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BumRushDaShow

(129,472 posts)
Sun May 5, 2019, 12:42 PM May 2019

Trump says he will increase tariffs on Chinese goods on Friday as he complains about pace of talks

Last edited Sun May 5, 2019, 01:22 PM - Edit history (1)

Source: Washington Post



President Trump said on Sunday that he will increase tariffs on Chinese imports on Friday, unexpectedly setting what appears to be a new deadline to produce a comprehensive deal or trigger an escalation of the U.S.-China trade war. Just days before Chinese negotiators are scheduled to arrive in Washington, the president threatened to increase existing tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent and levy a new 25 percent fee on all remaining Chinese imports.

In a pair of tweets, Trump accused China of trying to “renegotiate” terms of an agreement that negotiators have been racing to finish for the past five months. Chinese Vice Premier Liu He is scheduled to arrive in Washington on May 8 for what had been billed as potentially the concluding rounds of bargaining.

U.S. officials have said they hoped to wrap up a sweeping deal soon, but Trump’s abrupt intervention adds a volatile new element to the end game. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” the president tweeted shortly after noon on Sunday.

The office of the U.S. Trade Representative, Robert E. Lighthizer, had no immediate response to a request for comment.

Read more: https://www.washingtonpost.com/business/trump-says-he-will-increase-tariffs-on-chinese-goods-on-friday-as-he-complains-about-pace-of-trade-talks/2019/05/05/774c2e92-6f53-11e9-9eb4-0828f5389013_story.html



Full title: Trump says he will increase tariffs on Chinese goods on Friday as he complains about pace of trade talks

Original article -

By Washington Post Staff
May 5 at 12:39 PM

In a pair of tweets, the president said he will hike tariffs on $200 billion worth of imports to 25 percent from 10 percent. Trump had twice before postponed the scheduled increase to allow negotiators to seek a comprehensive deal. His threat increases pressure on a deal that Trump said has been going “too slowly.”

This is a developing story. It will be updated.

https://www.washingtonpost.com/news/business/wp/2019/05/05/trump-says-he-will-increase-tariffs-on-chinese-goods-on-friday-as-he-complains-about-pace-of-trade-talks/?utm_term=.3bcbcc853bdc
17 replies = new reply since forum marked as read
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Trump says he will increase tariffs on Chinese goods on Friday as he complains about pace of talks (Original Post) BumRushDaShow May 2019 OP
In Push for Trade Deal, Trump Administration Shelves Sanctions Over China's Crackdown on Uighurs elleng May 2019 #1
Thank you for the NYT link and excerpts BumRushDaShow May 2019 #2
You're welcome. elleng May 2019 #3
Stumpy make farmers cry.. Maxheader May 2019 #11
A tariff is a tax on regular Americans. Trump's higher taxes. keithbvadu2 May 2019 #4
Yes, it is. blue-wave May 2019 #9
It risks crashing many economies around the world... Ghost Dog May 2019 #10
Well,the US Importer's Wellstone ruled May 2019 #5
They're already making a serious push for Arctic resources NickB79 May 2019 #12
The main thing to watch is Wellstone ruled May 2019 #13
Stable genius in action Yo_Mama_Been_Loggin May 2019 #6
Does he not realize that consumers will be paying the higher costs for items because of his tariffs? kimbutgar May 2019 #7
So China with others should duforsure May 2019 #8
Sounds like the thought of Mueller testifying before Congress is getting on his nerves... Nitram May 2019 #14
Markets tumble after Trump threatens to dramatically increase China tariffs nitpicker May 2019 #15
Don's playing the stock market again. His rich buddies must love him Vinca May 2019 #16
I don't think he has any "buddies" BumRushDaShow May 2019 #17

elleng

(131,111 posts)
1. In Push for Trade Deal, Trump Administration Shelves Sanctions Over China's Crackdown on Uighurs
Sun May 5, 2019, 12:48 PM
May 2019

'The United States and China are racing to clinch a historic economic treaty as early as next week that could drastically reshape relations between the world’s two largest economies. But as negotiations reach their final stages, the sensitive subject of human rights has been left conspicuously off the table.

China has faced growing condemnation from human rights groups in recent months for its detention of up to one million ethnic Uighurs and other minority Muslims in large internment camps in the country’s northwest region of Xinjiang.

But the Trump administration has studiously avoided rattling China by not raising the topic during the trade talks, viewing it as an impediment to securing what President Trump has said could be “the biggest deal ever made.”

