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Chinese Ministry of Commerce: We will sign the trade deal in Washington next week


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White House chief economic adviser Larry Kudlow undercut President DonaldTrump's claim that China will pay for tariffs imposed by the administration ongoods entering the U

White House chief economic adviser Larry Kudlow undercut President Donald Trump’s claim that China will pay for tariffs imposed by the administration on goods entering the U.S., admitting that Americans will end up footing the bill.

In an interview with Fox News’ Chris Wallace, Kudlow, who serves as the head of the National Economic Council, was pressed on the validity of the president’s assertion.

“It’s not China that pays tariffs,” Wallace said. “It’s the American importers, the American companies that pay what in effect is a tax increase and oftentimes passes it on to U.S. consumers.”

“Fair enough,” Kudlow conceded. “In fact, both sides will pay.”

Doubling down on his fact check, Wallace again stressed that a tariff on goods entering the country wouldn’t be paid by the Chinese.

“No, but the Chinese will suffer GDP losses and so forth with respect to a diminishing export market,” Kudlow acknowledged. He added that “to some extent,” American businesses and consumers would end up paying.“Again, both sides will suffer on this

Kudlow’s remarks essentially threw cold water on Trump’s Twitter message last week in which he contended that “Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products.”

Though journalists have repeatedly corrected the president’s erroneous claims, explaining that tariffs don’t work that way, he has continued to perpetuate the myth in statement after statement.

 

White House chief economic adviser Larry Kudlow undercut President DonaldTrump's claim that China will pay for tariffs imposed by the administration ongoods entering the U

White House chief economic adviser Larry Kudlow undercut President Donald Trump’s claim that China will pay for tariffs imposed by the administration on goods entering the U.S., admitting that Americans will end up footing the bill.

In an interview with Fox News’ Chris Wallace, Kudlow, who serves as the head of the National Economic Council, was pressed on the validity of the president’s assertion.

“It’s not China that pays tariffs,” Wallace said. “It’s the American importers, the American companies that pay what in effect is a tax increase and oftentimes passes it on to U.S. consumers.”

“Fair enough,” Kudlow conceded. “In fact, both sides will pay.”

Doubling down on his fact check, Wallace again stressed that a tariff on goods entering the country wouldn’t be paid by the Chinese.

“No, but the Chinese will suffer GDP losses and so forth with respect to a diminishing export market,” Kudlow acknowledged. He added that “to some extent,” American businesses and consumers would end up paying.

“Again, both sides will suffer on this.”

Kudlow’s remarks essentially threw cold water on Trump’s Twitter message last week in which he contended that “Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products.”

Though journalists have repeatedly corrected the president’s erroneous claims, explaining that tariffs don’t work that way, he has continued to perpetuate the myth in statement after statement.

In reality, as Wallace noted, importers bear the brunt of tariffs, meaning American businesses relying on Chinese products will end up paying for fees the Trump administration imposes on those items. The added expenses typically hit everyday consumers.

In March, a study compiled by economists from the Federal Reserve Bank of New York, Columbia University and Princeton University illustrated that point, finding that losses are “being born (sic) by the consumers of imports.”

The Trump administration raised duties on $200 billion worth of Chinese imports from 10% to 25% last week as part of its escalating trade war with the manufacturing powerhouse.

 

https://www.yahoo.com/huffpost/larry-kudlow-trump-china-tariffs-174415868.html

 

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Edited by bostonangler
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Trump to China's president: "You had a good trade agreement but you retreated"

Trump to China's president: "You had a good trade agreement but you retreated"

13 May 2019 02:40 PM
From: Noha Al - Nahhas

Direct US President warned China that it will become worse if she thinks to take retaliatory action against US tariffs, stressing that Beijing had a good trade agreement but retreated from its implementation.

In a series of Twitter tweets on Monday, Donald Trump confirmed that the US consumer would not tolerate rising tariffs on China.

 

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Last week, the Donald Trump administration raised tariffs on imports from China worth $ 200 billion from 10 percent to 25 percent.

Trump added that it is possible for consumers to avoid the impact of tariffs if they buy products from within the United States or products of a country that is not exposed to tariffs.

Trump also stressed that many companies exposed to tariffs would leave China to Vietnam or any country that entered Asia. "Therefore, China wants to conclude an agreement."

