Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30%

[BumRushDaShow]

Source: New York Times

WASHINGTON -- President Trump, angered by Beijing's decision on Friday to retaliate against his next round of tariffs and furious at his Federal Reserve chair for not doing more to juice the economy, said he would increase taxes on all Chinese goods and demanded that American companies stop doing business with China

Mr. Trump, in a tweet, said he would raise tariffs on $250 billion worth of Chinese goods to 30 percent from the current rate of 25 percent beginning Oct. 1. And he said the United States would tax the remaining $300 billion worth of imports at a 15 percent rate, rather than the 10 percent he had initially planned. Those levies go into effect on Sept. 1.

"China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%," Mr. Trump said in a tweet.

Those levels are likely to exacerbate the financial pain already being felt from the tariffs as companies and consumers face higher prices for products that they buy from China. Even before the new 30 percent rate, the tariffs were expected to cost the average American household more than $800 per year, according to research by the Federal Reserve Bank of New York.



Read more: https://www.nytimes.com/2019/08/23/business/china-tariffs-trump.html

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[Texin]

1. Trump has dug himself into a hole. Trump continues to dig.

[spinbaby]

5. The beatings will continue until morale improves.

The tariffs will increase until the economy improves.

[crazytown]

8. and horses raised from the dead

'hereby ordeed' - the Chosen1

[OnlinePoker]

13. He's hit rock bottom and pulled out the mining gear. n/t

[underpants]

25. I've never heard that one before

[Berlin Expat]

63. Trump's ignorance strikes again

China has been through much worse than Trump.

Look at China’s history of the 19th and 20th Centuries; the Opium Wars, the first and second Sino-Japanese Wars, the Taiping Rebellion (a conflict that left at a minimum 20,000,000 dead….no one really knows for sure and there's casualty figures floating around out there that rival the death toll of WWII), the disastrous Great Leap Forward and the famine that followed which left millions dead in its grim wake, caused entirely by Mao Zedong’s recklessness and ignorance.

The Chinese are keenly aware of their not-so-distant past.

Trump is nothing compared to what China went through in the last two centuries. They’ve suffered far, far worse than anything a shady businessman from Queens can throw at them.

[crazytown]

2. The 10% September tariffs will now be 15%

So much winning,

[BlueIdaho]

3. Hello Darkness My Old Friend...

Welcome to the 2020 recession.

[RandySF]

4. We're fucked.

[SergeStorms]

46. The silver lining....

Trump is more fucked than us. He won't stand a snowball's chance in hell of re-election.

"Trade wars are good, and easy to win". Those words will come back to bite Trump in is very ample ass.

[rurallib]

6. Whoops - did Christmas just get cancelled again?

[Chemisse]

14. Yep. Looks like Trump will be spoiling Christmas after all. n/t

[ProudMNDemocrat]

28. Nothing spoils Christmas more than the.......

[img][/img]

[Traildogbob]

19. Where is O'Reilly ?

The freakin War on Christmas. What good is it to be "allowed" to say Christmas, If no body gets anything. Even White Sanra Clause is not safe from tRump. Fox.......anything about your precious Christmas and the baby Jesus?

[bucolic_frolic]

7. Desperate escalation to blame others for his economic failures

It's all going over the falls in a barrel, and we're going to pay and pay and pay

[mahatmakanejeeves]

9. That's it. I'm going home. NT

[BumRushDaShow]

10. TGIF?

I think?

[Newest Reality]

11. So,

THIS is how "the Art of Bankrupting Casinos" works.

It should be very interesting. I guess we will just have to be less materialistic and enjoy the added bonus of our tariff taxes like good proles.

[yaesu]

12. Question, did he make the goods tariff increase statement before or after the market closed?

I know he demanded the US biz thing earlier but didn't know about the tariff.

[PSPS]

15. The tantrum tweet (how he issues his "edicts,") was around 5 PM Eastern.

I erroneously said 2 PM Eastern but was mistaken.

[yaesu]

18. Thanks for the info. nt

[bucolic_frolic]

16. I saw two posts

on Twitter, one from John Harwood, that they were post-close. Futures are down almost 600 as of 5:20pm

So we are in for a bloodletting Monday, these are the things crashes are made of IMO

[yaesu]

17. Thanks for the update, yep, that is what I wondered, could mean a major selloff. nt

[mopinko]

35. esp if this weekend is a freak show.

which we know it is gonna be.

we are so fucked.

[usaf-vet]

20. So does the idiot in the White House think he's dealing with a small Chinese family in NYC.

Bullying a family with a small bodega in Chinatown might work in his past experiences.

But the nation of China isn't going to knuckle under to the loudmouth bully in the skyscraper.

They will meet his rants with equal fury.

[Bengus81]

21. DOW closed down bigggglllyyy -623 points

Keep it up Trump and did your latest round of tariff pissing match hit soybeans that much harder?? Hope so!

[crazytown]

22. The announcement was made after Markets closed

Futures are down another 600 points.

[underpants]

26. Yeah but the uncertainty was palpable all day

We lost 3% on both our stocks today.

[Bengus81]

29. Then going by the tweet about Obama in 2012..........

Trump should resign on Monday when the DOW hits 1000 points down for two trading days. Yeah right.........

[progree]

32. S&P 500 down 2.59%, Dow down 623 (2.37%). S&P 500's drop is equivalent to a 680 point Dow drop

Friday's closing values.

[safeinOhio]

52. Wasn't he telling folks yesterday

to check their 401Ks. Never mind.

[bucolic_frolic]

23. "China should not have" STOP right there

says WHO? China like most countries is likely to do what it likes, or what it thinks will further its interests. This overarching moral certitude that TRUMP knows what to do, and has the God-given right to do so is simply BULL.

