China

[polychronopolous]

Trump to Back $200 Billion China Tariffs as Early as Next Week, Sources Say

President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter.

Asked to confirm the plan in an interview with Bloomberg News in the Oval Office on Thursday, Trump smiled and said it was “not totally wrong.” He also criticized management of the yuan, saying China has devalued its currency in response to a recent slowdown in economic growth.

Companies and members of the public have until Sept. 6 to submit comments on the proposed duties, which cover everything from selfie sticks to semiconductors. The president plans to impose the tariffs once that deadline passes, according to the people familiar with the matter, who spoke on condition of anonymity because the discussions aren’t public.

Broadening the tariff battle would mark the most significant move yet in a months-long trade standoff and dent China’s growth prospects. Data released on Friday will allay some concerns over the near-term outlook as China’s official factory gauge unexpectedly strengthened this month following government measures to underpin demand.

"China is more prepared, mentally, this time than it was for the previous round of tariffs," said Gai Xinzhe, an analyst at the Bank of China’s Institute of International Finance in Beijing. "The scale is enormous and once the tariffs materialize, they will definitely send jitters through financial markets."

China’s Factories Show Resilience Amid Danger From Trump Tariffs

Such unease was already on display Friday with Asian and European stocks declining, and and U.S. equity futures pointed to a dip at the open. The yen held on to gains, while the Bloomberg Dollar Spot Index drifted. The tariff news exacerbated already fragile market sentiment amid currency routs in Argentina and Turkey.

Tariffs Loom

Some of the people cautioned that Trump hasn’t made his final decision, and it’s possible the administration may enact the duties in installments. The U.S. has so far imposed levies on $50 billion in Chinese goods, with Beijing retaliating in kind.

It’s also possible the president could announce the tariffs next week, but say they will take effect at a later date. The Trump administration waited about three weeks after announcing in mid-June that it was imposing tariffs on $34 billion of Chinese goods before they were implemented. The next stage of tariffs on $16 billion of goods took hold in August.

China has threatened to retaliate by slapping duties on $60 billion of U.S. goods. The Ministry of Finance and Ministry of Commerce didn’t immediately respond to Bloomberg faxes seeking comments on Trump’s intentions.

Tensions with the U.S. may be having an effect elsewhere, helping bring Japan and China closer together. The nations’ finance ministers agreed in Beijing on Friday that protectionist policies aren’t in anyone’s interest and they would support and promote the multilateral trading system. The previous day, Japan’s Finance Minister Taro Aso discussed U.S. trade with China’s Vice Premier Liu He, who led a previous round of negotiations with the U.S.

China’s Tariffs on U.S. Exports: Translation of All Tariff Lists

The Trump administration is finalizing the list of Chinese targets and tariff rate, which could range from 10 percent to 25 percent, following six days of public hearings earlier this month. Trump’s plan to bring down his biggest hit yet on China comes as two-way trade talks show little signs of progress.

China hawks have been on the ascendancy in the Trump administration. One of them -- U.S. Trade Representative Robert Lighthizer -- has been responsible for one of the president’s biggest trade victories so far by forging a bilateral trade deal to replace Nafta with Mexico. The deal was announced on Monday and Canada is now negotiating to join.

The latest China tariff decision is causing heated debate within the administration, with Lighthizer and White House trade adviser Peter Navarro pushing for quick action, and Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow arguing for more time, according to people familiar with the matter.

Squeezing China
Trump cut off negotiations with China because of what he perceives as Beijing’s lack of cooperation in nuclear talks with North Korea, one of the people said. The president wants to squeeze China, believing the U.S. has leverage over Beijing, that person said.

Trump on Wednesday accused China of pressuring North Korea not to bend in nuclear negotiations with the U.S. But he insisted that the trade differences would be resolved.

“As for the U.S.-China trade disputes, and other differences, they will be resolved in time by President Trump and China’s great President Xi Jinping. Their relationship and bond remain very strong,” Trump said on Twitter.

https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2018-08-30/trump-said-to-back-200-billion-china-tariffs-early-as-next-week

[Slapper]

Ya know what? China may be a bite too big for us to chew... The Chinese are holding too much of our debt and can, if pushed, economically fuck us up in more ways that we can fathom.

HOWEVER, it would be wise for China to reach some sort of agreement with the US government. One that shares in the wealth in a more equitable manner that is.

Chinese stocks are literally getting shellacked because of Beijing's ambivalence.

[loco]

China's Stocks Sink to Lowest Level Seen in $5 Trillion Crash

China’s sinking stock market reached an unwelcome milestone, with the Shanghai Composite Index closing at the lowest level since 2014, before a stock boom that turned into a $5 trillion bust.

https://www.yahoo.com/finance/news/chinas-stocks-sink-lowest-level-070935997.html

[IroNat]

Ya know what? China may be a bite too big for us to chew... The Chinese are holding too much of our debt and can, if pushed, economically fuck us up in more ways that we can fathom.

HOWEVER, it would be wise for China to reach some sort of agreement with the US government. One that shares in the wealth in a more equitable manner that is.

Chinese stocks are literally getting shellacked because of Beijing's ambivalence.

Actually it's the opposite.