"I tell the president of China and my friends there that Beijing will be hurt if you do not conclude a deal because companies will have to leave China to other countries," Trump warned China.

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"You had a great agreement almost complete but you retreated," Trump said.

Trump believes that no one in China can do business with him. "It is very unfortunate for China and very good for the United States," he said.

Trump added that the economy's performance in the first quarter "was unexpected as GDP rose 3.2 percent, helped by tariffs from China."

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Emerging market currencies are retreating as trade war escalates

Emerging market currencies are retreating as trade war escalates

 13 May 2019 03:08 PM
The currencies of emerging markets fell on Monday with global trade uncertainty and the escalation of trade war.

The United States and China have not reached a trade agreement so far, exacerbating US President Donald Trump's offensive rhetoric against China.

Last week, the United States began raising tariffs against China on imports of $ 200 billion from 10 percent to 25 percent.

Trump was not satisfied with the announcement that he would soon begin preparing for customs duties on imports from China worth $ 325 billion, about 25 percent.

By 1150 GMT, the Turkish lira against the dollar fell about 2.2 percent to 6.1223 pounds.

The Mexican peso fell against the dollar by 0.6 percent at 19.2145 pesos, while the yuan fell against the US dollar by 0.8 percent to 6.8799 yuan, the lowest level since the beginning of this year.

The South African rand fell 0.9 percent to 14.2868 rand.

At the level of the main dollar index, which measures the performance of the currency against 6 major currencies and settled during that period at 97.304.

Trump reiterated his criticism of China's trade relations with China today, saying things would become worse for China if it thought of retaliating against US tariffs.

"You had a great agreement almost complete but you retreated."

 
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China raises tariffs on US imports by 60 billion dollars

China raises tariffs on US imports by 60 billion dollars

13 May 2019 03:55 PM
Direct : China has decided to increase tariffs on imports from the United States worth $ 60 billion , starting from June 1.

China's Ministry of Finance announced Monday that starting June 1, the decision to raise tariffs on imports from Washington will be implemented from 10 percent to 25 percent.

The statement added that there are 5140 products will see an increase in tariffs.

China's decision comes in response to US measures to increase tariffs on imports from China worth 200 billion dollars from 10 percent to 25 percent.

Before the Chinese decision, the US president warned that any retaliation by Beijing would contribute to a further deterioration of the situation, and Trump gave China one month to conclude a trade deal with it.

 
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Researcher Shatha Khalil *

The trade war between the United States and China has overshadowed the global economy over the past year, creating uncertainty in the business world and even consumers. The image of the Sino-US rivalry became apparent in the middle of the 20th century; for global trade expansion from Asia to Africa, Europe, after the Second World War, where China intended to present itself first among many counterparts in an independent Asian-African bloc of countries, but this does not appeal to the United States of America, as President Donald Trump used to attack China, The trade balance between the two countries and the Chinese intellectual property rules, which Trump sees as hindering the progress of US companies.

Observers believe that the trade war is part of a US attempt to rein in the Chinese rise, amid the fear of Western governments of growing global influence of China. 
The imposition of US tariffs on Chinese goods as well as China has taken the same step, with tariffs on goods worth billions of dollars, and may be increasing, and hinted to impose a charge of 25% on Chinese goods worth 325 billion dollars. 
The IMF warned that the escalation "threatens the global economy" and secure global financial stability. 
Analysts say that even though Trump has underestimated the impact of tariffs on the US economy, the increase may affect some US companies as well as consumers that may be borne by companies part of the cost.

