Any challenge to US global hegemony should be welcomed. An American superpower without a credible military and economic adversary is the most terrifying world possible.
Trump does not know what he is doing. If Trump really supported competition, he would have lowered the tariffs on pickup trucks from offshore competitors when he was playing with the NAFTA. The American auto manufacturers did not want to compete in their lucrative truck market and Trump supported them and not real competition. Now, if he would like to learn about the proper way to deal with China and not disrupt the US retail market he should take these two approaches: First, set up a tariff increase of 1% per month and continue with this for as long as it will take to get China to fix their side of the issue. This will have less disruption in the retail markets. By the way it would have been better to stay with the TPP but that is another issue. Second, give China the warning that for every year they are caught supporting theft of American technologies developed by American companies the USA will be reciprocating by allowing American companies along with the US government to do the same for the same period of time (in the future in this case) that the Chinese government has allowed their people to steal for many years already. They will become the primary developer of future technologies and at that time they will be the complainers but will certainly deserve this.
Trump's major focus is money and how to make more. This has been his focus far before the presidency. He is convinced that trade tariffs will make money for us. That extremely narrow focus will be his and our downfall. He fails at history, economics, the military, energy, climate and science. But he excels at autocracy, aggression, spitefulness, law breaking and narcissism. He is an example of an education that did not take. He has always believed that no professor could possibly know more than he does. So he does not read because no one could write anything he didn't already know?
If we escape this China trade war, it will not be because of Trump. And it appears that there are no better minds in the Trump camp. Trump is not smart in business either, but he does not want us to know that.
3
Imports from China are just 2.7% of our total.
Exports to China are 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.
1
Try that out with farmers and see where it gets you.
1
Another no-win situation instituted by the "winner" in chief. How much more of his missteps, lies and doublespeak can we withstand before our sellout to our adversaries is complete?
1
Trump will either declare victory and fold or continue to escalate his trade war based solely upon one criterion: Which path will improve his electoral chances in 2020.
This is not about America First. It is about Trump First. The Chinese know this, which puts the US in an exceedingly weak bargaining position.
Sad.
2
"...every sneaker... that China imports into the United States."
China exports goods to the United States. The United States imports Chinese goods
1
When will Trump realize that his bully negotiating skills are not going to work. We once were the economic engine of the world, but that is in the past
Apparently he is not the deal maker that he thinks he is.
And he surrounds himself with the same mentalities in his pick of Cabinet members and others, such as John Bolton.
If Trump has his way this country will be filing bankruptcy before 2020. Between the trillions of dollars in debt, thanks to the Tax Reform bill and his lack of negotiating skills with Foreign powers, we will soon be up the virtual creek without a paddle.
1
Alas it is really a pity that the greatest deal maker the world has ever seen never took time to enroll in Economic 101. As his chief economics advisor has recently stated, both sides will suffer!
However as the owner of a medium sized wine producer in Chile, the nincompoop-in-chief has actually helped us. When he choose to throw the CA wine industry under the bus, the small market share that they had in China tended to go to Chile. As a consequence we are inundated with orders. Good news but not without problems. We are working our finishing line 24/6 & still can scarcely keep up!
4
It is about time we stopped enabling Communist China.
3
Communist China is responsible for our standard of living. They lend us an enormous amount of money so we can buy their cheap goods. if they stop buying our bonds and selling us cheap goods, look out for the next American revolution. Remember, we love our cheap stuff!
@Karolyn Varner
Allowing any foreign country to control our standard of living is not an intelligent approach.
Which Presidents allowed that to happen?
This is going to give a huge number of businesses the excuse to raise prices on EVERYTHING whether the product comes from China or not.
It's already been shown that since tariffs were placed on washing machines, dryers have also increased in price but weren't subject to tariffs. The reason? People usually buy a set so might as well raise the price on both!
Mr. "Deal Maker" indeed.
4
Trump has the nerve to demand that China change its whole economic system to satisfy his needs. China's centralized system requires what they are doing. Trump is trying to get China to abandon communism and CHANGE THEIR REGIME!
2
The tariffs will fund the $15B supplement to our farmers.
1
@Dr. John - Are you claiming that's a good thing?
1
@Dr. John - No the taxpayers who pay the tariffs will fund the farmers
5
@Rob Wagner
Money well spent.
"While economists differ in their forecasts of how much tariffs on both sides will reduce economic growth, most agree that the cost of tariffs is passed on to businesses or consumers in the form of higher prices."
"MOST agree that the cost of tariffs is passed on to businesses or consumers in the form of higher prices."
No. ALL of the economist agree that the cost of tariffs are paid by the imported and the consumer, and NOT ONE PENNY IS PAID BY CHINA, except of course, the "very stable genius" economist with the BA from Wharton (who transferred in after two years at Fordham).
But since that "very stable genius" happens to have the pen that is used to sign Executive Orders in his small hand, all the other economists, who actually studied the subject and can speak sensibly about it, do not get a say in the matter.
You would think that Wharton would take back their degree, because the "very stable genius" is giving them a bad name.
6
From Axios this morning:
"Swan has asked several current and former administration officials whether Trump actually believes that China pays the tariffs — rather than the reality that U.S. consumers do.
The consensus is 'yes': That's what he actually believes.
And as one former aide said: There’s little point trying to persuade Trump otherwise, because his belief in tariffs is 'like theology.' "
Sometimes dumb is just dumb; other times it is dangerous.
14
Will Democratic representatives vote against the American farmer??
1
To undermine Trump. they'll do anything
1
A lot of news and commentators are focusing on the goods - the end product. In particular, those shipped to US.
What is missing is an analysis of what happens when a.)China starts slowing down the supply chains of products that are not under tariff. b.)starts supporting Iran and NK more overtly, c.) starts selling their goods to rest of the world for discount as compared to US exports, d.) how will the other western nations react to US policy and form their trade alliances.
3
Does anyone know what bucket these tariffs go into and who controls where that money is spent? I hope it will be used to pay down our ever rising deficit. By the way, these tarrifs will eat away any Tax relief benefit the lower and middle class received. However the corporations will just turn around and pass the increases to the consumers. Their tax breaks are safe.
3
Republicans are ok with welfare farmers? Reuters reports $15 billion more for farmers hurt in this round of tariffs. War being orchestrated with Iran. Man, this guy is desperate for re-election.
7
Come on Republicans! I've been waiting for the tide to turn, could this be it? My representative and senator will be getting a lot if letters to just say no to farmer welfare. I'm sick of subsidizing people who voted for this lunatic, let them really feel the pain of what they did.
15
Confucius say
Man who cut off nose to spite his face,
cannot wake up and smell the coffee
7
@scott k. - Thank you so much for the laugh. I needed it.
1
So Conservatives who hate taxes, are going to tax every item that comes in to the country? If the Dems tried this, they would scream bloody murder.
8
We are now at war with China.
And the very sad and dangerous thing is that Trump is utterly unqualified to deal with the ramifications and issues his blustering, inept style have created.
We have already lost the chess match.
8
OK so the Chump does not know how tariffs really work, but it opens the door for other suppliers.
All Americans shopping carts will cost more? OK, so with this logic we should stop talking about human rights and get some slave labor going.
All those populations of "Others" in China, they probably have a home grown sustainable population of new slaves.
Now what is going to happen is the price of everything will go up, then the tariffs will come off and the Price will Stay Up. This was how the alcohol industry got richer when we went to metric in that industry.
4/5ths of a gallon is 757 ml
new bottles of that size range
750 ml
oh it is only 7 ml of tens of millions of bottles or hundreds of thousands of gallons.
25% tariff boost and after we get used to the price, they drop it an pocket the difference.
There was no real gas shortage in the 70s. Tankers were delivering oil into Savannah and it was being pout in every storage tank and empty gas station underground tanks.
When they had No Place to put any more...suddenly there was gas and wow it is not $1.75 it is only $0.95/gallon up from $0.29-0.36/gallon.
This has everything to do with getting us used to a new set of higher prices.
Watch how this plays out. It is the same as the $1 billion American was able to fight in Vietnam using 700 million a year
Now it takes trillions?
Does a Coke cost $25 a 12 oz can?
Does a VW Bug cost $25 million?
This is just one more across the board governmental anal rape.
1
There is another side to this matter I find worrying.
Your president repeatedly claims that China is paying the tariffs, not you, and that in doing so is pouring billions of dollars into the US treasury. You and I both know that is not the way tariffs work, but it would seem millions of your voters believe this erroneous claim. This, in its turn, does not bode well. Elections work best with informed electorates.
7
As an outsider, I find it both amazing and dangerous that, under the constitution, a President of the US has such power to make completely independent decisions, at least in the short term, bearing in mind that Congress will have to approve any deal before it becomes final. The damage done to the world economy over the months of Trump’s aggressive and ineffective negotiation style risks being permanent.
6
Selling off US Treasury bonds would be China using their nuclear option. The fact that it was even mentioned by an official in a trade magazine is devastating if the possibility of that response continues to be put on the table
3
“I love the position we’re in,” Mr. Trump said, adding that the United States was “taking in billions of dollars in tariffs.”
I don't think the farmers who are filing bankruptcy feel the same love. Once soybean farmers lose their market share in China to Brazil or other countries it would be hard to get China back as a customer. I think this is Trump's Achilles heel that will eventually erode the economy and lead to his defeat in 2020. He's beyond arrogant and has no idea. Say what you want about China sure they deal in unfair trade practices but the American consumer benefits in buying cheap goods. Even if we can make the same goods here, as Trump suggests, they will cost three or four times more. This will directly affect people who shop at Walmart and Dollar General, most likely the core of Trump's base. Start taking away people's money and they will turn on you like a dime and snap like a rabid dog!
6
It appears that at least 85% of the comments here intentionally express inaccurate, disproportionate , over-negative depictions of President Trump.
Some even say he is attempting to destroy America.
Nancy and Schumer support him on China - but they are not attacked here.
Seems like most are an effort to affect the coming election - without any facts - only emotion.
2
Once again Trump uses world politics to try and strengthen his base for the next election. Last election cycle it was the massive caravans that required troops to protect our border. Now its the Chinese boogieman . Make no mistake, many of the things Trump is complaining about with China are real and need change. However, his plan will not create long term change and is just a ploy for the next election. Meanwhile, someone should audit the Trump business finances as my guess is that they are playing the market well. Must be psychic.
4
Trump promised his base tariffs, and we got tariffs - regardless of what these do to the nation's economy. Trump's all about feeding red meat to his base, regardless of the consequences. Perhaps we should be accustomed to this by now, but it's much too serious to accept as the new reality
While praising the intelligence of the American electorate, he secretly knows that they can be led around like a bulls with nose rings - only instead of bull rings, he uses their beliefs and prejudices to lead them wherever he wants.
If DJT doesn't destroy our fragile democracy, he has published the blueprint and playbook for some other demagogue to do it later. If a democracy like America's is going to exist, there will have to be a paradigm shift in human thought throughout the world.
In the near future, we will program the human mind in the computer based on a "survival" algorithm, which will provide irrefutable proof as to how we trick the mind with our ridiculous beliefs about what is supposed to survive - producing minds programmed de facto for destruction. These minds see the survival of a particular belief as more important than the survival of us all. When we understand all this, we will begin the long trek back to reason and sanity.
See RevolutionOfReason.com
America is in the midst of an expanding trade war, and it is being orchestrated by a president who still insists that the tariffs the US imposes on products imported from China is 'free money' that goes directly into the US treasury.
When Kudlow was asked if he shared Trump's economic analysis, he squirmed like a nervous little boy but could bring himself to answer.
Yikes!
2
"I will not stand by when our competitors don’t play by the rules. It’s not fair when foreign manufacturers have a leg up on ours only because they’re heavily subsidized. We’ve brought trade cases against China at nearly twice the rate as the last administration – and it’s made a difference. But we need to do more.”
—President Barack Obama, 1/24/2012
And Trump is doing more — hitting them where it hurts. Exports drive the Chinese economy. The US buys 19.5% of their exports and they can’t afford for US companies to source elsewhere. It’s a global game of ‘chicken’ — but we are playing with the huge advantage of a far more diversified and strong economy.
Short term stock market uncertainty and pain for the long term benefit of ending Chinese cheating and creating a free-trading global economy. Seems worth it to me.
2
@Pragmatist In CT - You seem to have missed the part about the increased cost of goods for each and every American.
btw, Trump products are made in China.
1
The world's worst businessman and tax fraud is now in charge of America's retirement income. Enough disruption yet? Can we have a different president next time please? I know it appears that anyone can do a better job, hence every Democrat in the nation appears to be running for president, but could a few peel off and run for Senate?
9
Something I haven't read in the newspaper, seen on TV, or discussed on radio -- which agreements exactly did the Chinese negotiators renege upon? Without that data, I can only only conclude that this is another of Trump's unending lies, told so he can puff himself up without substance as a master negotiator.
3
WTO agreements
Market up 8000 points since Trump won the election.
Futures up today.
1
@Dr. John
You are forgetting the 1000 points that were shed over the last week. It is 7000 now.
1
You think the stock market has anything to do with Trump? You should do a bit of research.
This conman Trump is being propped up by what's left of the professionally managed economy left behind by Obama.
And unfortunately that legacy is being undermined daily by the current stupidity of Trump and his fox talk show advisors.
3
Trump is doing what none of the wimpy presidents before would do, namely show China that currency manipulation to take American jobs is over. China loses this trade war because they have 10 times the loss because of the trade imbalance. Trump is playing hardball and he will win this, the numbers are clearly on his side.
3
Trump's lack of negotiation skills are now being thrown in the faces of Americans and as the economy became stabilized, growth included, he will be bankrupting the entire USA. As prices in household goods increase, when all is said and done, and our hope of that day of Trump being out of office, we will definitely not see a decrease in prices once they have risen. It is long lasting. Our corporations don't operate to lower their profit.
Clearly, Trump is damaging our country. The disastrous results will be felt after he is gone and as his presidency, our current administration and Congress, nothing will get better for a very long while.
4
Trump is hitting them where it hurts. China's economy is highly dependent on exports and the US is their #1 customer with 19.5% of total exports. Raising tariffs against Chinese imports incentivizes importers to source elsewhere. China is carrying very high debt and cannot afford a hit to their GDP. When China agrees to stop subsidizing industries, stealing proprietary technology, and imposing high tariffs on other countries' goods, then our tariffs can be lifted. If we don't address this today, we're going to pay for it in a much bigger way in the future.
4
@Pragmatist In CT What happens when our exports (that use China sourced components/materials) to all other areas of the world are now more expensive? Do you think they will pay more just to help the US win this battle? Or do you think they will purchase elsewhere at a lower price? This is a global economy will global ramifications. China will find a market for their goods somewhere and change the competitive balance globally, not just in the US.
2
@Rob Wagner It's not just America that China is cheating on. They are cheating every company that wants to business with them. It's analogous to a company like Standard Oil. Rockefeller underpriced transportation until he knocked out all competitors. Then he underpriced refiners. Then he underpriced retailers. When he finally had a monopoly, he raised prices. It took an act of Congress to break Standard Oil up. Who is going to break up China???
Trump's policies and behavior have resulted in thousands of new people, particularly women, to enter politics. We can expect a tsunami of similar responses to Trump internationally as well as domestically.
The very strong U.S. economy and position in the world is being blundered away. In 2016 the U.S. was in 18th place in the global transparency index of corruption. Now, after two years of Trump the U.S. is in 25th place. As corruption increases so will the cost of capital. Where the U.S. will be after Trump's reign is finished cannot be accurately forecast but there is no plausible scenario that Americans will be better off than before Trump.
There is a cost to strategic blunders. Mr. Trump compounds the problem by blundering across the board.
5
To Bannon & Trump the tariffs are just a means to an end, the end is an economic war with China. Bannon stated this nationalistic view in the Frontline documentary “Trump’s Trade War.”
STEVE BANNON: “The most intense fights and debates in the White House were about this issue of tariffs, but tariffs as a proxy to the great economic war with China that we’re engaged in.
There’s no middle ground [in this debate.] One side’s going to win and one side’s going to lose, and so we knew the stakes were high.”
1
So Trump/GOP loves “taking in billions of dollars in tariffs” but he doesn't say how difficult it is for those making medium or low wages in the U.S. who suffer as a result of increased prices. Trump doesn't say his tariffs are a tax placed on what Americans buy from China. Oh, and he is going to help the farmers whose products receive tariffs when entering China. Is Trump going to help Americans increase cost of living. No he is not. So come 2020 remember it was Trump's lies to Americans when he said over and over again that China paid the U.S. government for the tariffs, not the American people.
5
“Americans’ entire shopping cart will get more expensive".
Good. The majority of what most Americans buy is garbage-like. Hyper-consumerism is as insane as Trump.
5
The stupidity of one person singlehandedly messing with the "economy", itself a very nebulous complexity, is made manifest in Trump. He proposes to help the farmers who will be among the innumerable casualties of his latest bid for reelection in 2020, to wage a shambolic trade war with China. Meaning more taxpayer-subsidised welfare to buy their votes, while they cut way back on planting food crops since there's a diminished export market. Perhaps they can all become hemp farmers and cash in on the cannabidol boom...
3
America has been wounded by Trump, his family and the mercenary Republicans. Dying a death by a thousand cuts, Inflicted by profound incompetence, ignorance, impetuousness, and greed.
11
'Death by a thousand cuts' is a traditional Chinese invention for execution and it's related to China's current 'salami slicing' strategy in economics, foreign policy and hegemony.
If the cuts are razor thin, the Americans won't notice until they bleed out. I've heard it said that Americans are like sidewalks, easy to walk on. We've been too complacent and too accommodating to China for far too long. It is our own fault.
Love China and the Chinese, hate the communists. Many Chinese people feel the same way but cannot express it.
The chickens are coming home to roost for Americans who believe that our nation can be led by a psychotic criminal holding the job of president while mounting a criminal defense against multiple state and federal indictments.
Maybe some of the scared and lazy Democrats, like Pelosi, Schumer, etc, who can't stand to get their hands dirty calling Trump out for his crimes and psychosis can get a clue and remind Americans of what they wrought upon the nation when they bought into the GOP con job that President Obama and Secretary Clinton were dishonest and bad for our nation.
7
@Alabama
While I agree, I seriously doubt that this will change the minds of his base and our Republican Party that supports Trump. Nothing seems to change them. They keep lowering their standards along with Trump.
And even our Congress will not hold him accountable for fear of "politics" and not the well-being of our country, the job of their oath. Can we really visualize the arrest and jail time for this White House?
3
The democrats were also too conciliatory towards China. Long bi-partisan negligence towards China's communists and their actions, misbehavior. This could have been prevented long ago. It is long overdue.
FACT: The Chinese have outsmarted us on trade.
FACT: No one disagrees that a new USA trade policy with China needed to be developed.
QUESTION: Is the Trump administration qualified and competent to accomplish it without harming the USA citizenry?????
ANSWER: Welfare checks for farmers that the rest of us subsidize by the increased costs from tariffs on Chinese imports.
4
So we're mad because the Chinese don't want to buy huge American S.U.V.s?
My, I’m tired of so much winning!
4
China always looked at the long arch of history. That is already a challenge for bright Western minds. Put in charge a megalomaniac simpleton and it becomes even harder.
6
Trump is doing to America what Daenerys and Drogon did to King's Landing this past Sunday.
“I love the position we’re in,” Mr. Trump said, adding that the United States was “taking in billions of dollars in tariffs.” Gee. Let's tax Americans some more. This is fun!!
7
When the president of the American Apparel & Footwear Association calls Trump's chaotic economic mismanagement a “self-inflicted wound,” he's saying that Trump is shooting America in the footwear.
We shot ourselves in the foot by electing a charlatan.
8
@Mark
But the majority of Americans did not elect him- not by "popular" vote: the Electoral College stepped in and changed that. Scares the heck out of me of what could happen again.
6
US consumers will pay for the tariffs, just like the US tax payer will pay for the wall.
Trump inherited a good economy like he inherited a family real estate empire. Where is that empire now? It never went public because investors have no confidence in Trump. It lost billions over decades. And now it’s a money laundering pit.
The US is on the same trajectory with this fool at the helm. And yes, WE, will pay for it. Not the Chinese or the Mexicans but US.
6
Eventually, when the market goes down even more, he'll cave.
1
@EJ and by that time, all Americans will be suffering greatly. Too little, too late.
1
A retaliation is a given if Xi wants to keep his presidency for life.
People said, "But China will hurt more than the U.S." This is the worst argument only gullible people who voted for Trump or those like Chuck Schumer who want him to stumble would use. If it is true Xi & crew could put millions in re-education camp, regular Chinese feeling pain would not bother them a bit.
Before Trump got elected, I have warned people he would turn America into a political Syria, extremists versus extremists and the innocents get hurt. Now he is turning the whole world into some financial Syria, nations versus nations and the innocents get hurt while those in power profit handsomely.
But in fact, if people had heed to President Obama's attempt to join/lead the TPP - and likely continue by HRC - America might still have had a chance to contain China. Now it is spreading its Belt & Road into Europe and S America not far behind
3
Why does Trump keep saying that the billions of dollars in tariffs is going right to the treasury when it's not? Because his base will believe anything he says!
4
We have finally gotten the consumption (sales) tax Republicans have always wanted.
1
Trying to think if there is any good in the Madness of King Donnie and his tariffs? Maybe we turn away from our mad consumerism? That would be irony.
1
“Trade wars are easy to win,” the president told us.
So when will we be winning?
2
The South China Sea. Syria, Venezuela, Iran. China is doing its own think internationally and is counter to the United States.
Could be this trade war is more militarily derived than commerce derived.
1
Trump believes that just because the Chinese will suffer greater consequences than American consumers in this tariff war that Americans will support it even though prices will greatly increase. That is a gross misunderstanding of the American psyche.
As we have seen in our recent military wars, Americans are primarily concerned with American casualties not the casualties of those we are at war with. It's the 57,000 Americans killed in Vietnam that still resonates here, not the million of Vietnamese we killed.
In the same way, Americans paying more and losing jobs as a consequence of this tariff war will be what concerns Americans, not the fact that the Chinese will be losing even more jobs.
This is another example of how simple-minded Trump is as if more evidence were needed.
2
It feels weird reading so many articles like this in the NY Times amd elsewhere that are simply superficial counts of pro and con votes.
I didn't vote for Trump, nor do I like him, but yes, he could presumably take the additional revenue and pour it back into the industries that are being tariffed by China, and we could still come out ahead.
Sure there is more to trade the what I just described, but, at least my analysis provides a real framework for an analysis of Trumps policy, which may or may not be the way to go.
How long will it take for Americans to realise that Trump's attempt to bully China is doomed to fail? The Chinese know how to treat unprincipled bullies (they are expert at bullying themselves) and they really do not care how much damage is done to the USA by a trade war. Trump is becoming a pariah amongst national leaders and now will be denied the historic honour of addressing parliament during his state visit to the UK next month. That is not very important in the bigger picture but it will irritate him and, I believe, is a gesture that perhaps gives a clue on how to treat him. If folk simply ignored him and treated him as he deserves the world would be a happier place! But that will not happen as there is something about him that compels people to take notice of him much like rubber-neckers at an accident scene; another way is to protest and I am sure there will be mass protests when he hits the streets of the UK.
1
Just like all his failed businesses, Trump will bankrupt America and drive the economy into the dumper at the expense of all but himself. Thank you so much Donald.
5
So glad there isn't much I need from China. Shopping garage sales and thrifts stores and Freecycle works pretty well these days.
1
Devoid of any vision and the back up plan let alone deliberative consensus, the. weaponised foreign and trade policies that Trump is pursuing relentlessly will only backfire with catastrophic consequences for the US.
2
Another loosing proposition to resolve a serious issue from Small Hands Trump.
I truly pitty whoever takes over from Trump in 2020. He or She will have a lot of rebuilding to do, not least our relationships with the world at large.
2
Wait until Trump finds out that Chapter 11 is not his out on this wrongheaded adventure. He must have plead out of Economics 101 and 102 while at Wharton.
3
I'm following this very closely but not living in America; so I have a slightly detached perspective. Is it possible that President Trump believes he will lose the 2020 election and is setting up this ill-advised brawl with China to claim that when he loses the election he can try to claim that China rigged the election in favour of the democrats? I don't know of course but this worthy gentleman sees a jail cell as a possibility if he is no longer in office. He is keenly aware that he will not be in a position to go furniture shopping with any of his new friends there.
He ain't going' nowhere when he is electorally trounced by a very energised anti-base. Cohen thinks so and he knows the illustrious leader better than anybody. Try to enjoy America's last 18 months of democracy folks. You have a monarchy starting up right now. Long live the king!
2
The trade imbalance is, if fault is to be apportioned as Trump requires, the fault of US consumers. By buying goods and services made cheaper in China, or which are simply not produced in the US, US consumers are themselves 'ripping off the US'.
