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We slapped 25% tariffs on 1 billion in steel trade from China, and 10% on a bit less with aluminum. The stock market dropped when they replied with tariffs on 3 billion in trade from us to them, and lots of people started complaining.
Buckle up.
Trump just announced 25% tariffs on 1,300 products. Over 50 billion of the trade from China will now be hit by this.
Expect China to respond.
If you thought the market freaked out earlier, and that lots of people were upset? It just got turned to 11.
Guess he was annoyed when Jim Mattis explained to him that he couldn't make a command decision to send the military to start a war at the border so he's making himself feel better by heating up the trade war with China.
Regarding the market response, perhaps they've already baked this in to all of the other news (i.e., Facebook, Amazon, previous tariffs, NAFTA being threatened, etc.) So maybe we won't see much of a reaction tomorrow?
Tell us whose best interests are being looked after by making products arbitrarily more expensive through taxation, giving consumers fewer choices and a loss of jobs?
Is the US currently getting a fair shake on trade? Is this not an attempt to level the playing field?
According to the article, The list of goods excludes many Chinese-made consumer products available for sale at Target or Walmart, including clothing, shoes and toys. But it will most likely increase costs for American manufacturers that depend on imported parts because it concentrates heavily on machinery and high-tech components. The tariffs will be imposed on a total of $50 billion worth of Chinese products each year.
So, let's tally this up. Trump put tariffs on two products (steel and aluminum). China responded by putting tariffs on 128 U.S. products.
Now, Trump is putting tariffs on 1300 Chinese products.
It will be interesting to see China's next move in this trade game of chess.
Regarding the market response, perhaps they've already baked this in to all of the other news (i.e., Facebook, Amazon, previous tariffs, NAFTA being threatened, etc.) So maybe we won't see much of a reaction tomorrow?
I kind of thought that was true with the steel tariffs, but nope-we got a fairly large reaction from the markets. I think a lot of them simply did not believe Trump would start a actual trade war with China. Or maybe they thought that since the steel and aluminum tariffs were relatively small that China would ignore them.
But China won't. If it was JUST tariffs they might have, but the exchange of diplomats with Taiwan truly freaked them out. Making their response almost mandatory. I expect a similar response to this.
Is the US currently getting a fair shake on trade? Is this not an attempt to level the playing field?
Yes, in theory. However, tariffs work best to give you a "fair shake" when both parties are willing to quickly come to the table to renegotiate a deal.
And that's not what we're seeing here.
What we're seeing here are two countries upping the ante like some wild game of chess. And, at a certain point, that becomes a zero sum game.
Don't forget too that China hasn't pissed off a lot of their other trading partners by also slapping tariffs on them and talking about doing away with deals like Nafta. So, China may have more wiggle room to wait this game of chess out than we do.
(This is not to say that China doesn't do a lot of stuff that we should punish them for, especially regarding intellectual theft.)
I kind of thought that was true with the steel tariffs, but nope-we got a fairly large reaction from the markets. I think a lot of them simply did not believe Trump would start a actual trade war with China. Or maybe they thought that since the steel and aluminum tariffs were relatively small that China would ignore them.
But China won't. If it was JUST tariffs they might have, but the exchange of diplomats with Taiwan truly freaked them out. Making their response almost mandatory. I expect a similar response to this.
The one thing market's abhor is uncertainty and that's all they're getting from Trump. I expect another notable drop.
Is the US currently getting a fair shake on trade? Is this not an attempt to level the playing field?
There is no such thing as "the US getting a fair shake on trade", there are only individuals looking out for themselves. If China wants to sell americans cheaper goods, while making american goods more expensive for its people, I see them as the loser.
We slapped 25% tariffs on 1 billion in steel trade from China, and 10% on a bit less with aluminum. The stock market dropped when they replied with tariffs on 3 billion in trade from us to them, and lots of people started complaining.
Buckle up.
Trump just announced 25% tariffs on 1,300 products. Over 50 billion of the trade from China will now be hit by this.
Expect China to respond.
If you thought the market freaked out earlier, and that lots of people were upset? It just got turned to 11.
That's really great news. Those who want to kowtow to China will be outraged.
I kind of thought that was true with the steel tariffs, but nope-we got a fairly large reaction from the markets. I think a lot of them simply did not believe Trump would start a actual trade war with China. Or maybe they thought that since the steel and aluminum tariffs were relatively small that China would ignore them.
But China won't. If it was JUST tariffs they might have, but the exchange of diplomats with Taiwan truly freaked them out. Making their response almost mandatory. I expect a similar response to this.
Well, you might be right. I just checked the futures and they're down across the board. And this was just announced an hour ago.
We'll see how it goes tomorrow.
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