The China-
US Controversy: The US-China dilemma lies in Washington's refusal to give the right to navigation and control of the South China Sea, which has great support within the United States, explaining that since President Richard Nixon went to China in 1972, Pacific fixed regardless of party differences within any head manager. 
China is ahead of the United States in GDP and trade or progress in technology, such as the fifth generation mobile phone, the author believes that China will compete in the beginning of 2020 civil aviation companies Boeing and Airbus. 
Economist Jeffrey Sachs predicts that "Cold War tactics" used by US President Donald Trump will not work with China and that China's economy will become bigger than America's economy thanks to the population.
He says that what the United States is doing to China is a "cold war." It is pushing its security allies in NATO, Japan, Australia and others to stop buying advanced Chinese technology. 
In the same vein, the magazine Foreign Policy reported that the United States and China have become one of the strongest cold wars in history, especially after Beijing deliberately penetrated scores of high-profile figures in the Pentagon, Washington's insistence not to abandon the South China Sea, About commercial battles that will not subside. 
The US magazine said that the arms race and the US military competition with China will determine the features of the twenty-first century, pointing out that the cyber breakthroughs peaked, after the Chinese computers penetrated records of maintenance of US warships.
The differences between the United States and China are blatant and fundamental, and can hardly be negotiated, but can never be appeased. 
The Chinese should be committed to pushing US naval and air forces away from the western Pacific Ocean, "southern and eastern China," while the US military is determined to stay in the area, the magazine said. 
China views the "South China Sea" in the way US strategists saw the Caribbean in the 19th and early 20th centuries as the main extension of blue water from their continental land mass, which enables them to control the ocean. 
The Pacific is no longer the only barrier in China-US relations, saying the new era of the war will be impossible without the economic and technological race. 
Fears of the new Silk Road:
The Silk Road is one of the most important trade routes linking East Asia to Africa and Northern Europe, through Central Asia, Eastern Europe and the Middle East. The goods are transported through a combination of roads, railways and interconnected sea lines. (Belt), and road (road), which were linking China to the world. 
China hopes to raise the volume of exchanges through the Silk Road to 2.5 trillion dollars over 10 years. The number of countries participating so far is 65 countries, accounting for 60 percent of the world's population.
China insists that its project can not be considered a hegemony as promoted by a number of Western countries, but rather offers for partnership and cooperation between countries. China is addressing the world with the logic of mutual profit, or Win-Win. Contributes to the redrawing of the map of international forces and balances in a large way, which poses a threat to Western industrial countries, it competes with its markets and out of their areas of influence. 
US reports to the Defense Ministry show that it faces the Chinese threat far more aggressively than its Russian counterpart. Beijing, with its high power as a rising technological force, may outperform Washington in digital battle systems.
China's ideological development has greatly affected relations between China and the United States, after Beijing's strict development of the era of Deng Xiaoping and his successors was seen as the rule of Chi Jinping becoming a "solid authoritarian" state, confirming China's technological development The two countries, instead of easing, after the war turned to just one click on the computer.

New fees:
Trump's new fees are levied on American importers of Chinese goods, not on the Chinese exporter, and their price falls into their selling prices, meaning that the middle class finds itself in danger of paying higher prices for current consumer goods. 
As for China, the levies imposed on more than 250 billion dollars of Chinese imports of punitive customs duties, raised Friday from 10 to 25% on the equivalent of 200 billion dollars of Chinese goods.

Trump has launched measures to impose customs duties on the rest of China's $ 300 billion in imports. The new tariff hike is likely to be effective only a few months later, but it can be used to tighten the screws on China in tough trade negotiations. 
Agence France-Presse, the agency "Trade Partnership", confirmed that the lifting of customs duties, which came into force on 10/5/2019 will lead to the annual cost of a family of four individuals increased by $ 677. 
Liu said the chief negotiator said China strongly opposes the recent increase in tariffs, but believes that small setbacks are normal and inevitable during the negotiations between the two countries. As we look ahead, we remain cautiously optimistic.
In conclusion, the US Chamber of Commerce in China said in a statement that it is committed to helping the two sides reach a "sustainable" solution. "Despite our frustration over tariff increases, we support the existing efforts of the two sides to reach a strong and resolute agreement that resolves fundamental and structural issues that Faced by our members in China, "and we are waiting for the negotiations will succeed or the next setbacks bigger ?!

Economic Studies Unit

Center for Research and Strategic Studies

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Washington is preparing a $ 300 billion Chinese import list for tariffs

Washington is preparing a $ 300 billion Chinese import list for tariffs

 14 May 2019 12:02 PM
Mubasher : The US Trade Representative's Office has prepared a list of 300 billion US dollars worth of goods that the United States imports from China and may be subject to customs tariffs.

In a statement issued by the Office of the US Trade Representative on Monday, a 140-page list of mobile phones, computers and consumer products such as clothing, books and office equipment may be subject to customs tariffs.

At the same time, the list excluded pharmaceutical preparations being prepared in China.

The statement added that a hearing scheduled for June 17 to discuss the list, which includes 3805 products may be subject to customs tariffs by about 25 percent.

He added that the comments of the latest appeal will be issued within 7 days after the end of the hearing.

