Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30%
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
Texin
(2,596 posts)spinbaby
(15,090 posts)The tariffs will increase until the economy improves.
crazytown
(7,277 posts)'hereby ordeed' - the Chosen1
OnlinePoker
(5,719 posts)underpants
(182,806 posts)Berlin Expat
(950 posts)China has been through much worse than Trump.
Look at Chinas 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 Zedongs 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. Theyve suffered far, far worse than anything a shady businessman from Queens can throw at them.
crazytown
(7,277 posts)So much winning,
BlueIdaho
(13,582 posts)Welcome to the 2020 recession.
RandySF
(58,835 posts)SergeStorms
(19,201 posts)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
(62,416 posts)Chemisse
(30,813 posts)ProudMNDemocrat
(16,785 posts)[img][/img]
Traildogbob
(8,739 posts)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
(43,166 posts)It's all going over the falls in a barrel, and we're going to pay and pay and pay
mahatmakanejeeves
(57,457 posts)BumRushDaShow
(129,017 posts)I think?
Newest Reality
(12,712 posts)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
(8,020 posts)I know he demanded the US biz thing earlier but didn't know about the tariff.
PSPS
(13,599 posts)I erroneously said 2 PM Eastern but was mistaken.
yaesu
(8,020 posts)bucolic_frolic
(43,166 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
(8,020 posts)mopinko
(70,106 posts)which we know it is gonna be.
we are so fucked.
usaf-vet
(6,186 posts)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
(6,931 posts)Keep it up Trump and did your latest round of tariff pissing match hit soybeans that much harder?? Hope so!
crazytown
(7,277 posts)Futures are down another 600 points.
underpants
(182,806 posts)We lost 3% on both our stocks today.
Bengus81
(6,931 posts)Trump should resign on Monday when the DOW hits 1000 points down for two trading days. Yeah right.........
progree
(10,908 posts)Friday's closing values.
safeinOhio
(32,683 posts)to check their 401Ks. Never mind.
bucolic_frolic
(43,166 posts)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
(12,412 posts)ProudMNDemocrat
(16,785 posts)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
(7,277 posts)it's the Chinese paying these tariffs, not Americans
ProudMNDemocrat
(16,785 posts)KY_EnviroGuy
(14,491 posts)Oh wait....
He would then have rebellion from his billionaire retail executives that help fund his campaign.....
SharonAnn
(13,775 posts)Made in China
KY_EnviroGuy
(14,491 posts)...........
Mc Mike
(9,114 posts)B Stieg
(2,410 posts)BumRushDaShow
(129,017 posts)(the movie is almost 30 years old... ack)
FailureToCommunicate
(14,014 posts)👍
KY_EnviroGuy
(14,491 posts)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
(34,195 posts)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
(7,403 posts)"Only I çan fix it".
That is going about as well as the other false promises.
sakabatou
(42,152 posts)BumRushDaShow
(129,017 posts)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
(8,020 posts)keithbvadu2
(36,806 posts)Billion$ of new Trump taxes spelled t-a-r-i-f-f-s.
keithbvadu2
(36,806 posts)Every republican running should be tied to these taxes on American manufacturers and consumers.
Yo_Mama_Been_Loggin
(107,986 posts)wiggs
(7,813 posts)arrogance on the GOP every day.
This is their show, entirely, and they sit on their hands.
roamer65
(36,745 posts)Time to get into recession mode.
I suggest all businesses pass along ALL of the tariff to consumers.
thenelm1
(854 posts)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
(31,112 posts)Your president is under orders to DECIMATE our country
safeinOhio
(32,683 posts)If it does his base is gone.
RainCaster
(10,877 posts)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
(11,423 posts)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
(16,941 posts)Put HOBBY LOBBY out of business!!!
enid602
(8,620 posts)That's okay. Apple will be able to substitute all of its Chinese vendors with Braziian ones!
Dawson Leery
(19,348 posts)procon
(15,805 posts)Rules of Aquisition that covers this foolishness.
Berlin Expat
(950 posts)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
(129,017 posts)louis-t
(23,295 posts)Signed, the psycho in charge.