1
What the Chinese do not understand, likely deliberately, is that for any concessions they may agree to in International trade agreements require Chinese laws to require compliance by Chinese businesses. This is not a breach of sovereignty.
As an example, if a nation enters an International agreement to not dump mercury into the ocean, it must then pass a law making it illegal for its citizens and businesses to dump mercury into the ocean. Without such a domestic law, the International agreement is worthless.
If they cannot understand this, or object in principle to passing such domestic laws, then negotiating with them is pointless, and we should raise the tariffs to 50%
3
I would feel a lot better if I knew the man behind this trade war has our interests at heart and not just an ego boosting exercise.
2
It is very likely that Trump is simply creating this unnecessary tariff war as yet another distraction from the Mueller report fallout. As with the government shutdown, Trump simply doesn't care who it hurts..
2
China's tit for tat tariffs are certainly bad for American consumers and businesses, but seems to me their wild card in all this is the potential to unload lots of our Treasury bonds. is not our economy built on a mountain of debt? it could cause the austerity in Alston UK that was recently reported by Times appear in the USA with a vengeance.
Debt hawks like Ron Paul and Jeff Flake tried to warn us, but both parties shunned them. Without trillions of dollars of loans from foreign countries like China, we would not have our massive military, social security, Medicare, or any number of federal programs that Americans have come to take for granted. All that and much more could be gone if we continue to fight with our creditors like China over secondary issues like tariffs.
I’m saving my hard earned monies and will not buy any new electronics, clothes, appliances, toys, cars, or anything but foods and other essentials until after January 2020.
1
Well, our "stable genius" wants to tariff now everything else from China, except "... pharmaceuticals, certain pharmaceutical inputs, select medical goods, rare earth materials, and critical minerals.”
This is what has been stated as the biggest threat to our economy by many commentators already.
This is the quintessential list that will make us suffer greatly. No affordable medications, and no more rare earth material to develop conductors, battery cells, etc. of any kind...
Thank you, Mr. Individual one, for giving it away this time.
Certainly China will be pleased to be "allowed" to still export these vital ingredients to our economy while being bashed for everything else.
Just let China put an export restriction for two years on rare earth to the US, and we tank.
Thank you, Mr. Easy to win tradewars!
According to Trump with all of the "billions in tariffs" being collected from China everyone is "very happy." Someone hasn't told that to the global markets, or farmers who say they could soon be facing bankruptcy.
1
These new tariffs would be an excellent way to raise money to help pay for health care in the U.S.
Unfortunately, the current crop of politicians in Washington don't have the wisdom to do this.
1
The treasury isn’t collecting billions of dollars, but Americans are paying billions of dollars more due to the tariffs. The treasury is not getting the extra $100.00 that a retailer sells a dryer for.
In the long run China is in a much better position to win this trade war, seeing as the U.S. imports more from China than we export, and there are other countries China can buy goods from.
Mr Trump has said USA firms that import from China should buy their goods from American manufacturers. But it takes time, a lot of time, to build factories and supply chains etc. Look at the steel tarrifs that Trump imposed last year, where are all the new steel plants in the USA? Trade wars benefit nobody.
2
I just read on NBC news that Trump is considering 15Billion dollars in Subsidies to ease the hardships on farmers after paying out 13Billion last year. This guy is a regular financial wizard. He increases the budget deficit by 28Billion and makes farmers dependent on Government aid to survive financially. The Chinese are not going to give up. They have proven again and again that they have the resilience to wait just about any hardship out. You have to give this Administration credit, If there is a bad idea laying around they will implement it.
2
Other economies, without tariffs, are stepping in to take America's markets.
That is what is happening.
1
Some short term pain is worth the effort to sort this terribly out of balance trade situation.
After 10 years of expansion and stock market gains, most people should have a solid nest egg/ savings to weather a temporary increase in their shopping cart expenses......
One would hope at least.
Tariffs are inflationary and therefore increased tariffs are unlikely to reduce interest rates, since the Fed is basing its interest rate policies
on the rate of inflation.
With labor shortages spreading right now and wage inflation picking up steam, those who are anticipating renewed stimulation of the economy stemming from lower Fed funds rates should not hold their breath.
That is why the prospect of increased tariffs is acting as a catalyst for stock market volatility.
3
Even Trump's economic adviser Mr Kudlow and most economists have to admitted that the US consumers are paying for the additional tariff. I can't see why Trump insisted there is no reason US consumers are paying for the tariff and he thinks different from others. Does this mean, since Trump's assumption of presidency, truth does not need support of facts in the America and all over the world?
8
I’m tired of winning!
14
Tonight Trump is urging all Americans to stop purchasing products made in China. His solution is for everyone to do their shopping at an All-American store like Walmart.
17
The master of the art of the deal strikes again. After all the small farmers go bankrupt and all the workers lose their jobs maybe they will re-think their support of this president.
Just kidding.
19
This is what has come from abandoning the Trans-Pacific Partnership, an American-led effort where America had a seat at the table and a voice in establishing trade rules, and China didn't.
Now, we've surrendered the initiative to China, and we have no voice, and no rules. All we have is the heavy hammer of tariffs, with which we can only hit ourselves over our own heads.
The sole benefit? It will feel so good when we finally stop. (But we WILL have lumps on our heads.)
16
No doubt there is a trade imbalance and China is out to get the US as the story goes.
Now consider this:
#1 American corporations laid off millions of workers and saved trillions of dollars by moving factories to China. Where did that money go? Stock buybacks and a small number of people.
#2 The rest of the companies in the US kept wages low, and the cheap imports from China preserved the US standard of living. A vote of Thanks?
#3 We spent 7 Trillion in wars when China was building infrastructure to increase its market space. We could have spent half of that in building infrastructure in the countries destroyed by wars, and we would have created some more markets.
#4 US Corporations salivated at the 1.4B Chinese consumers and signed off technology transfers and other concessions and have been complaining for many years about IP theft. Did anyone pull back?
#5 Why the US corporations have not developed alternate sources for import knowing China does not play fair?
#6 Chinese own more than 1Trillion of the US debt. It is the largest foreign creditor to the US. Another Trillion may have come through Chinese people buying houses and sending their children to school in the US. Why do you think there is no affordable housing from California Kansas?
These issues cannot be resolved on Tweets or by Tariffs. You need to think and plan - that is not a demonstrated competency of the US administrations for many years - at least on trade.
21
@UpClose Your penultimate sentence neatly sums it up especially as Twitter is officially banned in China.
China should take note . Look to japan quest to be world exporter lead to nuke accident 4 plants stil melting down. Think agun those plants would never been built if was for the need for power to manufactor exports.
First I love that the Times quotes a Chinese professor Ning as if he is an independent voice and would not be sent to a Gulag by Xi if he something contrary to the state view.
Second yes Trump is a quasi fascist whonshould be be impeached and removed
From office for undermining this 240 year democracy and the most evil president ever.
Having said that I want to know what the previous Democratic or Republican. Presidents have ever really done to challenge this criminal country China and their turning the cheek in favor of US corporations who have been complicit with this dictatorship since Nixon went to China. Kissinger is still making money off this Hitlerian state that puts its people in gulags and will soon spy on the whole population
5
In response to JB:
You're wrong on just about every item. Not worth the time to go through each one but I'll just pick one, soybeans.
The price for U.S. Soybeans are back to 2008 levels. There is no private or global demand for U.S. Soybeans. They are sitting in storage rotting from the water and heat.
14
“I love the position we’re in,” Mr. Trump said, adding that the United States was “taking in billions of dollars in tariffs.”
I wonder what U.S. consumers and tax payers will think about his statement. I'm sure they love the position he has put them in.
13
@Hamid Varzi
He must like practicing for his prison term...with that love of his position ?
i get a headache listening to baby hands bloviate .
srsly we cannot continue to prop up big ag . our lands are being stripped by big ag farm practices. if you don’t believe me take a plane trip over those states. scotched pieces of earth in a patchwork for miles. get back to sustainability with healthy farming practices. smaller farms must change to survive in a organic way , without govt subsidies that accelerate this doomed way of life.
8
I don’t agree with Trump on most issues, but he deserves credit for putting the trade practices of China on the front burner. Chinese negotiate for ever while protecting trade malpractices. It is the bipartisan incompetence of the past that led to the current situation. Trump needs to couple the tarrifs with an encouragement of American companies move manufacturing facilities to elsewhere, preferably to South American continent. I like to see Trump succeed in his efforts but not sure he will. May be he should give a copy of his book on the art of making a deal to Xi, so he can loose.
3
Are red MAGA hats edible? Maybe. But if not, Trump could
change the specs on them with his MFG's in China. Now, initiating policies that directly help his base has been a very low priority for the president, but what a shrewd business manuouver. His base buys the hats, eats them, buys another. Six packs and case prices to follow. This might finally propel Trump to billionaire status.
1
Welcome to Trump's tax on working families. As the President says, in his view "It's working out very well."
10
Yes, it is time to change trade deals. But it is never right to lie to the American people. When Trump says the US is taking in billions of dollars from the increased tariffs, either he is lying (probably) or he is ignorant (strong likelihood also) or believing his lies (also probable); in either of these hypothetical cases he is the wrong person to be involved in trade negotiations as his reality testing is so poor. The US consumer is paying these tariff increases when the companies dare to pass the expenses on. Trade wars hurt initially, though a good deal maker can eventually make the playing field better for American workers. The deal maker has to be good though and to be good the deal maker must admit to reality and the real consequences of trade wars.
6
1. How about compiling a comprehensive list of intellectual property that was stolen from American corporations, calculating the cost, and giving China a bill.
2. How about blocking Chinese students from entering our country and attending our public and private schools in America.
3. How about strengthening our partnerships with allies so we can react together against belligerence.
7
@Richard. The companies that have been effected by this have refused to work with the government on the matter because they’ve got too much invested in China already.
Trump's business "smarts" have no place in a global economy.
The tactics of a real estate business in no way apply to the acumen required to negotiate and strategically manage issues with such implications.
There are no winners here, with a person that cannot admit taking the wrong path and change course this can only go downhill at this point.
175
@cretino
Gentle reminder: his real estate business acumen wasn’t good either.
46
@Surya
He was really good at the casino business...err, the bankrupting casinos business that is.
26
@cretino,
And nobody, during the 2016 election, questioned Trump's business record of multiple bankruptcies in a field he claims to have expertise.
The reality is that people vote their emotions. Exactly what the authors of the constitution feared. Franklin was right.
Fortunately, this nation has survived worse than Trump and I trust that We the People will wake up and force changes to the way we operate by changing the constitution to make "Citizens United" unconstitutional and get the undue influence of America's Royal Class out of politics.
7
The two largest economies in the world are not locked into an escalating trade war.
This has negative implications for the entire world economy if it persists or continues to escalate.
Even worse.. China will simply build closer relationships with the rest of the worlds econonmies.. while the US continues to walk away from trade deals.... and in effect forfeit the world economy to China's benefit.
Isolationist themes no longer work for any nation in this modern interdependent world economy.
173
@Chuck
Forfeit the world (U.S.) economy to Russia and Saudi Arabia’s benefits.
14
@Chuck
I have recommended John Ralston Saul's The Collapse of Globalism and the Reinvention of the World (2005) for almost a decade. It is an easy read and stands in opposition to the neoliberalism of both mainstream Republicans and Democrats.
Saul is known as a writer, lecturer, philosopher and Press Freedom advocate (two term head of PEN International) and his Oxford education in history ads to his expertise in economic history.
My belief is that but for Robert Lighthizer the fear that Trump would bring the collapse of the US and possibly the global economy might have been realized. I expect the immanent replacement of your current Chief Trade Ambassador with someone far more capable of crashing the US and world economy.
5
@Chuck
I read all the ridicule about Ukraine electing a man who played the President on tv. I am a Canadian and know the Ukraine elected Zelenski because there is no one else in this world save Canada's Foreign Minister who possess the history and integrity in attacking Putin's and Russia's attempt to subvert and destroy the world's liberal democracies.
There is hope but I suspect trusting the USA to champion liberal democracy is now only a pipe dream.
12
We're not going to tariff our way to prosperity. Plus any changes to bilateral trade through a trade agreement will have a negligible impact at best overall. Instead, we need to invest in our people, their education/skills, opportunities, our infrastructure, etc such that we become a net exporter of innovative goods and services.
For instance, how about interest free student loans for qualifying STEM and trade education programs? How about an 'Apollo' like initiative on clean/renewable energy, so we become the foremost exporter of these innovations?
152
@Joe Arena The energy sector lobbyists would not be too happy with that, and they control much of what happens in our governance. Until we get big money out of politics, we will not have the kind of investments you cite. Though they are a means to a more productive and prosperous future for most, the special interests will continue to rule the day.
26
@Joe Arena, I know we have very smart Americans out there. Come out, come out where ever you are.
12
@Sue Salvesen
Sadly unless ALEC and the Koch Bros support legislation there’s little chance it will pass.
7
I contend that the Trump Wall st. Cabal in the administration is trying to offset the deep budget deficit they created with the Tax cuts to the wealthy by tacking huge tariffs on Chinese goods we will pay. The deficit increase was 150 billion a year and the tariffs may bring 134 billion into the treasury.
The best thing China could do would be to reach an agreement to make peace and then we could find out if Trump Wall st. intended to repeal the tariffs upon an agreement. Wouldn't that be a show?
3
So, the Trump voters voted for an incompetent man, who had several bankruptcies to his name.
And. unfortunately, the Electoral College didn't do their job, by refusing to allow this silly 'lil DJ Trump become president.
This is what we get, even though "we" did't vote for this incompetent buffoon.
14
How a bully hates to have his nose bloodied. If only Democrats could be as brave as China.
So presidential this guy, crowing that he'll fatten the pockets of farmers and manufacturers affected by his trade war mongering, while ignoring the consumers who make up our country!
You "deal maker" you! Can't wait for the book. Cheap at any price. Who'll write it for you? Actually, who cares.
7
The hatred for Trump blinds people to the truth.
China is the biggest threat to the USA going forward ... Russia is a minor problem to be managed.
China loves that we spend all our energy ... well MSNBC does ... on Russia. Russia makes nothing ... it's a failed economic state.
China grows stronger every day
As a completely failed economy with nuclear weapons, imperialist ambitions and a habit of nefarious, underhanded meddling in other countries’ affairs, Russia with nothing to lose is far more of a problem for us than a strong China, focused on embedding itself deeply into the global economy, has ever been and ever will be.
10
How much will Trump raise the cost of his MAGA hats now that tariffs are in place?
12
This looks like insider trading. 45 threatens tarriff, pulls off NAFTHA. Shares slump. After a week rebrand NAFTHA, pulls out tarriff stock rises. It is same for almost every economic decision made by this government. Remember what 45 said just after inauguration. The stocks are very stable and market is not profitable. 45 winks to his minions, rocks the boat, minions profits. People loose. When will people understand that 45 is looting this the world.
9
China is run by technocrats and scientists at the upper levels. WE are being run by a stable genius, so put your money on China in this fight. Once farm and Walmart generation figures out that this will kill their businesses, raise prices on their cheap goods they need from Walmart to live the purpose driven life, and will damage the economy and their livlihood seriously. This is, unfortunately, the outcome from an election influenced by foreign forces (Not just Russia, but also Fox News which is run by an Australian despot) to sway low information and education voters into voting out of grievance. It will take decades for this damage to be unwound, if this fool doesn't get us into a nuclear conflict or force China to dump our bonds and kill our economy. But Lou Dobbs thinks we are all wrong.
9
We buy goods from China and close down our own factories. We then beg them for money to finance our economies. All the while they militarise islands in the Pacific and enrich themselves. Which genius came up with that policy? (Wall Street anyone?) Stay the course President Trump!
1
There are hundreds of American companies that make their products or part of their products in China. The economies of US and China are linked. The 1950s aren’t coming back.
8
The same American businessmen whining about China, including Trump, are the same ones with all their production there.
If you think Trump cares about the American economy, I must admit the old adage is true. A sucker is indeed born every minute.
Indeed- he’s great at record losses- and he’s taking us right down the rabbit hole. Whole.
7
The one thing Trump is really great at is destroying things. Well destroying things and lying of course. Okay destroying things, lying and branding. He is good at branding. Oh, and complaining! He is indisputably a master whiner.
He says he is a "Tariff Man". Evidence shows that Trump doesn't have a clue about tariffs, economics or trade deficits. He thinks China is paying millions/billions in tariffs to the United States when clearly its Americans who are paying those for his tariffs. He's going to be so surprised when he finds out the truth! So Tariff Man? Not so much.
11
Nancy and Schumer said they totally support Trump on China.
Odd.
Since Trump gets a lot of his own products manufactured in China, I'd like to know if he plans to move his own manufacturing from China to the US. That would surely be putting his money where his mouth is.
9
This is a tax on All Americans.
Academic chemist like me, buy small molecules from across the world to design fine materials and discover new medicines. Looking at the list of imports that were just taxed, my research just became more expensive. And this means the tax payers' funds are not going as far as they were, since many important endeavors are funded by the NSF, NIH, DOE, etc. . . .
The only group benefiting from this Tax, is the ultra-wealthy who just received another Trumpian stock holiday, with a load of cheap stocks available for purchase--as retirees lose their meager savings. . .
11
Bannon & Trump see the tariffs as a means to an end, the end is an economic war with China. Bannon stated this nationalistic view in the Frontline documentary “Trump’s Trade War.”
STEVE BANNON: “The most intense fights and debates in the White House were about this issue of tariffs, but tariffs as a proxy to the great economic war with China that we’re engaged in.
There’s no middle ground [in this fight.] One side’s going to win and one side’s going to lose, and so we knew the stakes were high.”
2
Human Rights? Pollution Regulation? Preventing US execs from moving production to sketchy "countries"? Then I'm all in!
1
@Superf88
Your sarcasm is sublime. Of course TPP was the way to move production, modernize / strengthen those democracies, and actually develop / expand the apparatus necessary to force China to conform.
The Trump deal is going to be all that it can be - a flash in the pan and a formalization of China's position as the trading partner that earned MORE U.S. companies' off-shore manufacturing. Certain industries in the US, like steel, will eventually sue China for compliance failures. (They need an agreement, so lawyers can extract tribute.)
The colossal lie is that a trade deal with China will stem China's manufacturing dominance and revive Made in the USA. Only the US companies' intellectual property is being secured by deal. A good-paying-factory-jobs future for American workers is what Trump Republicans are expected to believe, cheer, and vote for.
Trump Republicans believe what they want to believe. They remain gullible even after NAFTA 2.0 was published and GM immediately axed local production of compact cars and 14,000 union jobs.
But, of course, Superf88 is not fooled.
China stands to lose far more than the US. They export over $500 billion in goods to US annually, more than 4x as much as we export to them. Their losses will be far higher from restricting trade. Practically everything we buy from them can be bought elsewhere, albeit perhaps at a higher price. Much of what we sell to them (e.g., soybeans) are commodities which have broader markets worldwide. Without the inflow of US dollars, their broader economy will suffer, because their own currency is not generally used in international trade, so their purchases from other nations (Brazil, Germany, etc.) will become more difficult. Stand strong President Trump.
1
I don’t think you realize all that China produces for US companies. It’s not just clothes and toys.
3
Just like he promised during the election, Trump is running the country just like he runs his businesses ....
... into bankruptcy.
Will Putin bail out America like he did Donnie?
12
@CD Read much?
99% of all the businesses Donald Trump ever operated are still operating profitably.
It's one thing to trust the 90% of media members that never voted GOP in their lives, but to limit yourself to them is like only eating white food so you can tell if you peppered it first.
The time to place tariffs on Chinese goods was back when there were domestically produced alternatives.
11
@JR
Manufacturing moves all the time, just like the names on the Forbes 400 list nearly all change every year.
What closes up in one country can open up 500 miles away in a month.
"Hu Xijin, ... chief editor of Global Times, ... speculated that China might sell some of its large holdings of Treasury bonds."
That could cause a drop in the dollar and force the US to rely on QE instead of selling T-bonds.
The bad: risk of inflation; QE inflates money supply resulting in devaluation of dollar and life savings; consumer prices rise across the board as anything imported is more expensive.
The potential good: As dollar devalues US export goods become competitive in price leading to growth and new jobs especially in manufacturing and opportunities for R&D in manufacturing automation and machinery.
If recent history is anything to go buy, China will instead work to keep the dollar high, to preserve their manufacturing advantage, and any US president would breathe a sigh of relief at not having to change the status quo and deal with higher import prices (which will be felt a lot sooner than any benefits from increased exports).
1
Rather than penalizing us with these taxes described as tariffs- by punishing us for buying these goods—why doesn’t our government invest in helping to make manufacturing less expensive here. We always blame others for our own failings.
4
@Momster That's the billion dollar question. How can you make manufacturing less expensive here? The average Chinese manufacturing wage is under $4 per hour. How can anyone compete with that?
2
As usual Trump is playing with other peoples' money - in this case - we Americans. I watched a tape of Trump's economic advisor Larry Kudlow in which Kudlow railed against use of tariffs. How interesting how Kudlow has changed his tune as he tries to ingratiate himself with Trump. No economist in his or her right mind thinks what Trump is doing is sound fiscal policy. No doubt that China is culpable of many financial wrongdoings, but imposing draconian sanctions on them has already backfired, judging by Wall Street's reaction.
3
To me this is a big deal. It's front page also in the Wash Post and LA Times. But there's nothing about trade--at all--in the Des Moines Register or Milwaukee Journal Sent., or their parent company USA Today.
No wonder Trump is doing well in Midwest.
12
Trump Republicans are expected to self-soothe on Farm-fare. I wonder if Donald Trump knows that farmers are actual conservatives and, as such, are highly suspicious of increased reliance on government vs. market.
2
if thats true why have farmers accepted millions in subsidies?
3
Wouldn't it have made sense to have come up with a solid plan in writing, well scrutinized, solidly legally safe, and thoroughly edited ...before blowing up the current world trade and tariff agreements?
They needed addressing but not bombs that devastated our farmers for a decade.
Trump killed our best trade friendships, contracts, farmers businesses, alliances, and trade agreements. Just like the GOP worked to kill, and never replace affordable healthcare.
There are notplan to replace NAFTA, or the TPP, or the EU and NATO.
The TrumpUTP. Is a great plan, much better for campaigning. Must hate others is the plan.
4
Modified Stockholm syndrome. Red States get squeezed by their hero-god, then thank him for relaxing his grip enough for them to breathe.
17
Trump has displayed his total ignorance and down right stupidity when it comes to trade and international economics. It's time the republican party acknowledges this and realizes he is bringing this country down along with their party. He and they are creating a major attack on our constitution and democracy itself.
7
I would like to see newspapers across the country starting with the NYT with front page headlines declaring that Trump is lying to us again when he states that China will pay for the tariffs. Lets tell it like it is we the American consumers will pay for the tariffs. I wonder how many of his base will understand what is happening to them?
11
Why don't they retaliate by rescinding Ivanka's trademarks?
9
If Trump knew his history he would know China are not going to be humiliated by any western power again.
9
@Deidre I don't think he cares about humiliation. He sees leverage and is using it. If you want to have a debate about whether or not he is using it wisely, that's another discussion.
2
I am 72. When Trump threatened increased tariffs I saw a piece on TV about Cummins, makers of Diesel engines, narrated by a 20 something PR person stating how they would love to get cast engine blocks from this country and not China. She explained they had to get them from China because there was no facility in this country that could provide them. Funny Cummins has been making engines since 1933, so they must made the blocks themselves or bought them foundries in this country, at one time. The Cummins representative was young enough not to realize the reason Cummins can not get engine block in this country is Cummins itself.
I wonder what Cummins would do if China all of a sudden stopped selling engine blocks to them because they need them for their domestic market. I believe that is what the Chinese are working towards is to get their middle class to a tipping point where the internal demand is larger than the external demand and they will say to bad for you. Our corporations made a deal with the devil because they thought they would have all this access to the China market. How is that working out. They are not even buying our recycled trash like they were.
Joke is on us.
20
@Curt
Because casting is a low-tech, labour intensive process? And because the transport of said castings, compact and dense, is unchallenging. Because it makes no financial sense to do it at home?
German engine makers outsource casting work even though they invented the diesel engine. American machine tool makers farmed out their foundry work from the 1960s onwards. The body of that iconic Bridgeport mill is cast in India.
Enough already of that 'national security' stuff. I'm just reading the report into the General Munitions Board. Where the US discovered just how dependent it was on foreigners and foreign nations to arm the US military - how, in fact, basic things like shells and explosives couldn't be produced on any scale just using home resources. The date of the GMB report? 1917...
Perhaps now would be a propitious time for Trump to release his grade transcripts from Wharton to help calm a nervous market by showing that our president (who once managed to lose over a billion dollars) was none-the-less, a true economics scholar....or more likely, the release of his college grades would start a stampede of panicked investors.
10
trump is our own George the III. HIs tariffs are a left-handed echo of the taxes imposed on the colonies in the eighteenth century.
