China hammers U.S. goods with tariffs, stocks plummet
BEIJING (Reuters) - China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world's biggest economies in response to U.S. duties on imports of aluminum and steel.
The tariffs, to take effect on Monday, were announced late on Sunday by China's finance ministry and matched a list of possible tariffs on up to $3 billion in U.S. goods published by China on March 23.
What-- Trumps tariffs on Chinese goods sparked China retaliating by imposing tariffs on U.S. goods? Which will hurt the overall U.S. economy...?
I am shocked-- ttally shocked I tell you!
(No one could have ever predicted that this would happen!!!)
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China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world's biggest economies in response to U.S. duties on imports of aluminum and steel.
(No one could have ever predicted that this would happen!!!)
And people were surprised by Chinas retaliation?
I suppose Mr. Trump has not yet become accustomed to folks pushing back, better get used to it and quickly.
Exactly. When Trump punches, people punch back!
Hard hopefully.
U.S. stocks fell sharply on Monday after China imposed tariffs on more than 100 products.
Investors have expressed concern that a trade war between the U.S. and China could slow global commerce and hurt corporate commerce. Starting Monday, China is increasing the tariff rate on eight imported U.S. products, including pork, by 25 percent. It's also imposing a new 15 percent tariff on 120 imported U.S. commodities, including fruits.
So... Aluminum and Steel products are gonna cost more. Big whoop. suppliers for steel product manufacturers will lose business and start laying off employees. Yawn. China will get it's food products elsewhere driving down wholesale (but not retail) food prices bankrupting farmers. Who cares? Wait!... Stocks fell sharply? OH NO! PANIC! PANIC!
Well, reactions differ.
It depends upon whether you're one of the approximately 50% of the population who manages their money wisely and plans for the future...i.e. those who don't spend every penny but rather save and more importantly save for the future.
And to perhaps put it more simply-- one's opinion might be influenced by what percent of one's total net worth is invested in equities!
I am by no means wealthy but an extremely high percentage of my net worth is in stocks...so I do care care. However, your implication that people like me would panic is total "alternative facts"-- I'm not panicking at all!!!
P.S: Part of the reason is that I'm deliberately well-hedged-- including some gold, defense stocks....and a lot o f very secure dividend paying government financial instruments. (The latter isn't affected by the stock market--- its value as well as dividend is not effected in the least by the market. As long as the government doesn't fall, I'll be fine!)
China's tariff are designed to hit states that voted for Trump especially hard.
The GOP Senator have ripped Trump on his trade actions...''This is nuts'' quote from one GOP Sentor.
TODAY...Trump doubles down on potential trade war with China.
Trump, like many of the GOP politicians in DC don't really give a ratz azz about the farmers or the middle class or how hard they may be hurt by this tariffs and trade war. Trump and his Good 'ol Boys club are only interested in how good they look to their base.
Looks like the farmers and workers who voted for Trump are waking up to the fact that they are being shafted by him. And they are not at all happy. The only 'trickle down' that will be felt from this administration will be that of the fall out of the big auto and other companies that will ultimately 'trickle down' and affect the supplier companies down stream.
But, as long as it doesn't affect Trumps own companies negatively he could care less what happens to the rest of the companies that will ultimately suffer from his selfish decision. And the politicians who are supporting him may soon find themselves on the outside looking in.
He wants a Trade War and Tariffs because they sound tough! They sound like he is throwing America's economic weight around! They sound like he is doing something tough! However he has no concept of the amount of damage they actually do to Americans and to our allies. Will a Trade War with China hurt them? Sure, but they are a dictatorship and they will just swallow a little harder and ride it out. They will win one with the U.S. and that's a simple fact. There are no winners in a Trade War, only losers. No one wins. Not us, not or trade partner, not the ones we have trade deficits with (and the deficits will not change). In the end every one will be hurt and everyone will lose and nothing will be resolved and if it get's completely out of control it will result in a world wide repression or depression. Trump is a child playing with a book of matches in a TNT factory.
"Trump is a child playing with a book of matches in a TNT factory."
And the GOPer not only applaud him, but, keep handing him more matches and adding more TNT.
Nope, no one wins in a trade war. Everyone is a loser in the long run. Trump has no gotten rid of most everyone around him who had a real brain working, and those few that are left he refuses to listen to.
Even those in his own party that don't support his wild brain storms will still support him in the long run rather than do the right thing for their country and go against him. And they, too, will pay the price of their failure to put country first as they should.
Of course I'm not going to say whether I think it is right or wrong for China to retaliate against Trump's tariff war, but Napoleon Bonaparte, who made a big mistake by not leaving Russia alone, said more wisely a long time ago: “China is a sleeping giant. Let her sleep, for when she wakes she will move the world.”
I do not believe China will cower from Trump's threats, and I do believe that if Trump continues with this game it will cause Americans to be the ones to suffer, rather than the Chinese.