UPDATE BELOW: New tariffs will impact iPhones, other consumer electronics, toys and sneakers
UPDATE BELOW: Trump blindsided China on the new tariffs
This is a developing story. Return to this post for updates.
UPDATE 1
The tariff freak is at it again.
President Trump has just tweeted out:
Our representatives have just returned from China where they had constructive talks having to do with a future Trade Deal. We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing. More recently, China agreed to...— Donald J. Trump (@realDonaldTrump) August 1, 2019
...buy agricultural product from the U.S. in large quantities, but did not do so. Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die! Trade talks are continuing, and...— Donald J. Trump (@realDonaldTrump) August 1, 2019
...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. This does not include the 250 Billion Dollars already Tariffed at 25%...— Donald J. Trump (@realDonaldTrump) August 1, 2019
UPDATE 2...We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!— Donald J. Trump (@realDonaldTrump) August 1, 2019
Trade wars are just idiotic. Instituting tariffs only hurt consumers and retaliatory tariffs result in hurting businesses as well.
Consider:
U.S. soybean exports to China, the world’s biggest market, slumped in the first half to the lowest level in more than a decade.
China imported 614,806 tons of soybeans from the U.S. in June, according to customs data. That brought first half imports to 5.9 million tons, the lowest half-year level since at least 2004, according to Bloomberg.
UPDATE 3
Via CNN:
The new tariffs could hit US consumers harder than the earlier rounds. It would tax goods like iPhones and other consumer electronics, sneakers and toys.
UPDATE 4
Trump blindsided China on the new tariffs:
INSIDE WEST WING: There was a very passionate discussion in Oval today with Mulvaney, Lighthizer, others about China.
Mnuchin wanted to give Beijing a heads-up about fresh tariffs threat.
Trump overruled him, and tweeted with everyone still in Oval.
bloomberg.com/news/articles/…
UPDATE 5
From the Financial Times:
-RW
Yeah, we should just let the communist at heart Chinese take advantage for ever and ever based on some libertardian idea that 'free trade' is always a great good. Sure would like to know from libertardians why there were not more jobs as a result of NAFTA.
ReplyDeleteDoes anyone have a link to an article on how it came to pass that Congress delegated (fairly recently I believe) to the President the right to unilaterally impose tariffs and their rates? Before the income tax and the FED's ability to buy the government's debt with printing press money solved the federal government's revenue issue, the issue of tariffs, along with the log-rolling and special interest pleading (e.g., bribes) that took place during the legislative process, involved the most important and profitable prerogatives of the Congress.
ReplyDeleteSome interest group or groups have some real explaining to do.
Yeah, I don't have enough white privilege to afford an i-Phone anyway and would not buy given Tim Cook's racist outlook toward whites. I guess the lefty hipsters will have to get an actual job to pay the difference or another loan from the government.
ReplyDeleteHas China acquiesced on tariffs for American goods?