8
@laurel mancini do you think China will be upset to learn it's a U.S. colony?
Finally, finally, the NYT is calling this what it is and always has been: a regressive tax.
Please produce articles that demonstrate how much tax people will be paying for goods. Trump seems to think it is zero.
It is not!
6
@Michael Donner no we will pay more for some but net net, the U.S. will bring in more than it loses.
There are no winners here. Raising tariffs on China will make manufacturers move to countries like Vietnam and Mexico. They are not going to come back to USA. It is still much cheaper to have these items manufactured elsewhere. Costs will go up and quality will go down.
The Chinese side can tolerate economic pain much longer. President Xi does not seek reelection. World economy will slow down. I just do not see someone can claim a win from trade war
4
@Grant it may not add jobs here but it will weaken China's influence globally.
@Bob Trumps "policies" (or rather his gut-driven outbursts) weaken the west first and foremost.
When Trump brags he's "taking in billions of dollars in tariffs," he's bragging about a regressive tax on American consumers, after his tax giveaway to corporations and the 1%; that is, to himself, his companies, his family, and his Mar a Lago cronies.
14
Trade is not just bilateral, it is multilateral. Although it feels like the US can impose punitive measures on China, justifiably or otherwise, the outcome is not only much less certain than the reckoned desire of Chinese compliance to our objectives but also likely to impose significant negative outcomes on our own economy.
Farmers in the Midwest who worked assiduously to establish long term relations with their Chinese buyers are now left badly exposed. Consumers in the US who counted on Chinese labor rates to mitigate the domestic inflation are also badly exposed. In the meantime, China continues to be the largest holder of US Treasuries including inflation protected securities and has made significant strides in wooing and buying influence outside the US. For example, imagine for a moment that the Chinese stopped buying US treasurie. Yields increase and the rates have to go up. There are various such scenarios none of which are good outcomes for our own economy.
Did Trump weigh all the pros and cons prior to exhibiting an intense desire to engage in dangerous theatrics and his drunken wont to indulge his bigoted base who likely hate the Chinese for little more than the fact that they are Asian? Probably not.
His leadership seems based on two headscratching principles:
1. If ain't broken - break it
2. If it needs fixing - kick it
This man found numerous ways to lose money and declare bankruptcy. Not once but a half dozen times. Wrong dude in charge.
17
If Trump thinks his Trade Strategy with China is so great, why does he have to lie about who is actually paying the Tariffs? He must think that farmers and consumers in America are a Bunch of chumps. Big mistake!
3
Trump hasn't a clue about consequences of a trade war. He thinks a trade war with China will solidify his base and win re-election. Everything he does from now on is to win re-election.And his ignorant base will believe every lie and cheer him on. What a sad country American has become.
10
I don't know what trump thinks he's doing, but it sure isn't "presidenting".
9
China has nuclear weapons, most of them pointing at us.
Today my Senator Tom Cotton defended this ludicrous proposal, stating that we the American people need to sacrifice, because our soldiers are sacrificing a lot more than us. We have now crossed the line into a new fallacy in our rhetoric. Unfortunately, Tom Cotton is not a statesman for Arkansas and is clearly pandering to this president. My family has already been hit financially over the first round of tariffs, with soybeans being the big impact. With even more tariffs impacting us all personally which will impact our ability to make necessary investment purchases, these policies are about to put those of us out of our livelihood. Cotton and this president have now openly endangered thousands of families and communities that depend on this trade. Do we sell the family farm that has been in our family for more than 100 years? Is that sacrifice enough for you?
17
The real question is, has your family been voting for Cotton, and will they do so when he's up for reelection?
@Citizen You mean Len's boy? The family will not be returning the family favor in 2020. Tom has clearly forgotten his roots.
Here is Mueller's report:
https://www.justice.gov/storage/report.pdf
This is the site it came from:
https://www.justice.gov/sco
3
I am certainly no fan of the GOP and most certainly, of Trump. But on this one I am in agreement that it is time to take a tough stance on China before we reach a point of no return. The execution, however, leaves much to be desired. This is no surprise in light of the way this administration has operated since election. Let's hope and pray that the benefits exceed the deficits this time.
1
How about taking a tough stance at Walmart? Target? Amazon? They don’t want to pay higher wages to manufacture stuff in the USA and take a little less of their record profits over the last few years.
7
Those stores don't manufacture anything, so your question is meaningless. And what would you have "the government" do? We're a nominally capitalist society.
I'm very much in favor of putting pressure on China to change several of its truly unfair practices but there are more effective ways to do it. TPP negotiated by Obama was one such method to undercut China. Also, we should be getting our traditional European Allies on the same page with us to increase or negotiating power. While Trump is certainly leveraging our economy, which is quite strong relative to China at the moment, he is wasting a great opportunity to get Europe on board too. China could not stand up to it's two largest trading partners at once. Instead Trump is picking fights with everyone.
4
@TS Well, unfortunately, Trump destroyed the possibilty of combining the negotiation powers of the US and Europe when he started to attack the EU.
Over the past several decades, we have had significant wealth transfer from the US to China. AS in several of the comments, China has been quite malfeascent in their wealth sapping process. China is a very bad actor that, due to one continuous non-elected party that can engage in very long range planning at our clear expense.
The trade imbalance is crystal clear; We buy their stuff; They do not buy our stuff. And, for the most part, we have all kinds of source options other than made in China items. As far as companies like Apple and Boeing that really will get hurt temporarily, as well as the stock market; so be it. We get to a better trade imbalance in the long run. As far as China holding our debt? Not nearly as much of a factor as in previous years.
The issue is far more complicated than above; But in the end, they need our money more than we need their products. Although it would be a total major uncomfortable jolt to us, the nuclear option of simply banning their goods entirely from entering our country would cause them to wither very very quickly. The math is clear; 44% of their overall trade profit depends on US trade. Use it or lose it. The current sapping of our national wealth is not sustainable. Unless we want to be economic slaves to them.
Our middle class is shrinking, their’s is growing. Their middle class is as big as our entire population. There are five times as many Chineses as Americans. Their consumer market will buy more than ours in the future.
We can survive without trade but we cannot grow as much. The only opportunity inside our country would be infrastructure and renewable energy systems for great growth.
1
What stuff does the US make that the rest of the world could possibly want? I bet weapons are by far the largest export, to client countries. Exporting democracy at gunpoint!
2
@Casual Observer
They will buy from themselves or from their own growing cheap labor companies in Africa. Counting on any friendly happenstance in the future that benefits us is foolish. China wants untouchable dominance and we are a threat to their vision, as is the concept of true democracy and a loss of centralized control.
1
being a little bit stupid i cant help but wonder, why oh why if the tariffs Trump has initiated are bringing so much in for the US, according to Trump, why haven't they always been there, and why not keep them?
5
China will have no problem expanding its distribution and sale of goods to 50-80 other countries who may need its products. The USA is merely a blip on the consumer scale for Chinese products, regardless of what economists tell us.
Only the US will be hurt by the Trumpet's temper tantrums....
SAD....God bless America; she needs help!
2
Trump works hard to bring chaos and disaster to the US economy … while fighting furiously to keep Congress from determining who Tump owes his financial allegiances to.
5
China was really scraping to find $60 billion worth of our good that they buy here. Our country buys huge multiples of that amount from them.
Sorry, world, but the years of abusing American workers are over. Trump's public feelings on this issue go back ro the Clinton presidency.
3
Like every other aspect of this administration there is no plan. He actually thinks China is paying the tariffs.
7
The only people who will be a “sorry world” at the end of this Trump politically driven fiasco will be the “sorry world” of American farmers and manufacturers.
And they will soon be a “very sorry world of former Trump supporters”.
5
@SN
Why lie like this? Are the other freshmen at school making a list or something?
What's the big deal here? Socialist Trump has just imposed a 25% sales tax. Doesn't every socialist country have a 20% VAT tax? His is only 5% more.
6
Not to worry! The US has many allies that will support us, because they too, recognize China has unfair trade practices.
There's Canada. No wait, we have tariffs against them. OK, Mexico. Uh, maybe not. What about Europe? Er, we might not be on their good side right now! What about the other Asian countries, that like us are in the TPP trade deal? Oh, I forgot, we bailed on that. Well despite all that we still have President Trump, who all can clearly see is a "master of strategy."
25
Can anyone who read the Times report on recently acquired access to information about Trump's taxes remain calm in the face of his financial decisions for the nation?? The man went through multiple bankruptcies, repeatedly drove his own businesses into the ground, made "sport" of finding ways to avoid paying taxes, but was bailed out frequently by his father's estate. Who is going to bail us out when his policies
prove as poor as his personal financial decisions?
5
i don't understand trump's strategy.
unless he's counting on the ignorance/stupidity of jill/joe six pack.
the chinese are an ancient civilization. a very proud culture. often with feelings of superiority because of their long, long history and accomplishments way back when.
they've also suffered from occupation by foreign powers, living under their own repressive regimes and done without for generations.
their patience is as long as their history.
their system of government means tho they might be influenced by unrest or public opinion that they can just mow dissenters or imprison them as they often have.
they can afford to wait out the usa which, i think, will not out-tolerate what chinese will put up with.
trump--to quote a man who was considered the worst potus in the modern era until the monster in chief took over--has misunderestimated the chinese.
16
@brupic Just wait and see what sort of system is in the making and coming around in 2049 !
For this you must get the book called "The hundred-year marathon" by Michael Pillsbury.
This book reveals China's secret strategy to replace America as the global superpower.
This book is based on interviews with Chinese defectors and now declassified national security
documents and details the Chinese dream to be the dominant power by 2049, the 100th anniversary
of the founding of the People's Republic of China. The book is a real eye opener and should serve
everyone as a wake-up call as we face the greatest security challenge of the twenty-first century !
President Trump, with his street fighting ability might just be able to thwart China's attempt !
@brupic
Actually, China's current regime doesn't even go back as far as Frankling Delano Roosevelt.
Han bloodspillers buying Soviet communsm are just a slightly more brutal regime than any other local yokel mudering his way to the leadership of Somnalia or Cuba.
The first thing they made sure to quash was the anctient Chinese culture; they specified it for destruction more than once.
A recent leader there, Hu Jintao, told a Westerner that his job was to create twenty-five million jobs a year away from the smogged-up largest cities.
The Han Chinese can't throw all their unemployed into gulags like they do their religious people.
Oh so true, Donald; you cost me about $25k in my retirement account today, when it could so easily have been more like $150k! Yet again, super-genius bravo good, Mr. President!!
16
Ditto, here
3
@Charley Hale
Well now, it’s true Trump’s a criminal and liar, and a despicable human being, but you actually lost no money today unless you sold, and markets are where they were a month and a half ago.
1
@Charley Hale, yep, I instructed my advisor to liquidate my IRA today so I can put money down on a house. Boom, some of it gone! My friend told me she lost something on your level today.
Oh GOP, so many sins to pay for...
1
Another distracting crisis created by Trump. We can survive this storm.
The actual crisis is the attack on voting by Trump, Putin, the Republicans and all their operatives. That may be a storm we cannot weather. The voting crisis may destroy our democracy.
12
For over 30 years now, American manufacturers have been saying that China was dumping product on us, stealing our trade secrets, using children in factories, polluting their environment, which in the big picture is going to have a negative effect on all of us, just all kinds of things that we do not do here in the US. Plus, the incidents with the poisoned dog food, poisoned toothpaste, adding unregulated chemicals to stretch their ingredients farther, it's obvious they just do not care. Wal-Mart made it's fortune by buying discount Chinese goods en masse, and in the process, driving small mom and pop stores out of business, pretty much in every city they opened a new store in. And we let it happen because we would rather pay $3 for a real cheesy bath towel made in China, than pay $4.50 or $5 for one made here or by someone in another country that actually supports human rights, copyright and trademark laws, and child labor laws . We have gone from number one in manufacturing in the world, to way down the list. I don't know if this tariff situation is going to pressure the Chinese into working with us or not, but I guess we'll find out. At least he's doing something, none of the others have.
6
Among the many, many things of which Trump is ignorant or that he fails to understand is that China can endure the fallout from a trade more far more easily than the USA.
As a centralized economy with leaders who don’t have to face an election, and with a population historically conditioned to tolerate shortages and deprivation and a culture of knowing better than to complain or protest, China can play the “long game”.
Like “The Wall’, Trump’s trade war is the product of his stubborn, arrogant ignorance, and as such, bound ultimately to fail.
11
Who will be the "winners" here if Trump "wins" his trade war? Not American consumers, who will never get back the "billions of dollars in tariffs" Trump brags we, not China, are paying for higher priced goods, whether from China or elsewhere? And no trade war is going to reduce the differential between Chinese labor and American labor. Jobs are not coming back, though some more automated production may. The primary American stakeholders in Trump's trade war are U.S. companies that own intellectual property the Chinese have been making free with, mostly U.S. tech and pharmaceutical companies, though with tech companies it's a mixed bag, since many do a great deal of manufacturing in China. So, at bottom, American consumers are cannon fodder in Trump's trade war for the profits of the very same pharmaceutical industry that already charges Americans more for their drugs than they charge anywhere else in the world for the same. When are Trump's supporters going to wake up from the white nationalist spell that has them in his thrall?
6
The idea of wanting a better deal with China is not a bad one, and Trump is not the first to negotiate with them. What Trump doesn't understand is that if we had our allies on our side, we would have much more leverage and a deal would have gotten done a long time ago.
But Trump thinks (and perhaps Putin convinced him) that we don't need anyone else. he doesn't understand trade or macroeconomics or global politics.
14
Trump is promising farmers billions to mitigate the damage of his current round of tariffs. His administration still hasn't coughed up the $12 Billion promised last year. But-of-course, while farmers complain and see their crops rot- as a group, they will still vote for him in 2020.
9
@Candlewick: Once the farmers understand Trump is a grifter who NEVER keeps his promises, they’ll chase him out of the White House tarred and feathered at the points of their grandads’ antique pitchforks if they still have them. Then they’ll vote for Klobuchar, Warren or Biden, is my guess.
1
@Anna - I hope you are correct, but it would be akin to de-programming a cult member, multiplied by millions.
6
He claimed during his campaign that he loves the uneducated.
3
“We’re going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion, and do something reciprocal to our farmers,” the president said. “Our farmers will be very happy. Our manufacturers will be very happy and our government is very happy because we’re taking in tens of billions of dollars. I think it’s working out very well.”
What does this even mean? "Do something reciprocal TO our farmers?" It is a word salad devoid of actual meaning. When Glorious Leader can't even lie coherently, it is proof he has no idea what is happening and certainly no idea what he is doing.
16
Trump is an economic doofus, not genius.
Every last detail of his plan rests on a Middle School model of economics, and perhaps MS economics is more complex than Trump's understanding.
If we really wanted a closed US economy, we needed to start in about 1970. Manufacturers learned very quickly that inexpensive products were best produced in Japan, later in China and South Korea. We proceeded to let our lifestyles evolve to the point that commodities that we NEED (TV's, cell phones, computers, etc.) came from Asia. Consumers find that they NEED those items but can't afford them if they are manufactured in the US.
Trump tells us that all we have to do to end the Trade War is to buy American made items. HOW could that ever happen when factories don't exist and companies wouldn't invest in those factories unless they were assured of them making a profit.
Trump"s whole plan is utterly flawed. He can shut down China imports as soon as he makes their products too expensive for anyone to buy. AND he has to either force manufacturers to build factories or become Socialist and have the Government build the factories.
Manufacturing confidence and a time cycle of 20 years or so is needed. We got here by a slow evolution of import and manufacturing business posture over about 40 years. We simply are not going to fix it in 2 years like Trump dreams.
Meanwhile Trump will have destroyed American credibility and several economies in the process.
9
Contrary to what Trump claims, he is not the first to impose tariffs on China.
Obama imposed tariffs on tires from China.
The tariffs cost consumers quite a bit in higher prices for tires. . It did slow down the loss of jobs.
Republicans, like Mitt Romney, severely criticized Obama for interfering with capitalism.
How times change.
Maybe if Trump were straight with Americans about costs, risks, and benefits, he would get more support. But, instead, he lies about the history, the costs, the risks, and the benefits.
A con man, not a leader.
11
Is he still telling Americans the Chinese are paying for this Tariff. His clownish friend Mr Cotton from Arkansas tell us Americans won't mind the extra cost. Well you Harvard Educated Lawyer genius,Trump tariff will cost the American Family almost $1,000 a year. Given the average Arkansas family make about $42,000 a year that $1,000 is about 2.5% on their income. Doesn't sound like chump change to me, Mr Cotton. That is on top of all the other taxes they pay.
Another dishonest Republican pretending this is hurting China more than the US.
10
@GUANNA
The average tax rate savings for some one in the $41,000 range was 3% the average consumer will not feel the pain.
The average taxpayers saved between $1,200 and $1,600. The maximum projected cost of the terrorist would be $800 per household.
Still a net gain of $400 in spending power.
1
Tax the poor and low income in the name of tarifts and rediatribute it to the rich inthe name of tax cuts. Very genie
6
I can't see China losing face so Trump can save face.
10
The Simmons nailed it. President Trump ruined the economy and bankrupted the country. Lisa Simpson 2020!!
3
Trump "....Billions of Dollars are pouring into the coffers of the U.S.A. because of the Tariffs being charged to China...."
Wait... am I missing something? Tariffs are taxes charged on those who import stuff into the country and payed to the US government... none of it is payed by China.. the coffers are being "poured into" by US businesses, by US citizens.
Are Trumps supporters really that ignorant of how this works?
10
Trumpers now have to actually suffer at the pump and Walmart.
4
Great job President Trump. Keep the pressure up. Anybody complaining about this supports communism over democracy. Period.
1
We export $180 billion to China. 25% tariffs on all of it (which China has not done yet) equals $45 billion. In the meantime, the stock market has tanked by $1.2 trillion because of "trade wars". If there ever was an over-reaction, this has got to be it!
In the meantime, reader after reader complains about the tax on the "consumer", as if companies will not move supplies to countries other than China (which by the way, will not be aggressive in South China Sea, so hopefully we can save some military spending). Folks, basic items like food, housing, gas, cars, etc. will not cost even a cent more. Food may even be cheaper. Moreover, the per household cost of tariffs announced (including the one last Friday) is something like $200 per household per year, which may only be temporary. This is mostly for junk items like clothes, TVs, furniture, luggage, etc. If people are not willing to endure even this much for long-term benefit of the country, we are seriously doomed!
3
@RSSF
I’m not sure this will benefit the country. Why are you?
1
@Djt Because we are giving $600 billion a year to China for their junk, and then spending another $650 billion a year on defense, much if it to counter China. Not importing from China is a "twofer"
3
I so wish it to be November 4th 2020 to realize a new President
heading our great country.
Trump's TV show "I am the GREATEST" 24/7 will be over having suffered low ratings .
1
Another plus - people in the US are going to start paying the actual cost of the goods we so recklessly consume, empowering a police-state dictatorship and ravaging our environment in the process. I say we all learn the real cost of our cheap junk.
6
The presidency of the USA gives one person the ability to impose hundreds of billions of dollars in tarriffs ? The ability to wage war on any country THEY do not like ? Have the ability to launch atomic weapons ? And You Americans entrusted this to trump ? Donald trump ?
18
He is alienating his base. Too bad, so sad.
3
“We’re going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion, and do something reciprocal to our farmers,” the president said. “Our farmers will be very happy. Our manufacturers will be very happy and our government is very happy because we’re taking in tens of billions of dollars. I think it’s working out very well.”
So who is the socialist now?
10
By letting Trump destroy our economy like he did his bank accounts is sad . He tells every one China is paying us millions when his advisor says we the people will be paying the companies being taxed by China in higher prices for foods and lots of other items. We will be paying an extra 765.00 a year. He is not telling the truth us consumers will pay for his chaos with the economy. Trumps mess will cause his recession to start and i hope it is a bad one for his religious supporters and farmers. You reap what you sow.
4
Here is how china beat us:
"Recent estimates place the death toll of The Great Leap Forward and its corresponding famine at 45 million deaths, far greater than the number killed in WWI. Two-three million of the deaths were due to torture and execution. Today in China, The Great Famine is referred to as Three Years of Natural Disasters and the Three Years of Difficulties. Great Leap Forward, in Chinese history, the campaign undertaken by the Chinese communists between 1958 and early 1960 to organize its vast population, especially in large-scale rural communes, to meet China’s industrial and agricultural problems. The Chinese hoped to develop labour-intensive methods of industrialization, which would emphasize manpower rather than machines and capital expenditure. Thereby, it was hoped, the country could bypass the slow, more typical process of industrialization through gradual accumulation of capital and purchase of heavy machinery. The Great Leap Forward approach was epitomized by the development of small backyard steel furnaces in every village and urban neighbourhood, which were intended to accelerate the industrialization process."
https://www.britannica.com/event/Great-Leap-Forward
Given Trump’s history of market manipulation and his failure to separate himself from his business interests, why would we doubt that he and his family are making a killing every time he whipsaws the markets with his trade war threats?
4
@HGW: His market manipulations, at least the ones I've heard of, were pretty crude, and based on using his public image as a wealthy and flamboyant figure, openly buying and selling stocks. Nothing like that seems to be happening now. I wouldn't put it past him, if it could be done, but my sense is that at this point the benefits he and his family are getting are related more obviously to their current business interests -- prestige and publicity, high level contacts and so on -- and they are all probably arranging deals and understandings for the future... but especially given the scrutiny he's under, I don't see market manipulations as his current scam. There would have to be major purchases and sales going on, by some entity, and I think it would have been noticed. I could be wrong.
Trump’s bluster bluff and bravado is driving US foreign policy with China into the ditch while
Americans’ cost of living premiums skyrocket.
So much winning!
Trump is singleminded: win in '20. Initiate trade war, roil markets, slow down growth, get the slowdown done now, not in '20, get rate cut (or two) then reach deal with Chinese. When: late '19/early '20. Watch this play out.
1
Let’s see: no new manufacturing jobs, no new coal mining jobs, hurting farmers and all the rural economy that depends on agriculture, and not any great new trade deals. Trump can add that to his brilliant business resume along with losing 10 billion dollars over a decade. As many other commenters have noted there are legitimate trade issues with China but Trump and his team of buffoons don’t have the skills to nuance the complex solutions needed. Twitter schoolyard bully diplomacy is all Trump knows and the Chinese won’t respond to it. But hey as long as we have supposed billions of hitherto unknown revenue from the new tariffs flowing into our coffers perhaps Trump can make sure we all get a raise and a contribution to our 401K’s.
3
Of course, the Chinese are going to pay these Trump tariffs, just as the Mexicans are paying for Trump’s Wall. Trump, of course, is America’s expert on phantom payments— just ask his creditors.
24
I'm so saddened for all those people who voted for the racist potato chip thinking he was going to lower their taxes, bring back their jobs, round up the illegals, build the wall, and give them cheaper and better health care coverage. Let's see, he's lowered Amazon's taxes, imposed tariffs on Americans, proposed less medical coverage not once but three or four times, created some detention centers for private contractors to house the illegals since taxpayers want their money going right into more corporate contracts. I guess that leaves climate change and Iran, both of which he's followed through on, to horrific results. Perhaps when their houses are flooded or burned to the ground and their sons are all dead in foreign wars against countries that haven't invaded the US, maybe then they'll consider a new political party.
13
Again Trump exhibits ignorance of reality, telling Americans they need not pay the higher prices for Chinese made goods...but just buy products made elsewhere.
I tried to not buy Chinese goods several years ago and found it practically impossible. For the next month, look at where the goods you buy are made (electronics, clothes, shoes, medications, toys, tools, etc.)
2
What we have to wing ourselves off of child labor... Oh the horror.
Now maybe they will only work 15 hours in their sweatshop instead of 16
Who knew conservatives would turn out to be a he biggest socialists in America. No more welfare for farmers . Hypocrites about free markets, they are the real welfare queens.
8
@Steveb
In 1933, with many farmers losing money because of the Great Depression, President Franklin D. Roosevelt signed the Agricultural Adjustment Act, which created the Agricultural Adjustment Administration (AAA). The AAA began to regulate agricultural production by destroying crops and artificially reducing supplies. It also offered subsidies to farmers to encourage them to willingly limit their production of crops. The Supreme Court later struck down the AAA as unconstitutional, so in 1938 the Soil Conservation and Domestic Allotment Act was passed, which essentially created a similar organization for distributing farmer subsidies.
Got to love FDR
Sometimes you have to rip the bandaid off. Personally I would not do any business with China. They are thieves, liars, and I do not believe they will ever live up to any agreement they sign. If prices go up so be it. I have no symphony for American companies who moved production for cheap labor and are being hurt. If they had not put American parts suppliers out of business they would not be crying today. Maybe all of these investors and entrepreneurs I keep hearing that want every tax break that comes down the pike will invest in this country.
4
Maybe the president could start with manufacturing his and his precious daughters goods in this country? Probably not. That wouldn’t be profitable for him. Or princess.
