China announces new tariffs on 106 US products, including soy, cars, and chemicals
Source: CNBC
China announced additional tariffs on 106 U.S. products on Wednesday, in a move likely to heighten global concerns of a tit-for-tat trade war between the world's biggest economies.
The effective start date for the new charges will be revealed at a later time, though China's Ministry of Commerce said the tariffs are designed to target up to $50 billion of U.S. products annually.
The 25 percent levy on U.S. imports includes products such as soybeans, cars and whisky, Beijing said.
The move comes less than 24 hours after President Donald Trump unveiled a list of Chinese imports that his administration aims to target as part of a crackdown on what the president deems unfair trade practices.
Read more: https://www.cnbc.com/2018/04/04/china-new-us-tariffs-including-soy-cars-and-chemicals.html
Thar she blows.
The latest -
Link to tweet
TEXT
Donald J. Trump
?Verified account @realDonaldTrump
We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!
4:22 AM - 4 Apr 2018
democratisphere
(17,235 posts)and the WH?! It takes a drumpf to f'k everything up!
BumRushDaShow
(129,793 posts)They won't be back until next week.
democratisphere
(17,235 posts)Can't remember the last time they were ON!
BumRushDaShow
(129,793 posts)Wwcd
(6,288 posts)benefits Trump or Putin financially.
He wouldn't have started this without a personal benefit
BumRushDaShow
(129,793 posts)he continues to make $$$ and Wally World and the Waltons don't lose as much as they could.
But Mexico could make a killing.
KY_EnviroGuy
(14,498 posts)Like that damned wall and immigration, he seems hell-bent to show his base he's keeping those ignorant campaign promises. Never mind the thousands of people hurt in the process.
DOW market futures down 450 already this morning. Little immediate impact on us, but prices at the store will in coming months unless this is resolved fast.
KPN
(15,670 posts)buys in the past few days or so. That will tell who's making money via Wall Street at least.
Guilded Lilly
(5,591 posts)As any of the businesses he has bankrupted and stiffed over his conman lifetime.
rdking647
(5,113 posts)KPN
(15,670 posts)to cash. Being retired, I need to preserve capital foremost. Already down 6% this year.
Fucking Orange Fat Prick's impact on the economy is finally coming home to roost as was predicted pre-election. This could get very bad, like a full on recession and another big spike in unemployment.
Wwcd
(6,288 posts)Agree completely.
The thought you've expressed has been the topic of more & more convos I'm hearing locally.
People's security & to simply exist has become one big question mark with Trump's erratic upending of American life.
We just flat out don't know which direction to move to get outta his way anymore.
I have no answer either.
IronLionZion
(45,600 posts)Since we all know Trump is going to keep on screwing up, the stock market is not a good place to be in now.
KPN
(15,670 posts)shrugging off the futures that were posting pre-opening. So I'll probably keep some money in my mutual funds for now.
IronLionZion
(45,600 posts)every time the market is up, move some to money market. That's what I advise my parents who are looking to retire this year
KPN
(15,670 posts)I'm probably a bit over-invested right now (complacency based on pretty solid returns 2010-2017). Time to play it safer I guess.
rdking647
(5,113 posts)ive been buying high yielding stocks.
even if they go down they are still paying me 8%+ a year
KPN
(15,670 posts)workinclasszero
(28,270 posts)Tariffs are a tax increase on american citizens, lets not forget.
All those cheap goods from China on Walmart shelves are going to go up in price real soon.
Sherman A1
(38,958 posts)I think I need to avoid checking the market today.
KPN
(15,670 posts)you're retired and don't have a huge surplus above what's needed to meet your needs/life expectancy.
Me? I'm retired and am going to avoid risking my future while I can, meaning I'm going to eat my losses and move into cash until this passes. How long will that be? I don't know, but probably a while since the Orange Maniacal Fat Guy is getting increasingly erratic under Mueller's microscope.
