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Trump's trade war is economic suicide


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Latest Trump tariffs to directly hit consumers

Earlier US tariffs enacted in President Donald Trump's trade war with China have dealt only a glancing blow to consumers, but those announced Thursday are different.

"This hits consumers straight on," Steve Pasierb, president of the Toy Association, said in an interview. "This is finished products. It's not raw materials."

The tariffs, a 10 percent levy on $300 billion in Chinese goods that Trump said would go into effect on September 1, is expected to affect just about all finished products imported from China.

Items that will likely have a levy include hairdryers, sneakers, flat screen televisions, bridal wear and other special occasion apparel.

The prospect of such broad-based tariffs has loomed over retailers for months and has been referred to as the "boogeyman" outcome by some in consumer-facing industries.

"It's very unfair to the American consumer. It's very unfair to the manufacturer and it shouldn't be happening," said Stephen Lang, chief executive of Mon Cheri Bridals in New Jersey and the head of the American Bridal & Prom Association.

Lang said that a 10 percent levy was less onerous than the 25 percent tariff that has been discussed and which he has previously described as catastrophic.

But Trump said Thursday he could lift the levy to "well beyond 25 percent," referring to the 10 percent level as "for a short-term period."

"We have too much testosterone between this government and their government, and we're getting caught in the crossfire," Lang said.

- Retail shares hit -

Leading trade groups criticized the announcement.

"We support the administration's goal of restructuring the US-China trade relationship. But we are disappointed the administration is doubling down on a flawed tariff strategy," said National Retail Federation senior vice president David French.

"These additional tariffs will only threaten US jobs and raise costs for American families on everyday goods."

"Retaliatory tariffs, whether 10 percent or 25 percent, are bad policy," said Gary Shapiro, president of the Consumer Technology Association. "Tariffs are taxes paid for by US consumers, not China's government. These retaliatory tariffs are not an effective trade policy and may violate US law."

Shares of retailers fell sharply Thursday, with the biggest drops affecting a group that included Best Buy, Target and Macy's. Others to decline included Apple and Nike.

Retail giants Amazon and Walmart also dipped, but by less than most of their rivals because they are viewed as having more leverage with suppliers.

During an earnings conference call in May, Walmart Chief Financial Officer Brett Biggs said the company's merchant teams have been focused on tariffs "for months and continue to execute appropriate mitigation strategies," as he warned that some pricing impact was inevitable.

"We're going to continue to do everything we can to keep prices low. It's who we are," Biggs said. "However, increased tariffs will lead to increased prices for our customers."

Best Buy declined to comment Thursday, but argued against tariffs during a public comment period in June.

In a letter to United States Trade Representative Robert Lighthizer, Best Buy noted that the Trump administration had previously not imposed tariffs on flat screen televisions, laptops and other consumer items.

"Best Buy respectfully submits that USTR should not impose tariffs on the above-referenced consumer economics, just as it did last year when it wisely chose to forego imposing tariffs on flat panel televisions and other consumer electronic devices because of the negative impacts on the US consumers and economy," the company said.

- Threat to economy? -

Thursday's move could threaten US consumer spending, a bedrock of support of the American and global economy that has continued to show strength in economic indicators even as manufacturing and corporate spending trends have weakened.

Pasierb of the Toy Association said the impact of the tariffs may be mitigated in his industry somewhat because many retailers have imported goods earlier this year because of tariff risk.

But broad-based tariffs are a concern "because if all these goods become more expensive, you won't have as much discretionary money for toys," he said.

"My deep concern is that this is going to hit spending in the last three months of the year, which is our make-or-break period."

https://www.yahoo.com/news/latest-trump-tariffs-directly-hit-consumers-225520889.html

 

 

 

Just in time for Xmas!!! Ho Ho Ho everything must go!

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Fake News...Your going to have a problem when 2020 rolls around and more folks then ever will be Voting Donald J. Trump for the POTUS.... 

NOT A REPUBLICAN    NOT A REPUBLICAN  NOT A REPUBLICAN  NOT A REPUBLICAN    These LOOSERS are R.I.N.O.s and establishment HACKS.  THEY ARE ENIMIES of FREEDOM.