Last week, the United States decided to increase tariffs on imports from China worth 200 billion dollars from 10 percent to 25 percent.

The US president also announced that preparations would be made to introduce customs tariffs on imports from China worth $ 325 billion.

In response to US decisions, China yesterday lifted tariffs on US imports worth $ 60 billion.

In the case of tariff increases on that list, almost all US imports from China would be subject to customs tariffs.

The US president is scheduled to meet with his Chinese counterpart at the end of June in Japan on the sidelines of the summit.

 
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One place Trump’s tariffs could hit supporters: their shoes

President Trump trade war with Cnina could have the unintended consequence of hurting Trump’s base — all the way down to their shoes.

“Some types of shoes are almost 100% from China, and those types of shoes are, unfortunately, ones worn by working families — the shoes that are sold at Walmart (WMT) and Target (TGT) and elsewhere. That’s where working families will really be hit the hardest … The Trump voters in some of these communities are going to have the biggest impact on their wallets,” Matt Priest, president and CEO of Footwear Distributors and Retailers of America (FDRA) told Yahoo Finance.

An estimated 72% of footwear and 84% of travel goods are produced in China, and footwear is one of the highest duty products in the marketplace today, according to FDRA. “The average import duty on all consumer goods is about one and a half percent, and our average duty is 12%, and it goes all the way up to almost 70 percent depending on the type of shoe.”

Duties on sneakers range from around 17% to 20%. Work boots and construction wear, Priest notes, are also primarily manufactured in China.

According to Priest, a shoe currently imported to the U.S. with an input price of $25, usually gets markup of three to four times that as the shoe makes its way through the supply chain, from the border, where it gets hit with a duty of about 20% ($5), to the retail store to the consumer’s closet. That would make it a $75 or $100 shoe. So if Trump follows through with a new round of tariffs on $300 billion worth Chinese goods, that same $25 shoe coming into the country would be hit with a 45% tax, more than double the amount of duty.

Priest said that higher cost will likely fall on the consumer. “You see how the duty price is baked into the product as it gets marked up throughout the supply chain. And that means that, you know, that initial duty payment ... impacts the consumer more dramatically.” Priest said.

New retaliatory Chinese tariffs on over 5,000 products made in the U.S. will take effect on June 1.

https://finance.yahoo.com/news/one-way-trumps-tariffs-could-hit-supporters-their-shoes-142432214.html

 

 

We can always go barefoot...

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Steve Hilton: China Imports Are Less Than 3% of US Economy – We Don’t Need China! (VIDEO)

President Trump is right.  The time is right.  It’s time for China to be held to fair trade standards and accountable for the theft of intellectual property.

On Saturday night on the FOX News Channel’s The Next Revolution, the host Steve Hilton gave an excellent argument for President Trump’s actions to raise tariffs on China.  Hilton shared:

We can easily afford to fight China.  To hear some people talk about it you would think we’re totally dependent on China.  That is absolute rubbish.  Our economy is huge and thanks to President Trump’s pro-enterprise agenda its growing fast.  Imports from China are just 2.7% of its total.  Exports to China a naught point nine (0.9) percent.  Over 96% of our economy is not trade with China.  We could totally disengage with China and we’d be absolutely fine.

for the rest of the article: https://www.thegatewaypundit.com/2019/05/steve-hilton-china-imports-are-less-than-3-of-us-economy-we-dont-need-china-video/

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Patrick Buchanan: Tariffs -- The Taxes That Made America Great

As his limo carried him to work at the White House Monday, Larry Kudlow could not have been pleased with the headline in The Washington Post: "Kudlow Contradicts Trump on Tariffs."

 

The story began: "National Economic Council Director Lawrence Kudlow acknowledged Sunday that American consumers end up paying for the administration's tariffs on Chinese imports, contradicting President Trump's repeated inaccurate claim that the Chinese foot the bill."

 

A free trade evangelical, Kudlow had conceded on Fox News that consumers pay the tariffs on products made abroad that they purchase here in the U.S. Yet that is by no means the whole story.

 

A tariff may be described as a sales or consumption tax the consumer pays, but tariffs are also a discretionary and an optional tax.

 

https://www.cnsnews.com/commentary/patrick-j-buchanan/tariffs-taxes-made-america-great

 

If you choose not to purchase Chinese goods and instead buy comparable goods made in other nations or the USA, then you do not pay the tariff.

