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Trump's Trade War Escalates as China Retaliates with 34% Tariffs

nytimes.com

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Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#121

Post by UncleEntity »

bitshiftfaced wrote: post #80
UncleEntity wrote: post #61

Earlier quoted context omitted.

I asked the google and it appears a big chunk of Chinese imports are agricultural products. Farmers not having a market to sell their products into isn't such a good thing for any administration so they seem to have a bunch of leverage on this point alone.

China can hit American farmers, but their overall trade surplus is $295 billion. The US has much more leverage.

There simply isn't a whole lot of alternatives to Chinese imports to the US.

So while tariffs will stop some importation of Chinese goods due to costs others are just going to cost more for consumers until the proposed US manufacturing capacity is build up.

Same with auto parts, even the US car makers rely on foreign made parts and have no real alternatives.

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#122

Post by UncleMeat »

alephnerd wrote: post #7
akmarinov wrote: post #5

Wonder whether Americans or the Chinese can weather tough times better. Chinese don’t get to protest or voice dissent and Americans can’t be bothered to

It will suck on both sides, but the majority of American households can weather a $2-4k blow over the next year as supply chains react. Congress stepping in to exclude Canada and Mexico and the NAFTA exemption cushions the blow significantly. Most of Latin America being placed at the lower end of the announcement means manufacturers who used to be competitive until China Shock set around 2014-16 can be cost competiti…

The expanded child tax credit was ~3k per year. It absolutely clobbered child poverty rates. This sort of delta in expenses can change a family's fortune significantly.

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#123

Post by 16bytes »

wtcactus wrote: post #33
akmarinov wrote: post #5

Wonder whether Americans or the Chinese can weather tough times better. Chinese don’t get to protest or voice dissent and Americans can’t be bothered to

Well, Chinese don’t have proper elections so there, I don't know. But you can be sure that in the USA, this will all stop in 2 years with the midterms, and be reversed in 4 with the presidential elections. No one other than Trump’s fan base likes this even now, imagine in a few months when people start feeling the terrible repercussions.

How can you even remotely be sure of that given the results of the 2016 and 2024 elections?

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#124

Post by bamboozled »

mraniki wrote: post #101
ty6853 wrote: post #92

What economist is advising Trump? Can we read their game plan somewhere?

https://en.m.wikipedia.org/wiki/Peter_Navarro

specifically America’s chronic and ever-expanding trade deficit — says that America is the globe’s biggest trade loser and a victim of unfair, unbalanced, and nonreciprocal trade"

Finally the source of “we’ve been treated unfairly” is revealed?

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#125

Post by blooalien »

hello_moto wrote: post #23
drumhead wrote: post #4

No Hyper-economy, like China or the EU is going to stand about and take what seems like economic intimidation from the US. All the unaffiliated nations are going to be collateral damage in this clash of the economic titans. The best thing everyone can do is maintain low tariffs and try and strike free trade deals with each other. But the consequeces of Trumps Trade war are going to be disasterous for smaller developi…

And billionaires are still going to be rich. I hope one day USA wakes up and realize the solution is wealth tax to these billionaires

> I hope one day USA wakes up and realize the solution is wealth tax to these billionaires

That only works if everyone everywhere does it all at the same time, so they've nowhere to move to/hide.

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#126

Post by johann8384 »

djha-skin wrote: post #35

I'm kinda happy about this. Our farmers in Utah lobby so hard for water, then use it to grow alfalfa which they sell to China because they can sell it there for more money than it can be sold locally. It boils my circuits that they ask for our precious water -- to which they have historically had an obvious right, growing our food -- and then basically ship it overseas. Keep the crops at least sold in the US, and hop…

How are the farmers selling to China at better prices and then the consumers also buying from China at higher prices than the local farmers.

How does it not short circuit and the farmers just sell locally for the price of the goods from China?

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#127

Post by sparkle_fish »

electriclove wrote: post #69
hello_moto wrote: post #23

Earlier quoted context omitted.

And billionaires are still going to be rich. I hope one day USA wakes up and realize the solution is wealth tax to these billionaires

Like what Norway did? https://www.theguardian.com/world/2023/apr/10/super-rich-aba...

Yes, why not? To the best of my knowledge Norway is still thriving. Ideally more countries would get on board with such ideas and there will be fewer palpable places for them to relocate to.

From the article, “The model in Norway is that everyone should contribute relevant to ability and therefore those that have a greater ability to pay taxes, should pay a little more.” This seems more than fair, particularly while failing tax systems are leading to unprecedented levels of inequality.

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#128

Post by [deleted] »

blooalien wrote: post #117
stevenAthompson wrote: post #79

Earlier quoted context omitted.

> Manufacturing isn't returning to the US due to these tariffs. Even if it did, who cares? It wouldn't make anything less expensive or better and unemployment was already basically as close to zero as it will ever get. If wages go up that would just increase inflation more. I can't figure out what they even imagined this was going to accomplish.

> I can't figure out what they even imagined this was going to accomplish. The downfall of Democracy in America and the alienation of all our allies? That is clearly their goal here...

[deleted]

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#129

Post by vdupras »

johann8384 wrote: post #126
djha-skin wrote: post #35

I'm kinda happy about this. Our farmers in Utah lobby so hard for water, then use it to grow alfalfa which they sell to China because they can sell it there for more money than it can be sold locally. It boils my circuits that they ask for our precious water -- to which they have historically had an obvious right, growing our food -- and then basically ship it overseas. Keep the crops at least sold in the US, and hop…

How are the farmers selling to China at better prices and then the consumers also buying from China at higher prices than the local farmers. How does it not short circuit and the farmers just sell locally for the price of the goods from China?

alfalfa is water-intensive. This export is straight up resource theft.

Re: Trump's Trade War Escalates as China Retaliates with 34% Tariffs

#130

Post by erelong »

rjtavares wrote: post #98
erelong wrote: post #75

[flagged]

You can't be serious... It's like arguing against the expression "Putin's war in Ukraine" because Ukraine retaliated with drones.

Wikipedia calls it "China–United States trade war"... would this be thought to be inaccurate?
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