I think once the "free ride" ends the entire world economy will be better off. They have be slopping at our trough long enough.

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The left is pushing hard on two things to try and gain some ground on the economic front.  Why?

They know they are getting stomped into the ground on economic issues. Every indicator measuring the economy is up and it’s up dramatically over Barry’s Administration.  All the Left has to sell is doom and gloom and Free stuff for everyone, Socialism..  

 

They claim Trumps Trade War is economic suicide.  Wrong, doing nothing to stop the outflow of US jobs to China is economic suicide and that was Barry’s Policy for China.  We were giving them 300-500 b a year. Unsustainable, and it fits the Obama  battle cry, “Redistribution”

 

The second thing the Left is doing is scaring everyone that everything will be going up because of the trade war.  Our good friend made sure to share the scare tactic article a few posts above.  Yes there will be some pain until a better deal is made or until our US companies move back to the USA or outsource in South Korea, Vietnam, or some other country that has cheap labor.  

 

When Barry was President oil went from 1.81 a gallon to over 4 bucks in my town.  I didn’t hear any out cry from the Dems when that happened. Selective indignation. Selective Fake Anger.  Lower oil prices will help in the higher prices we will have to endure to get a better Trade Deal with China and Europe.  Again the policies of the last 40 years were outdated and needed to be renegotiated.  It’s better to renegotiate from a position of strength than weakness.  A few more years of the Barry Economic Polices would have made the US to weak to negotiate anything with China.  

 

If Congress would actually do some work for the US citizens and pass the New NAFTA Bill that would help the economy a lot.  The Leftist Socials, will have none of that.  Their agenda is to “Get Trump” and keep ruining the USA economy much like it did under ole Barry Boy  The Charts below are an indictment of the Barry Economic, Unsustainable, Redistribution, Policies to harm the USA.  

 

 

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U.S. farmers are exasperated by latest trade war moves: 'Another nail in the coffin

Trade tensions between the U.S. and China are flaring once again, and American farmers continue to bear the brunt of the implications.

In response to President Trump recently announcing 10% tariffs on $300 billion in Chinese goods, China allowed the yuan to weaken and suspended purchases U.S. agricultural products.

“The Chinese market has a large capacity and the prospect of importing high-quality U.S. agricultural products is bright," state-owned media Xinhua said on Monday. "However, we hope the U.S. will conscientiously implement the consensus reached at the [G-20 summit in Osaka, Japan] between the heads of the two countries, and implement the commitments to create the necessary conditions for cooperation in the agricultural fields between the two countries.”

America farmers were dismayed by the developments.

“This is just another nail in the coffin,” Tyler Stafslien, a North Dakota-based soybean farmer, told Yahoo Finance. “To see this thing only seems to be getting worse rather than better is very concerning, and the American taxpayers may have to foot another round of funding if this keeps up — or we could see a ton of farmers’ loss throughout this nation.”

Farmer Mark Klinger talks about U.S. President Donald Trump's $12 billion emergency relief for farmers as he stands on his farm in Pecatonica, Illinois, U.S., July 25, 2018. Photo taken July 25, 2018. (Photo: REUTERS/Joshua Lott)
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Farmer Mark Klinger talks about U.S. President Donald Trump's $12 billion emergency relief for farmers as he stands on his farm in Pecatonica, Illinois, U.S., July 25, 2018. Photo taken July 25, 2018. (Photo: REUTERS/Joshua Lott)
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‘Tariff policies have been doing financial harm to farmers’

Although farmers have collectively been receiving billions in market facilitation payments from the USDA, Stafslien sees these payments as “band-aids.”

The Trump administration announced in July that it would be providing an additional $16 billion in aid to farmers affected by the trade war.

“It’s certainly proof that the administration recognizes their tariff policies have been doing financial harm to farmers and rural America,” Stafslien said.

Michelle Ziesch, a North Dakota farmer who grows beef cattle, corn, soybeans, and other crops, said she was “very disappointed” by the latest development.

“We were hoping that by now, the trade talks would be continuing and hopefully making some progress,” she told Yahoo Finance. “So that’s a pretty big setback.”

