“President Donald Trump said Wednesday that his administration’s tariffs on Chinese imports could stay in place indefinitely until Beijing complies with a still-developing trade deal — which the president said ‘is coming along nicely,'” Jacob Pramuk reports for CNBC.
“‘We’re not talking about removing [tariffs], we’re talking about leaving them for a substantial period of time, because we have to make sure that if we do the deal with China that China lives by the deal,’ Trump told reporters on the White House lawn as he left to visit an Ohio manufacturing plant,” Pramuk reports. “The president’s comments come amid conflicting reports about how close the world’s two largest economies are to reaching a deal and just what China is willing to concede in talks. Negotiations will restart next week when U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to Beijing.”
“Trump stressed that “we’re getting along with China very well” as the countries try to strike a deal and ease trade tensions that threaten sustained damage to U.S. businesses. ‘President Xi [Jinping] is a friend of mine,’ Trump said. ‘The deal is coming along nicely. We have our top representatives going there this weekend to further the deal,'” Pramuk reports. “The president has used the duties as a negotiating tool to push China toward a trade agreement.”
Read more in the full article here.
MacDailyNews Note: On Tuesday, Bob Davis reported for Dow Jones Newswires that the U.S. and China are “aiming to close a deal by late April to end the yearlong dispute between the world’s two largest economies.”
“People tracking the negotiations said the talks appear to be in their final stages, following a rocky patch after Chinese leaders were unnerved by President Trump’s decision to abruptly break off nuclear-disarmament talks with North Korean leader Kim Jong Un in February,” Davis reported. “‘We’re in the endgame,’ said Myron Brilliant, executive vice president of the U.S. Chamber of Commerce. If the two sides continue to make progress, he said, they should be able to finish a trade deal by the end of April…”
Read more in the full article here.
SEE ALSO:
‘The risk paid off’: How Apple prevailed in the U.S.-China trade war – March 4, 2019
President Trump says U.S.-China trade deal ‘very, very close,’ pushes U.S. stocks higher – February 25, 2019
Apple CEO Tim Cook optimistic about U.S.-China trade talks – February 12, 2019
President Trump says U.S. doing well in trade negotiations with China – January 23, 2019
China’s 2018 growth slows to 28-year low, more stimulus seen – January 22, 2019
Apple CEO Tim Cook: I’m very optimistic about U.S.-China trade talks – January 8, 2019
Advisor to President Trump: Apple’s sales should pick up when U.S.-China strike trade deal – January 3, 2019
A little short term pain for some long term gain. Even those who hate Trump are going to benefit.
and of course, they’ll never admit it
Let’s talk about something Trumpanzees will never admit: the Trickle Down economic theory does not work in practice.
Remember, Trump promised 4% GDP growth in office, and even more outlandish bull on the campaign trail:
https://www.businessinsider.com/trump-4-gdp-growth-promise-2017-1
After a year of tinkering with the US tax code to give campaign donors everything they could possiibly want, culminating in a glorious bill signing ceremony that cemented support for Trump among the greedy elitist classes.
What happened? Every economist predicted an immediate sugar high. Corporations bought back billions in their own stock immediately. Then … Trump went back to his isolationist bent, undermining any business case for large scale US manufacturing.
Now more news comes in, and I want to correct a grevious error. Previously I reported that the 4th quarter 2018, the tax trickledown proving to have failed, that GDP growth was a mere 2.6%, the third quarterly decline in a row. Well today the Commerce Department readjusted that figure to a blazing 2.2% GDP.
https://www.reuters.com/article/us-economy-gdp/u-s-fourth-quarter-gdp-revised-down-profits-weak-idUSKCN1R91HN
As I recall, the Obama recovery was attacked by the rabid right as being too slow, with poor wage growth and unacceptable federal debt. Today we are seeing the same exact performance and … when will the Trumpanzees admit that their orange hero is no economic genius? He’s underperformed the Obama GDP growth since the day he walked into Mar A Lago, aka White House South. But worse than Obama, Trump just dug an even more painful federal debt, transferring wealth to multinational corporations rather than paying down the unacceptable US debt.
Admit it, Trump is an economic disaster. Or are you too impressed with his daily tweetstorm of deflections and lies?
Nobody is against sticking it to China for their trade violations.
But who pays tariffs, Greg?
Why are you happy to let a Washington DC bureaucrat pick and choose his favorite companies for which to grant special exemptions?
This is why Trump’s crony capitalism reeks.
please point to any non-Trump projection that predicts “long term gain”. Any one will do.
Meanwhile in the real world Foxconn is backing out of its corporate welfare deal in wisconsin. US automakers are starting to shutter manufacturing plants. Even Amazon won’t put down roots anywhere in the US without taxpayers funding their welfare. Oh well. Wall Street traders keep making money and Cook keeps importing stuff from Gyna so everything must be great now.
Why is this garbage on a Mac news site. Go tout the orange fool somewhere else
Because MDN knows politics is more popular on this site than Apple news, by a huge margin!