[randr]

24. He has ruined Xmas again

[ProudMNDemocrat]

27. Fucking LIAR!!! Fuck December!! Christmas just got more expensive.....

Forget those toys the kids want.

Forget Sporting Goods, Games, Clothes, Phones, Computers, TVs, etc. Those shopping trips to Walmart, Target, Dick's, Cabellas, Bass Pro Shops, just got that more expensive.

[crazytown]

31. I think you forgot

it's the Chinese paying these tariffs, not Americans

[ProudMNDemocrat]

42. Doh!!!

[KY_EnviroGuy]

30. Why doesn't Chief Chickenshit tell supporters to stop buying Chinese goods?

Oh wait....

He would then have rebellion from his billionaire retail executives that help fund his campaign.....

[SharonAnn]

59. Then nobody would buy his swag. Hats, flags, signs, etc.

Made in China

[KY_EnviroGuy]

60. LOL, good point. Probably some of Ivanka's stuff as well.

...........

[Mc Mike]

33. Trade wars are good, and easy to win.

[B Stieg]

34. Much better in the original Klingon!

[BumRushDaShow]

37. ...

(the movie is almost 30 years old... ack)

[FailureToCommunicate]

50. "Well...we have a long way to go"

👍

[KY_EnviroGuy]

61. Film clip repeats what the ultra-wealthy say: "We need our breathing room" with...

private islands, offshore accounts, private schools, four homes and mega-yachts.

We indeed have a very long way to go to achieve fair global economic equality.

[left-of-center2012]

36. Trump said on March 2, 2018, "Trade wars are good, and easy to win."

Why not?
Trump claims to be the "second coming of God."

https://www.cbsnews.com/news/trump-tweets-quote-calling-him-the-second-coming-of-god-to-jews-in-israel/

[DallasNE]

45. Trump Also Said

"Only I çan fix it".

That is going about as well as the other false promises.

[sakabatou]

38. Has Trump blamed the Dems yet for his own reckless actions

[BumRushDaShow]

39. It's only a matter of time

Powell was actually originally nominated by Obama to be on the Fed board and is a Republican. A definite conundrum to say the least!

[yaesu]

40. Don't worry, mexico will pay for it. nt

[keithbvadu2]

41. Billion$ of new Trump taxes spelled t-a-r-i-f-f-s.

Billion$ of new Trump taxes spelled t-a-r-i-f-f-s.

[keithbvadu2]

43. Every republican running should be tied to these taxes on American manufacturers and consumers.

Every republican running should be tied to these taxes on American manufacturers and consumers.

[Yo_Mama_Been_Loggin]

44. Doubling down on stupid

[wiggs]

47. Dems ought to be pinning all the lies, craziness, ignorance, lawlessness, mistakes, and

arrogance on the GOP every day.

This is their show, entirely, and they sit on their hands.

[roamer65]

48. Good. I'll start cutting my purchases.

Time to get into recession mode.

I suggest all businesses pass along ALL of the tariff to consumers.

[thenelm1]

49. Molly Ivins - "The first rule of holes: When you're in one stop digging."

Last edited Fri Aug 23, 2019, 08:12 PM - Edit history (1)

An entirely predictable response from this twithole. He always, always digs in. He will double, triple, quadruple, etc, down, never admitting he's wrong or that he made a mistake. He's as predictable as a sunrise. This is our fate folks. We're in this until this bully realizes he can't win and make China submit to his crazy whims, at least as long as he holds his current office. He still thinks he's dealing with some construction union/contractor from NYC. And as long as the pubbies control the Senate, don't expect much more than "concern" and hand wringing, but if they did protest, would he even listen? His record for that so far has been 'iffy' at best. I mean, this would be a direct challenge to his authority! (And I have no faith at all in them forcing him to do the right thing - unless it directly affected their re-election prospects. And given the current Red state zaniness & political nihilism, do you really want to make that bet?)

Given that the man is completely off his rocker and a total idjit ('da cheez done slid off his cracker' per one commenter), not to mention a coward, this probably means never, or until this whole thing collapses around us in complete economic chaos. His psychosis & narcissism won't allow him do anything else. He always has to be seen as "winning". He'll take the whole world economy down so long as he "wins"!

And I was just starting to really enjoy my retirement...…..

[Eliot Rosewater]

51. Orders from putin, nothing else

Your president is under orders to DECIMATE our country

[safeinOhio]

53. It will not get any better.

If it does his base is gone.

[RainCaster]

54. But he said that would wait until Christmas- WTF is he doing?

I really wanted to get my fancy new Fruit Phone for Christmas this year, but the 30% tariff will make my butt hurt. What can you do to fix this, oh Majorly Masturbating Monster of Merchantism?

[Hotler]

55. Let him run, let him run, we should sit back and watch as he runs and barks.......

there is going to be and end to the chain. The correction will be epic. There will be just enough hang-time in the air for him to think about how hard that ground is going to be when he hits.

[bluestarone]

56. GREAT move tRUMP! that ought to

Put HOBBY LOBBY out of business!!!

[enid602]

57. problem solved

That's okay. Apple will be able to substitute all of its Chinese vendors with Braziian ones!

[Dawson Leery]

58. The first President to be directly responsible for causing a recession.

[procon]

62. I'm sure there must be something in the Ferengi

Rules of Aquisition that covers this foolishness.

[Berlin Expat]

64. The Ferengi

would realize very quickly they're dealing a blustering imbecile and take full advantage of that to strike a deal that would benefit them quite handsomely.

[BumRushDaShow]

65. He has followed many of them, but notably the very first!

[louis-t]

66. "Oh yeah? Well I'll raise tariffs eleventy-eleven percent!1!11"

Signed, the psycho in charge.