3
@Curt
Yet ...I remember Republicans saying it served all those union members right that their jobs were being off shored, because they got so greedy... as the CEOs rewarded themselves with lavish bonuses an wage increases for saving the day.
4
@Sonu As far as Trump's daughter's clothing line I agree.
1
Heck of a job! You’re doing Trump (and all your supporters) bringing the USA to its knees.
3
I would love to see an article from a person(s) who is a bona fide China expert, steeped in Chinese politics, history and world vision. This is not just about winning and losing money.
@angel98
"Recent estimates place the death toll of The Great Leap Forward and its corresponding famine at 45 million deaths, far greater than the number killed in WWI.
Two-three million of the deaths were due to torture and execution.
Today in China, The Great Famine is referred to as Three Years of Natural Disasters and the Three Years of Difficulties.
Great Leap Forward, in Chinese history, the campaign undertaken by the Chinese communists between 1958 and early 1960 to organize its vast population, especially in large-scale rural communes, to meet China’s industrial and agricultural problems. The Chinese hoped to develop labour-intensive methods of industrialization, which would emphasize manpower rather than machines and capital expenditure. Thereby, it was hoped, the country could bypass the slow, more typical process of industrialization through gradual accumulation of capital and purchase of heavy machinery. The Great Leap Forward approach was epitomized by the development of small backyard steel furnaces in every village and urban neighbourhood, which were intended to accelerate the industrialization process."
https://www.britannica.com/event/Great-Leap-Forward
All this is about is punishing China for being a competitor. With this administration, punishment is policy. Tariffs are usually used to protect domestic industries. In this case, many of the goods being taxed have no domestic production, or very very little.
As for the idea that tariffs will compel a company to move their production from China to the US, that's a fantasy. If anything, they will move to even lower cost countries. And since most companies in China are government-controlled, they, not the American customers, will decide where they go. and what they will pay.
Even if production does move to the US, one of two things will happen. Prices will go up even higher than the tariff-affected price because labour costs are multiple times higher than in China. Or, wages will drop to a rate closer to what was prevailing in China prior to tariffs. It's also possible that both will happen. These don't sound like wins for Americans, unless a win is a sweat shop job at poverty wages.
6
Trump is a great compass. If he is for something, then you know it is a bad idea. Trump has the Midas Touch, except things turn to feces instead of gold. Enjoy the Trump tariffs you racist white nationalist "farmers", you wanted Trump--and he is ALL yours. Ha ha ha ha ha.
9
I have to wonder... Is Mr. Trump one of the investors who is doing very well in these market slides by hedging and/or shorting the market? We'll never know, will we, until we can see his tax returns. I wouldn't put it past him. There's no other rational reason for approaching an all-important issue like US-China trade with such reckless abandon.
5
Does this Trump guy know what he is doing? It appears at times he is working "off the cuff'" We need help!!
Is this administration starting to run scared?
VOTE 2020, Please!
1
It's a good start, Now need to limit Chinese (and indeed, much foreign) "investment" into the US real estate. Eliminate OPT visas for Chinese nationals, with the exception of those fleeing the regime's persecution. Drastically reduce the number of sports at US universities that go to Chinese nationals (again, with the exception of the persecuted Chinese. E.g. Uighurs, etc).
3
Yes, a fair trade accommodation needs to be reached with China and was overdue, but as with all things Trump, the gas lighting and outright lying about the effect tariffs are having is outrageous. I listened to Kudlow admitting to Chris Wallace on Fox that yes, Americans will suffer some, but that's OK because China will suffer too. It reminded me of the scene in Braveheart where the king orders his archers to fire into the midst of the battle between the Scots and his own English soldiers. His commander says 'but won't we hit our own men?' and the king's answers is 'yes, but we'll hit theirs as well'. You're killing your own supporters Mr. Trump. The outcome last week also reminded me of all the times a bipartisan deal on immigration and wall funding was upended by Trump at the last minute, the most recent leading to the disastrous and pointless government shutdown. His ego and vanity get tn the way of a deal every time..
8
Another diversionary tactic away from the 20 plus Congressional investigations into President Trump’s dark world?
It could also be Trump’s attempt to show that America still in his view, ‘rules the world.’
While proving to his cult followers he means business with the PRC, with the hope he can show victory over China before the 2020 General Election.
Either way, Trump neither cares who he damages or destroys . At the end of the day he will use any means at his disposal to win another 4 years in the WH.
12
Trump's game of one up manship is awesome. Another economic collapse commandeered by the Republicans. Trump, making America poor again. Except for his friends and the ultra wealthy of course.
13
Well Trump has this retiree over a barrel. My cost of living is going up because of Trump tariffs; interest rates are artificially low because of Trump fiscal policy; and the market has me scared to death because of Trump’s irrational behavior.
20
@MOK78
SFB does not care about how his idiotic trade “policies” affect your retirement or your standard of living in retirement as long as he perceives that he is “winning” - notwithstanding any evidence to the contrary.
6
I am thinking that Wharton should demand their undergraduate degree back because obviously trump didn't even retain the basics.
19
‘There cannot be two suns in the sky, nor two emperors on the earth.’ - ( Confucius. )
Michael Pillsbury, the Mandarin-speaking analyst who has advised successive U.S. administrations on China policy, has been warning about it for years. In Mr. Pillsbury’s 2015 book, “The Hundred Year Marathon,” he outlines in vivid detail China’s devious agenda to become the dominant global power, and a corrupt, repressive, communist one at that.
This is China’s dream and they are going for it ‘by hook or by crook’ to accomplish their dream. We can only be thankful for President Trump, whose street fighting ability will, hopefully thwart this attempt.
2
"The escalation thrust the world’s two largest economies back into confrontation."
the red of lava
the black of a cloudbursting
the yellow of greed
1
It's really hard to know what the true intentions of president trump are. While I have no use for him as POTUS, I think most Americans give him credit for trying to deal with Chinese unfair trade and intellectual property practices over the past several decades. On the other hand, Trump's mini-mouse credo of winner-take-all-zero-sum-game that may have worked for him before, may not work out so well with the Chinese. Trump has no concept of the Asian mind, and the intellectual jujitsu that they are masterful at playing. Trump never understood any merits of the trans-Pacific-partnership. In a flash he thought trade with friends is bad too. And that's just my point. Trump, in his go it alone thumbing his nose to our friends style, limits himself in an interconnected world to achieve the successes he desires. North Korea is the perfect example. Getting China to acquiesce to Trump"s worthy goals could be within reach if he really knew how to be a shrewd international leader who had intellectual capacity to anticipate the Chinese mindset. I am not confident the Chinese will buckle so easily. They also own a lot of our treasury notes. They are a patient people, Trump is petulant. They are disciplined, Americans not so much.
7
I give Trump credit for nothing. Never ever.
13
Why did anyone believe Trump when he said trade negotiations with China were going well and that a deal was just around the corner? He consistently misrepresents the facts. I mean you just know China was never going to give in to US demands without the US lifting its sanctions as a quid pro quo.
it's amazing that there's even a debate of any kind, still, about who pays tariffs. You have to wonder if Trump is being deceptive or actually hasn't grasped yet how it works. It's like setting your own lawn on fire to lower your neighbor's property value. There's a lot of unpleasant smoke, but the fire is on your own turf.
15
Yes, China has stolen our tech information and sells it for a much cheaper price. But the United States allowed this to happen; our corrupt government (both Republicans and Democrats) only care about how much they can enrich themselves; long term strategy ends in their wallets. Look at all the real estate here (our precious landmarks) that we hacked to the highest bidder.
7
I've got no interest in more of our tax dollars going to pay for Trump's trade war. Stupid "trade wars are easy to win" posturing is hurting industries, and it should not be hidden with giveaways.
15
In warfare it's said that, no battle plan survives after the first shot is fired. The same can be said of Trump's bellicose trade war with China, which has already triggered retaliation by China and new threats by Trump of even more tariffs. Hard to see a return to genuine negotiations before a lot of damage to the U.S., China and the world's economy occurs.
5
He is completely clueless. So what if the Treasury brings in millions and millions? Consumers will be footing the bill, not China, unless we magically find US or European producers on that scale.
No wonder he lost millions over his career...
20
Mexico isn't paying for the wall, China isn't paying for Trump's tariffs, we the taxpayers are. Wake up America.
54
Half of us have been awake this whole time. The other half was conned and still can’t accept it.
4
Trump is manipulating the market, for his own benefit and creating a diversion at the same time. Double winner.
14
Hey China, if you are listening, just sell down some of the US treasury notes you own and that will send the US markets in a tailspin and Trump impeachment proceedings will begin.
38
@Joseph B
Actually if they sold the treasury notes it would actually help the United States because it would draw a currency lower and that intern lowers the cost of goods sold by America cheaper. China owns round about 4.7% of our debt. even if they did take it all out of the market there is no place else in the world that they could reinvest it at the same return with the security back by the United States government. it would also increase the opportunity for elderly people and other Americans to purchase said treasury notes on a discount.
1
Congress should refuse to pay for trump’s bailout if they farmers. He caused their hardship and should bear the pain he caused the farmers. Let them enjoy the fruits of the guy they support. They’ll have plenty of soybeans, perhaps they can see if the banks will accept them as loan payments.
All you Walmart shoppers, enjoy your higher prices.
18
@Paulie
I heard today that Trump is going to restore our 401K's to the balance from last week before his moronic tweets.
O.. Wait a minute.
Never mind.
8
I suspect that the degree of “pain” American costumers will feel is overstated and any pain felt will be short term. China can’t afford to lose American market share. American importers will demand that they absorb a good portion of the costs tariffs add to their products. It is a given that China will devalue its currency and further blunt the impact of the tariffs on American pocketbooks. Unfortunately for Chinese exporters, their bottom line will be further impacted. Meanwhile supply chains will be adjusted and China’s piece of the global pie will be reduced, the extent of which will be determined by Chinese resistance in reaching an accord. Significantly much of that supply chain will likely be based in the US as a result of the presidents corporate tax reform, continued emphasis on eliminating stifling regulations and facilitating cheap, abundant energy supplies.
It’s becoming clear that unlike previous administrations president Trump is playing the long game. He has implemented policies that will support and win the "trade war" that has been ignored for decades. The short term, quarterly profit bean counters that have come to dominate American corporations will squeal like pigs being led to slaughter but in the end their companies and Americans will reap benefits unimagined before Donald Trump was elected president
2
There is no "long game" for a man with the attention span of a 5 year old.
19
@tim k
China has the edge - they can afford to lose our business more than we can afford for them to call in our loans.
1
Trump is either knowingly lying about how tariffs work, or unknowingly ignorant. I'm not sure which is worse. All his life he has "rolled the dice" to see if something will work out, and this looks like much of the same with China. Let's hope somebody besides China has a plan.
12
@TS
He never read a book. He can't even read a page with more than nine bullet points.
Yes, there is something called "savoir-faire", a knowledge that you build up as you increase your experience, practicing the same craft day after day, year after year. No book can replace this kind of knowledge.
But foreign policy is not one of these things. to succeed in foreign policy, you need to deeply know your "enemies", which are cultures that live and thing totally differently from what you've ever known. And you need to know history very well. And macroeconomics. You need books, many books to acquire this kind of knowledge. And you need to be able to hire not the best liars, as Trump seems to be almost perfect at, but the most highly-learned advisers, whose love for knowledge makes them only be loyal to the truth and nothing else.
As to China: for years already, they're having a century-long plan. Their goal: nothing less than world dominance, both economically and politically. That's the exact opposite of Trump's goal, who's only interested in how to keep his ratings high among his voter base, no matter how much he has to lie and cheat and tweet to get him there.
Fortunately, the Democrats did have a plan. It's called the TTP. But that can only work if the GOP establishment finally puts country before their own careers again, If not, time and again the next GOP president will withdraw from previous international agreements, just to keep his ratings at home high.
7
DT is not to be trusted. His admin is a front for a scam on America.
19
The entire 20th century history has proven that if you want world peace, don't threaten war nor go to war, but create the conditions for peace.
Trump's maffia mentality apparently makes him believe that you can identify both.
You can't.
The only thing that works here is to lure huge world powers into cooperation rather than confrontation.
And that's exactly what the TTP would have done.
The TTP was a political trade agreement between the US and most of China's neighboring countries, where those countries would get much more access to US markets (and the US to theirs, in other words lower tariffs and more "free trade") if and only if they accepted to seriously improve their labor laws (including minimum wage).
Improving their labor laws would make the US more competitive in the region, which inevitably means more jobs and selling more "made in US" goods. And it's actually the only way to become more competitive and sell more, as it doesn't merely make US products more attractive because less expensive compared to local ones (as production costs of the local ones go up), it also increases the purchasing power of local countries, which is the main condition for making them consume more US goods.
It would also have reduced China's regional trade, so that over time, it would want to become part of the trade union too. And THEN we would have had the leverage to tell them that in that case, they have to improve their labor laws too.
Tariffs only make everybody poorer.
8
I agree with Trump that on an economic basis alone, the United States in a position where it will be nearly impossible not to eventually win this trade war. However, Trump will have to explain the pain to an electorate, hostile congress, and a senate that may not be as friendly much longer. China's ability to take the pain is much larger than that of the US, which eraaes the economic advantage the US has, and perhaps even gives it to China.
2
@Groovygeek
They have four times more consumers than we have, and will soon be a fully developed economy too.
So no, there's no reason why in the end the US will win a trade war.
Higher tariffs stiffen trade between two countries. So the US will loose trade, while China will increase its trade with non-US partners, and that's it, on an economical level. And as politically, more trade means better alliances, China will be building a world empire while the US has a president who is ... well, tweeting.
8
If you know any history at all, it is the simple fact that punitive tariffs never have their intended consequences.
1
All this winning is costing me and my company a lot of money.
20
“I am going to run the government the way I ran my business.”
— Donald J. Trump on the campaign trail
Let’s see:
• 1.2 Billion in loses for 10 years as a businessman
• 37 Trillion in deficit in 3 years as president
He actually exceeded expectations.
33
There are 3 essential threats to human survival. Nuclear war, Pandemic and environmental destruction. None of those threats can be met on a bi-lateral basis.
Trump made a decision to decouple the USA from a world of multi-lateral cooperation through alliances led by the USA to maintain peace, trade and cooperation that benefited everyone.
Worse he has decoupled US interest and negotiating power for his personal relationship power.
Personal relationships are fine. I want our President to strengthen the Paris agreement, increase access to health care and reduce nuclear proliferation. It seems as if the real interests of the USA are being squandered to prop up liquified natural gas and crop prices and buy an election.
If President Trump really wanted to get China to play by the "rules" he should be strengthening the rule book and the enforcement mechanism in the WTO. Why would we want China to have independent enforcement of a deal we strike on a bi-lateral basis.
The President seems to fear the entire concept of an Independent body with enforcement power. The question is why?
We can all argue that China isn't playing fair. I'm suspect of this President's motive in making a side deal with China that excludes the WTO and the proper legal framework for world trade.
I want to see his tax returns. This all smells like nothing more than market manipulation.
15
I was just reading this article with my ESL class and my students were confused by the use of the phrase "imports to". Shouldn't it read "exports to"?
2
China has much more to lose than the US, just look at the trade imbalance for ample evidence. US consumers can always choose to "Not Buy" as prices on Chinese imports increase with tarriffs, so consumers won't necessarily suffer. They will just do without that new smartphone or cheap set of Chinese tires. They will take their clothes to the laundry rather than buy overpriced, low quality, Chinese washing machines.
As time goes by, American manufacturers will realize Chinese labor is not all that cheap any more and will adjust accordingly. That will hurt China even more, with unemployment and increased cost of social welfare.
American quality is recognized around the world, so America can find other markets for soybeans and so forth. And, America can build up some other country's manufacturing sector so there is more competition for China.
But if you really want China to KNOW they need to change - do not allow Chinese students to return to American Universities next fall. There's plenty of other country's kids (including America) that can use a high quality education.
2
U.S. companies have had two years to diversify their supply chains away from China.
The smart ones (a minority) did so. The rest are now going into overdrive to catch up.
Only a small amount of products made in China will return to the U.S. But even a little will be a benefit.
Most Chinese production will move to Vietnam, Malaysia, India, Philippines, and other Asian countries. Hopefully some will make it to Mexico and Central America, strengthening their economies and mitigating the immigration crisis at the border.
The U.S. and China are at the beginning of multi-decade Cold War 2.0. Any company that is reliant on Chinese imports is negligent toward its shareholders.
3
Obama's TPP is not looking so bad compared to tariffs.
7
@Mark
It's actually the only way to go.
Progressives criticized him for betting too much on "free trade" and not improving labor laws in the Pacific faster, and of course they were right.
But as always, nothing guaranteed that for the time being, more progress could already have been made. ..
4
China's shortcomings notwithstanding, President Trump has absolutely no idea what he's doing. This is the same guy who lost billions of dollars running his own business. He now apparently wants to do for the rest of us what he's done for his investors. Sad!
11
And now he plans to meet with Putin and Xi individually. And we should have confidence why?
5
Bravo, now the Republican party, once highly principle driven, will recognize the dreadful impact of a con-man's impulsive inexperienced judgement, & move to impeach before the stock market impoverishes them all.
9
They already know but they sold out their principals a long time ago. Party over country
13
How did we get here with trade with China?
1
I read about how Trump tried to manipulate the stock market years ago, is he doing it again so he can buy low and then reap profits when he changes US strategy? Illegal?
20
Since we cant see his tax returns we wouldn't know
6
Trump's serially failed negotiating style is front and center here. He is consumed with the need for a quick win with China which will not happen. His simplistic approach only has value to his base and only they could give him credence for stating tariffs are a good thing and are bringing in billions directly from China. We can expect a constant roil under this administration until they very last day, the crazy ride no one envisioned will continue unabated.
4
Maybe the reason Obama and Bush junior didn't really go after China is because they were smart enough to know they wouldn't be successful.
7
Don’t forget to thank the GOP come November 2020.
20
King Anti-Midas strikes again. Everything he touches turns to ruin.
8
Trump is a self centered “twit” needing some narcissistic supply ie. headlines etc.
Everything about him everyday.
Now the economy & your taxes (tariff) are going to effect us middle class folks big time.
Can’t Americans get it.... the Rebublican party ditched us a long time ago ie. (25 yr. s)
And abdicated American values’ & government.
7
Trump is working on his biggest and best bankrupcy.
25
If you don't like China's dominance in manufacturing, simply stop buying the products made there. Tariffs are unnecessary and counterproductive.
7
Seriously Steve. It would appear you have no idea how much Chinese product is imbedded in the North American supply chain!
Try buying any useful product for everyday use that isn't made in China or has an enormous amount of Chinese manufacturing built into it. Good luck with that.
3
Last I checked, the American government’s understanding of how China’s government operates is dubious, at best.
Conversely, Donald Trump has expressed a fond admiration for Xi Jinping, simply for having received a tour of the Forbidden City, and has reportedly provided the means for Jared and Ivanka to profit off of the cabinet positions which they only have due to nepotism.
To say that we’re getting played would be a generous euphemism.
12
This President tweeted on March 2, 2018 "When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!" Not so easy after all? Everyone still buying this man's words? All those wearing Make America Great Again caps, are you beginning to see how he has no idea what he is talking about and really doesn't care? He just cares about how what he says impresses those wearing MAGA caps. He could be right that we have a big trade issue with China - but everybody knew that. How to fix the problem was the difficult problem to solve.
But Trump does not care about those unfortunate details.
He pulled the same nonsense in health care, promising a great plan after he was elected, only to concede he had no solution after a few months in office when he said "Nobody knew that health care could be so complicated!" in March of 2017. Well, everybody knew except him.
But I don't think he lied. He actually had no idea how difficult these problems are - and that is why he shouldn't be President. He is clueless. And those who support him must be too.
17
Well said. That's pretty much it in a nutshell.
4
Why do people think China is paying the tariffs?
China is not "paying" the tariffs. Americans are.
30
Because their dear leader told them so. That’s all they need to know.
3
This looks suspiciously like the time when Trump was playing at being a corporate raider - inducing wide fluctuations in the stock market to benefit from them subsequently. Any conflict of interests should be investigated quickly.
Moreover, anyone with any experience with the Chinese knows that face-saving is one of the key aspect of negotiation with them. Threats and bluster will only provoke belligerence. The Chinese citizens will never know what went into these agreements, only what the state media report. The best thing to do is to negotiate privately and not broadcast whatever comes out of it.
8
Trump says farmers, manufacturers and government will be happy. Maybe. But what about citizens? We’re not happy!
6
Who said this? Trade wars "are easy to win". Answer, the same guy that said that "I love the less educated".
8
This is as good a reason as any for Senate Republicans to finally show Trump the door.
And probably the most defensible, when confronted by Trump's angry "base".
6
I don’t think the Democrats are going to have to worry about beating Trump in the 2020 election if he keeps beating the drums for trade wars with our allies. He is beating himself. If I remember correctly, less than a week ago we got news that the economy was in the best shape it had been in for decades. But could Trump sit back and use that good news to his advantage? Oh no, His vanity got in the way. He couldn’t bear to think the Chinese were putting one over on him. Well, now he is putting one over on his base, especially the farmers and manufacturers in the midwestern states. Maybe Trump could shoot someone on Fifth Avenue and get away with it, but I don’t think he’s going to get away with making his base pay for his ego trip.
7
Actually Paying farmers loss is not a big thing for US economy. Democrats must approve that.
Deficit become brakeless freight train Republicans can fix it.
Nothing you just said makes any sense. You know that don't you?
3
I am Canadian watching my country diminish as worldwide corruption, ammorality and greed become the natural state and a belief in a better way is foolish.
I know my bible. It is the poems, songs,legends, morals, ethics my ancestors had and wished to pass their children's children. This is the kind of history Canada's Supreme Court in its incredible wisdom determined to be Superior to Western Civilization histories written by those serving the contemporary people in power. I often refer to a periodical that is trustworthy now as it was in 1847 The Economist and its take on the potato blight. Our Supreme Court proceedings are often broadcast especially when its decision is philosophically challenging. Our foundation as a nation lies in our belief in the integrity of our foundations. Unfortunately this is the same in our Southern neighbour.
China and Russia know America as well as Canada does and cynicism not totalitarianism is the opposite of democracy.
2
In other Administrations , the market regulators, the SEC, the CFTC, the NY Fed, etc. , would have been all over this. However, Trump and many, many others in his circle have been successful in defanging many of the regulatory agencies. Trump may be a dolt, but, he’s surrounded by greedy , ruthless , clever people. Limiting the power of the regulators is one of the major reasons why these powerful people support Trump. They care nothing about political philosophy, foreign policy, human rights, etc. Money and power is what they traffic in, and if the President of the United States is also playing that tawdry game, it’s as close to a sure thing as one can get.
The damage, the corruption that this guy Trump and his brethren have already done to our country is breathtaking. It continues and it’s spreading. For all the assurances of “checks and balances”, most of us are now defenseless.
If he is elected to a second term, some form of revolution is in the cards.
4
"... China imports to the United States" is incorrect. It is the United States that imports goods from China.
4
China has always played hardball. It's about time we did the same.
1
@skanda. Trump's temper tantrum is not the way to play hardball.
7
Won't these tariffs just be justification for businesses to raise prices/shrink package size/reduce quality further? Once prices go up they won't come down and these price increases will be baked in. Eventually even the Fed will have to acknowledge the obvious...and raise interest rates. But wait, won't that bring on the recession.
Also, do we really need to provide further subsidies to big agriculture? Small farmers who have been flooded out will be compensated by existing insurance programs, but the reduction in supply should help support prices.
8
Go to China and see how the people live and work and you will realize that manufacturing will not return to the US, and that when it comes to bearing hardship, privation and conflict, we are way out of our league.
34
The American economy is very strong and robust. We will be much better off with less reliance on cheap Chinese goods. It will be much better if the low cost items were made in countries such as The Philippines, Mexico, and Vietnam. This may be a painful process, but China and its ways are a huge problem.
1
With all of China's manipulations, I'm sure prices were artificially cheaper than it would otherwise have been for American consumers. What Americans have to realize is that we're not just consumers - we are also producers (who need jobs), and if can produce, we can save, as well. I don't like Trump and his policies, but dealing with China is a must - if it raises the costs to hurt consumers, hopefully we can spawn more producers in America (or in fairer trading partners, like Cambodia or Mexico).
2
The market rises and then drops suddenly with stocks eventually rising again.
Trump's China debacle is an interesting way to manipulate the stock markets and eventually make money. Buy low; sell high.
When trump finally leaves office, I'd like to know how much being president helped or added to his bottomline net worth.
His properties (hotels and resorts) gouge governments with high prices, and now the stock market.
Trump is undoubtedly making money. And no one seems to mind.
9
@wihiker
For what it’s worth, * I * mind...
