UPDATE: Trump threatens tariffs on $267 billion in Chinese goods, expanding the trade war

[BumRushDaShow]

Last edited Fri Sep 7, 2018, 01:37 PM - Edit history (1)

Source: Washington Post

President Trump said on Air Force One Friday that he is ready to impose tariffs on $267 billion in Chinese goods, on top of the additional $200 billion that he said will likely be hit with tariffs in a matter of days. If eventually carried out, the president’s latest threat would result in tariffs on all Chinese goods entering the United States, an unprecedented escalation of Trump’s trade war with China.

Stocks dropped slightly immediately after Trump's comments became public, before recovering. The U.S. in July began imposing tariffs on $50 billion in Chinese industrial imports.

"We’ve taxed them $50 billion — that’s on technology,” the president said. “Now we’ve added another $200 billion. And I hate to say that, but behind that, there’s another $267 billion ready to go on short notice if I want. That totally changes the equation."

The tariffs that Trump has imposed and threatened add up to $517 billion, more than the $505 billion in Chinese goods that entered the country last year. The president says the tariffs are needed to force China to stop stealing U.S. technology and coercing American companies to surrender their trade secrets in return for access to the Chinese market.

Read more: https://www.washingtonpost.com/business/2018/09/07/trump-threatens-tariffs-billion-chinese-goods-expanding-trade-war-all-chinese-imports-entering-us/?utm_term=.222924da183d

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"King of Debt"

Full headline: Trump threatens tariffs on $267 billion in Chinese goods, expanding the trade war to all Chinese imports entering the U.S.

Original headline & article -

Trump threatens tariffs on $267 billion in Chinese goods, expanding the trade war to all Chinese imports entering the U.S.

By Washington Post Staff
September 7 at 1:05 PM

The president told reporters on Air Force One the U.S. is moving ahead with tariffs on $200 billion in Chinese goods, and he is ready to expand his trade war even further if China retaliates.

“And I hate to say that, but behind that, there’s another $267 billion ready to go on short notice if I want,” he said.

This is a developing story. It will be updated.

https://www.washingtonpost.com/news/business/wp/2018/09/07/trump-threatens-tariffs-on-267-billion-in-chinese-goods-expanding-the-trade-war-to-all-chinese-imports-entering-the-u-s/?utm_term=.391d3052c7d5

[bucolic_frolic]

1. Never a doubt

Americans will be unhappy when their Chinese goods cost twice as much and half of them aren't available at any price.

Let the Civil War begin, because that's the end game

[BumRushDaShow]

2. Will see how far the Walton family allows this to go on

[leftyladyfrommo]

11. And Hobby Lobby and Joanns.

Everything in those stores comes from China.

[BumRushDaShow]

12. Yup.

(although the Waltons are at a respectable position on the Forbes billionaire's list but they were already having troubles before the tariffs)

[hedda_foil]

3. That will push the Chinese government to divest from their investment in the dollar.

And if that happens, a universal flight from US dollars is inevitable.

[elmac]

9. they have cut back quite a bit

aren't buying as much and have divested already,
Who holds our debt:

Foreign - $6.285 trillion. China owned $1.184 trillion and Japan owned $1.061 trillion. That's more than one-third of foreign holdings.
Federal Reserve - $2.463 trillion.
Mutual funds - $1.788 trillion.
State and local government, including their pension funds - $934 billion.
Private pension funds - $385 billion.
Banks - $633 billion.
Insurance companies - $344 billion.
U.S. savings bonds - $160 billion.

[knightmaar]

4. Don't worry. It's easy to win trade wars.

Someone told me that, so I'm sure it's true.

[Bernardo de La Paz]

5. Perhaps a stream of tourists will visit Canada to buy stuff and "scuff up" new shoes to fool

to fool custom agents on the way back!

[BumRushDaShow]

7. That only works if they are allowed back into the U.S. at all!

[SWBTATTReg]

6. Going after the Chinese in this manner isn't going to help...and rump is going about it ...

the wrong way, as usual. This is where Nixon and rump differ significantly...Nixon believed (as well as Henry Kissinger) that to exclude a country w/ over 1 billion people from world dealings was wrong. I applaud the Chinese for they have produced an economic powerhouse and brought better wages and lives to 100s of millions of people in China.

These people are just like us, we want good lives, we want our families to prosper, and we want it all, just like everyone else. Unfortunately, there are a lot of folks (billionaires and the like) that feel like economic prosperity doesn't mean that our votes count, and that we don't or shouldn't have a voice in our government.

[BumRushDaShow]

8. He supposedly had a deadline to decide by today

and it is perfect to help distract away from that Op-Ed and Woodward's book.

[elmac]

10. with the economy being so "yuge"

I'm sure a trade war can be absorbed. It will just slow down the trillion dollar company train a little.