Trump's trade war with China is finally here -- and it won't be pretty, analysts say
Source: The Washington Post
By Danielle Paquette and Emily Rauhala
July 5 at 8:56 AM
BEIJING — Some said the day would never come, that it was all a bluff. But as the Independence Day fireworks cool in Washington, the eve of the trade war has arrived in China’s capital, where government leaders keep reminding people: We did not start this, but we will fight back.
President Trump’s first tariffs are scheduled to hit $34 billion of Chinese imports on Friday, and Beijing plans to swiftly respond with levies on an equal amount of goods. Border officers here could receive the order as early as midnight to slap new taxes on hundreds of American products, including pork, poultry, soybeans and corn.
And so would begin an unprecedented commerce battle between the world’s two largest economies — a conflict analysts fear could rattle markets, cripple trade and undermine ties between the United States and China at a time when the administration seeks Beijing’s cooperation on North Korea.
As the global business community watches the clock, China is moving to pin the fallout on Trump, framing the United States as a bully the Asian nation is forced to confront. A state media editorial this week called America’s “dictatorial bent” a global threat, while officials said China will “absolutely not” take the first swing.
Read more: https://www.washingtonpost.com/world/trumps-trade-war-with-china-is-finally-here--and-it-wont-be-pretty/2018/07/05/0e43048c-802c-11e8-b9f0-61b08cdd0ea1_story.html
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We're retirees and the canary in the economic coal mine. When that happens across the country and with our trading partners and across wider age groups, all hell will break loose. The poorest folks will be hit hard.
After ripping up the social safety net, Repug churches better pass an extra offering plate or two.
Consumers are the world's economy and can only tighten belts so much......
