China hikes tariffs on US soybeans, electric cars, fish
Source: Associated Press
By JOE McDONALD
Today
BEIJING (AP) China fired back Saturday in a spiraling trade dispute with President Donald Trump by raising import duties on a $34 billion list of American goods including soybeans, electric cars and whiskey.
The government said it was responding in equal scale to Trumps tariff hike on Chinese goods in a conflict over Beijings trade surplus and technology policy that companies worry could quickly escalate and chill global economic growth.
China doesnt want a trade war but has to fight back strongly, said a Commerce Ministry statement. It said Beijing also was scrapping agreements to narrow its multibillion-dollar trade surplus with the United States by purchasing more American farm goods, natural gas and other products.
The United States and China have the worlds biggest trading relationship but official ties are increasingly strained over complaints Beijings industry development tactics violate its free-trade pledges and hurt American companies. Europe, Japan and other trading partners raise similar complaints, but Trump has been unusually direct about challenging Beijing and threatening to disrupt such a large volume of exports.
Read more: https://apnews.com/f40338c035d94f46aaf8733f93612e7c/China-hikes-tariffs-on-US-soybeans,-electric-cars,-fish
Kittycow
(2,396 posts)and that trump's doing the right thing.
He said this in the last couple months but I can't find any recent statements to see if he changed his mind or not.
BumRushDaShow
(129,447 posts)and part-time low wage workers. Will see how long the Waltons hold out before abruptly reacting behind the scenes.
riversedge
(70,299 posts)Interesting to say the least.
..............Beijing will impose an additional 25 percent tariff starting July 6 on 545 products from the United States including soybeans, electric cars, orange juice, whiskey, lobsters, salmon and cigars, according to the Ministry of Finance.
Most are food and other farm goods, hitting Trumps rural supporters hardest.
Beijing appeared to be trying to minimize the impact on its own economy by picking U.S. products that can be replaced by imports from other suppliers such as Brazil or Australia..............
Chinese regulators also are considering a tariff hike on an additional 114 products including medical equipment and energy products, the Finance Ministry said. It said a decision would be announced later.
That mirrored the Trump administrations announcement Friday of a tariff hike on $34 billion of Chinese goods, also due to take effect July 6, and plans to consider widening it to an additional $16 billion of other products.
SergeStorms
(19,204 posts)We'll see how Trump's followers like making choices such as; a Doctor visit, or paying bills. Repair the house, or eat. Keep cable TV, or buy the kid's school supplies. You know, little decisions like that. They'll keep thinking, "Oh it'll get better soon", but it won't.
I don't know if many of these "decisions" the Trump lovers will have to make will effect them by November, but the economy is going to slow waaaay down. Those now working two low paying jobs will now have to get a third low paying job (if any are available then) .
But Trump is happy. He gets to play 'tough guy' with the world, he'll teach them all a lesson, and trade wars are "easy to win"!
So it's a win/win situation, right?
Quemado
(1,262 posts)cultural issues.
As long as Trump nominates conservative judges, takes away children from their immigrant parents, supports anti-LGBT policies, etc., then, pocketbook issues are way down the list of things for Trump's followers.
KY_EnviroGuy
(14,494 posts)See: https://www.democraticunderground.com/1127117953
(Snip)
This is a big deal. China is essentially the largest customer for U.S. crude now, and so for crude its an issue, let alone when you involve (refined) products, too. This is obviously a big development, said Matt Smith, director of commodity research at ClipperData. China currently imports about 363,000 barrels of U.S. crude daily, on par with Canada as the biggest U.S. crude importer, according to U.S. Energy Department figures. It also takes in an additional 200,000 barrels a day (bpd) of other products like propane.
The U.S. energy industry has been buoyed by production from the nations shale fields, boosting overall daily oil production to a record 10.9 million bpd. Of that, the United States is now exporting about 2 million bpd, and Trump has touted dominance in energy production and export as key to American global influence.
Thanks for finding this one, Rhiannon12866!......
still_one
(92,394 posts)and the impact on farmers will be felt much sooner
Consumers here will be paying more for goods undoubtedly, and expect cars, and other modes of transportation including soda cans, that use metals to start moving up at price.
The thought that you negotiate trade deals by unilaterally instituting tarriffs is completely insane, especially given the past history of the west's policy of colonialism over Asia, those countries that were bullied by that colonialism do not forget their history, unlike many here in America which seems to have very short memories
olegramps
(8,200 posts)Similar to what some attempted to do in respect to the rise in the minimum wage. The consumer is going to be the victim of this trade war that has gotten totally out of hand.
Yes, I believe that some of our trading partners take advantage of the situation. Especially China. But I think it would be far more effective to target those businesses that are being supplemented by their governments to under cut the market and diving the competition out of business. Then they jack up the price to the proper level. The other much more important issue is currency manipulation which Trump and his henchmen have totally brush aside. The Republicans are making a big issue of how Trump is doing what he campaigned on. This is a fabrication. Just for example he was going to make those making huge profits pay their fare share, in reality he lowered their taxes.
still_one
(92,394 posts)agreements, not by unilaterally imposing tariffs as a negotiating strategy thinking that will cause those countries to fall all over themselves. In fact by what they did we have lost signicant leverage by those unilateral actions
roamer65
(36,747 posts)Brazil and Argentina are picking up the slack for the Chinese.
PearliePoo2
(7,768 posts)But lots of seafood is fished and available from Canada, so China may buy more from them.
Canada, our friendly neighbor to the North that trump has decided to trash, bully and insult.
There's hardly words for how much I detest this maniacal fucker.