Trump Ratchets Up Trade War With New Tariffs on Chinese Imports

[mahatmakanejeeves]

Source: Bloomberg

Politics
Trump Ratchets Up Trade War With New Tariffs on Chinese Imports
By Alex Wayne
August 1, 2019, 1:30 PM EDT Updated on August 1, 2019, 1:41 PM EDT

10% tariff to be imposed on $300 billion in goods on Sept. 1
Trump says Xi hasn't fulfilled promise of fentanyl crackdown

President Donald Trump abruptly escalated his trade war with China, announcing that he would impose a 10% tariff on $300 billion in Chinese imports that aren't yet subject to U.S. duties after setbacks in negotiations with Beijing.

The new tariff will be imposed beginning Sept. 1, he said in a tweet. Another $250 billion in Chinese goods are already subject to a 25% U.S. tariff.

Link to tweet

U.S. stocks pared gains on the news, while yields on 10-year Treasuries fell to the lowest since 2016.

Read more: https://www.bloomberg.com/news/articles/2019-08-01/trump-ratchets-up-trade-war-with-new-tariffs-on-chinese-imports

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There's your winning, right there.

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Trump To Expand Tariffs To All Imports From China
August 1, 2019

https://www.joemygod.com/2019/08/trump-to-expand-tariffs-to-all-imports-from-china/

Business Insider reports:
https://markets.businessinsider.com/news/stocks/trump-china-trade-war-us-imposing-more-tariffs-in-september-2019-8-1028409537

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.

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Former Trump Economic Advisor: Tariffs Have Backfired
August 1, 2019

https://www.joemygod.com/2019/08/former-trump-economic-advisor-tariffs-have-backfired/

[mr_lebowski]

1. Translation: Me and My Team Suck At Negotiations ... therefore US Consumers

and Businesses will need to fork over about $30,000,000,000 of their hard-earned money in the form of additional TAXES to my Administration ... as compensation for my ineptitude.

Sounds GOOD right?

I knew it would!

MAGA!!!

[mahatmakanejeeves]

2. The NASDAQ responds:

Link to tweet

[Bernardo de La Paz]

5. S&P 500 responds (two days)

[bucolic_frolic]

6. Retailers fell out of bed

Macy's dropped 6%, BBBY 5%, AAPL about 9 points in 45 minutes, SBUX $1.75.

Trump's taking the spotlight from last night's debate. Does he short the market before these tariff tweets?

[mopinko]

10. if he didnt, his buddies did.

who's he calling at night from that un-secured phone?

[bucolic_frolic]

3. This malfeasance is now stupidity linked with pomposity

Honestly ... he must be skimming the tariff money AND playing long-short swings in YINN and YANG ETFs

He's mad at the Fed so he does this the next day

Off to the Lunatic Asylum with him!

[The Liberal Lion]

4. He got his rate cut so he's taking advantage of it

sad!

[LastLiberal in PalmSprings]

7. "Trump Says Trade Wars Are 'Good, and Easy to Win' "

Bloomberg, March 2018

Why does anyone believe anything this idiot says?

[mahatmakanejeeves]

13. "... don't trade anymore-we win big. It's easy!"

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

Link to tweet

[no_hypocrisy]

8. No Walmart contributions for you ! ! !

[SayItLoud]

9. Not ONE debate candidate pointed out

that big kind hearted tRUMPS "help" for farmers HURT by his tariffs put MOST of the money (our money, taxpayer money) into the coffers of the BIG industrial farms and not the small farmers who are hurt the most by his tariffs.

[Wellstone ruled]

11. Noticed a ton of Shorts

put on Monday aftertnoon,and again Yesterday. Einhorn(Greenlight Capital)dump a ton of Equities short and bought High Yield debt as well as a special issue of GM at a mega discount to market as per one of the market poop sheets. How many more knew Dipshit Donnie was making a move.

[mahatmakanejeeves]

12. Trump says he will go ahead with new China tariffs that would hit iPhones and toys

Trump says he will go ahead with new China tariffs that would hit iPhones and toys

By Katie Lobosco, Kevin Liptak and Abby Phillip, CNN

Updated 2:43 PM ET, Thu August 1, 2019

Washington (CNN Business) -- President Donald Trump tweeted Thursday that he will add a new tariff on $300 billion of Chinese-made products on September 1, which would effectively put a tax on all Chinese goods coming into the United States.

"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 products coming from China into our country," he tweeted.

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. Last year, Trump imposed tariffs on about $250 billion in Chinese-made goods, targeting industrial materials and components.

The announcement is yet another sign that Trump's efforts to strike a new trade bargain with China remain rocky, even after Trump's last meeting in June with his counterpart Xi Jinping at the Group of 20 summit in Japan.
....

[muriel_volestrangler]

14. Trump's former top adviser Gary Cohn: Tariffs backfiring on US

But he warned: "I think everyone loses in a trade war. We are an 80% service economy. The service side of the economy is doing very well, because, guess what, it's not being tariffed."

Mr Cohn said the tariffs had made it expensive to import vital products from China, counteracting the effects of Mr Trump's tax cuts, which were designed to stimulate the US economy.

He said: "When you build plant equipment, you're buying steel, you're buying aluminium, you're buying imported products and then we put tariffs on those, so literally the tax incentive we gave you with one hand was taken away with the other hand.

"So we are not seeing the manufacturing job creation. And I think if we get through this tariff situation, there's a real opportunity to see it here in the United States."

https://www.bbc.co.uk/news/business-49187126

[tanyev]

15. China: *yawn*