 Cents Store or Dollar Tree or any other retail outlet that stocks their shelves with imports from China Korea Vietnam Japan and all of the rest of the Asian areas. Look at tariffs on Mexican produce. Avocados are getting to be $1.00+ each. Jalapeno peppers and other chilis and tomatos, lettuce and celery green onions (10 green onions for $1.00 at my local store) and cilantro are getting up there in the price. So we pay for the tariffs plain and simple. Then US companies and farmers can raise their prices. ANd so it goes higher and higher. If we had no tariffs on either side, the prices would necessarily go down as a result of market forces and free trade would fluorish. The artificial manipulation is short term and in the long run will eventually cause economic damage. People will just cut back on buyiing the high priced goods. I almost bought a few avodacos and a bunchg of green onions, but put them back. I will go without rather than pay up and have a resentment for doing it.
0 people like this.
Reply 9 - Posted by:
DVC 8/1/2019 8:23:45 PM (No. 140267)
The "/s off" is helpful, given the limitations of the medium.
0 people like this.
Reply 10 - Posted by:
judy 8/1/2019 8:43:05 PM (No. 140274)
The people on David Asmans Fox Business show went bonkers against a NY congressman defending Trumps Chinese tariff. It was sickening 5 against 2. I don’t have sympathy for the US businesses who moved their factories to China.
2 people like this.
Reply 11 - Posted by:
watashiyo 8/1/2019 9:09:10 PM (No. 140288)
Run Forrest, run!
0 people like this.
Reply 12 - Posted by:
Strike3 8/1/2019 10:01:49 PM (No. 140320)
There are sleight of hand tricks that can be played with imports by the simple use of labels and partial assembly in another neutral country. You would be amazed at where your products sometimes originate. As a retiree of a medical products manufacturing corporation that runs plants simultaneously in China, I occasionally check the stock price on my 401K when these Chinese panics occur. They are doing quite well. Business people are not stupid.
0 people like this.
Reply 13 - Posted by:
DVC 8/1/2019 11:54:04 PM (No. 140349)
#8, such a simplistic view.
WIth China. the "products" are NOT what China is producing. China is producing JOBS and funding their military, and they really MUST have the jobs, regardless of the normal niceties like Return On Investment and all those things that normal capitalist businessmen consider. Chinese businesses are ALL owned and/or controlled by the government, and they have chosen to eat the tariffs in order to NOT reduce the quantity of their products which are purchased - which would happen if prices went up.
And, EVEN IF it were true (and it is not) that the US consumers paid more for foreign products, ultimately, if we have more jobs, more factories, more control of our lives and our economy, that is STILL a good thing. To hell with giving all our money to foreign countries so that we can have the lowest possible prices, at the cost of our jobs, our factories, our economy, and ultimately our freedom as we are ultimately beggared by the globalists, trying to compete with some Mexican peasant, or some Chinese wage slave.
2 people like this.
Reply 14 - Posted by:
DVC 8/1/2019 11:55:47 PM (No. 140351)
Cheap avacados and cilantro is a hell of a price to pay for destroying the country.
2 people like this.
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And Wall Street dropped 300 points immediately. It's 2 AM in China. President Xi is not going to like this call.