China hits back at US with tariffs on $60bn of products

signal

Member
Oct 28, 2017
16,442
Financial Times
Guardian

China has hit back in its trade war with the US, announcing plans to impose tariffs on $60bn of American imports. Tariffs will be imposed on 5,140 US products with an annual value of about $60bn (£46bn) from 1 June, the Chinese finance ministry said on Monday. The latest escalation in the trade war between the world’s two biggest economies came shortly after Donald Trump tweeted a warning to China not to retaliate against the extra tariffs he imposed last week on imports to the US.
However, Beijing has apparently ignored the US president’s threat that the escalating trade war between the world’s two biggest economies “will only get worse!”. China’s Global Times newspaper reported that Beijing was also considering cutting orders for new Boeing planes and boycotting US agricultural products.

Earlier on Monday, the US president said China would be “hurt very badly” if the country did not make a deal with the US. His comments came after the US more than doubled tariffs on $200bn (£15.4bn) of Chinese goods on Friday.
Trump said in another Twitter post that the trade war would not have a significant impact on US trade. “We are right where we want to be with China. Remember, they broke the deal with us and tried to renegotiate. We will be taking in tens of billions of dollars in tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-tariffed countries.”
Meanwhile, Markets Right Now: Stocks sink as trade war escalates
Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States. China plans tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%. Technology, industrial and consumer-focused companies are bearing the brunt of the losses. Apple is down 4.4% while Caterpillar is off by 4%. The Dow Jones Industrial is down 470 points, or 1.8%. The S&P is dropping 51 points, or 1.8% and the tech-heavy Nasdaq is down 2.3%.
 

Xando

Member
Oct 28, 2017
4,269
Just wait until he starts the trade war against europe later this week and america will get fucked by two of the largest three blocks on this planet.
 

Window

Member
Oct 27, 2017
4,546
I wonder when we'll start to hear news reports of prices of common goods increasing due to this trade war. Surprising lack of such stories considering the deluge of them which came out after the Brexit decision.
 

FTF

Member
Oct 28, 2017
7,853
New York
Well let’s see if this and idiot Trump’s decisions are affecting the stock market today...

*checks*

Closes app immediately as it’s as expected smh
 

Con_Smith

Member
Oct 27, 2017
380
Destroy your base and still have them love you due to racism.

I do not want America to fail, but destroying the people who love him most is almost to good to pass up.
 

Teh_Lurv

Member
Oct 25, 2017
1,868
I wonder when we'll start to hear news reports of prices of common goods increasing due to this trade war. Surprising lack of such stories considering the deluge of them which came out after the Brexit decision.
From what I understand, the new US tariffs on Chinese goods take effect on products that left China's ports last Friday. Goods already en-route to the US are exempt. Cargo ships take about two weeks to reach the mainland US, so impact from the new tariffs won't start to be felt for at least a month.
 

Shadybiz

Member
Oct 27, 2017
4,889
Guys...I’m starting to think that Trump doesn’t actually know much about how trade works, lol.

Imagine thinking that US firms can just push a button and immediately start making components for their products here. Incredible.
 

Slayven

You probably post about me on another board.
Moderator
Oct 25, 2017
32,547
Didn't people last week say Trump wasn't going to fuck up the deal and they would have a new one signed by friday?
 

Casa

Member
Oct 25, 2017
1,853
Hopefully China start really fucking with and targeting Trump supporting areas in particular.
 

chaostrophy

Member
Oct 27, 2017
307
“Many tariffed companies will be leaving China for Vietnam and other such countries in Asia. That’s why China wants to make a deal so badly!” he added.
The dumbass totally forgot he sold his trade positions on helping US workers. No Americans care if goods formerly made in the US are made in Vietnam instead of China.
 

ahoyle

Member
Feb 16, 2018
110
From what I understand, the new US tariffs on Chinese goods take effect on products that left China's ports last Friday. Goods already en-route to the US are exempt. Cargo ships take about two weeks to reach the mainland US, so impact from the new tariffs won't start to be felt for at least a month.
Things are usually prices in stores at the cost to replace the item. So even if the cost of the item was 100, and they want a 50% margin, they would price at 150. If the inventory replacement cost goes to 120, most stores would immediately raise the price to 180.
 

inner-G

Member
Oct 27, 2017
5,465
PNW
He still doesn't get that China doesn't pay for the tariffs, does he?
I mean, I don't think he cares if we get electronics or not

He thinks we should just buy American stuff, not pay penalties for imported stuff. Idk if his senile ass even knows you can't get an 'american-made' computer or TV
 

Dekuman

Member
Oct 27, 2017
7,538
This is tit for tat
China remains at the table because they need the US export market more than the US need theirs.

Ideally it would be Obama or Hillary waging this fight not Trump. But here we are
 

Window

Member
Oct 27, 2017
4,546
From what I understand, the new US tariffs on Chinese goods take effect on products that left China's ports last Friday. Goods already en-route to the US are exempt. Cargo ships take about two weeks to reach the mainland US, so impact from the new tariffs won't start to be felt for at least a month.
But I did expect price increase to feature in the news cycle from existing quotas and tariffs, not just the new ones. That hasn't really happened much I don't think.
 

Volimar

Moderator
Oct 25, 2017
10,250
Meanwhile, there are farms here that are fallow because the farmers can't afford to rent the machinery because they changed their crops to soybeans to sell to China two years ago...
 

SRG01

Member
Oct 25, 2017
3,172
Is this why the markets were down so much this morning?

As much as I hate to see a global economic slowdown, pushing back against Trump is 100% the right move.
 

Lkr

Member
Oct 28, 2017
1,107
how do these -600+ days never precipitate a recession
My understanding is that it’s because there has still been a general confidence in the economy based on other indicators. So as soon as these stocks drop, people buy them right up at lower prices. Market volatility has been a helluva drug the past few years
 

Casa

Member
Oct 25, 2017
1,853
Republicans are constantly bitching and complaining about things like Medicare and Medicaid because they view them as "handouts" or "entitlements," yet they're going to continue giving farmers actual handouts in the form of government subsidies due to this dumbass President's trade war.
 

HStallion

Member
Oct 25, 2017
27,349
Damn if China actually went through with a full boycott of US agricultural goods that would cause some shit to go down.
 

Amalthea

Member
Dec 22, 2017
1,578
What do they have to lose anyway? He would keep attacking them either way like the cretinous rhinoceros he is.
 

I am a Bird

Member
Oct 31, 2017
1,331
Why do I get this idea that there is this subset of Americans that believe that we can just become China and build everything in America for the same cost, but don’t understand that if we do that they will be the ones working in the factories with the suicide nets.
 

Ac30

Member
Oct 30, 2017
10,860
London
Printed circuit boards are now included FYI, so your mobos manufactured in China are going to get much pricier if manufacturers pass it on.
 

Sheepinator

Member
Jul 25, 2018
4,721
Stock markets are crashing. The PotuS had to be corrected in public by his own economics advisor because he keeps lying about China paying tariffs to the US Treasury. Now he wants another $15BN bailout for farmers, which is a) socialism so it must be bad, and b) we're already at all-time high budget deficits thanks to Trump so where does the money come from? At the same time the North Korea deal looks dead. All Trump achieved there was elevating Kim on the world stage. The Iran situation is becoming more volatile too. And this clown President can't even say the word "origins".