Edited by bigwave
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We don’t need 200 buck Nike’s,  Brazil makes more shoes than any country in the world.  I’m sure they would love to get more business from the USA.  To hell with China, a bunch of ingrates and crooks. 

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We made peace with Japan after WWII. Built them back up very well. Lets do the same in Vietnam; but with the changes in contracts and laws that we are attempting to get with China. Such as not stealing intellectual properties. That will work. Besides China is a environmental sewer. Remember the pollution in the air from when they hosted the Olympics ? Many athletes dropping out during the race because of asthma like side effects. 

 

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 Arab and international


Economy News _ Baghdad

WASHINGTON (Reuters) - US President Donald Trump on Wednesday blocked US telecommunications companies from acquiring equipment manufactured by foreign firms and a source of security risk in a move apparently aimed at China, which has a trade war with the United States.

Trump announced a state of "national emergency" to be able to issue the executive order that was expected and applies especially to the group of communications giant Huawei, which has been targeted by the US authorities for a long time.

Huawei responded by saying that these "unreasonable restrictions" violated their rights and that those measures would lead to "US use of lower quality and higher-priced alternatives" in the fifth-generation smart phone network.

The White House, for its part, justified the measure by the presence of "foreign adversaries increasingly using weaknesses in services and technological infrastructure in the areas of information and communications in the United States."

For Beijing, it is a deceptive maneuver aimed at distorting competition.

The US executive order is intended to address "malicious acts that the Internet facilitates access to, including economic and industrial espionage at the expense of the United States and its people."

This is the most far-reaching measure taken by the Donald Trump administration against China's expanding technology sector, particularly in emerging countries in Africa, Latin America and Asia.

The technology sector is dominated by the current trade competition between Beijing and Washington.

The two powers have been sharing tariffs in a dispute Trump has launched since making China his favorite target in his 2016 presidential campaign.

In response to a question about whether Washington could take such action, the Chinese authorities said they reject any misuse of power to exclude Chinese companies from free competition.

"The United States has long used its power to deliberately defame Chinese companies and to push them back at any price, which is neither fair nor respectable," said Chinese Foreign Ministry spokesman Geng Shuang.

The Chinese official accused Washington of using "the pretext of national security" to prevent Chinese companies from investing in the United States and gaining a share in the US market.

The United States has been leading a campaign for months, led by Foreign Minister Mike Pompeo, against Huawei, suspected of spying for Beijing. For its part, the US Department of Defense has doubled its warnings in this regard.

The United States has blocked the Chinese company from deploying fifth-generation communications networks on its territory and is trying to convince its Western allies to do the same, warning of the risk of being spying. The fifth-generation technology allows many equipment, from cars to surveillance cameras, to be connected to the Internet.


Views 12   Date Added 05/16/2019

 
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China pledges to respond if Washington applies tariffs to other imports

China pledges to respond if Washington applies tariffs to other imports


 16 May 2019 02:21 PM
Direct : The Chinese government has vowed to respond to the US proposal on the application of tariffs on the rest of the goods imported from Beijing.

"US harassment and the application of extreme pressure are contrary to multilateral trade rules," said Jo Fang, spokesman for China's Ministry of Commerce, on Thursday.

This week the Office of the US Trade Representative prepared a list of $ 300 billion worth of products it imports from China that may be subject to customs tariffs.

The US Trade Representative's Office said a hearing was scheduled for June 17 to discuss the list of 3805 products.

"China strongly opposes such practices, and if the United States continues to do so, China will be obliged to take the necessary measures," Fang said.

The Chinese official said they had no information on whether US officials had plans to travel to Beijing to continue the talks.

The US Treasury Secretary announced yesterday that he is likely to travel to Beijing soon to complete trade talks with China.

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Chinese yuan is nearing its lowest level in foreign trade

Chinese yuan is nearing its lowest level in foreign trade

17 May 2019 01:23 PM
Direct : the yuan currency is approaching in trading outside of China , from the lowest level ever after dropping the lowest level of technical support 6.92 yuan.

By 1010 GMT on Friday, the yuan's exchange rate against the dollar fell 0.3 percent to 6.9477 yuan.

Sources familiar with the matter told Bloomberg that the People's Bank of China will use monetary policy tools and currency intervention to ensure that the yuan's exchange rate will not fall against the dollar to levels above 7 yuan per dollar.

