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 Trumps 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 -
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
elleng
(131,111 posts)'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 worlds 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 countrys 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)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)I happened to glimpse the headline earlier, and it stayed with me because the Uighur matter concerns me.
Maxheader
(4,374 posts)keithbvadu2
(36,912 posts)A tariff is a tax on regular Americans. Trump's higher taxes.
$1.4 billion a month
https://www.google.com/search?biw=826&bih=338&ei=mxrPXPj4DoeH8AOo3bSAAQ&q=tariffs+costing+%241.4+billion+&oq=tariffs+costing+%241.4+billion+&gs_l=psy-ab.12..33i299j33i160l2.85939.107742..114204...1.0..0.208.4576.0j29j1......0....1..gws-wiz.......0i71j35i39j0i67j0i131j0j0i20i263j0i22i30.7u8mJn2rq3Y
blue-wave
(4,363 posts)It will further slow the economy. Hmmm, they tried this once before with the SmootHawley Tariff Act, didn't they?
"The consensus view among economists and economic historians is that the passage of the SmootHawley 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
Ghost Dog
(16,881 posts)And it is not fair.
Wellstone ruled
(34,661 posts)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.
NickB79
(19,270 posts)Wellstone ruled
(34,661 posts)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.
Yo_Mama_Been_Loggin
(108,201 posts)kimbutgar
(21,192 posts)I hope it hurts his stupid Maga supporters?
duforsure
(11,885 posts)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.
Nitram
(22,888 posts)nitpicker
(7,153 posts)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 presidents tweets and the alarm intensified as reports indicated that the government in Beijing might pull out of this weeks 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 Trumps 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)
Vinca
(50,304 posts)BumRushDaShow
(129,472 posts)Certainly this guy has raised an eyebrow -
Link to tweet
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