...and I’m willing to bet that I’m not alone. It’s just too bad that our elected representatives won’t stand up for the concerns of the electorate (I’m looking at *YOU*, Mitch McConnell and the [used-to-be] “Grand” Old Party)!
5
@wihiker In a society with any justice whatsoever, ALL of Trump's trades would be public record. There's no question he's enriching himself. He's a gangster. All Republicans are gangsters.
I hope that Trump bashing, justifiable or not, would and should not color the objective assessment of the significance of what the rise of China means to the world and especially to the US in terms of our existential security.
China in Chinese character means "Central Kingdom" whose founding ideology is based on the pure imperialism where the surrounding nations and the rest of the world should take the order of the Central Kingdom. No rule of law, no human rights and no democracy but just pure raw power politiking.
Most of the mainland Chinese people long for the recovery of this glory of the pre modern Imperialism, Central Kingdom. This kind of yearning started in earnest from their military involvement into the Korea war in 1950, and further evidenced in the invasion of Tibet later on, 1970's invasion of Vietnam, the virtual encampment of millions of Muslims in the Western region of China and culminated in the military occupation of the South China sea against international law.
This trade war is more than economy and intrinsically the start of the long term containment of the rise of China who becomes our existential threat being the counterpoint to what the US represent and we believe in: China being anti-WTO, anti liberal democracy, anti human rights and anti protection of trade secrets being IP theft machine, and anti-fairness based global free market.
“I love the position we’re in,” Mr. Trump said, adding that the United States was “taking in billions of dollars in tariffs.”
Ummm - all that money comes from Americans, not China. although DJT repeats this lie repeatedly, tariffs are taxes paid by the importing country. I am sure all the Red State supporters are thrilled to being taxed some more. If they understood that's what is happening, that is.
11
Red state farmers are loving life. Trump keeps throwing billions at them for doing nothing.
1
Mr. Trump is implying that if there is no solution at sight, he may have to get the US companies to relocate elsewhere. Why do not we do that? Perhaps, it is time that happened. China is not the only place with cheaper land and labor. China is not an indispensable source. We would better safeguard our intellectual property and the technical know how, which China is suspected of hijacking from us.
Are we so addicted to buying all the goods from China? What is so special or exclusive about it? This is crazy. You walk into any store, and guaranteed, almost everything is with the 'made in china' logo.
There are many other locations around the world, that can serve as an alternative to the current impasse we have with China. Those other places can provide us with a healthier relationship in terms of trade and foreign policy. If only, we are prepared to explore that.
Experts say globalization is good for everyone. However, it is not a one way traffic. Perhaps, that is how the Chinese saw it and now, we see it.
1
Something may need to be done about China, but is this the right approach. Countries may fear the United States, but no one fears Donal Trump.
3
About 60 years ago the always prescient song writer and entertainer Tom Lehrer wrote a song wrote about the the German rocket scientist Werner von Braun who was now in Alabama with the US space program. Germany still had WW2 rubble, the Communist East, and Werner must have felt very good about launching rockets again. But Lehrer, always thinking ahead, ended his song with the line:"And I'm learning Chinese, said Werner Von Braun." Sixty years later, West Germany is more prosperous than the US, Germans have a better health care system and live longer lives. And we have a failed businessman, a prevaricator who can barely speak coherent English, as President. And in the tradition of our last Republican president he was born on third base and thought he had hit a triple. He isn't smart enough to learn Chinese, let alone negotiate trade policies. And besides , you only can use a few hundred characters in Twitter.
4
Let Pelosi, Nadler and Cummings work on the investigations. Let Bernie and company tell me why we haven’t heard from Congress the minders of imposing tariffs.
1
Trump has no plan - this is only a 'tough-guy-act' to drum up the voter base.
5
DJT has shown that his only negotiating poster is bully, bluster, and bravado. Nuance requires reading comprehension, critical thinking, and analysis which he is either unable or unwilling to do. Worked out for him when he was "big footing" small family contractors in the real estate business. Not so practical when dealing with other nations.
People keep saying about Chinas expansion in undeveloped nations like Africa etc but they seem to forget about other developed nations where China wants to contribute so as to improve export sales through their Belt and Road Initiative. More than 126 countries worldwide have signed up for Chinas Belt and Road Initiative. China also wants the USA to become a member of the Belt and Road Initiative.
Just think how your infrastructure would improve for exports if China got involved. It's a win/win situation and would improve the wealth and health of all USA citizens - not just the 1%.
Do this web search, of this phrase of words, to see what the Chinese are proposing in NZ:
northland and china railway contract belt and road initiative
2
"China Retaliates With Higher Tariffs" -- No one could have predicted that.
3
China has indeed gotten away with currency manipulation, stealing intellectual property, manipulating sales so companies essentially had to give up trade secrets in order to gain market access, and much more. However, companies here in the United States, and we as consumers, are also partly guilty because we put cheap goods and cheap labor in order lower prices over everything. Now the chickens are coming home to roost, as it were. Trump was right in that it was time we take a harder line against China. However, his tactics are not going to succeed. Tariffs are a tax on consumes, so we are now paying or will pay, for the tit for tat trade war. Instead of building alliances with other nations to put pressure on China, Trump has the mindset that bullying and "only I can fix it" are the only path forward. China is a malevolent force in the world - make no mistake about it. Unfortunately it takes nuance and a long term view to correct the situation. Both an not things Trump grasps.
326
Good in the short term if it gets rid of him by or in 2020, it's worth it.
33
There was no theft of intellectual property. American companies signed those contracts willingly and with alacrity. Now they're whining because think Trump's a good deal maker and could do something about it. He can't. Currency manipulation? Look what we've done: quantitative easing, and so much more.
50
@Aurora You are incorrect about China. Anywhere from 15-20% of US companies have reported IP theft from China costing them $200-600 billion per year. Sure, this includes forced technology transfers, but that doesn’t amount to “willingly signing” in any world but China’s. Tariffs will do nothing, but don’t think for one second that the underlying forces driving them aren’t valid. My thoughts: stick to the TPP. But that was unacceptable to Trump and Clinton and Sanders. Sorry, Obama.
22
Well Trump praises the increased revenues, tariffs are often described as a tax, in this case 25% tax on imported goods including those needed to produce products sold by domestic businesses. Now anyone who knows about manufacturing knows that when capacities are exceeded it can take two years to make additional capacity available, if the investment makes good sense.
So for some portion, and it may be huge, of the imported goods subject to tariffs, there may not be any alternative sources for about two years, if ever. Given the low economic expansion that existed before these tariffs, these will likely affects sales, a lot.
If Trump decides to cut taxes to redirect the tariff revenues to the super rich, well that could cause a recession. If he uses it for big infrastructure projects, then it would provide real economic expansion for a couple of years.
This is a necessary process that we have to go through. China will retaliate, but we can’t tolerate business as usual while China continues to engage in unfair trade practices and holds our companies hostage by demanding their proprietary technology and trade secrets in exchange for access to their market. Pushback however costly is the only thing they’ll understand.
4
This will work about as well as the Smoot Hawley Act . Remember that Great Depression thing.
1
The only thing Trump’s hard line supporters will ever understand is a hit to the pocketbook. They clearly have no other concerns; mythical moral values and ideals as nebulous as democracy or sovereignty mean nothing.
This hits middle America smack dab in the Walmart shopping cart.
Bring it.
12
I doubt you shop at Walmart, but Trump’s supporters have faith in him and are willing to make sacrifices for the good of the country. It’s known as patriotism though it seems to have fallen from favor in elite circles.
@Edward
Right....
Paying more for a toaster at Walmart is a fool’s definition of ‘patriotism’
1
“Trump seeks recession in further proof of his economic ignorance.”
14
Gotta love our $1B loser President. They man cant seem to figure out that it's the American consumer who pays for these tariffs in higher prices.
16
Trump knows exactly what he's doing.
People forget he is a genius. The proof is in the pudding - he got himself elected President (and with the help of the DNC and the mainstream media! - could not have done it without them!).
The trade thing is a con, taking in the media and slow IQ Liberals who still can't believe Trump is a genius. The media and their hanger-on followers continue to normalize Trump, thinking he's engaged in trade negotiations with China.
Ridiculous! Trump does not give a hoot about the trade balance. He only cares about getting reelected, which allows his family and friends to monetize government while staying out of jail.
He's securing his base and expanding it - by getting everyone on his side against the Chinese. He's so well positioned for 2020, he's already won. "Victorious warriors win first and then go to war" - Sun Tzu
China is his new Hillary. (Told you he's a genius)
3
Don't count your chickens before they hatch
2
@Dan
If the corporate mainstream media and the corporate DNC coronate corporate Biden, like they did corporate Hillary, Biden will step on Democrat Turnout while boosting Republican Turnout - just like before - and all them chickens were counted last time. Except now there will be even fewer chickens because the voters are catching on.
“I love the position we’re in,” Mr. Trump said, adding that the United States was “taking in billions of dollars in tariffs.” Yes, the great majority of the money coming from American businesses and consumers! Trump is an ignorant congenital liar -- which is it in this case?
6
I wonder if China's client, Kim Jong-un, a/k/a Rocket Man, might help China out by shooting off a few more missiles.
Our negotiating position is terrible. Everyone knows that.
1
Rumor has it that Putin feels that Trump is the gift that keeps on giving.
6
Attack, distract, find a scapegoat, whine a lot pretend ignorance or supreme knowledge and pick your pocket. Trump over his life time has developed it to perfection, the art of the con. At this point I am sure Trump hopes we will not notice or give up in exhaustion, but we can not and will not.
6
One way or another we need to stop contributing to the rise of a Communist government. So if I, Joe consumer takes a hit because of these Tariffs, than so be it. I am done contributing to China's communist government
1
I would LOVE to see an analysis of who is making out in these market swings... and are there any dotted lines to connect leading towards Trump. I know, totally unfounded and I have seen no facts. But... this is the same guy who falsely blustered about company takeovers to profit on short run stock gains in reaction to the news. For all of his appearances of wonton disregard and public spewing of seemingly damnimng information he apparently remains difficult to convict.
4
Trump has picked the right fight with China but he is the wrong person for this fight. You can’t beat China with gut feelings and twitter outbursts. Twitter only works with the so called “base” and soon he will find out that that base is not enough to support his mountains of unruly presidency
2
This administration is incompetent on every level (except when they push incompetent judicial appointees through the Senate). China can easily wait this out while Trump burns down his own house. Meanwhile, what ever happened to all the great bilateral trade deals they would negotiate that were promised to be better than the TPP?
American cannot get rid of this President fast enough...and once again, a Democrat is going to have to clean up the mess a Republican leaves behind.
5
Good that the President is engaging on this. It’s a genuine issue and overdue for executive attention.
But it’s being done too crudely. Surely Trump knows you can’t bully the Chinese, and you’re a fool to try?
The problem is multidimensional, and the solution, to the extent one exists, will be too.
Make nice, put some sort of deal in place, and do the tough work behind the scenes.
I think it’s called “diplomacy.”
3
Least expensive, least damaging approach: Fire him, ASAP.
3
"...we're taking in tens of billions of dollars." One wonders exactly what they teach economics majors about economics at Mr. Trump's alma mata.
2
Someone had a radio on, and in the distance I heard that old theme song, Happy Days are Here Again, and laughed to myself. Then thought about the Republicans, “The Party’s Over.”
1
Several Trump fans are claiming that Democrats running for the nomination agree with Trump on tariffs.
Perhaps that is what Trump is representing to them, but that is a misrepresentation.
In other words, Trump is lying to you, and you should try to actually listen to the people you're referring to instead of relying on what a compulsive liar like Trump is telling you.
The people in the Democratic party who are running against Trump have expressed expressed apprehension and concern about the long-term impact of tariffs - that the longer the trade war continues, the higher the odds of losing that there will be markets lost for good.
Example:
"Thirty per cent of what is grown in this state is bound for foreign markets. When those markets close down because of the tariffs we’ve levied, and the reciprocal tariffs that our farmers face . . . those buyers will find other sellers from other countries."
So, to Trump fans. Please stop quoting Trump when you claim you know what Democrats are saying about this. Try listening to the source, instead of the orange baby-man who can't stop lying through his teeth on anything and everything.
3
The leaders of China are tougher than Trump with his gold toilets.
The U.S. is now in a bear market.
2
Well, at least there’s some good news in all of this - Trump is hurting his re-election chances. Some farmers may wake up and finally realize that Trump couldn’t care less about them. And perhaps more importantly, while everyone has been worried about Russian interference in the 2020 election, I suspect that China will also want a piece of the action now.
1
Remember a few years ago when it was all the rage for optical stores to have your prescription glasses ready in one hour? People liked it, so what happened? Well, you can buy lenses from China cheaper than you can make them yourself.
Now, with tariffs, lens prices should go up, but likely won't. That's because Chinese companies are eating the cost. One supplier is already offering American companies a 30 percent discount, after taxes. The cost is actually down.
Poor explanation of whom tariffs affect and how. If prices on Chinese exports -- products, parts or ingredients -- go up on things that are essential to family life, then consumers suffer -- unless and until those things, of comparable quality, are produced elsewhere at lower prices. If prices go up on the host of exports that could fit in the non-necessary category of "commodity fetish," then the simplest solution is not to buy them or the products made with them. I'm no economist; am I wrong?
I see a lot of people like myself buying appliances within the next two weeks before the tariffs go into effect. I've been looking for a new fridge and every one from American companies is made in China. Of course, the manufacturers will pass the increase in price to the customers. Once again, the Republicans are determined to crash the economy and the Dems are silent. Any bets if Ivanka's Chinese goods will be affected?
3
"Trade wars are easy to win," says Trump. His hypothesis is about to be tested -- or not, as this looks to me more like a reality show than a process of negotiation.
China is in a much better position to "win" this war, though both sides will lose. China can afford to look long-term, as they always do, knowing Trump is likely gone next year, and at worst for the, crippled.
The American people will not stand for another economic turn-down, and that is about the only thing Trump has going for him right now. He is doing everything he can to prop-up the economy in the short-term.
China, on the other hand, can pretty much tell their people to "tighten their belts," to put it in a nice way.
Think about it.
What would be interesting to know is, has Trump put tariffs on the goods he has made in China.
It's the American companies that have caused business and jobs to go to China.Capitalism always looks for cheap labor to produce their products. Just yesterday I read in the NYT how GM has sold twice as many Cadillac's in China as they did here last year. They were all made there because GM made more money on the cheap labor. It's not all China but our own American companies that could care less what happens to American workers.
It's funny that the article talks about "Thetalks"breakdown but not why the talks broke down. What the NYTs article fails to mention that China had already agreed to many things earlier in the year and now is saying that they are un-agreeing to those issues. That is what the article should be about. Let's face it hate or love him Trump is one of the best negotiators that we got and he is good at it.
1
So in other words that played one right outta trump's rule book. He of all people should appreciate that irony.
1
@P McGrath
Did you get that from his book? Because that's the only place he's a good negotiator.
Everywhere else, he bluffs and blusters and loses negotiations, loses millions of dollars, goes bankrupt over and over again. That's in the real world. The book was great PR and some fine fiction - and that's all it ever was.
1
We've got an ill-informed, petulant child deciding our trade policies. "“Taking in billions of dollars in tariffs.” When is this lie going to be put to bed? The money is coming out of the pockets of American importers, who in turn are passing it on to American consumers. There are many more arrows in the Chinese quiver and swords yet to be unsheathed: US treasuries to be shunned and indeed current holdings unloaded; the defiance of US oil embargo on Iran; letting the currency depreciate to make Chinese exports more competitive world over; and the ultimate trump (pun intended) card: the complete boycott of US agricultural products.
1
I’m sorry but this is nonsense we have so much more economic clout than China has. We buy most of what they make and if we stop buying of course they will be some short term pain for us but it’s going to hurt them more in the end. I can read between the lines that you hate Trump and want him to fail and are buying these liberal arguments about why he’s bad but this is the right thing to do and someone has to take a stand and stop this exploitation.
1
Don't bother reading in between the lines trump is a failure. If you took a little bit of time to research your president you would have already known this.
2
"We are taking in billions of dollars in tariffs" - that's right, American consumers and businesses are paying billions of dollars into US Treasury as indirect tax for buying China made products. The businessman President is nothing but a con man through and through.
2
Trump has told his lower and middle class supporters that they have been hurt with lost jobs because of unfair trade deals, especially with China. This may be partially true, but as has been shown in many analyses, technology advances and automation has probably had a larger impact on the job losses. So a tariff fight with China will NOT bring back those lost jobs or create many new middle class jobs. So this is mostly political grand-standing that is hurting some farmers and raising taxes. When Trump gets his political win out of this, there will be an agreement that corporate America already knows exists.
That agreement will allow some intellectual property and technology transfer protection, and greater access to some Chinese product and services markets. But it will not greatly reduce the trade imbalance with China in the long run because China must export to brings its people out of poverty. That is the real long game for the Chinese as seen in their global investment initiatives. If at some point Chinese consumer spends more (on imported goods) then maybe some better balance is possible in the long run.
1
@G. Harris
"Trump has told his lower and middle class supporters"
This is exactly why Trump will win AGAIN in 2020! West Coast, affluent liberals constantly belittle [with smug arrogance] 40% of the United States!
G. Harris may not agree with their politics - but he should not feel superior because many of Trumps supporters are under-educated, lower and middle-class.
There are millions of these Americans. People who work hard and love the United States- perhaps more than G. Harris does.
2
@Aaron
You mis-read me. I do not feel superior and I am not a rich Westcoaster stereotype just because I live in SF. My point was to separate that group from the super rich and wealthy Republicans cleaning up on Trump's policies (tax break). I agree, Trump can win again for the reasons you state! Democrats have not addressed their concerns in any meaningful way.
I still feel there are going to be a lot of people like me who feel anyone would be an An improvement over Trump.
Regardless of whether or not you like Trump, or if he wins reelection, this could tee things up for the next president in a very positive way.
It is not too complicated to understand that if you impose tariffs on a country that exports to us way more than we export to it, you will come out ahead, assuming all other things remain the same.
This should give the next president leverage to push bank on humanitarian, and other concerns.
All I can say is, it is much harder for a democratic society to compete against a centralized economy, than vice versa, yet trade imbalance gives us a shot at finding ways to even the playing field.
Overall, as tariffs are imposed by both countries, U.S. imports from China will be less affected than Chinese imports from the U.S. It will be easier for Chinese buyers of U.S. goods to look elsewhere for cheaper products. No so for U.S. buyers of Made In China goods, mostly because so many such goods are made specifically for U.S. companies that then sell them in the U.S. market and who cannot easily shift production to another country.
2
@C.L.S.
They're buying their soy beans, pork products, and corn from Russia.
Instead of the US.
Trump's campaign slogan should be MRGA.
1
"“We’re going to take the highest year, the biggest purchase that China has made with our farmers which is about $15 billion and do something reciprocal for our farmers,” the president said. “Our farmers will be happy. "
This is yet another lie from Trump. There was a story on either NPR or PBS Newshour a few days ago about how farmers want to preserve their trade relationships and prefer to keep them rather than have handouts from the government, which do nothing for the future of their farms.
Once farmers' international trade relationships are lost, they're hard to get back.
14
One thing is still on the table:
Trump will call President Xi and pretend to be Mr. John Barron who will threaten his Chinese counterpart with Trump’s formidable negotiation skills and proven business acumen. He will, of course, use the best words.
8
@Opinioned!
Good reminder! Sometimes you can forget what tremendously good words Trump has.
2
Trump will come up short on this.
China has made huge in-roads in countries that have been affected by the termination of the TPP and other trade agreements. Any void left behind by the the U.S in any emerging markets will be quickly filled by others. Primarily the Chinese. This is already effectively boxing us out of certain markets and ceding control of those spaces to others. It's already happening. You only need to look at the infrastructure, highways, roads, tech, etc, that china has built in Africa over the past ten years to realize the slippery slope we are now on. China has snatched the market and will have the upper hand in this.
They'll sell dishwashers, cars, tech, and anything else they want in these markets and they already have begun doing so.
We on the other hand, will sell nothing.
The Chinese are also partnering with other nations and quickly forming their own coalitions that don't include the U.S.
In addition, this week it was reported that China has rebuilt their shortwave radio network and it would seem that it covers the African continent. In an opposite manner, the U.S. has been dismantling it's shortwave radio stations since the Bush / Cheney era and now has no way of reaching these populations that still rely on this form of communication. In other words, if you can't talk to them, you don't exist.
Where we're busy blowing things up and making things worse, others see business opportunities and pounce on them.
9
@Bryan China and Russia both see the possibilities.
1
It’s always amazing to me how uninformed people are in general, but it is amazing the people who are so anti-trump that they cannot see what is and is not in the best interest of the US. For years china has exploited our nation since we did not have a unified commercial policy like they did. Walmart, target, and other low-cost retailers filled their shelves with junk made in China and meanwhile sold away American jobs and factories. This is a fact. George Bush did nothing, Barack Obama did nothing, all the academics and intellectuals considered China a developing country and looked the other way while they were stealing our shirts. Now the bill has come due and Trump is being blamed for standing firm. This is the most important fight of the 21st-century if China is allowed to be a pirate nation stealing at will from other countries, then we are doomed. But China is weak, has too much debt, relies on theft, allows no dissent and has no rule of law and will fail eventually.
7
Don’t disagree but, I’m pretty sure this isn’t the right way to go about it. There is clearly no strategy on our side while China is playing the long game. In the meantime businesses are finding other sources to supply what they need.
I don’t see how we come out ahead in this
4
@Paul The migration of low-end manufacturing jobs from China to locales with lower production cost already started over a decade ago. The only reason it hasn't accelerated until recently is mainly due to existing supply chain and what China has spent over the last 40 years on infrastructure. Recent events will force companies to diversify their sourcing, but none of those jobs were coming back if they were supposed to pay living wages. Despite all the problems it faces and will face, China's return as an economic superpower is just regression toward the mean from a historic point of view, being dismissive of the competition isn't going to help anything.
1
Why would you want people in the US to make the junk the Chinese make instead of the Chinese? The West’s competitive advantage is in high-tech and agriculture (and yes there needs to be better IP protection). All Trump has managed to do is increase the cost of both and thereby distort markets, as Wall St. Is proving.
2
China can and will play the long game. Trump has about 18 months to "win", and China can definitely wait him out. As for his his advisors and pundits who all echo his "the pain will be worth it" message; their paychecks are bigger that most, so they do not, and won't feel the financial costs of these tariffs. This will will fall on the middle and lower income citizen, who will bear the brunt of this bully's ill-thought strategy. Trump cannot negotiate his way out of this "tariff-trap" he's created and we are all going to pay the price.
4
Both Nancy and Chuck have clearly said they support President Trump on China.
Guess the voters will have to go Third Party for relief?
3
If we have a major market meltdown, as happens about once every decade and is now overdue, will Trump shoulder the blame as STRONGLY as he now takes credit?
No.
It's all the fault of the Democrats...Crazy Bernie, Pocahontas, Sleepy Joe and the deplorables who can't wait until Trump is out of office.
At some point, even Republicans will stop laughing at Trump's jokes. Not all, of course, but all it takes is 20 Republican Senators to join 47 Democratic Senators to convict him of articles of impeachment.
Hint: 31 Republican Senators will not be running for re-election next year.
3
What are the odds that Trump is manipulating the stock market for his own gain? 50%?
13
@BC
100%
3
@BC. Don't even ask. That's executive privileged information.
1
So what is the lead story in the Times today, China Tariffs and a trade war. To Trump this has little to do with tariffs or how it will hurt the american people especially US farmers who may never regain the Chinese market, but is all about Trump's base which cheers him on and is allowed to ignore calls for impeachment. But perhaps Trump has overplayed his hand this time and hurt the corporate guys with bucks in the back room who support Trump in his craziness. Do we need to pray to a recession to defeat Trump? Insanity.
"“We’re going to take the highest year, the biggest purchase that China has made with our farmers which is about $15 billion and do something reciprocal for our farmers,” the president said. “Our farmers will be happy. Our manufacturers will be happy and our government is happy because we’re taking in tens of billions of dollars. I think it’s working out well.”
This guy is absolutely delusional. The only people to believe twisted rational are his supporters.
2
I am not enjoying what is happening to my IRAs right now thanks to this 'war' that broke out per usual on Twitter.
So. Much. Winning.
5
To quote the late Jackie Gleason: "and a way we go" the sad thing is the jokes on the US citizens. 'Individual one" won't be happy until he bankrupts America, and then tries to claim us as a loss on his taxes. A gift he has learn to be the master of, over the years (experience).
3
Trump's bullying and mafia style of approach to the unfair trade practice of China showed totally lack of understanding of international trade and historical background of how China was humiliated in the 19th century.
Yes, it should be addressed, but public humiliation of China will not bring or encourage Chinese cooperation, only hurts US consumers.
After one year of tariff, what did Trump accomplished? Farmers will be hurt more, Trump's short term aids to soy bean farmers and others will only make China turn to other country for long term. In a few years those farmers will have no chance to get back into the Chinese market because of public humiliation, no amount of short term hand outs from Trump can fix that. Just ask the workers from Ohio GM plant and Harley Davidson.
