by Countable | Updated on 4.6.18
In the latest escalation of the trade dispute between Beijing and Washington, President Donald Trump on Thursday instructed U.S. Trade Representative Robert Lighthizer to consider an additional $100 billion in tariffs on Chinese goods.
Asked about the tit-for-tat tariffs, and their affect on the economy, Trump said on Friday:
"I’m not saying there won’t be a little pain."
Pork-producers, soybean farmers, and winemakers are some of the hardest-hit industries as the U.S. and China continue to pile on tariffs.
Last year, China bought nearly $1.1 billion of pork from the U.S. NPR reported that Nevada, Iowa, farmer Howard Hill – who raises corn, soybeans, cattle, and hogs – has "seen hog prices drop to the point where it may cost some farmers more to raise a pig than they can sell it for." If the tariffs are imposed for a lengthy stretch, Hill says, “there will be people who go out of business."
Soybeans are America's leading agricultural export. In 2017, almost 60% of the beans went to China, totaling $21.6 billion in sales.
American Soybean Association Director Joe Steinkamp told the Washington Post he exports about one-third of his soybean crop to China. The Indiana farmer said he risks losing around $170,000 in annual income if the tariffs are instated.
The Dow Jones Industrial Average was down more than 300 points Friday morning. However, it did recover some lost ground later in the day.
Earlier this week, shares in Boeing – one of the U.S. businesses who would be most affected by the tariffs – dropped by as much as 5.7 percent. Caterpillar and Intel experienced a 2 percent loss.
The National Retail Federation accused Trump of "playing a game of chicken with the nation's economy."
After saying there may be ‘a little pain,’ the president continued: "So we might lose a little of [the trade war] but we’re going to have a much stronger country when we’re finished, and that’s what I’m all about." Is that what you’re all about? Are you feeling any pain over the trade dispute? Or is it all just bluster? Share your thoughts - and pain - below, then hit Take Action and tell your reps.
(Photo Credit: pixdeluxe / iStock)
Written by Countable
Any president who can be influenced by a biased “news organization” like Faux isn’t qualified to running this country. It’s a travesty we have to wait for Mueller to remove this threat to our democracy.
Most of the 'pain' I am feeling is from loss of time because Congress cannot seems to distinguish between voters and lobbyists. Nor do they seem capable of representing the populace who elected them. Because unlike my life as an average american in the Obama era, I am now forced to live in an American Cult Reality Show where the leader of the free world is NOT held to the same standards of behavior as the average middle school student.
This is great for the steel industry as I work in it and we are booked solid through September now! Hiring too! Let’s go America! Put on those boxing gloves and rub in the elbow grease! There is good money to be made! As far as this so called trade thing with China! Well next time you shop for clothes or what ever just look at the label! If it says Made in China then don’t buy it! Save a little more money so you can buy better quality!
Pretty biased article from Countable. No talk about the reason for the tariffs, no talk about how China has been stealing our technology and intellectual property for years. I’m glad that we finally have a president with the balls to deal with China.
My pain is in being embarrassed and anxious about being an American as we are represented by a belligerent, mean spirited, entitled president who delivers blows to anyone he has the whim to hit. I'm embarrassed to be represented by him, through and through. I don't trust his bullying judgement and feel about as unsafe as I can ever remember. I don't think his tough stance will command respect. I expect it will call to us horrible, far reaching retaliation and rejection and that we will end up isolated, non-competitive and weakened in the world. I believe that Trumps judgement is the most dangerous threat to our security that there is.
I’m calling on Congress to fast track legislation allowing soy bean farmers to plant hemp in the next few weeks. Growing soy is terrible for the environment. Let them grow it in China. Hemp protein is better. This will ensure swift American victory in the coming trade war. HEMP FOR VICTORY!
I am retired and Trump is playing chicken with my investments. Am I supposed to thank him for that? Quit the bully tactics and be the deal maker he claims to be.
Another created, supposed crisis to deflect attention from the immorality, unethical behavior, anti-American, selfish, ignorant, illegal, money-laundering activities of the fake bully president. Simple.
It is really too early for anybody to know what kind of pain this business is going to cause them. Tell me in a year, after shortened demand, unemployment & stifled trade have had their way with domestic steel will the picture still be rosy? I would bet against. If farmers can't afford new farm machinery & regular folks can't afford new cars & industry isn't exporting anything, what will we be making with that steel exactly? McRib presses? For all the pork we're not exporting? Ethanol tanks? For making corn into gasahol because we have no export market for corn? There's only so long we can eat each other's lunch. Eventually nobody will have lunch to steal.
MY PAIN IS TRUMP !!!!8
I’m waiting for the republicans to tell me where the 3 million jobs were created. Come on put up or shut up.
The end of the family farm. Hope you don't mind higher food prices with less quality. Course Trump has no clue about farms.
Not yet, but doing the right thing usually takes sacrifice and some pain. In the end hopefully people will look back and say it was worth it.
Not yet but that's because I'm poor and don't buy much anyway but I seen the list of things affected and I think we'll feel it soon though, seriously how much longer must we suffer a president that creates wars cause he feels like it?
The very industries and areas that voted him in will be hit the hardest so let them suffer maybe next time they will think twice about putting a mad man in the White House
This tit for tat from China seems like the bully who doesn’t want to lose everything he stole from his victims in order to make things right. Everyone will benefit from fair trade which has never seemed to work in our favor.
Intellectual theft by the Chinese benefits everyone who shops at harbor freight tools.
45 has no knowledge about how to run a government. He shoots from the hip and lets the disasters follow. The economy is tanking with rampant unemployment soon to follow. Can no one shut him up?
Something definitely needs to be done about this trade deficit with China. It’s definitely not a level playing field. The problem with what trump is doing is that there are American winners and losers. I’m not going to spout some from the hip response without out proper knowledge, which is what we hear too often from American people and the elected officials. What’s needed is a long term plan that is BIPARTISAN, not one sided and accusatory.
In tariffs, you will see increase of cost of goods across the board, still no help to America middle class, but you got your tax cut, if you’re a corporation and wealthy. Stuff made for the Trump’s family in China are not part of the tariffs? Comparing Trump to Hilary, Hilary a Saints,Trump and family the devil? If you really want corrupt, you got to vote republican, democrats are way too honest!