Administration officials have declined to use any of the economic leverage the White House amassed through tariffs placed on $250 billion worth of Chinese goods to compel China to change its policies toward Uighurs. It has also backed away from imposing economic sanctions on Chinese officials believed to be involved in the repression of Muslims in the northwest.'>>>

https://www.nytimes.com/2019/05/04/world/asia/trump-china-uighurs-trade-deal.html

BumRushDaShow

(129,472 posts)
2. Thank you for the NYT link and excerpts
Sun May 5, 2019, 12:53 PM
May 2019

WaPo has been banging them out today although is sometimes slow to update the articles. The NYT usually waits a bit until they have their stories mostly written before sending out their breaking banners.

elleng

(131,111 posts)
3. You're welcome.
Sun May 5, 2019, 12:57 PM
May 2019

I happened to glimpse the headline earlier, and it stayed with me because the Uighur matter concerns me.

blue-wave

(4,363 posts)
9. Yes, it is.
Sun May 5, 2019, 04:00 PM
May 2019

It will further slow the economy. Hmmm, they tried this once before with the Smoot–Hawley Tariff Act, didn't they?


"The consensus view among economists and economic historians is that the passage of the Smoot–Hawley Tariff exacerbated the Great Depression,[16] although there is disagreement as to how much."
https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act

 

Wellstone ruled

(34,661 posts)
5. Well,the US Importer's
Sun May 5, 2019, 01:28 PM
May 2019

ramped up inventories before the first of the year expecting this to happen.

Folks have to understand,China is run by their Military,and their 30 year plan adopted a few months back. Is all about China being self sufficient well before that time frame. Understand,China is securing their food sources both at home and abroad,as well as their raw materials and energy needs.

Our lame ass Media is not reporting what the heck is really going on. All they care about is the next Presidential so called Horse Race they want to create.

The Chinese are true Capitalist and not like our Corportist's who just rape a corporation for it's profits and never put anything back. The Chinese Military knows that they are out numbered if they People go Hungry or are broke,they will come for them and it wont be pretty.

 

Wellstone ruled

(34,661 posts)
13. The main thing to watch is
Sun May 5, 2019, 08:42 PM
May 2019

Africa. They the Chinese are setting up massive Grain and Food Growing operations in several Countries in Africa. BTW,the Chinese Government has purchased through straw buyers,tens if thousands of acres of Irrigated land in the California,Arizona and Nevada boundry area including all the water rights. Three years ago,they bought out the largest irrigated ranch in the Green River Utah area,again including the water rights.

kimbutgar

(21,192 posts)
7. Does he not realize that consumers will be paying the higher costs for items because of his tariffs?
Sun May 5, 2019, 02:32 PM
May 2019

I hope it hurts his stupid Maga supporters?

duforsure

(11,885 posts)
8. So China with others should
Sun May 5, 2019, 02:39 PM
May 2019

Do anything they can to help him lose the 2020 election for hurting them , which will only get worse from him no matter what they do. He'll demand more or else.

nitpicker

(7,153 posts)
15. Markets tumble after Trump threatens to dramatically increase China tariffs
Mon May 6, 2019, 04:40 AM
May 2019
https://www.theguardian.com/us-news/2019/may/06/markets-tumble-after-trump-threatens-to-dramatically-increase-china-tariffs

Markets tumble after Trump threatens to dramatically increase China tariffs

Martin Farrer with agencies

Mon 6 May 2019 08.03 BST

Global financial markets have been sent into a tailspin after Donald Trump risked jeopardising delicate trade talks with China by unexpectedly saying he would raise tariffs further on Chinese goods this week.

Stocks in China closed down 5.5% on Monday as investors in Asia Pacific were caught off guard by the US president’s tweets and the alarm intensified as reports indicated that the government in Beijing might pull out of this week’s scheduled talks.

Although markets are closed in Japan and London on Monday, the Dax in Germany was down 1.6%. Futures trading indicated that Wall Street would fall 2% when trading opens later on Monday. Oil prices – a benchmark for global trade – also plunged and the Chinese yuan tumbled.

Traders feared that Trump’s threat to raise tariffs on $200bn of Chinese goods to 25% on Friday from 10% and then target a further $325bn of Chinese goods could destabilise global financial markets that had been boosted by what appeared to be encouraging progress in the negotiations.
(snip)

BumRushDaShow

(129,472 posts)
17. I don't think he has any "buddies"
Mon May 6, 2019, 06:30 AM
May 2019

Certainly this guy has raised an eyebrow -



TEXT
CNBC

@CNBC

"The one thing you can't do is shake your fist first and then shake your finger later on," Warren Buffett commented on Dow futures dropping as much as 500 points today on news that China is considering skipping trade talks. https://cnb.cx/2VhhT2Q
37
6:13 AM - May 6, 2019




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