Since the beginning of the month, China's yuan currency in foreign trade fell 2.9 percent to become one of the worst performing currencies in the world.

At the yuan exchange rate in intraday trading, it fell 0.4 percent against the US currency, recording 6.9139 yuan.

China decided this week to increase tariffs on US imports worth $ 60 billion from June as the trade war between the two sides accelerated.

 
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Japanese Companies Move Production to India From China as US Tariffs Hit

By Frank Fang, Epoch Times
May 16, 2019 Updated: May 16, 2019
 
 
 
  •  
  

Several Japanese companies are moving some of their production lines out of China, in a move to avoid paying for current U.S. tariffs on Chinese-manufactured goods, as well as possible future tariffs—as there is no sign of an imminent trade deal between Beijing and Washington.

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Another thought is that the goal in this tariff matter is to eliminate the militaristic hold China has on the world via their economies, and never to allow it or anything else like it to hold the U.S. and its economy hostage again. Both in the near and distant future. We have lost $600,000,000,000 annually for the last 25 years. Now we have received between $100 billion and $200 billion from the Chinese. Factories are leaving China and moving to places like the USA and Vietnam.  Injecting huge amounts of capital into the economies they move to in the form of infrastructure, jobs, and taxes. If the Farmers of America are going to be hurt by the $50 billion in tariffs China is going to place on the agriculture products imported from the US, Trump can and will (via his statement) take $50 billion out of that $200 billion we got from China this past year and distribute it to the Farmers; and still make money off of the Chinese. Folks, we have gone from loosing $600 billion annually  in trade deficits, something the last 5 administrations have said cannot be changed, to making $200 billion. Tired of winning yet ? Trump just wants to break even in trade arrangements. I don't think so. I believe he wants to return America to its former economic glory as a manufacturer to the world a d then let all the countries compete on a even playing field. In the mean time Americans benefit from his policies. 3.2% growth in gdp in the 1st qtr of this year. A rate the last POTUS said could never be seen ever again. Guess you cannot find what you're not looking for. Trump is just trying to make America great again. Americans,  just don't be cocky privileged butt heads like last time we were on top. Ite ?

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2 hours ago, Botzwana said:

Read the yahoo comments about Trump tariffs.  The liberals just DO NOT GET IT.

Yup. They are calling the proceeds from the tariffs as a tax on the American people since it will eventually raise the price of Chinas good s sold in the stores of this country?  Said companies are already moving out of China and back to the US and other countries. How do these people think Trumps policies have given us  high 2's to mid 3's in GDP growth ever since he took office as POTUS? This also means it is now cheaper to build and manufacture here in the US and export from here.  Which means the price hikes will be short lived, at best. Shoot with the increased wages we can afford a little more. The opposite to Obama's mandates on HC which increased medical costs by 130% at a time when wages were stagnant or in a decline. Timing is everything.

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What is the tariff and who pays it? The US Council on Foreign Relations answers
US President Donald Trump

Written by Reem Abdel Hamid
The trade dispute between the United States and China over customs tariffs, which the Trump Administration has raised by up to 25 percent on an estimated multi billion dollars of Chinese goods. But many do not know what the tariff is and do not use it.

 

 The US Council on Foreign Relations, one of Washington's leading research centers, highlighted the tariff, saying that it has long been used to promote local industries to look for local people to purchase locally produced goods. Over most of the last century, tariffs are no longer preferred because they reduce trade, raise prices for consumers in their countries and reprisals from abroad. With the tariff rise again under President Donald Trump and the slowdown in world trade, many experts fear that companies will soon face higher costs and may suffer the global economy.

 


What is the tariff?
 Is a tax levied on goods imported from foreign countries. And paid by the importing companies to her country's government, and are mostly fixed percentages of the value of imports.

 Tariff can serve several purposes. Like all taxes, it is a modest source of government revenue. Several countries have used the tariff to help their nascent industries at home in the hope of protecting local companies from foreign competitors. The tariff is sometimes aimed at countering some unfair practices used by other countries to make their exports cheap.

 

 Who uses the tariff?
 Almost all countries impose some tariffs. Exceptions include Hong Kong, a free port that has never imposed a tariff. In general, rich countries maintain a small tariff compared to developing countries for many reasons. Developing countries may have fragile industries that they want to protect or perhaps less resources than government revenues.