Back in May 2019, U.S soybean prices reached its lowest level in a decade, dipping below $8 a bushel for the first time since 2008. But for farmers to make some kind of profit, they have still sold their crops despite the record-low prices.

“At some point, you have to sell, because we need some cash flow and when you’re selling at a loss, it’s just an ugly situation to be in,” Ziesch said. “If the price of soybeans is low because of tariffs, there’s not much I can do about it at some point,” Stafslien said. “You have to have cash flow just like any business. You may be selling at a loss just to rob Peter to pay Paul.”

‘We had developed a market with China’

President Donald Trump, left, poses for a photo with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, Saturday, June 29, 2019. (AP Photo/Susan Walsh)
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President Donald Trump, left, poses for a photo with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, Saturday, June 29, 2019. (Photo: AP Photo/Susan Walsh)
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Over the last year, as a means to finding a new source for soybeans, China has turned to countries like Argentina and Brazil. This has left American soybean farmers in the dust, so to speak. The S&P Global reported that Argentine and Brazilian soybean exports are projected to increase over the next marketing year, while U.S. sales are expected to fall.

Stafslien expressed his frustration at the inability for the two countries to reach a deal, particularly with the Trump administration, and the lost markets.

 

“As farmers, we had developed a market with China,” he said. “We need trading partners. It’s simple supply and demand. I’m very frustrated with our administration because despite the fact China is known to play dirty, specifically with intellectual property theft and such, that’s really, unfortunately, not my concern.”

U.S. agricultural exports to China, 2000-2017. (Source: State of Minnesota)
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U.S. agricultural exports to China, 2000-2017. (Source: State of Minnesota)
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Stafslien added this his concern “is feeding my kids. And I think there were methods to deal with China other than this brute force tactic that doesn’t seem to be working.”

Bob Kuylen, a wheat farmer, expressed a similar sentiment, recently telling Yahoo Finance: “This trade thing is what’s brought on by the president, and it’s really frustrating because he took away all of our markets.”

“All these countries went to different countries to get their grain,” he added. “How are we going to get the relations back with them to buy our grain again and be our customers?”

The ***-for-tat tariffs have been going on between the U.S. and China since the trade war commenced in 2018. As a result, Beijing essentially stopped importing U.S. soybeans in 2018 (imports were down 98% at one point).

Bloomberg reported in April 2019 that farm incomes fell by the most in three years, largely tied to the trade war.

Although Ziesch is frustrated by all of these challenges, her feelings are tied more to a lack of understanding from the general public rather than the political climate.

“It’s just the feeling of being under-appreciated and maybe misunderstood [about] the work that goes into farming and raising food for the world, that we’re just a blip on the map because we’re only 2% of the population,” she said.

‘My reaction is fear’

Central Illinois corn and soybean farmer Garry Niemeyer inspects the soil temperature and the sprouting of corn seeds he planted earlier as a test, Tuesday, April 15, 2014, in Auburn, Ill. Farmers eager to fire up the combines and get their corn crops in the ground are being foiled by an uncooperative spring after a long winter. The U.S. Department of Agriculture expects farmers to now launch into full-scale planting at the end of this month, later than usual. (AP Photo/Seth Perlman)
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Central Illinois corn and soybean farmer Garry Niemeyer inspects the soil temperature and the sprouting of corn seeds he planted earlier as a test. (Photo: AP Photo/Seth Perlman)
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For Stafslien and Ziesch, this is just another step backwards.

“My reaction is fear, frankly. Fear for the future,” Stafslien said. “We keep hearing from this administration that they’re working toward a trade deal with China, and then it seems like the facts don’t support what we’re being told. To have this disruption in the markets ... then to see this thing continue to escalate and essentially go backwards for us is very, very concerning.”

Ziesch stressed how tough it has been to market her products.

“We’re going backwards on about every crop we’ve put in,” she said. “It’s just how far?”

https://finance.yahoo.com/news/trade-war-china-us-farmers-171843698.html

 

 

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Confused???

 

I bet the farmers are too! Don't you love this farmer's line?