Once the amount owed reaches a certain humongous size, the debtor actually holds the reins.

The lender lives in fear of non-payment.

[Irongrip400]

Actually it's the opposite.

Once the amount owed reaches a certain humongous size, the debtor actually holds the reins.

The lender lives in fear on non-payment.

Trump101 right there.  Owe the bank a little bit of money, they call the shots.  Owe the bank a lotta money, you call the shots.

[SOMEPARTS]

China doesn't import nearly as much from the USA so we have the advantage, flat out.

[Slapper]

Actually it's the opposite.

Once the amount owed reaches a certain humongous size, the debtor actually holds the reins.

The lender lives in fear of non-payment.

That's not true.

According to US law, the Chinese do have grounds for a lawsuit bonanza in case of default. Contracts in the US are sacred.

Anyhow, why are Americans so stupid that they can't wrap their heads around the fact that THEY and not the Chinese are the ones paying the additional 10% (soon to be 25%)? It works this way: Lo Mein Inc exports dildos to the US at $10. The US government now slaps a 10% charge on dildos and the customer, meaning gringos/as, will have to pay $10.10 instead of $10.

The Chinese aren't paying for SHIT.

[IroNat]

That's not true.

According to US law, the Chinese do have grounds for a lawsuit bonanza in case of default. Contracts in the US are sacred.

Anyhow, why are Americans so stupid that they can't wrap their heads around the fact that THEY and not the Chinese are the ones paying the additional 10% (soon to be 25%)? It works this way: Lo Mein Inc exports dildos to the US at $10. The US government now slaps a 10% charge on dildos and the customer, meaning gringos/as, will have to pay $10.10 instead of $10.

The Chinese aren't paying for SHIT.

Good luck to the Chinks suing the Federal US guv'ment.

American dildo manufacturers are ecstatic.

[Straw Man]

Trump101 right there.  Owe the bank a little bit of money, they call the shots.  Owe the bank a lotta money, you call the shots.

You mean Trumptardism 101

No banks in the US will lend Trump money which is why he has to get his money from Russia

Let's hope that's not Trumps plan for our country because Russia can't afford to buy our debt no matter how much of a haircut China gives them.

Also, defaulting on our debt would be a unparalleled disaster for this country and the entire global credit market

[IroNat]

If the guv'ment really needs money they just print it.

[SOMEPARTS]

You mean Trumptardism 101

No banks in the US will lend Trump money which is why he has to get his money from Russia

Let's hope that's not Trumps plan for our country because Russia can't afford to buy our debt no matter how much of a haircut China gives them.

Also, defaulting on our debt would be a unparalleled disaster for this country and the entire global credit market

I can hear this being spoken by a 22 year old hippie chick between bites of grilled cheese and matcha tea.

[polychronopolous]

LARRY KUDLOW: We'll talk with China when they're ready for 'serious' negotiations



President Donald Trump’s top economic adviser, Larry Kudlow, says the U.S. is ready to negotiate with China on trade as long as they’re open to “serious talks to remedy trade problems.”

“We are ready to negotiate and talk with China anytime that they are ready for serious and substantive negotiations,” Kudlow, the director of the National Economic Council, said at an event hosted by the Economic Club of New York.

Kudlow said the administration wants open markets that allow the U.S. to export more goods and services. He added that China can no longer permit the theft of intellectual property and the forced transfer of valuable technologies. Another objective is to push for American ownership of American companies in China.

Kudlow noted that the trading system around the world is “broken.”

“And it’s been broken, maybe for as much as 20 years” he added, noting that it began post World War II as a good system “governed by rules” and “people essentially played by the rules.”

He added that free trade is a “great concept.”

“I certainly support it, have my whole career, and continue to do so. But free trade has to be fair trade, it has to be reciprocal trade,” Kudlow said. “What we’re seeing, you’re seeing, is countries are raising tariffs, non-tariff barriers, subsidies.”

He characterized the World Trade Organization as “dysfunctional,” and he pointed to China as the “biggest culprit” but not the only culprit for this dysfunction.

“People are blaming the president. I say, ‘Do not blame Trump this.’ He inherited this trading. He’s trying to fix it. He is a reformer. It’s not an easy task,” Kudlow said, pleading with the room to give Trump a “chance.”

Trump is expected to announce tariffs on $200 billion worth of Chinese imports.

“Trump’s not satisfied,” Kudlow later said, adding that he guesses an announcement is “coming soon.”

“I don’t want to front run [Trump] on it,” Kudlow said.

https://www.google.com/amp/s/www.yahoo.com/amphtml/finance/news/larry-kudlow-well-talk-china-theyre-ready-serious-negotiations-170630282.html

[Straw Man]

I can hear this being spoken by a 22 year old hippie chick between bites of grilled cheese and matcha tea.

I guess it's possible that a 22 year old hippie chick might be familiar with the term haircut

[Coach is Back!]

I guess it's possible that a 22 year old hippie chick might be familiar with the term haircut

Well, rumor has it you have a vagina

[SOMEPARTS]

I guess it's possible that a 22 year old hippie chick might be familiar with the term haircut

 

Was that the word in your post that is supposed to make me feel like you understand economics?