 

 After the Second World War, the tariff continued to decline in the United States, with emphasis on trade expansion as a key focus of its global strategy.

 


 Who is entitled to tariffs in the United States?
 The US Constitution grants the authority to regulate trade with foreign countries and between states.

 

 Who pays the tariff?
 Importers pay the tariff for their country's government. Most economists believe that most tariff costs are borne by consumers. This is true for industries with a simple profit margin such as retail and grocery.

 


 What is their impact on the tariff target countries?
 Tariffs harm exporters by making their products more expensive, causing them to suffer to maintain their sales, and may cause their profits to decline and eventually lead to the decline of the country's economy. . Importers may decide to lower their prices to maintain sales but this could reduce profits.

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- China's central bank will not allow the currency to exceed 7 yuan to the dollar
Chinese yuan
 

BEIJING (Reuters)


Three sources familiar with China's central bank's thinking said the bank would seek to intervene in the foreign exchange market and fiscal policy tools to prevent the yuan from falling below 7 yuan against the important dollar in the near term.

 
"For the time being, you can be assured that he (the central bank) will not let him break through barrier 7," a source told Reuters.
 
Defending the Chinese currency at 7 yuan against the dollar would boost confidence in the currency and ease investors' concerns about a sharp depreciation of the yuan, although deteriorating trade ties with Washington make competitive devaluation a pressing choice for Beijing.
 
"A breakthrough of 7 against the dollar will benefit China because it will be able to reduce some of the effects of tariff increases, but the result will be negative in terms of trust in the yuan, and the money will flow abroad," the source said.
 
The yuan fell to its lowest level since December on Friday, drawing close to the 7-dollar barrier touched last time during the 2008 financial crisis.
 
The yuan fell 3 percent last month as hopes of reaching agreement on a long-term trade war between Beijing and Washington ebbed. 
 
The latest round of those tensions erupted with US President Donald Trump's decision to impose tariff increases on Chinese imports, sparking a similar reaction from China.
 
Although the weak yuan will help support Chinese exporters, the devaluation should be significant to offset the impact of the increase in US tariffs, and policymakers say such a drop could in turn feed capital inflows and undermine China's economic stability.
 
The People's Bank of China (CBB) did not immediately respond to Reuters's request for comment on Friday.
 
A second source familiar with the central bank's thinking that the country's monetary authority may allow the yuan to fall to 7 yuan against the dollar based on fundamentals, but will move to prevent speculative short-selling.

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6 hours ago, Botzwana said:

Read the yahoo comments about Trump tariffs.  The liberals just DO NOT GET IT.

Yup. They are calling the proceeds from the tariffs as a tax on the American people since it will eventually raise the price of Chinas good s sold in the stores of this country?  Said companies are already moving out of China and back to the US and other countries. How do these people think Trumps policies have given us  high 2's to mid 3's in GDP growth ever since he took office as POTUS? This also means it is now cheaper to build and manufacture here in the US and export from here.  Which means the price hikes will be short lived, at best. Shoot with the increased wages we can afford a little more. The opposite to Obama's mandates on HC which increased medical costs by 130% at a time when wages were stagnant or in a decline. Timing is everything.

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They definitely are not a tax on the American people. It is what has allowed us to achieve 3.2 % growth in GDP ever since Trump took office. Its because Trump is not playing the international good ol boy plan . Simply find out what the Chinese did when the 10% tariffs were applied ? What they did was pass the cost onto the manufacturers inside China. Great ! Why great ! Because the Chinese are helping to make it so expensive to manufacture in China, that they the Chinese are making the 70,000 companies that left the U.S. after 1985 , when the WTO was created. And the then very first time tariffs were not included in a international trade agreement. The Chinese are making all 70,000 move back to he US or possibly Vietnam. One only needs to go back to 1985 to see when tariffs were dropped from international trade agreements, not like the article said. 100 years ago , yeah right. The next thing we will do is allow the world realize we do not really want a new trade agreement with China. Cuz we as a nation make out very well. Also that we will now dominate the energy market worldwide. Also that is hw we will make the Americas, from Canada to Venezuela,  prosperous by sharing with  those countries the manufacturing that moves out of China.

Edited by new york kevin
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  • yota691 changed the title to Chinese Ministry of Commerce: We will sign the trade deal in Washington next week

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