Trade War begins: US and China exchange $34 billion in tariffs

So it's game on and America is finally fighting back. I'm sure as usual the left will say it's a war we can't win and calls for surrender will be immediate but I'm ready for this trade war. Bring it on China and prepare to get your asses kicked.

• President Trump's tariffs on $34 billion worth of Chinese goods kick in, escalating a war of words between the world's two largest economies into a full-blown trade conflict.
• Washington's 25 percent duties went into effect at midnight EDT and affected products such as water boilers, X-ray machine components, airplane tires and various other industrial parts.
• China immediately retaliates with tariffs on its $34 billion list of goods issued last month, including soybeans, pork and electric vehicles.
• Beijing calls it the "biggest trade war in economic history."

"U.S. tariffs on $34 billion worth of Chinese goods kicked in on Friday, escalating a war of words between the world's two largest economies into a full-blown trade conflict.

Washington's 25 percent duties went into effect at midnight EDT and affected products such as water boilers, X-ray machine components, airplane tires and various other industrial parts. China immediately implemented retaliatory tariffs on its $34 billion list of goods issued last month, including soybeans, pork and electric vehicles. Beijing called it the "biggest trade war in economic history."

It's unlikely to stop there. In fact, there will be probably be “escalation upon escalation,” warned Geoff Raby, Australia’s former ambassador to China.


Ahead of the Friday implementation of American and Chinese tariffs, Raby told CNBC that “it looks like the first shots to the trade war are about to be fired.”

China, for its part, was already calling the tariff threats between Beijing and Washington a "trade war" in June.

“I thought that by now a negotiated solution would have been found,” Raby told CNBC’s Martin Soong, adding that it seems the U.S. has “walked away” from any potential deal.

President Donald Trump said Thursday that tariffs on $34 billion worth of Chinese goods will kick in at 12:01 a.m. EDT Friday. Another $16 billion are expected to go into effect in two weeks, he said. He told reporters he would also consider imposing additional tariffs on $500 billion in Chinese goods, should Beijing retaliate against the already-scheduled actions."

https://www.cnbc.com/2018/07/06/trade-war-worries-us-china-tariffs-to-kick-in-on-friday.html

 

Uh-oh, that should be an interesting sight to see. $500 billion is quite a number, keeping in mind that Chinese goods are pretty cheap.

 

China is putting tarrifs on the only American product it hasn't already made hard to buy in China, food. That should go over well with the Chinese people. Oh and electric cars like anybody in China was buying them anyway.

 

actually food is where any country can make, example are chinese leasing land in russia, buy from EU, aussies, and S.america. where manufacture goods require time to setup, get the supply chain right etc.

 

Let me see, the last time we went through a world-wide tariff and economic war was in the 1920's. That turned out so well ...


... If you discount the Great Depression and financial instability that eventually led to World War II.

 

Moronic trade policy. Yes there are serious issues that need to be addressed. But Trump's baseball bat simple minded approach is yet another example of him doing exactly the opposite of his favorite and effective "slogan" MAGA!

It seems Trumpettes and their allies refuse to see how fundamentally ignorant trump is of how the AMERICAN MADE world order was set up, how it functions and how the AMERICAN POWER TRIAD has been used to create the richest most powerful and dominant nation in human history. As if trade is equivalent to going to a shopping mall with all transactions in cash. Who knew world trade isn't really like the real estate and self promotion business?

Trumpland can't see what is really happening to America's brand. He's done more to diminish it than any foreign adversary has ever done.
And they call it "winning" while they dream of a imaginary lost "greatness". Ironically its a perfect example of the perversion of american exceptionalism, tho few may see it that way.

 

It wasn't the effects of the Great Depression of the 1930's or the financial instability of late 1929 that led to World War Two. Since the actual causes of German angst resulting from World War One and Japanese angst resulting from her attempt take over China are so well known, I fail to see how you could have formed this impression.

 

There are some that think protectionism did aggravate things leading up to the war.
I have no idea myself, but there are some sources here:
http://www.politifact.com/truth-o-m...tionism-big-part-great-depression-ben-sasse-/

As a side effect, the skirmishes over trade also frayed relations between former allies and may have contributed to the tensions that led to World War II, or at the very least complicated the Allies’ efforts to respond to the threat from Germany and Japan.

 

That is pretty vague and a long chalk from the allegation I responded to which I'll quote "If you discount the Great Depression and financial instability that eventually led to World War II."

 

Oh, I thought you were responding to this post.

 

I was responding to the allegation I twice quoted. I'll post it for you again: "If you discount the Great Depression and financial instability that eventually led to World War II." Does that clear it up for you?

 

Just a few months ago China started buying oil using the yuan instead of the US dollar. The US government is not happy about that. Do you think that may have something to do with this tariff war? I'm just curious.

 

https://finance.yahoo.com/news/trum...-makes-chinas-already-112806957--finance.html

 

I think lots of WalMart's merchandise is going to become much more expensive.

 

It's certainly going to get interesting. I'm just watching soybeans and so far the US farmer is on course to eat the Chinese tariffs on soybeans. (futures down 17%)
If the same thing happens with Trump's tariffs and the US consumer eats those as well it won't be pretty for the average Joe. I'm watching steel and that seems to be what is happening. Global steel pricing seems stable, but US made steel has gone up over 40%.

 

If you think the global economy is anything like it was in the 1920s you need to catch up. We have been getting screwed and it's time to stop the bleeding before we slowly bleed out.

 

And what would you do to force china to play fair? What did Obama do? I'll answer both questions for you. Nothing!

 

Trump has said he will fix the trade inequities with China since he was running for president so no.

 

Good.

 

Farmers will get help to weather this.

 

China is our (Australia's) biggest trading partner.

 

I'd like to think so, but I doubt it. But having said that; do you see any flaws in the logic that we should help them?

 

We need to do something , what I don't know.
Wal-Mart is basically a Chinese outlet mall.

What is being overlooked is that the Chinese are tougher and more patient than we are. Read 20th century Chinese history. We have encountered almost nothing like they have, except the Great Depression.

My hope is that Trump and Xi will get together and say "let's make a deal where both of us can go home and claim victory. You give a little, we'll give a little, and then we can hit the links while our wives go shopping."

 

Nothing like cheering on China’s trade policy that hurts America.

Methinks you need a MCGA hat.

 

Order all US companies to not due trade with China and if not slap on a 100% tariff on all Chinese imports by American companies, and give tax breaks to move this trade to Brazil and India well any countries which we are friendly with and have a history with long term. Brazil we can promote immigration with a fast track for its citizens to immigrate under various conditions. India the same. Let's shaft China good if they want a Trade War threaten them long term if they keep it up, they will blink.