IronLionZion
(45,600 posts)He's going to keep screwing up. We all know it. We'll all pay the price for his mistakes
beachbum bob
(10,437 posts)pork has dropped to a 116 month low, good for US consumer, sucks for US pork producers with majority in IOWA and Illinois conservative areas.....throw in soy beans, that adds in more Iowa, Illinois, Nebraska.....real money taken out of farmers pockets who mostly voted for trump and republicans.
karma is a bitch
paleotn
(17,990 posts)they hammer farmers from North Carolina to Florida, Mississippi to Texas, Colorado to the Midwest. My state is a big pork producer as well. Fruit and nut farmers in the CA central valley will feel the pain. The thing all these areas have in common.....Dumpster strongholds in 2016. Karma is a bitch sometimes.
beachbum bob
(10,437 posts)prices, Oscar Meyer likes dropping commodity prices....the farmers will be stuck as usual...the majority who support trump and republicans, now its gonna cost them some real money. Does money make difference, we will see
keithbvadu2
(36,988 posts)Dotard says 'Trade wars are good, and easy to win'
https://www.google.com/search?q=trade+wars+are+easy+to+win&sitesearch=democraticunderground.com
safeinOhio
(32,738 posts)running a casino.
Vinca
(50,322 posts)BumRushDaShow
(129,793 posts)@ -469 at post time.
https://www.cnbc.com/pre-markets/
It'll probably open very sharply down then there will be rejiggering as some folks may find "bargains" and buy. What might get socked though is the NASDAQ (although the commodities will now go crazy due to this morning's announcement).
Wwcd
(6,288 posts)..tarriff outcome will bring?
20's 30's 70's ..just asking and realize we can only yet predict an outcome.
Thanks
BumRushDaShow
(129,793 posts)Last edited Wed Apr 4, 2018, 10:09 AM - Edit history (1)
https://www.economist.com/node/12798595In that case, it was Congress that jumped off that cliff.
Wwcd
(6,288 posts)Thanks for your link.
It should be a separate thread.
Some very interesting info here.
Is 1930 when Trump considers America Being Great Again??
BumRushDaShow
(129,793 posts)I'm sure his father would have considered it to be so during that time.
https://www.nytimes.com/2016/08/13/us/politics/fred-donald-trump-father.html
https://www.newspapers.com/clip/7174250/the_bridgeport_post/
Wwcd
(6,288 posts)I recall my mom talking about life in the 'dirty 30's.'
Hopefully the laws we have enacted since that time of greed & ignorance will stand the test of Trump's hatchett.
We are going backward fast.
BumRushDaShow
(129,793 posts)and of course they noted that back then, the depression was why the U.S. tried as hard as it could to stay out of the war (although we were blockading Japanese ships too). But obviously Pearl Harbor changed that. And the effect was to gear up a war machine that was DOMESTIC and that ratcheted up the need for workers. But to pay for it, the wealthy were taxed upwards of 90% and rationing was instituted.
This time, we are fooling around warring in 3 countries and the raw materials for any type of domestically-produced war machine are pretty much all imported (and would thus cost more). And the wealthy just got a big tax cut from their already minimal tax bill so we would go into even more debt, in turn justifying cutting anything and everything that would help "people" (health, education, social safety net) to pay for it.
Wwcd
(6,288 posts)Boeing is building a finising plant in China, btw.
With Bolton in place, you know war is the only thing he exists for.
Things are building to one big glorious day for the billionares.
BumRushDaShow
(129,793 posts)Once those tax cuts were implemented, they don't really care about much else. The Bush family helped to create the MIC back then as well.
The rumors keep swirling that Eddie Munster will hang up his hat and not run again. There's really no need for him now. Mission Accomplished!
Wwcd
(6,288 posts)With 7 months still to go before we may pull off a shift in Party power in the legislature, you know they will rush to complete their destructive goals.
They aren't giving up anything now that they have full power of D.C. behind them.
They can do a lot more damage in 7 months.
BumRushDaShow
(129,793 posts)by hook or crook, take over the legislature (both chambers), we would not have enough to override a veto. So it is a win-win for them because whatever they put in place before November, will be in place until at least 2021 (unless thrown out by the courts), where we would have to either win the Presidency and/or have a veto-proof majority in both chambers.
KPN
(15,670 posts)BumRushDaShow
(129,793 posts)-500 and then -423 then -450.
It's currently -477.
KPN
(15,670 posts)do what I feel like I have to, I.e., get out of the markets and all my life savings into cash because I'm retired and don't want to mess around with my future, it's going to end up a YUGE DIVE.
I'm getting out while the getting' good -/ despite already being down 6% plus whatever I lose today for 2018.
