by Countable | Updated on 4.2.18
UPDATE - April 2, 2018: China has announced it is retaliating for the Trump administration's steel and aluminum tariffs by imposing its own import taxes on 128 American-made products, affecting over $3 billion in exports.
Beijing is imposing a 15 percent tariff on 120 U.S. goods, including fruit and nuts.
A duty of 25 percent will placed on pork, recycled aluminum, and an additional 6 products.
China rejects President Donald Trump's claim that the steel and aluminum tariffs are necessary to protect national security, and said the duties violate World Trade Organization rules. Beijing argued its tariffs, however, represent "legitimate measures…to use the rules of the [WTO] and safeguard its interests."
Countable's original story appears below.
President Donald Trump announced a plan to impose tariffs of up to $60 billion on Chinese goods.
Trump said the tariffs are meant to punish Beijing for intellectual property theft and pressuring companies to share their technology in order to do business in the country.
Officials in China are "are preparing to respond with their own tariffs focused on U.S. exports of soybeans, sorghum and live hogs," according to the Wall Street Journal (paywall).
Trump signed a presidential memorandum directing Trade Representative Robert Lighthizer to draw up a list of Chinese products that could be slapped with tariff increases. The final list will be published in 15 days, following a public comment period.
"We’re doing things for this country that should have been done for many, many years," the president said.
"Our view is that we have a very serious problem of losing our intellectual property, which is really the biggest single advantage of the American economy in my opinion," Lighthizer said earlier this week.
The Journal, citing people with knowledge of the matter, wrote that "China’s potential retaliation is calibrated to hit states that helped elect Donald Trump in 2016…Trump won eight of the top 10 soy and hog-producing states, and seven of the top 10 sorghum states."
25 large retail companies - including Costco, Target, and Walmart – are urging Trump to reconsider imposing tariffs on goods imported from China.
Will the tariffs do "things for this country that should have been done for many, many years"? Or will they hurt more Americans than Chinese? Are there companies you’d like to see on – or off – the list? Hit Take Action and tell your reps, then share your thoughts below.
(Photo Credit: ByoungJoo / iStock)
Written by Countable
For those supporting tariffs. THIS WILL NOT BENEFIT YOU. Let's pretend for a moment that it will be good for the economy. NOTHING changes the fundamental, systemic flaws in the system that feed any benefits gained to the top 1% while blocking YOU and I from getting the benefit. The economy has been steadily improving for the last 10 years. What benefit have you seen? Now look at it more realistically - it is more likely that tariffs will HURT our economy and YOU and I are the canaries in the coal mine. A worsening economy will hit you and I much harder than it will hit the top 1%. Your personal (and very real) economic woes have NOTHING to do with a trade deficit. Your personal (and very real) economic woes are the result of a system that is designed and operated by the rich, for the rich; a system that has been slowly tilting further toward the rich as laws have changed making it easier for the rich to buy congressional seats.
It’s kinda crazy that Mr Trump will set off a tariff war on China, noting intellectual theft, but he wouldn’t personally peep out a syllable to Putin for his attempts to destabilize our election process nor utter a word on the attempted murder of persons in England via nerve agent. In the meantime, Target shoppers, get ready to pay more for your purchases. Well done sir, you’re a knob.
Did any of his idiot voters actually believe someone who has declared bankruptcy 6 times and managed to inherit billions and not be able to hang on to or earn more of them was a financial genius? He couldn’t earn an honest dollar with a tin cup and a monkey.
When #45’s companies stop sending their products overseas for manufacturing, should #45 be able to even chime in on overseas trade! The US Chamber of Commerce, folks who have a thorough understanding of our trade system, have said this is NOT the way to achieve fairness in trade. #45 wants US companies to turn to India instead of China for product as #45’s companies are heavily invested in India. Sadly, #45’s goal is not to drain the swamp, but to drain the pockets of the middle/working class and poor!
A lesson in economics 101. Tariffs result in imported and exported products costing more. Inflation increases and consumers cut back. The Fed raises interest rates making loans more expensive and more difficult to get. Consumers cut back on home buying and large purchases. Corporations stop borrowing to support expansion plans; lay off workers. Unemployment goes up. The economy retracts. Tax revenues fall. Can you say ‘recession’? GET RID OF REPUBLICANS IN CONGRESS IN NOVEMBER AND STOP TRUMP!
10% drop in the Dow, John Bolton as National Security Advisor, meeting with N Korea with a hollowed out State Department, congratulation to Putin, sexual assault allegations, withdrawal of support of Qatar after the refusal to finance his son-in-laws NY real estate deal, negotiations with a sanctioned Russian bank, alleged Russian funds through the NRA: what will it take for Republicans in Congress to stop this so-called President from his obvious grab for dictatorship?
Trump is a vindictive fool...he acts before he thinks if thinking is even possible for him
It’s way past time that China gets a dose of their own medicine and start leveling the field with them #MAGA
President Trump refuses to understand that for every one decison he makes, there are sometimes hundreds of other industries/voters/supporters/non-supporters affected. I place the blames squarely on the Republican party. THEY have REFUSED to remove him from office so he just does whatever he wants and the rest of us be damned! The Blue Wave is coming for you GOP. We are coming.
If this continues, we all have to belong to the top 1% to be able to afford living here.
Trump went around saying how easy it is to win a trade war. Heh heh heh. Yeah, trade wars are slow boilers, swami says most people will really see the difference (if we haven't abandoned this stupid idea) by Christmas shopping season. High prices, low employment. Farmers who depend on exports will have less money to spend, since tariffs will depress crop prices leading to worse news in the rural areas. It is a terrible time to be a pig farmer. Look for the return of the McRib fall to xmas at the latest as McDonalds capitalizes on farm woes: closed Chinese pork market leading to cheap pork. Farmers don't want to feed or house pigs over the winter, so they go to slaughter whatever the price. If McRib appears it is a sign that Trump's trade war is going badly.
Tariff for tariff until an equally fair deal can be reached. Imagine that?! A President standing up for our country, not demonizing our country!
So he punishes China but kisses Putin’s ass! That sounds about right. What an idiot! Hope his base is happy!
We have a lot of economic experts in these comments I'm impressed
Oh Boy! I see all the socialist lefties are weighing in! China has been steeling intellectual property for years and copying or attempting to copy well made goods from the U.S. , Europe, even South America believe it or not! Enough is enough. It didn’t help that Bill Clinton allowed them to steal sensitive nuclear information either! This country should have kept Taiwan as their One China Policy as Taiwan is the National Free Government of China in Exile! They adopted this One China policy in 1979 and it should have never happened! Red China is sworn to our distraction as probably most of you younger people do not know! We shoul not ever do business with a communist nation! EVER! Greedy Corporations that move our jobs there to make money and stuff their pockets should be punished! And I’m a Conservative!
Rex Tillerson was right, Comrade Bone Spurs is a f@$*ing moron. He thinks he's a big wheeler dealer, when in fact he can't hold his own with China, he's not even in the same class, he's beneath them. So much for his constant claims of making America great again. He's going to sink us in so much debt, we'll never see the light of day.
There goes my 401(k), but at least he got to keep his campaign promise that’s the most important thing. President Trump took credit for the market going up, will he take credit for blowing it up?
And Putin is laughing his A$$ off!
45 is a moron! He is destructive and ignorant. Get rid of him!
The president of the United States is a stupid, petty little man. I take no pleasure in this.