" Mexico will pay for the wall " is a meaningless slogan and public humiliation. It does not even work with children.
6
Maybe others have suggested this before, but what's the likelihood that the president keeps at this until a couple of months or so before the election, maybe this time next year, then, POOF! It's all settled and the economy releases the pent up demand and he sails to reelection?
@Bradley, by then the damage to consumer confidence will have taken its toll.
Even though most of his supporters are ignorant of tariffs and how a traffic war plays out.
If his supporters believe that China will pay for these tariffs and the US consumer won’t, hahahahahahaha.
They also believed Mexico was going to pay for the wall.
He won’t sail into re-election.
3
@Bradley Bleck - Someone did suggest it. I would suggest that it takes more than a couple of months for the impact to be felt.
1
As someone who worked many years in the offices of a major retailer, I know for a fact China's gov provides major incentives for companies to invest in building factories there.
Simply put it means pretty much all the companies who manufacture there. own their factories
Getting those companies to abandon their Chinese investments and move to another country is not as simple as it sounds.
11
Can't he just tell the Chinese that he'll hold his breath until they capitulate?
17
Leaving aside the fact that Trump is a jerk, there hasn't been a level playing field in years and China has stolen lots of U.S. corporate secrets, while protecting their own industries. Protectionism doesn't work, but China hasn't been playing fairly.
3
I'd hate to be Trump or a GOP congressman when the real outrage amongst MAGA supporters unfold: when the shelves at Walmart, Walgreens, Target and the thousands of Family Dollar Stores and Dollar Tree shops run out of stock. Oh, oh...watch out for that one!
9
@Loud and Clear Don't hold your breath. The shelves will not be bare, but items will cost more. But, Trump will just say "China is paying" and his fans will believe him. They are not constrained by reality. And, those who loudly complain about government interference in markets will gladly accept price supports and government buys of farm products. Not welfare -- just-fair.
4
Sounds like Democrats are with the President on China....
“Hang tough on China, President Trump,” Senate Minority Leader Chuck Schumer wrote on Twitter after Trump announced he would hike the China tarrifs. “Don’t back down. Strength is the only way to win with China.”
“The president is correct in asserting what we have to do with China,” House Speaker Nancy Pelosi said last week.
6
The consumers lose. Trump isn’t fit to negotiate his way out of a wet paper bag!
9
“Trade wars are easy to win.”
— Donald J. Trump, the businessman who lost 1.2 Billion dollars
23
There’s no question in my mind that Trump's friends and agents are short on the market. He figures “who’s gonna stop me, Pelosi?” Apparently he’s above the law, so why not?
7
Trump is not happy with just ruining his own finances by going into debt by billions, but he wants to ruin the finances of this country.
He masquerades as a deal maker. Why are we letting this loser run our economy into the ground with his deals/no deals?
15
I have a suggestion. Get several of Obama’s and GW’s trade representatives, give them a general outline of what we are trying to accomplish, and let them take care of it.
It’s pretty basic stuff. Administrations have been doing it successfully for generations.
Three or four weeks we should have a deal that is as good as possible for both parties.
It’s not rocket science Mr President. It is boring, technical second and third tier diplomacy.
5
Given the tax break for the rich, I'm inclined to let the Republicans seek to rescind it to pay for farm relief. If that doesn't happen then I'm sorry farmers. You're just going to have to grin and bear it for Trump. At least the Trump Evangelicals will be praying for your souls when you're declaring bankruptcy.
28
@flyfysher Let them eat soybeans .
1
this is about the first thing Trump has thought of that I am actually in favor of..All we get from china is junk, tons of things, and any way to stop the flow of plastic things around the world has to help fight climate change.
We need these huge tankers of junk like we need more oil wells and fracking - we don't!
If only Trump was doing this with some thought towards principles motives, instead of just bad temper and FOX news headless talking.
4
As a consumer, I plan on buying very little until this trade war ends.
6
Well as my humble 401K dwindles, it gives me some comfort knowing most of the republican lawmakers are loosing their precious nest eggs along with me.
9
Except what they have socked away in the caymans.
5
This trade war is far from over. Donald Trump has too immense an ego to make any concessions or compromises, as it would make him look weak and ineffective. He adopted his style of "negotiating" (which is to not negotiate) as winner take all decades ago. Trump has been a bully in dealing with others, as his "Art of The Deal" is to take no prisoners, and keep hammering the opponent into submission. There is no room for a win-win with each party getting something beneficial. Trump will remain dug in even as the economy suffers and job are lost -- he actually is destroying the proclaimed economic "miracle" he claims is solely because of his policies.
2
A Forbes article from a few days after Trump claimed, "Trade wars are good, and easy to win," on March 1, 2018, a George Mason economics professor was quoted in Forbes: “If Trump were a student in my Econ 101 class, an 'F' would be too high a grade,” said Boudreaux. “When it comes to trade, President Trump has the dubious distinction of being unfailingly and spectacularly wrong on every issue, big and small.” And he isn't the only trained economist who parted ways with Trump on the subject. https://www.forbes.com/sites/stuartanderson/2018/03/05/time-to-take-away-the-presidents-power-to-impose-tariffs/#41e42d6b756a
12
Does anyone remember how the U.S.-Japan economic war of the late 1930s soon turned into a shooting war? Expect China to flex its muscle in the Pacific, heightening the possibility of a skirmish. Same for Iran in the Middle East.
It’s time for this man to go.
4
The wealthy corporations entered the Chinese market, with the help of taxpayer-funded trade deal, knowing full-well that China was going to steal their IP.
The greed of these "Masters of the Universe" took over their intellect and they could not turn down the money they would make.
Nearly thirty years later, they again have their hands out to the federal government to protect them from their own greed.
Meanwhile, they do all they can to minimize paying taxes to the government they are so dependent upon.
This is welfare for the wealthy, tax cheat corporations which once again are picking the pockets of middle-class tax payers.
27
It beats me why any country would want to negotiate with Trump and his administration. Trump has unilaterally pulled out of the TPP, the Iran treaty, the Climate Accord, and Nafta. He is making the same noises about NATO commitments. He proclaims MAGA at every chance. Trump thinks he is going to push around 1.5 billion people. The Chinese may well think the game is not worth the candle. What are Americans going to do when they find out that 80% of all medicine used in the US is produced in China where regulatory enforcement is much looser.
11
Minor economic problem.
Wait till Bernie/Biden/Harris raises taxes on the middle class.
1
Tell that to the already-poor soybean farmer.
5
@Dr. John
Well, Obama didn't raise taxes on the middle class, so why would they? I know one thing they won't do, they won't give more tax breaks to the wealthy. BTW, I'm middle class and my taxes skyrocketed for 2018.
4
@Dr. John
Wait till Ocasio's:
70% Fed + 3.4% Medicare + 8.8% NYstate + 3% UI + 3.5% City + 8.8% Sales tax on what's left = 89% total marginal tax goes into place on 16,000 small busineses who employ 20 million workers.
The foreign policy "credit" Trump is spending belongs to The Democratic countries of the world. It is not his place to unilaterally waste this strength. The Free World has earned this strength against tyranny, paid for by the sacrifices of our citizens in wars and resistance. The decision to wield this power shall be made by a consensus of countries. Trump wants too molest China economical, on behalf of the U.S. fine, but only economically. Right now Trump is spending what he doesn't own, weakening our strength against tyranny.
2
Are there any mathematicians out there who have studied
John Nash’s game theory?
4
And the economy, consumers, taxpayers go up in smoke...
4
Watching Game of Thrones last night, I couldn't help comparing Danaeris' move to burn all of King's Landing for no good reason to Trump's move to destroy America's economy with his tariffs, for no good reason.
8
Trump, the astute businessman, lost 1.2 Billion dollars between 1985-1994.
With zero understanding in the political arena, he is now trying his 'golden boy' 'deal and walk away' techniques which can doom this country. And he is oblivious to it!
No wonder he has been termed the 'malignant narcissist".
9
It's almost funny but sad how bad this keystone cops administration is. Showing my age, I'm reminded of the old Television comedy "Laurel and Hardy" as a common refrain was " Here's another fine mess you got us in".
11
The only ones who will suffer from Trump’s ignorant trade war also called tax hike, is mostly the poor who are forced to buy cheap Chinese products due to their dire situation and, Trump’s biker supporters whom I noticed buying cheap unsafe Chinese tools at Harbor Freight Tools.
I suspect his biker friends don’t read newspapers, let alone the economic section.
Trump was, and still is surrounded by many wise advisers, much smarter and wiser than he ever was or will be. Why is this egomaniac ignoring them? Is it because you can’t teach an old dog new tricks? I think that if Trump wants to get wiser, he needs to hurry up because, if he is not going to be impeached before the elections next year, the election itself may surprise him
3
Trump's ignorance of basic economics is unfathomable.
8
@Katherine Kovach
Maybe not. He's skirting the rules and playing the angles.
Sure he may be a billion in debt but still seems to be living the high life. Just like the US - aren't we deeply in debt but living high off the hog, far beyond our means?
It's painfully ironic that Trump's entire negotiating strategy with China is based on getting them to believe he will not hesitate to drive American farmers and small businesses into bankruptcy, push the nation's economy into recession, and disrupt global trade, unless he gets to claim a 'win' with audiences in rural Indiana and the Florida panhandle.
I'm convinced.
The painful part is that it appears China - like Republicans - may be perfectly willing to let him.
3
Make no mistake about it, the only way Trump can bring those manufacturing jobs home from China is to make the cost of manufacturing them there, the same as here.
That would mean a $5. bottle of shampoo would cost $40. etc. etc. etc. Unless American workers are willing to take massive pay cuts.
Trump supporters need to get over their pipe dream. It's not going to happen. Trump is conning you when he tells you otherwise.
4
@JimmySerious
Manufacturing jobs created in 2016? negative 7,000
Manufacturing jobs since December2016? 440,000
Some of them appear to have found their way home on their own.
Does anyone know if President Xi Jinping sees this as a battle he can afford to lose in order to win the war? I would think it an important consideration for team white House to know the stakes before raising the ante. Who is informing them with diplomats being persona non grata for this admin?
Hey, I’m case anyone missed it, a Republican president just increased taxes on Americans by 25%.
Thanks for raising our taxes Trump. I really really appreciate being taxed more.
13
According to Trump, a rising stock market fixes our deficit--well, sir, the deficit must be really rolling today!
According to Trump, U.S. tariffs 'only' hurt China. Well, what about the Chinese tariffs?
According to Trump, he's the greatest deal-maker there is. The final deal better be a whopper to make up for the cost now.
2
Trump is just helping big business get richer as he gave a tax cut to big business and now he's making the middle classes and working classes pay for those tax cuts to big business by taxing consumers who are your ordinary average American. The rich don't shop locally; most consume overseas and don't spend locally. We've got USA and Chinese water bottling companies in NZ and they invest in our nation because we have clean water and no Capital Gains tax. The rich invest where ever they have to pay the least amount of taxation, just like Trumps daughter does; if Trump thinks big business shouldn't have businesses in China, then why did he give them a tax cut? He should've taxed offshore USA businesses, including his daughters, more, so as to encourage them to come back to the USA; not penalise the USA people with indirection taxation that increases the cost of consumer goods that cause USA citizens to buy less, in the USA, so the domino effect begins... and peoples retirement savings get affected by share market dips.
4
Corporate America's greed and its reckless indifference to the economic inequality that is wreaking havoc have already enabled China to become a formidable super power. It's too late to tell China what to do.
What Trump is doing now has very little to do with addressing the crushing economic inequality at home (look at his tax and social policies!) and everything to do with nursing white supremacy anxiety in the face of a rising China.
I am sorry, but I am rooting for China on this one, not this white supremacy parade.
2
I know this plan will work as soon as the first checks for Mexico come in for paying for the wall. trumps whole business plan is nothing more the a game of three card monte, the problem is this plan will hurt "mericans" far more the China in the end.
3
Sad to see so many here rooting for the repressive Chinese government to win this fight so the Democrats can defeat Trump. In a decade or two, when China is calling most of the shots in the world, we can look back on this moment and see who undermined our country.
2
It’s incredible that the market will still go up or down based upon statements from Trump and his administration, even though they are known to say whatever the current audience wishes to hear without any fact-based regard. The current market is artificially elevated due to stock buybacks and not from the presence of regular investors, as the recent Uber price falls from unrealistic valuations based upon this artificially elevated market to what actual investors see fit.
Running an administration off bumper sticker slogans shows how easy it is to destroy something. Just look at the number of losses Trump has incurred – If not the world’s biggest loser, he’s certainly in the running. Building something? That takes a lot more work. As the UK about creating a post-EU existence. Don’t ask Trump. Even if Trump spoke the truth how could you tell it from all the rest?
Apparently, outside of GOP lawmakers, no one is scared of Trump or takes him seriously.
3
@Cicero
Don't discount his supporters who take him very seriously.
1
So the average US citizen pays more for goods due to tariffs AND then we have to take on more US sovereign debt to give handouts to farmers, who don't want them, to grow soy beans that they can't sell? Brilliant. Yeah, Trump's 'winning' alright.
3
I think this is what Trump meant by "tired of winning." If this is what winning looks like, I am definitely tired of it.
4
If the effects of global warming do not destroy our modern industrialized civilization, the next most catastrophic development for our country would be the underlying technology being Chinese, India, or European, because that would mean we would have to buy or get patents from those economic powers to even make things for ourselves.
Tariffs have been and continue to be a way to lock out both exports and foreign technologies. China as a huge and growing middle class, far bigger than we can ever achieve. If they no longer need our market to prosper, we will be the losers, not they. Our people's needs for now are stable, they are not increasing fast enough to produce any significant increase in wealth for nearly all Americans. Not selling globally means limited grow rates, pretty much as they are now. Over the long run, we become much poorer both relatively and actually.
2
Wonder how long it will take for China to figure out that if they ship their stuff to Indonesia, put a different label on it, and and trans ship it to the U.S., the tariffs won't have hardly any affect at all.
6
@W.A. Spitzer
That's illegal under U.S. Customs Regulations (CFR 19) as the Country of Origin must be the place where the goods are manufactured or substantially transformed.
Here are three no-fail ways the Chinese could escape the tariffs:
Offer ten tax-free building sites for Trump Towers in ten cities.
Offer to build The Wall across the southern border for free.
Offer to hack the 2020 election in Trump's favor.
"there is no reason for the U.S. Consumer to pay the Tariffs" except, of course, that that is exactly what a tariff does. 'Cept for that.
11
@Thomas M
Maybe the WH has thought this one out and has answers to who will be paying the tariffs imposed?
a). The government (a tax-payer funded entity)
b). Funnel tariffs collected by Border and Customs to businesses and/or consumers. Is that even legal?
c). Print more money?
d). One of Don the Con's time tested favorites - don't pay. Although I doubt the Chinese, considering Don's rap sheet, will deliver upfront on a promise like the contractors, investors and everyone else he has stiffed.
The stock market sell off (which used the China trade issue as a catalyst) was just an excuse by big institutional investors and margin traders to sell equities and take profits on assets that were already at "elevated levels" based on the 2019 1st quarter run up. This scenario will likely play out in the same way as the December 2018 sell off which was followed by a historic rise in the markets in early 2019. The fact is that equities are still at fairly high P&E ratios and will remain so as long as the Fed continues with an accommodating monitory policy
3
Not to worry, trumpers - fox 'news' will spin this story around like a top for you.
After you sit down and watch TV after supper, you'll swear that Hillary and the Democratic members of Congress were behind the market dump today.
58
This is why Biden needs to keep his trap shut about China.
He's already been corrupted by them by virtue of the national bank of China gifting the Biden boy reign over a $1.5 billion hedge fund in an industry he knows nothing about and in a country where he doesn't even speak the language.
Then he jumps to a 40 point lead over his DNC rivals...meaning China now can sit back for the next 16 months and wait to see if "their guy Joe" gets to the WH.
Seriously..if you have a candidate telling the media that we have no competition with China and they're good guys..nothing to see there...that's what's known as a Chinese dog whistle.
Which..seriously hurts American interests.
I smell a DOJ investigation starting in a couple of weeks on this issue alone, let alone Ukraine.
6
Luckily, Biden will not act like a mad king and follow his “gut” as president. He will listen to his advisors and come to decisions with them.
4
@Erica Smythe
Thanks Erica. This is so important. China and its legions of trolls will now do for Biden what Russia did for Trump. Get him elected.
We swing from partisan policy bundle to partisan policy bundle.
How about unpacking this policy. Where is my candidate who works against climate change, population growth, increases the social saftey net, medicare for all AND cleverly imposes tariffs bringing jobs home? Where are you?
Instead we lurch from one extreme to the next.
@Erica Smythe
You got some sources to back up your assertions? Also, how many languages does Trump speak? Trick question. Trump can't even speak English.
4
"Trade wars are easy to win."
- D.J. Trump
14
@RJ1787 - Especially when the person starting the trade war understands absolutely nothing about international trade.
3
Sure, if it’s not your money. And it isn’t 45’s money.
He’ll break this country.
Sad
4
Trump has a limited tool set for negotiation, bluster lies and intimidation. However, he has poor judgment and limited understanding of everything. China will simply wait for a new US president before seriously entertaining trade reform.
12
Ah yes. The Art of the Deal. Now we see it in action.
Priceless.
19
Such a smart strategist. Escalate a trade war and attempt to publicly humiliate the very nation holding the vast majority of your bankrupt government’s sovereign debt.
I can’t take all this “winning.”
29
Each and everyday I wake up thankful for all those protest voters!
Oh, don't let me forget to thank all those protest non-voters.
Does cutting off your nose to spite your face really feel that great?
18
Everything with Trump is a war, a battle. There should be a better way of negotiating. He uses the legal system to destroy the legal system. He prefers one to one communication with other countries leaders over using the state dept. Backroom deals, no oversight, huge private paypoffs for middlemen. His real negotiating tool is saying to the ruling cronies everywhere, lets be together with no oversight to steal all we can while pretending to work for people not in power. All his talk is really about enhancing his own power and wealth through backroom deals eliminating any way for the electoate to see what he is actually doing.
5
We’ve been through this before with tariffs: the “Smoot-Hawley” Tariff Act of 1930, passed by a Republican-controlled House and Senate, and signed into law by Hoover. It was just one Republican response to the 1929 crash, which contributed to the deepening of the Depression.
However, most notable is the comparison between tariffs then and now, and how they were/are enacted:
--In 1930, Congress pass a bill, which was signed into law by the president, as is how it’s supposed to be.
--In 2019, the president unilaterally imposes tariffs.
Striking is the decline of democracy and of US Constitutional law, of “checks and balances”, between the 1930 law, and the one imposed recently by the post-WWII “imperial presidency”: The “imperial presidency” has come about through actions of both the Republican and Democratic Parties. It’s not only Trump.
(By the way, with “Smoot-Hawley” and with many other factors:
--In 1930, US unemployment was at 8% when it became law.
--In 1931, US unemployment jumped to 16%.
--By 1932-33, it reached 25%.
--US imports decreased by 66%, while US exports decreased by 61%, as our trading partners retaliated with their own tariffs.)
5
"Trade wars are easy to win" according to Trump's simplistic ruminations. But trade wars actually hurt both sides, according to anyone who has studied them. Trump doesn't understand this. Even Kudlow says so, but Trump doesn't understand the concept of listening to experts, even his own hand-picked advisor.
Tariffs are paid by the purchasers, us, not by China; the more tariffs, the more it costs us. Trump doesn't understand this, any more than he understood that Mexico wouldn't pay for the wall.
TPP was intended to give us more influence over China. Trump didn't understand. He dumped it almost immediately, claiming it was a bad deal. Then when he wanted back in, TPP turned him down. (Smart decision TPP.)
Trump failed to understand how to handle N Korea and has accomplished nothing, and he fails to understand how weak and ineffective that makes him look to China.
Xijin understands that halting purchase of American products and selling a lot of US Treasuries will hurt us, but Trump doesn't get that either.
Maybe when the cost of interest goes up on our National Debt, including the extra Trillion each year, that'll work out somehow, right Mr. Trump?
So Trump's next idea is more tariffs. Insanity is defined as repeating something that that doesn't work. Trump doesn't get this either, being a "very stable genius".
Trump is proving that trade wars aren't easy to win. The stock market understands, the farmers understand, everyone but Trump.
15
Even now the average factory worker in China earns about $1.70 an hour. Western democracies can't compete with that unless Western consumers are willing to pay about 800% more for the products we buy.
One of the things China's capitalistic dictatorship did to lift their country out of the dark ages was to insist American multi nationals invest in building Chinese factories to avoid paying major export fees. We may hate them for it, but we would've done the same thing.
Our answer is to diversify our economy not impose tariffs hoping to make their products just as expensive as ours. Doing so would collapse both our economies.
7
Early in his term--or perhaps while he was still campaigning--I recall Trump saying something to the effect that he loves trade wars, and that they are easy to win. He had no idea what he was talking about then, and he has no idea what he's doing now.
11
This is about one thing. trump's ego. We all know this. He is a bully and he enjoys showing it. In the end very little will come of it. But of course he and Fox news will claim a victory and his cult followers will swallow it all.
So predictable.
13
Please! Smart way for a trade war: gather all your allies (Europe, Japan, Canada etc ) with a concerted push.
Trump: alienate “allies” as well!
“Who knew trade could be so complicated!” ( restating his health care comment)
3
Since Trump thinks of himself first before any policy "manifesto" I cannot help but wonder how he can game the system on this one. What ? The stock market, you say? Hmmm ... sell high, buy low. Perhaps a chance for some much needed payback with an opportunity for him to find a reason to reverse his so called China policy just in time to show his allegiance to the market by taking advantage of all those bargins.
Just another day in the life of a ............ (you decide what to call him}, I am out of nouns, verbs, adjectives, and any other means of communication that can be used in polite society.
4
This president can't negotiate and bargain. We learned that with Russia, North Korea and of course, Mexico. Add to that this serial liar has no credibility when it comes to his promises. This is what happens when a so called leader exchanges integrity for braggadocio...It only works up to a point and for a relatively short period of time before people catch on.
11
Wow, Trade negotiations are much harder than...laundering mob money
20
All this winning.
7
Trump is a one trick pony. Brinkmanship is his only tactic. He could not be more predictable. There is no art to his "deals". He's an economic ignoramus dabbling well outside of his league.
22
Trump is like a toddler in a fighter jet pushing all the buttons.
28
How are we going to undo the damage this sycophant is doing to our country? One lame brained move or statement after the other.
6
Sadly, it is now clear how the Donald managed to bankrupt three casinos -- businesses that "never lose" money!!
The Wharton School which granted him a degree should lose its accreditation -- it's clear the orange clown never opened even an introductory economics text book.
12
Always winning.
3
Dear Paul,
Uhm, while you were away ....
Why do I feel trump works the markets to his own/his network's benefit? He threatens, markets fall, he acquiesces, markets rise, like clockwork. Not the first time and won't be the last time. Hopefully, it will only last for the next year and a half.
3
No country on Earth can function properly if run by an ignorant, petulant and irresponsible loser who thinks, or wants people to believe that tariffs on imports, a form of consumer tax are paid by the exporting country and not by the consumer.
Add to that the fact that before going to a trade war with China this deranged individual previously antagonized all US allies in Europe and has not warmed up to any other country in the world with the exception of Russia.
One result may be that the consumer will continue to purchase Chinese products that are indispensable like shoes, clothing, tools and equipment of all kinds at a higher price and as a consequence will have less money , 25 % of 200 Billion or 50 Billion in this case, to purchase American products like houses, cars, airplane tickets, hotel stays, restaurant food etc...
This is an important factor in Market Valuation that I do not usually see in all the "expert" analysis that are centered on the profitability of companies, forgetting that companies do not operate in a vacuum but in a society and an economy that are strongly affected by political decisions.
5
Trump. not well versed in much of anything not to mention running the government, thinks that his prowess in cheating will cause China to crumble and beg to do what he wants, which I am still not clear about. What Trump unfortunately doesn't seem to know is that China is Communist. Whatever they tell the people, they dare not refuse. The US is not yet Communist and are likely to see though Trump's bullying and bluster and object to taking the brunt of his tactics by paying for his tariff war. As Trump never shopped at Walmart, he does not have a clue how much hold the Chinese have on our economy. It's not about the stock market, it's about the consumer, the farmer and Trump's base.
4
I have very little faith in trump and his flunkies. I worry more about the moral character of people who will actually work for this guy.
8
45 never heard of chess.
Pulling out of TPP has weakened his/our position vis-a-vis China immensely. He just doesn’t know it yet, and he’ll never realize it.
Whether you support 45 or not, these poor trade negotiations with China will hurt you, all of us.
Worst, this is a one man show, hard to believe it, and we are stuck, for now, I hope.
