China cancels trade talks with U.S. as new Trump tariffs loom
Source: The Washington Post
By Danielle Paquette
September 22 at 2:05 AM
China has scrapped trade talks with the United States days before President Trump is set to escalate the commercial battle with a new round of tariffs, according to a person familiar with the discussion.
Chinese officials canceled the planned negotiations after Trump announced he would impose new levies of up to 10 percent on another $200 billion in Chinese imports, effective Monday. Beijing vowed to strike back, slapping duties of up to 10 percent on an additional $60 billion in American products.
Chinas Ministry of Commerce did not immediately respond Saturday.
Beijing had prepared to send Vice Premier Liu He, the countrys top-ranking economic official, to Washington next week, along with a mid-level delegation to prepare for his visit, the Wall Street Journal reported.
Read more: https://www.washingtonpost.com/world/china-cancels-trade-talks-with-us-as-new-trump-tariffs-loom/2018/09/21/c36138ac-be16-11e8-97f6-0cbdd4d9270e_story.html
TheCowsCameHome
(40,161 posts)I can't stand any more of it.
Achilleaze
(15,543 posts)Last edited Sat Sep 22, 2018, 09:52 AM - Edit history (1)
whacko wankers (R) in thrall to Dirty Donny, the ignoble & deceitful five-time republican Draft-Dodger-in-Chief
quadtetra
(46 posts)The US has a large trade deficit with China and Trump is always hammering home this point. But he and others misunderstand that the trade deficit with China really is with lots of countries and China gets unfair "credit".
Take the iPhone.
Lots of countries (USA, Japan, Korea, China, etc.) contribute parts and know how to this product. But because China is the final place where it gets assembled and shipped to the US, the total value of each iPhone is "credited" to China even though the US is also indirectly importing from Japan, Korea, etc for every iPhone imported.
This means the trade deficit with China is exaggerated because some of that deficit should really be credited to other countries.
It also means that since many products imported from China have multiple sources, a tariff is really not only a tariff against China but against every country that contributed to that imported Chinese product.
Read this CNBC article:
https://www.cnbc.com/amp/2018/06/19/trump-is-wrong-on-tariffs-and-trade-just-look-at-his-iphone.html
paleotn
(17,778 posts)Excellent link. A concise look at an extremely complex chain of global trade. It's not only Dotard who has a simplistic and grossly inaccurate view of global trade. It's not a perfect system. Far from it. And it has caused significant disruptions in the US workplace. But making changes is a difficult, complex task. Even a well thought out change that seems good for American workers will have unintended consequences. That's a given with complex systems.
kimbutgar
(20,871 posts)Quite a few closed shops but a new shop had opened selling womens clothes. It was a $6.99 apparel store. All of the clothes were made in China. I ended up buying a pair of pants. I asked the Muslim owner if the tariffs had effected them yet, he said no but knew they were coming. This guy and his wife who was wearing a hijab were running this store. And while I was there other women were coming in a buying items. But I know in a few months when the tariffs hits this little store will be another empty storefront at the mall. Curses to the orange maggot.