Emotional trap to draw people in. I guess they need the clicks!
MDN
Change your site’s name to MDP.. ( Moron’ Daily Politics)
Stupid, senile man-baby.
We’re getting along with — very well.
____ is a friend of mine.
Tremendous.
Very, very soon.
Sad.
Best words.
I know more about ______.
Genius.
Gina has great respect for Donald Trump and for Donald Trump’s…. …. ah, brain.
Have you seen the videos comparing how he spoke when young compared to now. It would be very, very sad, if he weren’t just a poisonous jerk.
And, yeh, there’s the incessant lying.
He’s either
– Already so senile that he doesn’t even know he’s lying every day.
– Or he’s such a manipulative, nacissistic sociopath, that he doesn’t care. It’s just “my way at any cost”.
Either way is a disaster for the US… although not for Gina or Russia.
Bottom line: President Trump and his team are working on this totally neglected problem when your team was playing golf, appearing on comedy shows and looking the other way for decades. Move along partisan clueless child…
goeb, as usual you speak many words but offer no meaning and certainly no evidence to support your hyper partisan opinions. typical of the right wing extremists on this site.
“offer no meaning?”
Here is meaning you won’t appreciate. Trump campaigned on trade imbalance tariffs and has been tirelessly working on and off on the issue since being elected president. In the news lately and duh, the article we are responding to, it is once again on the front burner.
Please provide “evidence” Obama and Clinton worked more tirelessly than President Trump on this issue. I’ll save you the trouble, no way Jose.
The imbalance skyrocketed under Clinton, increased under Bush and during the Obama reign only paid lip service to the issue and did NOTHING.
Obama just smiled on the Tonight Show after weeks of Hawaiian vacations and his First Lady was too busy being photographed for fashion magazine covers.
Get a grip…
17-one star down votes. Perfect. No responses. Perfect. Have a wonderful day…
MDN- when are you going to stop kissing Dotard’s ass? Apparently you haven’t heard about what he’s been doing behind the scenes while all his BS deflections have been going on:
https://www.politico.com/story/2019/03/20/trump-tariffs-automobiles-commerce-1228344
When you stop Suckling on his Eggplant!
Trump hires russian bimbos and silicone implanted porn stars to do that. It’s all part of Trump’s special brand of Christian lifestyle. What a role model!
The self proclaimed worlds greatest dealmaker has problems making deals. Too much time on the golf course perhaps?
Managing a nation for long term prosperity cannot be successful when operating like a shyster transactional business. Trump is pissing off allies and foes alike with his constantly changing stories and lack of concrete long term action on any issue. The promises America made in the past are not being kept today, instead arrogant belligerent tweets is what the White House produces.
Trump is running record trade deficits and peacetime budget imbalances. The ramifications of such gross mismanagement may be invisible to you short term thinkers, but they will be apparent in due time.
Let’s review what the Trump administration has accomplished with his trade spat. First, he slammed all US manufacturers with one sort of tariff or another, most of which didn’t affect China. Big automakers each were hit with over $1 billion in increased material costs. Many small businesses simply folded. The short term sugar high for multinational corporations has buoyed corporate coffers, but very little of that has actually trickled down to investors or workers. Corporate stock buybacks were strong — has that buoyed AAPL stock price??? Meanwhile China is continuing to do whatever it wants, with US customers paying hefty consumer taxes (tariffs) on select goods that come not just from China but from trustworthy trading partners too.
Everyone expected a short term boost to company profits thanks to tax cuts, with long term deficits shouldered by taxpayers. Depending on the rally, Trump promised 4, 5, 6, 8% GDP growth rate. Instead he delivered an average of less than 3%. Only 2.6% in the 4th quarter 2018, following 2 quarters of declines after the sugar high.
Have US companies stock prices benefited? Well here’s the answer to that:
https://www.marketwatch.com/story/heres-president-trumps-stock-market-scorecard-after-2-years-in-office-2019-01-22
Or maybe you don’t like looking at old historical data that predates the rise of China. Okay, let’s just look at S&P500 returns since 2009:
But wait, the Trumpanzee crowd will shout, the economic softness can’t be due to Trump policies! (Insert scapegoat here). See, Trump just issued his proposed budget, look how great the future will be!
Well read the goddamned budget proposal then.
In 2016, candidate Trump promised to eliminate the $19 trillion national debt “over a period of eight years”. That was code words to his supporters to vote for him 2 x. Well on Feb 11, 2019, the US exceeded $22 trillion in debt. To be precise, Trump added $2.07 trillion to American debt in the fiscal year AFTER the glorious self-enriching tax cut was enacted in Dec 2017.
The future for US solvency doesn’t look any brighter. Trump’s proposed budget does not balance with his most outlandishly positive future economic projections, let alone pay off old debt. The proposed budget shortfall that Trump offers has a $1.1 trillion fiscal deficit. That’s as bad as Obama, who is currently villified for signing the bipartisan bills that used $3.46 trillion in short term federal funding to save the US banking system.