10
Yeah, well -- I expect the Chinese have been watching the news too. If they can take an action that tips the Dow Jones Industrial Average downward, then they'll get Trump's attention.
...and so now we all live our lives subject to the moment-to-moment whims of both the President, and the stock market...
2
Is there a single soul on this planet who is surprised by this -- that Donald 'art of the deal' Trump couldn't clinch a deal with China, because he has not the slightest clue how to? He blames the Fed (obviously with no knowledge of its role) for interest rate increases as the culprit behind an even more blazing economy than we already have. It is The Donald's own massive mercurial ego is really the reason it will be dragged into the dregs.
4
Surprise surprise. His policies are destroying the economy.
Let's see how his racist followers like it when he tanks the economy and their 401k's become smaller and smaller.
The market is voting now as we speak on his tariffs. And the arrow is going to continue to plunge.
In the end, he will not be defeated because of his illegal acts of treason, nor will it be his mismanagement of the environment, nor his xenophobia, his obsession with the wall, his vile treatment of women, the poor, veterans, people of color, LGBT's, or his destruction of our relationships with our Allies, or destruction of federal agencies and all his many other destructive, malicious and petulant acts and bad policies.
He is notoriously good at bankruptcy. Always follow the money.
Trump's wild mishandling of the economy will be his downfall, and ours.
7
There is something wrong with our system when one con-man of a president can unilaterally alter our economy, and the world's economy, with his own personal version of "deal making". I still can't get out of my head that he is doing Putin's bidding. The article on the G5 conspiracy theory last week was concerning. Wreck the US economy and Trump is laughing all the way to the bank, as the stock market fluctuates with his twitter account and his debts to Russian oligarchs don't matter at all....
4
Let’s imagine for a moment that the Russians DID control Trump. What would they have him do? Exacerbate gap between rich and poor. Check. Stir up bigotry. Check. Alienate friends Check. Defy any constitutional limits. Check. Add to the deficit to weaken economy Check.
Get in trade war with Russia’s rival China Check.
Walk away from “allies” on previously signed treaties making America’s word more worthless. Check
Secret meetings with Putin Check
Seems to me that if Trump ain’t compromised he’s certainly acting as if he was!
12
@Steven Chinn
Scary how accurate this is.
1
Just how soon before China plays the trump card on Trump in regards to the amount of US debt they own?
3
Since the "opening of China" in the 70's US Businesses have included Chinese (and many other overseas) companies in their supply chain. don the con thinks that overnight major corporations can switch to suppliers in countries that he doesn't have a grudge with .... it doesn't work that way unless you're peddling ties, water, pretend universities.... even the family shoe business can't change overnight ....
CLUELESS
Tariffs can be a useful tool. So can guns. But either in the hands of a child can be dangerous. The "president" doesn't understand what tariffs are or what they do. And, as usual, he is too arrogant to accept help and forced to lie about what's going on. When will we get rid of this mistake?
4
What the free marketeers have not even acknowledged, until Trump came along (to his credit) was that China is a bad actor and never did free trade because it fixed its currency.
Trumps true positive legacy will have been to have dragged the virtue signalling left to correctly renaming "undocumented' as "illegal'- because that is only fair and correct to do so, and to regognize that millions in our heartland have suffered because of jobs going to China.
The rest of Trumps policies are unspeakable, but credit where it is due.
3
@scientella. re your first point - Obama did negotiations for the TPP which was a trade alliance that would have contained China.
American corporations signed agreements re technology transfer because of their greed.
China didn't steal the jobs - American corporations begged China to steal jobs and the tax system rewarded corporations for doing so.
We're not the victim of China. We're the victim of American corporate offshoring of jobs and a supine Congress not holding them accountable.
2
@Barbara
"TPP which was a trade alliance that would have contained China."
Nope. Absolutely not at all.
You need to read it...Only six of the 30 chapters deals with trade - and there is nothing in it that contains China. (Not sure how one actually could contain China).
The TPP was written by many corporate lawyers, in secret, for corporations - not at all to "contain" China - an absolutely not for People.
24 our of 30 Chapters are 100% pro-corporation and 100% anti-People.
It was a corporate power grab far worse than Citizen's United.
TPP allowed corporations to sue any country that had domestic laws - like labor laws and environmental laws - that interfered with that corporation's profits.
As bad as that might sound (after all it was written by corporate lawyers in secret), that's not the half of it.
Disputes would be adjudicated by an extrajudicial tribunal staffed by corporate lawyers with no appeal possible - and damages were unlimited.
Further, corporations could sue even if they merely projected losses - no operation in that country necessary!
Read it - it's boring but now available online.
The anti-Trump people are not much different from the emotionally-thinking, alt-truth, alt-reality Trumpsters - i.e. if Trump did it it has to be wrong.
TPP:
1) did not "contain" China as everyone likes to parrot, and 2) was a monstrous corporate power grab.
Trump stopped it and Hillary also belatedly came out against it. We dodged a bullet.
Trump may be right on China's need to clean up its act, especially on intellectual property, and keeping its word, but "attack tweets" are hardly the way to make progress.
China goes low (in deed) and Trump goes low (in tweet).
Doesn't seem to get us very far.
2
Please be assured that the deeper the investigations into Trump - this morning the Times reports on keeping track of 29 investigations -and undoubtedly counting - the more outrageous his behavior becomes. This tariiff retaliation from China due to Trump's provocation is completely understandable and will financially hurt everyone in the United States. This weekend - something like 60 tweets- from Trump in 45 minutes. Why are the citizens of this country not very alarmed by this completely-out-of-control occupant in the Oval Office? He is unfit to serve as President of the United States. This is an unprecedented Constitutional crisis with extremely serious consequences.
7
Who do you think is better able to handle scarcity and give up buying products, the Americans or Chinese consumers? Who do you think will be able to say, "yep, I can do without" ? Who is more likely to accept any hardships imposed by those in power? So...how do you think this will play out
3
I guess trade wars aren't so good and easy to win after all. Who knew? Like how complicated health care reform would be. I guess it's another one of those beliefs that Bob Woodard reported that Trump says he's had for thirty years and that he thinks everyone else is wrong about.
2
China knows exactly how target this so it hurts Trump supporters specifically. They have a planned economy so they'll be able to shield themselves from too much suffering. They also have patience, as nobody is running for office over there.
There's no way Trump can win this fight.
2
Trump's tariffs are simply daylight madness.
They take money from American consumers, who ultimately pay these tariffs, which won't make up for even a fraction of either our enormous deficit or the relatively minuscule tax break granted to the average tax payer.
They punish both American farmers (through reciprocal tariffs) and American workers (through jobs lost when the price of parts and therefore more expensive goods cut down on sales).
They slow the world economy altogether, and we're part of that economy.
3
It defies all logic and established facts for an untrustworthy trust fund scion, who spent a lifetime squandering his father's wealth and over a billion dollars of other peoples money on a never-ending torrent of abysmal business deals, would presume he has all the answers to the global trade imbalances between the West and China.
3
The next thing China will do is start selling the billions they have in Treasury bills. Ouch. This movie is not going to end well for Trump.
2
It's sort of strange to play this game with China. They are dictatorship, what happens there happens, people are not asked anything, nor have any say in this or any other matter. Yes, they may be mad, disgruntled, etc. it is completely irrelevant how common Chinese feel and think. Their stock market can widely swing / drop, again, if the communists decide to stay put on this, so it will be, the economy can sink big time, their grip to power is going to be untouched.
Not so here. Especially since the majority of media viciously hates Trump and more or less openly cheer the Chinese side (absurd but truthful). There will be cracks and issues here since we are now used to getting cheap stuff from China and the rich shareholders here are used to lining their pockets with manufacturing there and selling here, and they will not like their income dropping. In other words, in the upper crust of the rich / society, led by "intelligentsia", there is a strong intent to not change anything and just leave the trade and job outsourcing with China as in the last 30 years. But that's why we have Trump as president and not Clinton nor any one else from that gang, exactly not to let China have their way at the expense of common folks in USA.
2
@ss "what happens there happens.." Let's see: a majority of Americans want:
1. healthcare for all
2. a clean environment
3. end to endless wars
4. the law to be applied fairly
5. higher taxes on multibillion corporations
6. action to address climate change
7. decent public schools
8. addressing the gun violence
9. labor protections and stable employment
and what do we have?
1. people still going bankrupt over healthcare and price fixing by pharma companies
2. environmental regulations being rolled back (even the ones to protect us from another disaster in the Gulf!)
3. one law for the rich, one law for the poor, one law for corporations
4. wars and a massively bloated war budget
5. higher taxes on the middle class and now the poor
6. public schools being gutted
7. mass shootings and trainings to avoid getting shot for five year olds
8. a gig economy where even educated people can't get a stable job with a stable schedule
yeah, what happens HERE happens all right, and no one is listening nearly hard enough.
1
@Barbara
All that is correct. But why do we have what we have?
The reason is that we incorrectly believe that the Democrats are the opposition party of the Republicans.
That is wrong. It is simplistic thinking pushed by the respective media that each side is addicted to.
Each macro media (mainstream and alt-media) manufactures hate and gins up fear to make their money. MSNBC started this by pushing beyond "if it bleeds, it ledes" with the Lewinsky scandal, and then Fox ran with that by demonizing the players (Bill and Hillary).
We all need to get our daily dose of hate and believe we are somehow saving the country by doing so. We are addicted to our hate. (Matt Taibbi's words)
Both the Democrats and the Republicans are the same corporate party, and both enable each other playing off their respective media to pull our strings. Entertainment consumer news is how they make their money. And they are exactly alike in their business model.
So with these tariffs, consumers will pay higher prices, corporations will make less money. Jobs will be created - in China. And the stock market will collapse And this benefits us how again?
Didn't anybody realize when they voted for a man who tried to sell steaks - and failed, tried to set up a fraudulent University - and failed, tried to sell bottled water - and failed, tried to start a casino - and failed, tried to start an airline - and failed. Didn't anyone realize that he might fail running a country?
1
I don't understand all the fuss.
After all, he got Mexico to pay for the wall. He replaced Obamacare with something much better and cheaper. The economy is growing at 4% due largely to the tax cuts, and Hillary is going to jail.
Why are you so worried about a beautiful trade war?
5
I’d like to know if Trump ever made a legitimate dime in his business career. And I don’t consider The Apprentice anything more than a second rate reality TV show.
His tax returns have a high probability of being better candidates for fiction or outright fraud.
And why didn’t Mueller look at Trump’s finances for evidence of foreign influence or compromise? Or maybe he did but it’s safely ensconced in AG Barr’s burn file...
Bottom line, Trump clearly brought his entire corrupt tool kit to the office of president and trade policy. This likely won’t end any better than Trump steaks, vodka, airlines, or university.
4
No one really wins in a trade war. If anyone believes that American consumers are not paying for the tariffs, then they live in a delusional world of unicorns and rainbows.
Be prepared to feel the pain in your pocketbook.
4
I am concerned that the President does not truly have the capacity to understand what he is doing. Additionally, are there goals and a plan rather than arbitrarily jacking tariffs without a defined purpose.
2
I thought Mexico was going to pay for the wall and China would pay all the tariffs into the treasury. Americans are paying for the wall and for the tariffs. Moral of the story . . don't buy a used car from Trump.
3
Not one cent to the American farmers who voted for Trump in large numbers.
We all have to deal with this man's policies without taking hand-outs and they should, too.
Look at your Republican delegations that blindly support Trump no matter what he does. Do you think Chuck Grassley has your interests as a priority?
No more corporate welfare for coal, steel and farmers. Trump is their guy, they love him so they can bear the consequences.
6
I think everyone should keep in mnd that, by "cheating" (if that's really what happened), China has raised hundreds of millions of God's children from the deepest poverty. And on the flip side, our economic and social problems are of our own making- we're merely scapegoating the foreigner by blaming China for our issues. In light of this simple fact, for the United States to take such a confrontational approach to trade relations puts us in the wrong. Whatever happens next, from agreement to war, will be made up of whole cloth by President Trump, his administration and everyone who, at this point, says "he's ugly but he has a point." Especially since he's looking for trouble in Venezuela, Iran and who knows where else.
3
As I understand it China has like 80% of the rare earth minerals that are critical too many new technologies, we have none.
There are a lot of things China can do to get revenge and thanks to Trump's brilliant negotiating strategy revenge is now the game.
1
@deepharbor
Isn't it a fundamental tenet of Trumpism that the USA is entirely self sufficient in everything (including oil), can make anything and everything and needs nothing, ever, from anybody else? Plus, America has a huge military and the deepest pockets.
I don't know why Trump is even bothering to talk to anyone who's not an American. What would be the point?
1
Mr. Trump's strategy appears to be more aligned with the "Art of the Bankruptcy" for which he seems to have a lot of experience.
3
So, the tariffs will increase costs to US consumers and businesses, very likely leading to a reduced GDP growth projection, thereby putting pressure on the Fed to reduce interest rates..gee, just what T has been clamoring for so he+Jared (+ who knows who else) can refinance at a lower rate. And any deal regarding stopping tech and intellectual theft might be observed by China for a brief time, but don’t hold your breath.
Another Houdini act by Trump. In my opinion, the greatest tragedy of these tariffs is the loss of income for our farmers. Too many are already on the brink of bankruptcy with the last round of tariffs that eroded a healthy comeback from soybeans to China. Unfortunately, many still confirm their trust in Trump that it will work out. What else can they say at this point - they're powerless.
For the US, no farms, no food. Corporations can raise prices on consumer goods but not the farmer who often barely makes it through the season with a profit. Until the farmers start complaining en mass to their representatives and even bring their numbers, tractors and all, to protest along Constitution Ave, they'll continue to be ignored.
2
@Mayer
Until they realize just how badly their guy Trump has betrayed them, they will continue to suffer.
The nastier part of me wants to say, "serves them right."
1
So...these tariff/taxes on we consumers are [allegedly] bringing jobs back to the U.S.? How's that working out so far?
The Federal Reserve Board estimated that each job created for making U.S. washing machines costs $820,000 each.
The cost for jobs created by the steel tariffs? The Peterson Institute estimates $650,000 for each job created.
Tires: $900,000 for each job.
Seems like our genius businessman failed the course in macroeconomics.
4
When Trump's tariffs cause products to cost more, and people don't shop as much, more retail clerks will be out of work and more mom & pop stores will close. Small stores (and even some major department stores) are already suffering. Trump will only make things worse.
3
@Linda
Don't worry. He has a list of others to blame for when that day comes........
2
China is the 2nd largest economy after the U.S. in the world and it is growing twice as fast as the U.S. In 5 years it will be stronger and have more leverage over any trading partner including the U.S. This leverage puts at risk U.S. blue collar jobs. Compounding the U.S. job retention challenge and trade imbalance is rampant China cheating.
China not only expropriates U.S. technology but also illegally subsidies military owned industries and bans U.S. business participation in select markets. Allowing China these competitive advantages will insure the continued loss of U.S. jobs. Unless of course you concur with Biden that China is not an economic competitor.
5
President Trump has an outstanding record of destroying wealth and with the predictable stock market response to the latest round in his trade war he as succeeded once again. Thanks Mr. President for forcing me to keep working rather than retire at age 67.
2
According to Trump - ‘“there is no reason for the U.S. Consumer to pay the Tariffs.” He argued that tariffs did not fall heavily on American consumers, who could simply buy what they need from the United States or other countries that don’t face American tariffs.’
From what I understand, MAGA merchandise came with a little tag “Made in China”. That may have changed but why couldn’t a candidate for President have their stuff manufactured in the USA?
3
Trump and most of his base, let alone most voters don’t really understand international trade and basic economics. A shame as it is indicatory of the current education system in the US. Free trade is fair trade as it allows for capital and labor to flow to and from their cheapest resources and outlets. China and the US have both specialized in various stages of manufacturing processes that they do best and cheapest. Don’t wrongly blame free trade for the move from and industrialized, low skilled labor economy to a high skilled service based economy. That has benefited the economic growth rate, the standard of living and the total economic output of both China and the US, and the rest of the world in point of fact.
While free trade does cause dislocation for some workers we should be focusing on deploying government resources to education, retraining, and economic development programs in the hardest hit areas, and that should have been funded from the proceeds lost from the recent tax cut.
All tariffs are is a tax on everyone. We export components to China that then get exported back and we finish those products here and sell them. Everyone loses.
The WTO already had mechanisms in place to deal with the issues on the margin of China and IP and ownership stake rights. Build a coalition through the TPP and elsewhere to proceed. Progress and change was already being accomplished via this avenue but didn’t have the political splash DJT needed! Now we all will suffer!
1
No nation is indispensable and Trump thinks he has the Trump hand because Chinas biggest export market is to the USA.
I'd like to draw your attention to a similar scenario when NZ used to be called the food basket for England. England decided to join the European Union, when it was first formed, and dumped NZ as their supplier to their markets. NZ had to find new markets and did so by being creative and was the first nation in the world to form a free trade agreement with China.
We haven't looked back.
2
Trump seems to thrive by creating the very crises that he has no answer for, perhaps as a way of distracting from his obvious moral, legal and ethical problems. Both the China tariff war and the heightening of tensions with Iran were both entirely of his own making, yet he clearly hasn't seen either issue through.
So much winning!
5
What was Trump thinking, that China is just going accept those tariffs lying down? What is his strategy?
3
It looks like we will be working a few more years before retirement. Our wealthy “leaders” don’t need to worry about their 401k, though.
1
Like "Mexico" will pay for the wall...
His less than 40% of his base will pay for this trade war...
Wishful thinking right....
14
Uhhhh, didn’t see that coming.
4
One more step down the ladder for the USA! When will this nightmare end? Trump daily dreams up more ways to harm the country of which he is president both at home and abroad and it will only get worse as time goes on until something really disastrous happens.
24
Dear Democrats in Congress and the on the campaign trail: never use the word "tariff" again in reference to Trump. Most Americans don't understand what they are or how they work. Instead, rhetorically tar and feather Trump for his latest self-serving, nation-destroying diversion by calling his "policy" what it is....
"Trump's $215 billion tax on consumers"
"Trump's import tax assault on the American farmer and taxpayer"
"The Trump tax dump on America"
The left really does get owned by the right when it comes to framing--how about we win on one for a change, and clarify things while were at it?
72
@JBA
YOu are absolutely right on target! Tariffs are taxes that consumers end up paying. That refrigerator, freezer, TV, car will see significant price jumps in the coming months.
7
The Dollar Store will have to change its name to The Three Dollar Store.
32
My local dollar store has many items that are made in Cambodia, the Philippines, Honduras, Mexico, and other countries than China. Why are you suggesting that these countries won’t step in to replace the items currently made in China with ones they make? Why will tariffs on China be tariffs on all suppliers?
3
@Richard Winchester
Why will tariffs on China be tariffs on all suppliers? you answered your own question! Unless you can cite the source of each component, then their costs will go up. Also, can these countries make up for the volume which comes from China? No.
7
@Richard Winchester They could, potentially. But it will take years to start up manufacturing replacement goods ,made in alternative countries and then the same outcome...cheap products made off shore by near-slave labor.
4
Trump likes to keep everyone guessing with what he will do next. The market hates unpredictability. Bad combo. Expect a wild ride in just about everything he turns his 30 second attention span to.
15
President Trump,
Dracarys!
Go full throttle on Chinese goods! We import way more than we export! We have a better leverage! I don't care if iPhones or imacs will become more expensive! It's time for American companies care more about the American people than American consumers.
3
I take it Wendall you have no foreign products in your home! Remember where Donald and Ivanka’s products WEREN’T made! USA!
3
@Wendel Is this sarcasm?
1
@Wendel
Wendel, dear,
Just about everything you buy will become more expensive.
You good with that, just to score a few political points?
Have to maintain stand, which over the medium haul will result in US companies and consumers shifting to manufacturing in other venues like India and Vietnam resulting in China losing both access to US and other markets and to US goods for Chinese markets. To allow china to steal US IP as it has done for years under other milk toast presidents is absurd. Stand up now or forever regret it.
4
@Russ Stepke
Yes, that is a good rationale for imposing tariffs. But...do you realize how long it will take to build that manufacturing infrastructure? It is not a short term or even a medium haul (as you describe it) but a very long terms haul. It will take at least a decade to rebuild our manufacturing core.
All those plants we once had are now torn down and their manufacturing parts all sold. Guess who we sold them to?? China and other Asian countries.
@Russ Stepke Please name the IP that China stole and is now harming US companies...I'll wait for your answer.
3
The capitalists who abandoned the "Good Ship America" and its workers, are responsible for the rise of China.
5
You have no idea how capitalism works, then?
Okay, here’s an intro.
Capitalism is an economic system organized around the production, accumulation, and exchange of capital—money or wealth, if you prefer—in all its forms.
You see the word, “nation,” or, “America,” in there anyplace?
The only way capitalism “cares,” about this (or any) country is that the government steps in to regulate capitalism in some fashion. And ain’t you the guys who’re always yelling about Big Gubmint Regulation?
2
Mr. Trump’s ignorance is of astronomic proportions.
He says “there is no reason for the U.S. Consumer to pay the Tariffs.” Well, the reality is that there is no other way to implement the tariffs but to charge the American consumer.
In other words we have clear evidence of no collusion between reason and whatever is taking place in Mr. Trump’s brain.
26
An alert commentator made the observation that only congress can impose tariffs, per our very old and tired Constitution. So, where is congress? Have they handed over total control of commerce to His Royal_____?
15
@David J
Well of course they have! The Congress has lost whatever spine it had--both Republicans and Democrats. That famous congeniality of the Senate has not served the country well.
1
China plays chess, Trump is playing with crayons and blocks. They will wait out Trump and his short term stupidity. There are truths to Trump's position, but he is the least qualified person to execute on anything, let alone something as complicated and sensitive as our global trade.
China knows Trump is a short timer, and so they will win this "war" as they know that we have produced the wrong crops and exported goods for years and no amount of bluster will change the underlying facts and figures. The sad part is that those who will be most affected are also the ones who fell for Trump's bluster in the first place. A sad result yes, but it does feels so sweet and deserving payback for such myopia.
751
@Adam
Clinton, Bush, and Obama weren't up to it, so when exactly is the right time--Hickory is filled with Chinese furniture factories paying slave-wages? Get over your Trump hatred. The guy is right to go after China, although a bit late--should have been done under Clinton.
13
@Adam
are you rooting for china?
Why?
Wouldn't you wish a better trade deal for our country?
10
@Adam Better hold off on that sweet and deserving payback because your tax money is about to go towards subsidizing failing farming corporations. There's definitely a correct way to react to this news, and it's not with any amount of bittersweet joy.
31
Yey!!!! Now the Republicans will raised taxes on the middle class.... Is this what they love????
7
Let’s see how all the American farmers who supported trump like this retaliation and escalation of the trade war.
Your vote matters.
20
Only a few more months of pain fro US consumers and businesses, until I Kushner and I get the lucrative business deals we are seeking in China.
Hotels, golf, condos anyone?
7
Trump is not wrong in wanting drastic changes on China's practices, the rest of the world wants this as well. But it's his process that is entirely wrong, by not giving the Chinese the ability to save face and presenting them the ability to play the 'humiliation' history card it forces them to retaliate; this will spill out outside of tariffs.
382
@Amelie
TPP was the way! Trump pulled us out. Wrong move. No thought process. Just like everything he does.
164
@Amelie
"the rest of the world wants this as well"...says who?
9
@Amelie - No matter. By the time Trump's "presidency" comes to an end he'll have enough humiliation accrued to be able to share some of it with China.
14
Seriously, the smart money has shorted significantly this past week and will close out over the next day (if not today), and then establish positions in everything that has tanked today. Mark my words.....this is a great con being perpetrated on everyone except those in the know. There will be a deal announced mid-day tomorrow, and the market will go up 5-6%....still not fully recovering the loses from the past week, but, remember, the ultra-rich made money on the way down.....
Oh, and look for a call to lower the Fed rate......another way to rob retirees of the meager amount of interest they are currently getting.
Unreal, and so utterly evil.
629
@Mark
When you're done with your crystal ball, can I use it? Mine is in the shop.
13
@Mark Right. Generally. Doubt a deal will happen tomorrow, or any time soon. tRump is playing
1: China tariffs - confrontation
2: N Korea nuclear - appease
3: Saudi tyranny - appease
4: Israel apartheid - controlled
5: Iran nuclear . confrontation
6: Syria atrocities - neglect
7: Border wall -
8: Cuba -
9: Afghanistan - lost it
10: India - after China issue
11; Russia - rollover
12: Alliances - trade, NATO etc
13: Mueller and tax returns and tRump Org and ....
Everything to deflect from #13
73
Exactly. Trump and associates benefit by short selling stock strategically. This is all by design, more borrowing only to profit. Did he not previously default on debt? Did he not mislead investors only to profit from disinformation? Are we so naive to think otherwise? Any positions he and his inner circle have in the markets should be scrutinized. There is predictability in his patterns of personal / business activities. There's a con afoot, and he'll get away with it until great pressure is applied.
