China retaliates with tariffs on $60 billion in U.S. imports after Trump's latest move in trade war
Source: Washington Post
BEIJING Beijing will immediately retaliate against President Trumps new tariffs on $200 billion in Chinese imports, setting the stage for a protracted dispute that could raise prices of household goods in both countries.
Chinese President Xi Jinping has refused to budge amid mounting threats from Trump, who vowed to place higher border taxes on practically everything the United States buys from China if Beijing unveils new duties next week.
In order to safeguard our legitimate rights and interests and the global free trade order, China will have to take countermeasures, the countrys Ministry of Commerce said in a statement. We deeply regret this.
The Chinese government previously warned it would hit back with tariffs on an additional $60 billion in American goods following Trumps escalation, which would slap higher border taxes on nearly all U.S. exports to China.
Read more: https://www.washingtonpost.com/world/china-could-soon-target-practically-all-us-imports-as-it-retaliates-in-trade-war/2018/09/18/7a12708a-bac9-11e8-adb8-01125416c102_story.html
elmac
(4,642 posts)maybe threaten to bring the MAGA hat production to the US
Bengus81
(6,931 posts)elmac
(4,642 posts)bucolic_frolic
(43,172 posts)Fatten federal revenues with tariff monies, paid by consumers of all income levels, and then cutting taxes for the wealthy with the revenues.
It all fits into a plan for Trump. Rich people deserve more, poor people should starve to death. Only reward the 'Best People'.
Owl
(3,642 posts)ProudMNDemocrat
(16,786 posts)Democrats have to hammer that point home. They do that, they win.
olegramps
(8,200 posts)Tariffs can be used to stimulate in county manufacturing and were imposed by the United States during its development stages. It was realized that it nation could not advance if it only was an exporter of raw materials. However, they were very selective. The world is not the same and a truly global economy makes the massive imposition of tariffs counter productive. China has been abusing the system and should be challenged. The manner in which the Trump administration is going about could lead to a disaster. I believe that we should have formed a block of countries, especially European and North and South American governments, to confront China with ultimatums to force their compliance to fair trade practices. The Trump administration actions don't appear to very effective and certainly are not solving the trade imbalance, equal access to their markets, manufacturing intelligence and currency manipulation. But, what can we expect from a Trump administration that is being lead by abject nincompoops who have amply demonstrated that they are totally uninformed and ill prepared to do anything worthwhile and only make the situation worse.
Achilleaze
(15,543 posts)Botany
(70,508 posts)Is Trump working to crash the US economy because that is what Putin wants him to do?
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Beijing will slap tariffs of 5 or 10 percent on a list of about 5,200 U.S. products, such as honey, liquefied natural gas and smoked salmon. The tariffs will go into effect on Sept. 24, according to an informal translation of a Chinese Commerce Ministry announcement. Last month, Beijing had threatened tariffs of as much as 25 percent on some of the goods.
The Trump administration said on Monday it would go ahead with imposing a 10 percent duty on an additional $200 billion of Chinese imports as of Sept. 24. Trump also warned that the U.S. would immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports covering virtually all of Chinas exports
snip
They also know that I am the one that knows how to stop it. There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted! he added.
Chinas announcement brings the total amount of American goods hit with tariffs to roughly $113 billion. So far, the U.S. has slapped tariffs on about $250 billion worth of Chinese goods.
https://www.politico.com/story/2018/09/18/china-trade-war-tariffs-retaliate-794449
Dave Starsky
(5,914 posts)Merry Christmas, everyone, from the Orange Mushroom Man.