Hello, sports fans! Well, The Darnold seems determined to do to our economy what he did to the Taj Mahal casino, so let’s get right to the mayhem!
US tariffs on China jump
CNBC ^ | 10 May 2019 | Jacob Pramuk | Everett Rosenfeld
Posted on 5/10/2019, 12:09:09 AM by BeauBo
The Trump administration is hiking duties on $200 billion worth of Chinese products to 25% from 10%… Industries and businesses affected by the tariff hike will not feel the effect right away: it will apply to goods exported after May 10, according to the Office of the U.S. Trade Representative. It will not affect products already in transit to the United States. Trump has prepared to put even more pressure on China as he pushes for an agreement. The president has threatened to slap 25% tariffs on $325 billion in Chinese goods that remain untaxed.
*************This is going to rip whole industries out of China, if they don’t make a deal – but they may just not be able to.
Nah – they’ll just subsidize any affected industries with state resources, just like they always have. They can probably only afford to do this for 15-20 years, though.
This is a big deal, and Chinese markets should take it hard on the chin when they open.
While a agree with Trumps actions here. It is going to be painful for our 401k accounts. I’ve lost 25% of the gains I have made this year already this week. I have painful memories of being up 11% in October of 2018 only to be down 1% for the year in December. I hope that does not happen again. Then again, I don’t need to access my 401k until about 2023. So should be recovered by then, provided we don’t elect another obama.
I don’t know.
I think the Chinese should be punished for going back on the original aggreements.
Trump should enact 25% tariffs on everything as a new baseline, but should then announce they are going to 100% in a month, 200% in two months, then 500% in three months.
THEN start negotiating from there.
We do not repeal the 25% tariffs, ever.
China says they will retaliate – but there is not $200 billion of US imports remaining to them to raise tariffs on. This round is the end of equivalent tit for tat exchanges of tariffs.China is running out of ammo. The next (final) round, if imposed, would be largely one sided, and would likely send
Chineseour markets into crisis, theirour economy into recession, and risk a debt and/or asset bubble and/or currency crisis.
China is running out of ammo.
They could recall the US debt we have to them. That would do some damage.