 

“We keep hearing from this administration that they’re working toward a trade deal with China, and then it seems like the facts don’t support system">support what we’re being told"

 

 

 

 

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Edited by bostonangler
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1 hour ago, bostonangler said:

Although farmers have collectively been receiving billions in market facilitation payments from the USDA, Stafslien sees these payments as “band-aids

Stafslien seems to have a pre conceived opinion. Trump gave Billions to Farmers "as a bandaid " until such time as a deal is completed with China. 

China will either make an equitable deal or China will suffer the financial consequences. In the meantime Trump will continue to support our farmers as long as necessary. 

WHAT DA PROBLEM IS :lmao:

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13 minutes ago, ladyGrace'sDaddy said:

"as a bandaid "

 

You mean bailout... A dreaded word for most... And if you have been reading the stories I've posted, you would know China didn't stop eating, they just found new sources for their food supply... If you've ever been in business you know if you lose a customer to a competitor it can be very hard to get them back. Usually you have to cut your price or up a service to win them back, if you are lucky.

 

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Even if US businesses flee China, prices will still spike: Footwear industry group CEO

 

A major shoe industry organization is warning American consumers could soon feel the impact of U.S.-China trade tensions, even

if businesses relocate manufacturing from China.

“The unfortunate fact is even if you diversify and move to places like Vietnam, prices will go up. There’s demand spike in Vietnam right now. You’re not going to just save 10% because you flee China and go somewhere else. And so at the end of the day, this disruption, this uncertainty, will be paid for by American consumers no matter where the product is sourced from,” Matt Priest, Footwear Distributors and Retailers of America CEO, tells Yahoo Finance’s “The Ticker.

The FDRA says 70% of shoes sold in the U.S. comes from China.
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The FDRA says 70% of shoes sold in the U.S. comes from China.
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The Trump administration is gearing up to slap an additional 10% tariff on $300 billion worth of Chinese goods starting September 1. The new round targets consumer products like footwear, clothing, and school supplies. And Priest predicts customers who shop at major retailers will feel the pinch, if these duties go through.

“The biggest risks are women’s fashion, accessible fashion at $100 price points, or mass retail production. Places like Walmart (WMT) and Target (TGT) where consumers purchase hundreds of millions of pairs of shoes every year. A lot of that is predominantly China, upwards of 90% or 95% Chinese production. So those are the consumers that will be impacted the most and will feel the brunt of this the most.”

Shoes displayed at a Walmart store in Secaucus, New Jersey, November 11, 2015. REUTERS/Lucas Jackson
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Shoes displayed at a Walmart store in Secaucus, New Jersey, November 11, 2015. REUTERS/Lucas Jackson
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The FDRA has hundreds of members, including companies like Nike (NKE), Footlocker (FL), and Crocs (CROX). Priest hopes the friction between the world’s two largest economies will decrease and higher tariffs on shoes don’t take effect. “My hope is that cooler heads prevail — that they find a way to move forward,” he said.

https://finance.yahoo.com/news/trump-china-trade-matt-priest-130837018.html

 

 

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2 hours ago, bostonangler said:

 

I hope they can work it out. This is getting out of hand... 

 

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It would seem that the Chinese are stalling till after the election. But I doubt that they can go that long as our tariffs are taking a sever toll on their economy. What everyone should be more concerned with is whether or not they choose to go physical as in a military way. But that would not be good for anyone. 

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16 minutes ago, ladyGrace'sDaddy said:

It would seem that the Chinese are stalling till after the election. But I doubt that they can go that long as our tariffs are taking a sever toll on their economy. What everyone should be more concerned with is whether or not they choose to go physical as in a military way. But that would not be good for anyone. 

 

Tariffs don't cost governments anything. The cost goes to consumers. And they will buy produce and pork from other countries. Where do we buy phones, TVs and all the other junk we buy?

 

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5 minutes ago, bostonangler said:

 

Tariffs don't cost governments anything. The cost goes to consumers. And they will buy produce and pork from other countries. Where do we buy phones, TVs and all the other junk we buy?

 

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This is the right time to deal with the Chinese government.  If not now, then when and by who?  It is very important to deal with the Chinese illegal activities before it is too late.  Once they become a military and economic power, no one could stand up against them.  They would do anything they want without any constrain. Yes, it is painful to deal with them now, but we have to learn to deal with it. 

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