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Here we go...I knew he wouldn't stay quiet. If he keeps this up we are going straight into a recession. Imbecile
Quote:
President Donald Trump ratcheted up the trade war rhetoric with China on Thursday, saying he was considering another $100 billion in tariffs on the country.
"In light of China's unfair retaliation, I have instructed the [United States Trade Representative] to consider whether $100 billion of additional tariffs would be appropriate," the president said in a statement.
Earlier this week, the United States announced new tariffs on $50 billion worth of Chinese goods, claiming that China is stealing US intellectual property. China responded within hours by announcing $50 billion worth of tariffs on US goods.
The moves follow US tariffs that were imposed earlier this year on Chinese steel and aluminum, which also prompted a response from China.
Dow futures fell after Trump's announcement on Thursday and were down about 400 points in after-hours trading.
As of January 2018, China held $1.168 trillion in American debt, more than a $100 billion increase since the same time last year, but down about 11 percent from the record high above $1.3 trillion in late 2013. That's 19 percent of all US Treasuries, notes, and bonds held by foreign countries.
Beijing increased its holdings of US debt last year by the most since 2010. China’s foreign exchange reserves were about $3.13 trillion at the end of February, with roughly a third of them held in US Treasuries.
Looks like Trump intends to ratchet this up even further. He is making the assumption that he can force China to back down. I don't think he is taking into account their national pride. I do not believe they will react as he expects.
DW futures already dropped 400 points. I don't think those will recover like the last set. They might though. But this could also be the start of some serious moves by the DOW. Markets hate uncertainty.
Looks like Trump intends to ratchet this up even further. He is making the assumption that he can force China to back down. I don't think he is taking into account their national pride. I do not believe they will react as he expects.
This is where his personality defects could really get us into trouble. He will double down, double down, and double down...and like you said China has a great deal of national pride. This is nightmarish.
Normally, I would be concerned.... but he just "talks", he won't necessarily DO anything. I think he does this so he can get feedback (prolly via fox) to see the reactions, and then proceeds depending on how people are responding. Just like his stance/changed stance/re changed stance on Syria, steel tariffs and a host of other stuff.
This stuff really must drive US corporations to near apoplexy trying to run a business in this environment.
Was just listening to a news report that just the THREAT of the tariffs has hurt CA wine makers, distributors won't buy it because it may end up with tariffs.
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This is where his personality defects could really get us into trouble. He will double down, double down, and double down...and like you said China has a great deal of national pride. This is nightmarish.
BUT when he gets down to actually doing something, he negotiates lack luster trade agreements. He boasted about his deal with S. Korea, and he essentially accomplished very little (from what I have read).
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I am beginning to think that there's a non-zero possibility that this president does, occasionally, give in to impulses rather than make considered decisions.
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