China hits U.S. with tariffs on $75 billion worth of goods, reinstates auto levies

[BumRushDaShow]

Source: Washington Post

U.S. stock futures dived Friday after China announced retaliatory tariffs on $75 billion in U.S. goods and reinstated levies on American auto products.

The levies will range from 5 to 10 percent and will be put in place in two rounds, on Sept. 1 and Dec. 15 -- the same dates on which President Trump's latest tariffs on $300 billion in Chinese goods are slated to take effect, the Chinese finance ministry said in a statement. A 25 percent tariff on automobiles and a 5 percent tariff on auto parts will go into effect on Dec. 15.

"China's imposition of tariffs is a forced response to the unilateralism and trade protectionism of the United States," said the Communist Party-run Global Times. The outlet said it hoped the trade conflict would be resolved "on the premise of mutual respect and equality and trustworthiness in words and deeds.

Dow Jones industrial average futures, which had been predicting a 100-point gain at markets' open, sank immediately following the announcement of China's retaliation and now point to a 150-point loss.

Read more: https://www.washingtonpost.com/business/2019/08/23/china-hits-us-with-tariffs-billion-worth-goods-reinstates-auto-levies-state-media-report/

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Full headline: China hits U.S. with tariffs on $75 billion worth of goods, reinstates auto levies, state media report

This was the tweet referenced in the OP article (from the editor of China's "Global Times" ) -

Link to tweet

TEXT
Hu Xijin 胡锡进
✔
@HuXijin_GT

Based on what I know, China will take further countermeasures in response to US tariffs on $300 billion Chinese goods. Beijing will soon unveil a plan of imposing retaliatory tariffs on certain US products. China has ammunition to fight back. The US side will feel the pain.
339
6:36 AM - Aug 23, 2019

[tanyev]

1. Don't they know Trump's the Chosen One?

[oldsoftie]

4. I think only Trump knows that

[Watchfoxheadexplodes]

2. CHI NA slam dunks trump

He better have a supply of toilet paper on his way to France.

[Roy Rolling]

3. Are We There Yet?

Are we at the place where “trade wars are easy to win” yet?

[usaf-vet]

11. Trump is consulting his favorite book for answers. The bible, he is not sure which one to consult.

The new testament or the old testament he likes them both equally.

If I had to guess and he could read I would say the old testament based on his actions.

https://www.democraticunderground.com/1017550973

[Newest Reality]

5. Rather than acting

as if China is a shrewd and formidable opponent to be reckoned with using great caution, tact and concern, we get the inane rantings of someone just asking to be trounced by a superior strategy that will continue to unfold.

I would think that China is relishing this opportunity and is going to put everything they can into it. If I were to place bets, mine are on China if this debacle continues under the influence of the Dotard of the United States. There is nothing like easy pickings and having a half-witted, over confident opponent makes patience and persistence a powerful weapon.

Don't mess with a mighty dragon without knowing what you are doing and having a good shield as well as a sword of knowledge or you going to get burned and badly. Badly bad!


?itok=lHusklVq

[Mike 03]

7. Great insight.

Trump thinks he is dealing with children (because of his arrogance and the fact his worldview is childlike). He has no idea about the history of China or how nuanced and forward-thinking that nation is.

[Lonestarblue]

8. China has another card to play.

All Trump cares about is his wealth. Chinese banks committed half a billion dollars to a Trump Org development in Indonesia. Threatening to pull that funding might make Trump a bit nervous.

[Newest Reality]

9. Didn't know that.

Thanks! Follow the money, huh?

[dalton99a]

14. +1

[Farmer-Rick]

15. Yeah, there are a lot of Chinese/Traitor Trump family deals in the works.

I wonder what Traitor Trump and Princess Ivanka think the Chinese would do?

I wonder if the Barbie Doll princes will still be able to keep all her Chinese trademark deals?

[Farmer-Rick]

13. China is invited to market their products to sell in the US, yeah free trade

See how wonderful global unregulated capitalism is?

Their cheap, subsidized and slave labor undercuts prices of most American manufacturers. American manufacturing slowly fades away to resource extraction and McDonald hamburgers. Most American manufacturing moves to foreign shores to get that unregulated cheap, cheap labor to compete with China.

Then Traitor Trump puts large tariffs on all those products from China that we use to produce but can't produce anymore. What did the GOP think was going to happen? I bet that little man in Russia, Putin, saw this coming.

[Newest Reality]

16. I usually do more research...

However, I do like the hypothetical and some hyperbole to illustrate things.

Now, not that this is going to happen, but it is hypothetical and kind of a "going nuclear" scenario.

What if China suddenly boycotted the US by suspending all exports to this country and then making certain demands in order to resume trade, (I know, they would have their own problems concerning that, internally and otherwise) and then, the US retaliated by doing the same. That's an all out, worse comes to worse situation that is not feasible, but...

My question is, who would win that one? Now, that's imagination and the ultimate form of trade war and it kind of emphasizes the problem with isolationism in a Global economy and the foibles of Trump's poor strategies.

[justgamma]

6. "on the premise of mutual respect and equality and trustworthiness in words and deeds.

Is there anything about dolt45 that would lead anyone to think he is trustworthy or that he respects anyone? Not that I can see.

[yellowcanine]

10. Anyone tired of winning yet?

[bdamomma]

12. these tariffs won't hurt

these jerks it will hurt us. Damn.