BumRushDaShow
(129,793 posts)and is currently -451 (but will obviously go nuts today).
KPN
(15,670 posts)were bad from my perspective, i.e., already -6% for the YTD. At this point, anything over -1.5% feels like a dive whether it's 3, 2.5 or 1.5!
BumRushDaShow
(129,793 posts)But I think people are rejiggering portfolios and what not, since they have to factor in the various commodities and tech issues.
KPN
(15,670 posts)or move some of my money to something safe. Hope they quit rejiggering soon!
BumRushDaShow
(129,793 posts)but I think the bull market is pretty much over and the bears will be returning, so consider investing with that in mind. This current bull market is getting close to historic at 9 years, but no one is really sure what bubble will burst (there are so many at this point). The last bull run ended with the tech burst in the '90s and the last recession was a result of the housing collapse.
blue-wave
(4,372 posts)the giant screeching sound I hear is not our/the world's economy grinding to a halt?
IronLionZion
(45,600 posts)so now they're letting all hell break loose so they can buy low and screw over: farmers, retirees, factory workers, ranchers, and more.
Some Trumpsters have been bragging online that stuff will get cheaper for us without the Chinese buying American exports.
Wwcd
(6,288 posts)How does Larry Kudlow feel about tarriffs?
He probably well remembers the disaster of the 1930 tarriffs.
Well, disaster for some but not for all, that is.
MUST READ Post #26for a bit of history.
**BumRushDaShow
26. Look up SmootHawley Tariff in 1930
https://www.economist.com/node/12798595
In that case, it was Congress that jumped off that cliff.
*******
KPN
(15,670 posts)on equities right up to the 2008 Wall Street collapse.
Wwcd
(6,288 posts)Kudlow is Trump's go to guy now?
KPN
(15,670 posts)against these arrogant bastards?!
I'm ready. I'm fed up.
Wwcd
(6,288 posts)Unfortunately, for some in this country who just don't care to be as plugged in as we are, it will take a big squeeze from Trump's tarriffs, Bolton's war...
It will only happen the moment they are all affected personally, & by then Jeff Sessions will have his priivate for-profit prisons built.
I here what you are saying tho.
workinclasszero
(28,270 posts)mahatmakanejeeves
(57,694 posts)Retweeted by David Fahrenthold: https://twitter.com/Fahrenthold
It remains unclear what the $500 billion is referring to. The Us trade deficit with China isnt even $400 billion. White House officials wont clarify.
Link to tweet
When youre already $500 Billion DOWN, you cant lose!
Link to tweet
BumRushDaShow
(129,793 posts)By Emily Rauhala April 4 at 10:06 AM
<...>
Trumps figure did not factor in U.S. exports to China. According to U.S. government figures, the trade deficit in goods between the two countries in 2017 was about $375 billion. When services are included, the overall U.S. trade deficit with China was about $336 billion. Though the dollar amounts targeted by both sides are similar $50 billion the focus on U.S. soybean exports by China could have a particularly big impact on the United States.
Soybeans are the top U.S. agricultural export to China, and U.S. soybean farmers and their allies fought hard to prevent the tariffs something Zhu noted in the news conference. The current U.S. ambassador to China, Terry Branstad, is the former governor of Iowa, a state that could be hit hard. In March, representatives from the Iowa Soybean Association visited him in China to plead their case, according to a Chinese report.
Christopher Balding, an associate professor at the HSBC Business School in Shenzhen, said that comparing the U.S. and Chinese lists showed Chinas willingness to target products such as soybeans, automobiles and planes that could create political problems for Trump. Even though the numbers between China and the U.S. are comparable, it seems clear that China is trying to twist the knife, he said, This is a warning that we are willing to fight harder and inflict more pain that you are.
The goal may be to get U.S. voters to stop Trump from pressing ahead. Farm states generally backed Trump in the 2016 election, and their exports could be hurt. China is stirring up U.S. farmers to put pressure on the White House, said Shen Dingli, deputy dean of the Institute of International Affairs at Shanghai's Fudan University.
https://www.washingtonpost.com/world/asia_pacific/china-fires-back-at-trump-with-tariffs-on-106-us-products-including-soybeans-cars/2018/04/04/338134f4-37d8-11e8-b57c-9445cc4dfa5e_story.html