63
Just keep in mind the Prime Directive for this administration:
"Everything Trump touches dies."
In the entire known history of North America there has never been anyone else who has risen so high while leaving nothing but failure and destruction in his wake. No one.
74
The sooner Trump and his family are behind bars the better.
46
@Mike
Ah, but do you really want to continue to support them?
1
Trump duped Americans by starting this trade war under 'China renege on her promise' argument. The fact of the matter is this trade war heats up with Made In China 2025 pronouncement. This trade war is a side show to the larger geopolitical struggle for supremacy especially in the South China Sea.
This will be a perpetual war by trade means instead of a military war as US do all she can to weaken China in an attempt to weaken her military spending, especially in AI, robotics, 5G, microchips. That is why CFIUS ban Chinese purchases of sensitive tech industries, Trump make Chinese students harder to study here.
By making a demand China will never accept, which is infringement on her sovereign, this trade war is manufactured by Trump and his neocon base to slow China's rise.
5
@freokin You are suggesting that trump has a strategy. How funny!
5
@Jennifer Hayward
Trump himself don't. His advisers played him to serve their wider agenda.
Usual suspects are Steve Bannon, Peter Navarro, John Bolton and the navy branch.
China has other methods of retaliation that are not measured in the bilateral trade deficit. Restricting access to the Chinese market and tilting in favor of other countries companies is one method.
Many US companies sell to China and manufacture that product in other countries. Those sales will be in jeopardy, and many US workers are indirect beneficiaries of those sales through design and engineering jobs.
China will suffer from these tariffs, so they may make a strategic shift to avoid the suffering. One reason Trump can do this is that China has not delivered enough benefits to US companies that they felt promised.
2
As a result of this, all good Democrats should vote against Trump at the next election. Oh wait, they would have never voted for Trump anyway. Of course it was much easier to do what Obama did, capitulate to all demands by China.
5
@Richard Winchester . I new there was going to be an idiot blaming Obama and the Democrats for the idiot making "deals" with China...
13
Invented “facts”. In reality, the Obama administration brought 26 cases to the WTO, 16 against China, and won EVERY ONE OF THEM (incl. one on unfair grain tariffs, filed in 2016, decided last month.) Trump has ignorantly, unilaterally and single-handedly vitiated all this progress.
https://www.factcheck.org/2017/10/trump-wrong-wto-record/
3
@Richard Winchester
You're joking! Trump trips over his own hubris and you blame the Democrats?
3
I'm waiting for the tweets from Trump and the eventual Fox and Friends "interviews" on the Trump News Network with Steve Mnuchin, Kellyanne Conway, and Sara Huckabee Sanders blaming Obama and Hillary for the trade war, current stock market downturn, and whatever other lies they can think of.
How's DOTUS (Dealmaker of the United States) doing? North Korea, Iran, Venezuela, China, and Congress should provide you with the answer.
26
@slime2 You only have to look as far as 2 or 3 comments above yours.
3
@Sydney I don't read the comments before me. I just write what I think when I feel like "voicing" my opinion.
Great minds think alike. Yeah, right. LOL.
Trump might want to get a second opinion before following Larry Kudlow's advice. In December 2007, on the eve of the worldwide implosion, he made the worst prediction since "Dewey Defeats Truman"....."There’s no recession coming. The pessimistas were wrong. It’s not going to happen. The Bush boom is alive and well. It’s finishing up its sixth consecutive year with more to come. Yes, it’s still the greatest story never told.”
14
..Trump is a destructive failure as President..
His plan to get a trade deal.. is to first take a hatchet to our own economy.??
---Somehow he believes that a trade war that increases animosity & slows the economy..will magically lead to a wonderful trade deal... -- And then Trump takes a failed policy, and doubles down on it..
9
From his past taxes, Trump appears to be one of the worst businessman in the history of the United States. And so rural America, which gave the keys to the country to a con man, will likely be punished by the Chinese. Trump supporters have not yet been swayed by disgraceful arrogance, abysmal behavior, criminal acts, or threats against our Constitution--and they actually cheer his silly name-calling. It will be sad if the thing that finally changes the minds of Trump supporters is that they can't sell their crops.
39
@Richard Lee
You musta missed the story last December when Trump announced that the Chinese had given in and were buying American soybeans again!
https://www.cnn.com/2018/12/12/politics/trump-soybean-farmers-china/index.html
___________
"I just heard today that they're buying tremendous amounts of soybeans. They are starting, just starting now."
– Donald Trump, December 12, 2018
"I've heard rumors that they're going to buy our beans and put them in reserve, but I don't see ships sitting in our ports to haul them to China yet. I hate to say it this way, but everything so far has been talk."
– John Heisdorffer, Iowa soybean farmer, later that same day
8
China will no be hurt by Donald’s “trade war”...they will simply pass on the tariffs to we, the American consumers! Who will hurt by tariffs? Americans. Ask the Soy bean Farmers! Trump has destroyed their soy bean trade with China! Trump had to bail soy bean farmers out with....$1.7 billion tax payer dollars!!
Most Americans do not know that we are in debt to China, and if I were Donald I wouldn’t press them too hard! They might call our debt! And then .....serious damage would be done to our nation’s economy!
Donald J Trump is an idiot!
14
The question raised by this tariff battle isn't which country will suffer the most but which country will manage its struggles most successfully. Many Chinese who have resided in China for decades have suffered poverty and deprivation to an extent not experienced by most Americans. Our Trumpian president calls for subsidies for farmers at a time when the deficit is ballooning and taxes are insufficient to cover the costs of operating our nation. We have learned that the ultra-wealthy of this country will not share the burden of supporting average wage earners. If average-income Americans have to pay subsidies to farmers and have to pay more for imported goods, complaints will be heard, even at (or especially at) the ballot box. The Chinese have experienced suffering and have a lifetime autocratic president that doesn't have the same concern about being re-elected by a disgruntled electorate. America might have the upper hand in a trade war, but the Chinese populace seems to be better prepared to deal with whatever sacrifices average citizens will have to make.
6
Trump breaks everything. Let him break the economy, and with it his party, his nationalist fans, his voters’ silly nostalgia, his contempt for American Democracy. Let this be the turning point.
12
It’s all about Trump acting like Mr. Big-shot, muscling China around. Wonder what happens to the US economy when China calls our loans?
22
DJT has an uncanny ability to snatch defeat from the jaws of victory.
30
The real alarm bells will go off at the next bond auction..... Inflation here we come.........
12
The Chinese are still fearful of foreign domination. Push them into a situation where their government appears to submit to the demands of any foreign government and the people will lose confidence in the government and disorder can follow.
Trump is ignorant of this factor and has been conditioned to think of every transaction as a zero sum game with a winner and a loser. Furthermore he must look like someone who has destroyed his competitor and shamed them to keep the loyalty of his base. Together they form a team that makes negotiating successfully with the Chinese a remote dumb luck possibility.
197
@Casual Observer "Furthermore he must look like someone who has destroyed his competitor" Exactly. Trumps one and only "tactic" is to bludgeon his opponents into submission. That does not work so well when the opponent refuses to be bludgeoned. Then Trump has absolutely nothing to fall back on. Much like the Chinese, he "cannot lose" as it will show he is beatable. Since he will lose, he will just lie about how he won. Works for the few brain cells he has working.
22
@Casual Observer
Insightful and well-said. A man who has come to power through appealing to his constituent's shame, lack of power, and economic/ social insecurity will never be able to successfully negotiate the very complex, nuanced and potentially deadly geo-political currents rife in today's modern world.
8
Trump's next move -- I think -- is highly predictable.
Figuring that not many Chinese Americans are going to vote for him in 2020, he's going to threaten to deport all of them to China.
I'm not kidding.
This, in case you haven't already noticed, is a mentally unstable man.
https://www.vox.com/policy-and-politics/2019/5/13/18308137/asian-american-voters-immigration-democrats-donald-trump
6
Asians are now the second most reliable democratic voters after African-Americans.
It’s amazing how the GOP lost them after they voted for Bob Dole over Clinton in 1996.
3
Trump has no idea how thin is his support. However, He will likely back down once he realizes that he has trapped the Chinese into a never surrender state of mind.
Trump and his Republican phonies can’t even negotiate basic trade agreement.
Administrations have been doing these for centuries.
Enough of the drama and incompetence!
16
Are we "tired of winning" yet?
23
Donald Trump’s grand strategy is to ruin and destroy everything he can within our borders, in the time he has left in Office.
After he leaves office, who knows? My guess is that he will emigrate to Russia.
—
We must stop this Imposter now (constitutionally), before he undoes every good thing we’ve accomplished in our beloved country for the last 100 years.
—
Impeach Trump now! Then try, convict and remove him from Office. And if at all possible, send him to jail, preferably for life.
—
Act now, before it’s too late.
5
H. L. Mencken said it: "On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
55
History teaches us that Chinese way is to “talk and fight”. In this case, Chinese will be open to negotiate, but never come to an agreement that requires meaningful concession. The negotiations will go on forever. The only way is for USA to pursue policies with China that benefit USA only.
USA should strengthen its business relations with its like minded partners. Those partners agree with the President that China needs to be treated differently than in the past, unfortunately the President thinks he can do it without those allies.
Where is the Congress that has the overall control of the international trade.
5
@John Bruk
Who else thinks China should be "treated differently", except Donald Trump? Can't you see that even UK has approved Huawei's participation in its 5G business?
What an absurd thinking. If it's true that trading with China is hurting, there should already be an anti-China agreement. Everybody else thinks that trading with China is a win-win situation except you. Are you saying that you outsmart the UK or the EU?
Someone needs to look at whom the USA tariffs are affecting in China and vice versa; taking into account the political set up of Communist China and the democratic set up of the USA.
My guess is that USA tariffs will only spur China to look for new markets to sell its product to instead of the USA and you'll be doing them a huge favour so they're not so dependent on USA being their biggest export market buyers. So, how does that pan out for USA companies that have set up in China because of bigger profit margins? China probably pleased if they move out and communist government replace the Chinese market with Chinese government owned factories etc etc etc.
Someone needs to look at the long term consequences of Trumps policies and not just the short term consequences, like when Trump pulled the USA out of the Trans Pacific Partnership. Every action has consequences.
12
@CK
Please correct your erroneous statement that Trump pulled the U.S. out of the TPP. In 2016 both parties disavowed participation in the TPP. Reason given was it was not in the interest of the U.S. worker. Both party candidates Clinton and Trump trashed it. Very Unfortunate.
It would benefit many more if U.S. companies invested more in other countries. It would reduce China's leverage on the U.S. and create more prosperity around the globe. The bigger issue is China cheating. Absconding with U.S. technology, illegally subsidizing military owned industries and in certain markets blocking participation by non chinese companies.
While i support the administration in their effort to get a fair trade deal in place of the existing lopsided arrangement in favour of the Chinese... i'm afraid that very little preparation went into this fight.
There is more bluster than substance behind the threats. Why did the administration not show serious effort in finding alternative markets for exports and alternative sources for imports?
A visible effort here ... for example - negotiating an agreement with friendly 3rd world countries for technology transfer and moving the existing Chinese imports to them ( in the long term), would show that while US may have a cost to bear in the short term, the long term scenario will be different.
Similarly, why did the administration not (or at least show effort) find alternative markets for agricultural exports? If the US is an economic super power, it should use its status to enable such policies.
21
@Rajesh
There was a pact that did exactly what you suggest - opened opportunities for trade with other non-China - specifically among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and US.
That was TPP, Trump removed the USA signature from that effort and started a trade war.
94
Support Trump? He is an idiot. He has already ruined the Soy Bean trade with China! Costing American farmers billions! And having to bail them out with ...$1.7 billion in tax payer dollars!
Tariffs sound “tough” BUT it is Americans who will pay!
7
@Maxie
Wrong. Both parties disavowed the TPP in 2016. There was never going to be a U.S. sign-on whether it was Clinton or Trump. Arguably unfortunate.
I know that it is impossible to hold Trump responsible from a securities law perspective, but it seems that the President is the ultimate "insider" with respect to all markets -- equities, bonds, currencies, oil, natural gas and metal commodities. He has the ability to move the markets with just a tweet. And, considering that he has lied over 10,000 times since he was inaugurated.....there's something wrong about this.
And, at what point....today before market close or tonight....do Trump's buddies tell him, through back channels, that they closed their short positions that they profited from when the markets fell during the last few days.....or already closed their currency positions (e.g., dollar versus another currency) and then Trump starts tweeting that he has total confidence that a trade deal with China is a done deal? Sending the markets back up.
218
@Alexandra Brockton
It is quite possible that he is actively manipulating the market. The timing of his tweets is deeply suspicious, and he is no stranger to 'pump and dump'.
https://www.emptywheel.net/2019/05/08/the-orange-injector-and-the-troubling-tariffs/
23
@Alexandra Brockton None of this matters to the Republicans. Remember, trump admitted he tipped off Carl Ichan before he announced steel tariffs and the republicans looked the other way.
20
@Jean
Yes. Thank you for understanding what I wrote.
If you know anyone in law school who needs to write a law review "comment" or "article"...for general law review or one of the other journals that would accept a securities law related piece.... please suggest that they write about whether a public official who always has non-public information that can affect the markets should be, or not be, considered an "insider" and liable for his/her public tweets and other statements, even if the laws now only relate to being an insider with respect to their own company.
22
You know, if we all didn’t buy cheap Chinese goods and if businesses never started moving over there in droves then things could be wildly different. We probably wouldn’t even have Trump! At some point you have to take at least an ounce of responsibility if you’re going to spend so much time on here talking about how bad Trump is. The American consumer voters with their dollar and they voted for China.
12
Did they have a choice?
@Zejee Are you really trying to say someone forced us to buy Chinese goods?
@Quinton
Very true. I've been (when possible) trying to avoid all goods made in China for years.
Much of the rotting of America's heartland and Trump himself can be attributed to the hollowing out of our industrial base. White collar people are even starting to realize that outsourcing everything is hurting them too as many white collar jobs support the blue collar ones.
For all consumers that are perfectly fine buying Chinese junk are you okay with funding a country that supports corrupt Kings, the voluntary famine and intentional starvation of 10% of their farm workers under Mao (he literally tried to starve 50 million on purpose). China is not a friendly neighbor.
2
The President tweets, “no reason for the U.S. Consumer to pay the Tariffs.” In fact, the U.S. consumer has very little choice but to pay because the vast majority of goods on offer in U.S. retailers are made in China. Buying U.S. made goods, if possible, is much more expensive. Take boots for example. I need a wide shoe. There are some speciality sellers of wide shoes that do offer boots that are made in the U.S.A. However, they are about twice the price of a Chinese made pair. For the average working person this is a very hard choice when money is tight. Even if the price of Chinese made boots goes up due to the tariffs, it will not double. Workers in this country still cannot compete and Amrican consumers pay more.
16
What would Confucius say when describing Trump if not,
The superior man understands what is right, the inferior man understands what will sell.
or
A superior man is modest in his speech, but exceeds in his actions.
15
@Leigh This (from the Analects) also perfectly expresses Trump:
"The gentleman is at ease without being arrogant; the small man is arrogant without being at ease."
7
Leigh,
How about: Stable Genius is as Stable Genius does.
2
@Enemy of Crime
But much as I prefer a true gentleman like Joe Biden, I judge that Trump as inhibited by an American constitutional system is more a gentleman than the Emperor-Dictator of the totalitarian State called Communist China.
US media has been complicit with President Trump in reinforcing the impression that US is guaranteed to win the trade war.
The sad fact is China has alternate sources for everything form Boeing Aircrafts to US soybean while US has very few. Trade war works fine when you’ve alternate sources for commodities you are imposing tariff on. In their absence, US consumers pay the tariff.
11
We have elections, they don't. Think you can outwait China? Think again. China has a closed loop economy (ie there isn't very much not already made in China from mobile phones to washing machines, to clothing). We rely on imports for a large number of our daily goods and even high tech goods (we are short on critical rare earth metals). The only thing a trade war will do is to open up Chinese markets for other providers of agriculture goods and strengthen the already strong domestic Chinese companies as well as encourage the Chinese to be more aggressive in markets like EMEA and Latin America.
11
I think the phrase we want here is, “Gambling with other people’s money.”
122
Trump does not understand Win-Win outcomes from a negotiation. It has to be He Wins, You Lose or he walks away. The kind of behaviors you see in 6-year old boys.
53
You know what would be great for escalating a massive trade war with China? Having allies. Only Trump has now, solely through his own actions and statements, alienated and frustrated Canada, Mexico and Europe where they are so furious with tariffs placed on them that they are in no mood to assist with China.
Good one, Donald.
131
@Curbside
He also pulled out of TPP - a trade pact negotiated by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and USA. Dumb move!
15
@Maxie It is interesting that Bernie was determined to withdraw from TPP as well.
1
@Curbside
But but but... he said that he alone can fix it!
3
Larry Kudlow is the LAST person to give financial advice. He’s batting 1,000 on wrong advice so far.
11
Not certain what the panic is all about. When Trump raised tariffs, many lamented that Americans will pay the tariff. Now, dictator Xi has raised tariffs, which surely means that the Chinese people will pay the tariff.
While waiting for all the dust to settle, you can whine if you want about products from China costing more. Me? I just go to Craigslist.
3
@NorthernVirginia
.. How about a global recession caused by the U.S... and a steep drop-off in America's global respect & influence..
---Ain't gonna be able to buy that on Craigslist..
6
If Trump can do this without passing it through Congress, then there is a terrible loophole in our laws that needs to be addressed. Whose job is that? Get them on it. Please!
10
Buckle up. It’s going to be a bumpy ride. Trump will play to his base as a tough guy (he just plays one on television) standing up to the Chinese, while President Xi, who really is a Communist tough guy behind his $5,000 dollar suits and his smile, will also dig in. Remember this fundamental Trump rule: Play to the base. My guess is that most of the diehard Trump base wouldn’t mind seeing a bunch of Wall Street rich guys get wiped out financially.
4
@David
.. Wall street ..and Main Street.. --only a fool would think a trade war will only affect Wall St..
--The effects will be far-reaching and bad
3
trump is hosting another dictator at the White House today. His show of strength is to publicly shame nation leaders with hopes of impressing other dictators.
Anything to look like he belongs to the club or is a member in good standing in trump’s growing cabal of ‘friends.’
4
Trump is way out of his league. China is playing chess while Trump thinks he's playing Chinese checkers.
10
What stocks are trump and his gang Shorting today?
136
Is this what Trump means when he says losing money is "smart"?
5
Since the new escalation, China’s stock market has dropped twice as much as ours.
They obviously bear the greater burden.
Their only hope is that libs here are spiteful enough against our President that we break our solidarity. Whereas they will have no such issue under Xi.
4
@Jay Lincoln
..I fail to see how hurting someone else.. more than we hurt ourselves.. Is a successful policy.?? --And we are hurting ourselves
...-- Threatening pull our own country into recession is idiotic..and shows utter incompetence & negligence..
2
@Jay Lincoln
One data point does not a win make.
1
@Jay Lincoln
Okay. We will show solidarity with Trump and Republicans when they give us back our Supreme Court Judge, admit they are racists, agree to impeach Trump for obstruction of justice, admit that the "tax break" was a giveaway to the wealthy, reenact all environmental measures including the Paris Accords, admit that Clinton won the election, ban Fox News, undo all the damage done by Trump to NATO and our relationships with traditional allies, officially condemn Brexit, reinstate the Iran deal, apologize to all our allies for the insults Trump has leveled at them, tell Israel we will be their ally when Netanyahu is removed from office and replaced with someone who is not a right wing extremist, turn over Trumps financial and academic records, admit that the Mueller report not only did not exonerate Trump but that it demonstrated obstruction of justice, quit trying to suppress the vote, agree to get rid of the Electoral College, end gerrymandering, agree to restructure the Senate, officially sanction Trump for being a liar and a criminal, and, finally, LOCK HIM UP!
2
Is anyone actually surprised by what this ignoramus is doing to the American people?
No wonder he had Michael Cohen send threatening letters to schools to keep his academic records secret.
42
Which one of those dimwits shorted the S&P - Don Jr., Eric, Ivanka or Jared? Follow the money.
60
@Lorem Ipsum you forget the old man at the Commercial Dept. .....
we the taxpayers and consumers will be paying for the tariff war. We will also subsidize whole industries because trump does not want to make his base in flyover country mad. My wife and I owned a smallish restaurant business that was the heart of its community. We were never subsidized by any government entity for anything; quite the contrary in fact. This is simpleBS policy by a simple minded president who likes to strut and fret upon the world stage. Mr. Important! The rest of you, just sit down and shut up!
8
It’s as if trump doesn’t realize that China isn’t a democracy. He thinks the Chinese people can revolt against their leader if thongs gets tough for them... but Xi is untouchable in China, trump isn’t here.
Their capacity for economic suffering is a million times higher than ours.
America will blink first.
5
Deaf, dumb and blind "bull" in a China shop.
7
Mr. Trump needs to remove his ego from his infamous "art of the deal." He is not playing checkers anymore..and even then he has more often than not lost relative to his past business failures and bankruptcies. Playing, and that is what this ignorant man is doing, is more likened to a game of chess, requiring thought and strategy. Judging by his representatives who are beholden to their boss, they are but babes in the woods, lost and vulnerable to the Big Bad Wolf. China is a force to be reckoned with. It has all but owned us for decades now. If these two sides are not able to negotiate and accept that neither will get more than half of what they greedily aspire to, it is time to take another look at the TPP. It will take a village, so to speak, to rein in our adversary which is genius in the art of deviousness and exploitation. Yes, more so than Trump.
14
I couldn’t agree anymore
Well, given the choice, who would you want negotiating for you; Trump or Xi?
3
@KS Xi
7
@KS
At this point Xi.
After all, “What have you got to lose.”
5
@KS
I would prefer Xi. He's got the same authortarian impulses as Trump but he's better informed and more thoughtful. If Trump knew anyting about business other than writing off losses, he could have taken a much more effective and less distruptive approach to dealing with China. Of course that would have meant coordinating with our allies, which is not one of Trump's priorities.
1
the current occupant is too ignorant ill informed undisciplined and unintelligent to have a foreign policy agenda. the strategies and approaches we are seeing are coming from the courtiers and foreign powers and they are making him their mouthpiece for their designs; the courtiers are the puppeteers pulling the strings -- that includes the master puppeteer, putin
39
@true patriot
And please tell us how much his weekly golf trips to his resort in Florida or elsewhere costs us.
The common wisdom in trump's circle is that trade wars are easy. Just tax the offending importer, collect the money and add it to the Treasury.
Since no one in the administration lives a normal life, it may not have occurred to them that when an importer of Chinese goods, like, say, Ivanka Trump, pays higher prices than the product costs due to tariffs, that cost is added to the retail price of the product. American consumers who want to wear the latest Ivanka fru fru have to pay more.
Add to that the amount of US debt that China holds, and it makes no sense to get into an economic war with them. The Chinese can take a lot moire economic pain that trump's base can.
But bullies don't cooperate. They take what they want and dare the other guy to stop them. In this case, the other guy has plenty of ways to hurt the US.
24
@Zeke27
You cannot fight or antagonize your banker unless your art in bankrupting companies and nation
1
@Zeke27 "The Chinese can take a lot moire economic pain that trump's base can. "
Frankly I don't care about Trump's base anymore. I did care in 2016 and I did understand why they voted for someone that might give them also a part of the prosperity and some dignity. By now they should understand that Trump has not done anything tangible for them and that his actions have trampled their interests even more. The fact that they still support and defend him shows a level of misinformation and mindless acceptance of being manipulated that makes one wonder if democracy has already turned into idiocracy.
1
While campaigning, Trump said that he'd run the country the way he ran his business.
Frighteningly, he's doing just that. This may be where his GOP collaborators break loose from him. All they care about is money and power.
70
You break loose, too. Stop referring to them as a "Grand Old Party." Just call them by their name. And if that's too much to type, bless your heart, a single letter R suffices.
@L They can't have either (money and power) if they don't have the votes to stay in office or a means to obtain a lobbyist job. They will always need Trump as long as the R's support him in the 90% range. Face it, he IS the republican party, now.
5
This was to be expected, after all we are talking about the genius that opened a university named after himself, that went belly up and a guy that wrote a fictional book about himself making deals when we all know that the only way he makes his money is to hire lawyers and sue everybody.
99
One thing: he didn’t write the book. IT was of course written by a ghost writer who has publicly disavowed the “truth” of most everything in the book.
19
@BTO Don't forget the failed airline and steaks. Or, his main "business" strategy: Go bankrupt and cheat the people you owe.
9
@BTO
Yes, please. Don't repeat the lie that Trump wrote the book. It was fabricated by a talented ghostwriter. Trump not only didn't contribute a word, but it wasn't even remotely a reflection of who Trump is. In fact, the ghostwriter thought he was a genuine psychopath.
6