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China imposes new tariffs on $75 billion in US goods

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https://www.bbc.com/news/business-49450245

 

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Agricultural goods, crude oil and small aircraft are among the products being targeted.

 

The tariff is a retaliation after President Trump revealed plans for a 10% tax on $300bn of goods from China.

 

The new tariffs will range between 5% and 10% and will apply to more than 5,000 goods coming from the US.

 

Beijing will also revive a 25% tariff on US car imports that it lifted earlier in 2019 in a goodwill gesture as the two countries tried to negotiate a trade agreement.

 

The decision - announced shortly before Federal Reserve chairman Jerome Powell gives a closely-watched speech - hit share prices in the US and Europe.

 

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3 minutes ago, SaysWho? said:

Dow falls nearly 500 points.

 

Fucking Powell trying to make GEOTUS look bad. :angry:

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I’m just waiting on him to outright ban Chinese Food from America. That means the like of PF Chang’s and fortune cookies too. The idiot is smart enough to try it or at least tweet it out. That will teach them not to mess with a stable genius 

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Someone had to walk over after that tweet and explain to him that he is not able to actually order that.

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25 minutes ago, silentbob said:

I’m just waiting on him to outright ban Chinese Food from America. That means the like of PF Chang’s and fortune cookies too. The idiot is smart enough to try it or at least tweet it out. That will teach them not to mess with a stable genius 

 

You mean Freedom Cookies and Freedom Take Out and General Trump's Chicken?

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16 minutes ago, stepee said:

Someone had to walk over after that tweet and explain to him that he is not able to actually order that.

I’m pretty sure they could just have those children’s blocks with the letters on each side in the Oval Office, and tell Trump that it’s the new “the Twitter”, and solve all these posting problems.

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Here's the biggest, scariest irony of all in this mess: Trump is essentially doing everything that needs to be done to dismantle the American financial empire.

 

What he's ranting about and fighting against--our massive trade deficit with China and other countries--is actually what has allowed us to wield financial hegemony over the Chinese, the Russians, and most of the rest of the world despite having hollowed out our industrial base since the 1970s.

 

Ever since we broke the link with gold and abandoned Bretton Woods in the 1970s, the US has 'dollarized' the world by basically making it so that other countries have had little choice but to recycle their export earnings into US treasury debt--because there hasn't really been a very good alternative when it comes to an international medium of exchange, and because we've implicitly declared that 'dedollarizing' your economy is tantamount to an act of war.

 

Now Trump is doing everything he can to disincentivize dollarization, pushing countries that are currently under dollar hegemony to more proactively seek an alternative.  This is one reason why China, Russia and the other major powers are buying gold at a record rate: https://www.kitco.com/news/2019-08-21/Russia-s-Gold-Buying-Spree-Not-Letting-Up-Central-Bank-Buys-Another-300K-Ounces-in-July.html

 

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The WGC has been pointing to an overarching trend towards gold, noting that central banks around the world purchased a total of 651.5 tonnes of gold last year — the largest amount since 1971.

 What they're aiming to do is to stockpile enough gold and other precious metals and 'primitive', 'universal' media of exchange to be able to revert back to the gold international exchange standard of the pre-Bretton Woods era, where gold--rather than the dollar--was the international medium of exchange and the world was basically divided into rival trading blocs, and the major powers had a higher degree of monetary autonomy.

 

Once the tipping point is reached, the dollar is dead as the world reserve currency, and we could be in for some serious pain as the empire falls.  It would not surprise me if, a few decades from now, people look back and identify Trump with the beginning of the end of American dollar hegemony and the reemergence of a truly multipolar world.  (As an American who would like to see his fellow countrymen gainfully employed and happy, not slogging through another depression, I hope I'm wrong, even though Trump disgusts me)

 

Either way, I think the guy legit doesn't understand that he's playing right into the Chinese's hands.

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So much winning.  God I hope this dumpster fire will be out of the White House come 2020 so an actual adult can attempt to try to begin to clean up this collosal mess. 

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31 minutes ago, Signifyin(g)Monkey said:

Either way, I think the guy legit doesn't understand that he's playing right into the Chinese's hands.

 

surprised nicolas cage GIF

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Knowing our luck, Trump will get reelected because of the economy not going into a recession...only for the economy to go under just a month or two later.  And then Trump will just assume more tariffs are the answer, and we'll be stuck with four more years of this shit.

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https://www.msn.com/en-us/news/politics/lindsey-graham-accept-the-pain-of-the-u-s-china-trade-war/ar-AAGjfOE?ocid=AMZN

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Sen. Lindsey Graham acknowledged on Sunday that Americans would have to “accept the pain” caused by the Trump administration’s trade war with China, but argued the U.S. maintains the advantage.

“The Democrats for years have been claiming that China should be stood up to. Now, Trump is, and we've just got to accept the pain that comes with standing up to China,” the South Carolina Republican said on CBS’ “Face the Nation.” “How do you get China to change without creating some pain on them and us? I don't know.”

The senator and key Trump ally suggested China will try to drag the trade war out through the 2020 elections.

“I think they’re trying to wait Trump out," Graham said. "I think they've made a calculation that our elections are right around the corner. They can play this game to 2020.”

Still, Graham asserted the Trump administration has the ability to pressure China, directing his comments toward the president.

“Listen, you got more bullets than they do," Graham explained. "They sell us a lot more stuff than we sell them ... the goal is to get them to change their behavior.”

“Until they feel the pain," he said, "they're not going to stop.”

 

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On 8/24/2019 at 12:43 PM, Jason said:

 

 

 

This is what stood out to me.

 

Trump ordered businesses out of China like a straight up dictator, and lest his defenders try to shrug it off as hyperbole or just something Trump said for the hell of it Trump immediately went on to insist he absolutely has the power to order everyone out of China and anyone even doubting that is "fake news".

 

It was like how the Greenland thing went from farce to quite serious, only in an even more conpressed timeline.

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