But but but that tax cuts will put money in all our pockets! The economy will do better than ever! My response: then why are even large corporations showing a lower profit today than during the entire Obama administration?
According to the CBO’s latest budget projections, the annual deficit will hit $903 billion in 2020 and eclipse $1 trillion annually in 2022. In contrast to the president’s budget, the CBO does not expect a decline in the deficit over time, and by fiscal year 2029, the projected annual deficit will hit $1.3 trillion.
Apparently in the eyes of Trump fans, lying to the American voters about your financial plans and then proceeding to set new debt records is Great Again. What will your narrative be when Trump’s debts vastly exceed those incurred under the Obama administration?
https://www.businessinsider.com/trump-national-debt-deficit-compared-to-obama-bush-clinton-2019-2
Apple will continue to employ China for all its production needs. Do you think there’s anything Trump can or will do to change that? When all is said and done, the only thing Trump will be remembered for is handing his successor a pile of debt and unraveling strong diplomatic ties.
For Gods sake get a life!
Can’t deal with facts Yojimbo?
Trump fans first predicted an economic explosion. Then after 2 years of tweets, when the deficit balooning trickledown tax bill didn’t even deliver economic growth to match GDP under Obama (thanks for posting unequivocal facts Mike!) the right wing narrative changes to “short term pain”. That is flat out bullshit. NAFTA2 is a nothing burger. This short term corporate tax deal has pumped the economy as much as it ever will. Trump has harmed trade with Europe and has zero progress to show for his Gyna crusade. Trump’s own economic projections show massive debt as far as the eye can see. That truly is the bottom line.
As a financial conservative I find it extremely disturbing that Trump fans like Yojimbo attack level headed people like Mike for posting the truth that will massively affect everyone. The reason the USA is the HQ for all the largest companies in the world is because in the past the USA offered the lightest regulation for the best infrastructure. Now the infrastructure is crumbling and the education of its workforce is falling and federal debt guarantees that future taxes must rise. Trump and his followers aren’t even cognizant to these realities. Their answer is more debt and redirecting military funds to build a partial fence to prevent cheap labor into the nation. Long term answers: none there.
To parry cratfydesignz: Trump fans will never admit the debt that Bush created directly blew up Obama’s budgets, and Trump is doing the exact same thing for his successor. As long as the shit hits the fan when the other party is in the White House, then you intellectual midgets are elated. You don’t even hold your corrupt congressmen accountable. You just sling mud.
Balance the budget now!!!!!!!!!!!!
“Balance the budget now!!!!!!!!!!!!”
Why? You had no problem when Obama doubled the national debt in just a few years. Pay attention, more National debt accumulated than ALL 43 presidents before him going back to George Washington.
But now you only have a problem with it under a Republican administration. As transparent a cheap shot that ever has been written…
deflect much?
everyone with a brain shook their heads when wall st was rewarded for their reckless speculation. nobody cheered the Bush bailouts— remember, Bush signed them into law. Obama could do little except add them onto the national credit card and push banks to pay back. most did.
the issue that others wisely bring up now is a that Trump lied. his trickledown aint workin! nor has he offered a budget that honors his campaign promises to correct the debts accrued from all his predecessors.
lies and deceit, goeb. that is all Trump offers. that must be all you got too.
Blame much?
Of course, gee what a surprise it’s still the fault of Bush eleven years later.
Broken record skipping, skipping, skipping.
Botton line: Obama’s has nothing to do with with the record national debt president of all time.
Of course he did, let’s start with the stimulus package and go from there…
Get a clue, Goeb.
Bush spent over $5 trillion on two wars and $400 billion on TARP, billions on Medicare part D, and generously bloated the deficit with a $300 income tax cut for you.
The deficit was shooting through the roof when Obama walked in the door.
Talk about delusional, you take the cake.
@Independent Observer
There all charts all over the internet pro and con. It boils down to do you believe CNN or Fox News. My money is on FN.
“Under President Obama, the national debt grew the most dollar-wise. He added $8.588 trillion.”
You take the cake for being a non-partisan PRETENDER…
@ Goeb: since you can’t even admit to basic historical facts, please call your one source of information, Fox, and have them confirm the date the TARP bill was signed into law. Can you get that simple question correct?
We await your response and your lame excuse why the next executive should be blamed for that spending. Not to mention the much bigger spending on international nation building adventures that started under false pretenses — by whom?
Here’s a hint how the world works, Goeb. When a person is already in debt to their eyeballs and they decide to buy more junk they don’t need, then the debt accrues with interest. So no matter who you want to blame, the later you push off repayment, the larger your payments will have to be. You are the one who is too dishonest to admit when the money was spent. Hint: budgets are authorized by congress, not the POTUS.
Goeb, you are a piece of work
That would be magnificent piece of work… 🙂
Well said, ARS!
Trade and finance used to be areas where the political right had some legitimate experience and credibility. Since the extreme right has taken over the GOP, however, they have succumbed to populist idiocy.
“When it comes to monetary policy, hypocrisy is the party line for the GOP.” – Jordan Weissman