The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15… The U.S. Trade Representative’s office said in an official notice that collections of a 15% tariff will begin at 12:01 a.m. EDT (0401 GMT) Sunday on a portion of the list covering over $125 billion of targeted goods from China. This initial tranche includes smartwatches, Bluetooth headphones, flat panel televisions and many types of footwear.
U.S. Customs and Border Protection will also start collecting a 15% tariff on Dec. 15 on the remainder of the $300 billion list, including cellphones, laptop computers, toys and clothing, USTR said in the Federal Register filing.
U.S. President Donald Trump announced the increase to 15% from 10% last Friday on Twitter… Trump, speaking by phone to a farm trade show audience in Decatur, Illinois, said that he could do a “quick deal” with China to boost his 2020 re-election prospects. But he said, “That will be the wrong deal,” adding that he preferred to “do it in a right way.” He said the latter approach requires a tougher stance and longer negotiations.
The Trump administration has, for two years, been pushing China to eliminate unfair trade practices and make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access for U.S. companies.
MacDailyNews Take: As the back and forth continues, this quote springs to mind:
Everything is negotiable. Whether or not the negotiation is easy is another thing. — Carrie Fisher
MacDailyNews Note: Thoughtful commentary on this issue is welcomed below. Please keep the discussion civil and on-topic. Off-topic posts and ad hominem attacks will be deleted and those who post such comments will be moderated/blocked. Permanent loss of screen name could also result.
Orange Monkey strikes another blow against the American consumer. Thanks for nothing Monkey.
The Chinese are paying the tariff and Mexico is paying for the wall!
If you believe that you are gullible enough to believe anything.
Thanks to Trump, the US will soon be spending more on debt interest payments than on its military. You won’t ever get the numbers on Fox though. Debt growth faster than under any previous administration going back to ww2. Partisan hacks are waiting to blame the debt-fueled Trump malaise on the other party. Or the Fed. Or China. Or Dorian. Or Macron. Or Brexit. Anything but the insane revolving door administration circus.
Look no further about your debt interest problem than the previous Obama regime.
Facts really do matter:
https://www.newsweek.com/how-much-higher-are-trumps-budget-deficits-obamas-1069476
When Obama left office, the budget deficit was $666 billion. Trump’s current budget deficit is $684 billion and projected to be $1 trillion next year.
But those are just annual averages. To satisfy the Trumptards who want to cherry pick the monthly numbers for any outliers they can reference, let’s look at the most recent full month.
The federal deficit has never been higher : $76.9 billion deficit for the month of July, a 21% increase since the 2017 budget.
The guy who claimed that his tax cut for his billionaire buddies would trickle down to Main Street lied again. Spending has not been cut, it is up dramatically. Economic expansion is no greater than the AVERAGE of the last decade, when the economy was pulling itself out of the deepest recession in generations. Your children will hate you for supporting such an economically illiterate administration.
…. and even if it was all the fault of the Obama regime … why hasn’t the Orange Chosen One honored his commitment to pad down the debt? You have been conned. The only money Trump is managing right now is a way to route FEMA funds toward Maralago when it gets flooded this week. Will Trump properties be used as community relief supply staging areas, hotels for the displaced, or in an extreme event as hospitals for the wounded? You know the answer: YES … and the tab will be inflated dramatically for taxpayers to pay. Just like every golf junket he takes … filling up his hotels with the largest Secret Service contingent he can get away with.
Country Joe doesn’t believe that.
That’s just well written sarcasm
Sorry, I thought my sarcasm was clear.
“Subtle is the Lord, but malicious He is not.” – A. Einstein
we got you Joe!
Taxing Apple but not Samsung is idiocy.
December 15th is eons away in Trump years. He changes his mind between the beginning and end of a sentence. I’m skeptical that these tariffs will really happen.
Don’t kid yourself, they didn’t move ALL tariffs to 12/15, actually a large number are still going into effect on 9/1. Last Fridays announcement also instituted an additional 5% increase on the previous 25% provisional tariff from earlier this year, with an effective date of 10/1 for the increase.
Do we continue the path of Chinese unfair dominance? They are hell bent on ruining the US economy. Or do we take a stand and correct the mistakes of the past 20 years? During WWII The US had rationing. Did our grandparents complain or did they help out? China is the enemy.
@ BigZ: Since Trump didn’t forge favorable trade deals with trustworthy US allies BEFORE declaring trade war against China, US companies and consumers are getting clobbered. Farmers were the first to feel the pinch. Next year, consumer goods will start getting expensive and who knows how many companies could fail because they can’t reroute their supply chains and sales distribution immediately.
This is a marathon, not a sprint. Trump just took off without tying his shoes or doing a single training run first.
Moscow Mitch hasn’t even signed NAFTA2 yet, by the way. Trump has zero international deals of any kind to his credit. ZERO.
This really sucks. Apple can’t seem to catch a break. It’s likely Apple’s share price will take another big hit. Tim Cook left Apple fully exposed with Apple’s dependency on China.
No they didn’t, a few years ago they opened factories in Brazil. Also, Foxconn stated it had facilities to move all, or most, of production out of China
Speaking from actual experience in this case. The Chinese Manufacturers are actually covering large portions, 100% in some cases, of the tariff increases.
That being stated, it’s not 100% coverage from all manufacturers but it is from a lot. Their position is that they do not want to lose the business and can not afford to be higher cost than neighboring countries. The factories we’ve talked to are in some cases giving away all of their profit or significantly cutting it.
U.S. companies are moving purchases to non-tariff’d countries where they can.
Factories have already moved some production out of China. Large electronics firms have internally announce the closing of offices and layoff of all Chinese employees.
You may not like the Man, but this is hurting China more than the U.S.
China has been taking advantage of the U.S. and the rest of the world for years. They have historically signed trade agreements only to not follow them.
They set a floor on their currency after being accused again of currency manipulation (Obama accused them too), pegging it to the U.S. dollar at 7 to 1. The Asian market dropped dramatically after Trumps announcement of the increase tariffs to 15%, their currency dropped to 7.1 to 1. The next day at the G7, they announced they wanted to talk again.
Now the scary part, Tim Cook meets with President Trump and the Tariff’s that impact electronics are shifted until 12/15, which would be after Apple ships the majority of any new fall product release? Coincidence?
This trade war isn’t gonna get any better, China is in no hurry to come to the table with Orange monkey because We the people of the United States are paying for the tariffs not China. China is just passing the cost to us and they’re definitely not losing any sleep over this. Since Trump took office I have been predicting a recession will happen during his presidency because the last 50 years the Republicans have been championing the recessions while the Democrats rescue the country out of recessions. Trump isn’t gonna get re-elected in 2020 because this trade war and recession will be his fall from grace.
Grace?