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Thread: Tariffs and trade !

  1. #321
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    Default Re: Tariffs and trade !

    But wait. There's More!

    https://www.washingtonpost.com/outlo...=.d18675cebc38

    My family has been in the bicycle business since 1907, when my grandfather opened a shop on New York’s Lower East Side. That tradition continued in 1950, when my father started our company as a bicycles and accessories wholesaler. Today, we are one of the largest suppliers of imported and American-made bicycles in the country. Over the generations, we’ve weathered all kinds of turns in the industry. But we’ve never dealt with anything like this: heavy tariffs on key commodities, announced with barely any notice, by a president who may or may not be bluffing.

    Though the bulk of my business comes from imported bikes, I also own and operate a bicycle assembly factory in Manning, S.C., which produces one of our lines, BCA Bikes. When we opened our doors in 2014, initially hiring 47 employees, we were bucking the overall trend in our industry: More than 95 percent of all bicycles sold in the United States are manufactured in China. With high employee turnover and labor costs there rising, we decided to make an investment in our long-term growth. Today, our factory is responsible for more than 50 percent of the 625,000 bicycles produced in the United States each year. Before President Trump’s trade war, we had plans to grow even further.

    Almost all of our parts are made in China: Saving on their manufacture has enabled us to hire American workers and offer them good wages and excellent health benefits. We were already paying duties of 4 to 10 percent when the Trump administration announced in 2018 that it would impose an additional 10 percent tariff on $200 billion of Chinese goods. We couldn’t simply pick up and buy from makers in other countries. Though the United States once had a substantial bicycle parts industry, those companies were wiped out in the early 1990s. Our business partners in China have decades of experience making the parts we need. We source very carefully, and we can’t afford to gamble on quality or safety.

    The administration’s abrupt policy shifts alone have caused damage. When Trump first threatened to increase tariffs to 25 percent, everyone — including our competitors — wanted to get their products to the United States before they were scheduled to take effect. Ocean freight carriers increased prices dramatically. The administration eventually backed off on the threat and didn’t raise those tariffs. But we had more than $1.5 million in additional freight costs, which we couldn’t recoup. Running a business requires adapting to adversity; these sudden changes came like a punch to the gut.

    Now Trump has renewed his threat to increase tariffs to 25 percent Friday — a ridiculously short time frame that leaves us little time to react.

  2. #322
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    Default Re: Tariffs and trade !

    Quote Originally Posted by RedRollingRoadblock View Post
    Everything the Orange Menace touches turns to s***. Directly, indirectly.

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    Default Re: Tariffs and trade !

    I wonder why those that scream about the democratic party being the party of socialists never have anything to say about Trump's massive billion dollar socialist program to pay farmers for their loses during the "easy to win" tariff war ?
    Where are you all ? Hiding behind the curtain of truth ?

    Donald Trump’s plan to buy US$15 billion of crops for humanitarian aid does not thrill farmers
    The unresolved trade dispute between the United States and China roils global financial markets episodically, but over the past year its escalation has sharply curtailed US farmers’ access to one of their biggest markets, exacerbating the pain they are feeling from already low commodity prices.
    Adding insult to injury, they say, is being offered a handout by US President Donald Trump, who tweeted on Friday that he would use the money raised via tariffs on China to purchase US$15 billion worth of agricultural products to help the farm sector. The purchased food would go towards humanitarian aid, Trump said.
    On Friday the US and China failed to reach an agreement and, as promised, the US raised tariffs to 25 per cent, from 10 per cent, on US$200 billion worth of Chinese goods and prepared to place new 25 per cent tariffs on an additional US$325 billion of imports from China – though it was unclear when those would go into effect.
    https://www.scmp.com/news/china/dipl...manitarian-aid
    Last edited by fxstc07; 1 Week Ago at 07:35 AM.

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    Default Re: Tariffs and trade !

    An opinion article that lays out the charade of the easy to win tariff war.

    It’s time for markets to end their illusions about a US-China trade deal
    Financial markets should abandon any remaining illusion that U.S.-China trade talks are a time-constrained, tradable event that ultimately will result in a deal reassuring investors. Near dead is the notion that both sides would inevitably compromise because they so badly need agreement for their own political and economic purposes.
    Make no mistake. Even if the U.S. and China seek out a trade agreement in coming weeks, it would do very little to change the relationship, which has been fundamentally altered over the past months, from one of strategic engagement to one of sharper competition. Expect economic, political and even military risks to rise until skilled strategists and diplomats from both sides establish principles and rules of the road to govern the world’s most decisive bilateral relationship.
    “China has fully prepared for an escalated trade war. It is a new strategy of China to engage in trade talks while fighting a trade war. I think China bets on the fact its politics is more powerful than US politics. Trade war will be decided by domestic politics eventually.”
    “More and more Chinese now tend to believe the current US government is obsessed with comprehensively containing China. A trade deal, even if reached, will be limited in actual meaning and could be broken constantly. So they support being tough on the US, giving up an illusion.”
    https://www.cnbc.com/2019/05/10/its-...rade-deal.html

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    Default Re: Tariffs and trade !

    How long will the blatant lies, the deceit, the harm done to us all continue ?
    Tell me somebody.
    Now we have the President's head of the National Economic Council telling us the President ( lied ) was inaccurate in his statement that China will pay the tariff's imposed. In reality it's the US businesses and then ultimately, the consumer who pays the tax.
    What a sham.

    US will suffer from tariffs, Trump aide Larry Kudlow admits
    Larry Kudlow, who heads the National Economic Council, accepted it was US businesses that paid the import tax.
    He told Fox News that he believed "both sides will suffer" from the escalating trade dispute.
    On Friday Mr Trump tweeted that tariffs on $250bn of goods coming into the US were being paid "by China".
    In an interview with Fox News Sunday, Mr Kudlow admitted that it was American businesses that paid the tariffs on any goods brought in from China, and that US consumers would also foot the bill if firms passed on the cost increase.
    Just another one of the ten thousand lies, false claims and inaccuracies mumbled to the citizens by the the resident pseudologist who resides in the oval office.

    https://www.bbc.com/news/business-48246821

  6. #326
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    Default Re: Tariffs and trade !

    https://www.washingtonpost.com/polit...=.162e966950e3

    Kudlow acknowledges U.S. consumers, not China, pay for tariffs on imports

    National Economic Council Director Larry Kudlow acknowledged Sunday that American consumers end up paying for the administration’s tariffs on Chinese imports, contradicting President Trump’s repeated inaccurate claim that the Chinese foot the bill.

    In an appearance on “Fox News Sunday” two days after U.S.-China trade talks ended with no news of a deal, Kudlow was asked by host Chris Wallace about Trump’s claim.

    “Fair enough,” Kudlow replied. “In fact, both sides will pay. Both sides will pay in these things.”

    Pressed again by Wallace, Kudlow acknowledged that China does not actually “pay” the tariffs.
    Someone in this administration told the truth? Bet he get thrown under the bus in two weeks-or less.

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    Default Re: Tariffs and trade !

    Really

  8. #328
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    Default Re: Tariffs and trade !

    Great article by PCR and he's right......

    https://www.paulcraigroberts.org/201...-tariff-issue/
    fxstc07 and 222lifer like this.

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    Default Re: Tariffs and trade !

    After the last round of tariffs were applied, it includes shipments in transit currently towards China.
    There are also products sold, but not yet shipped that will be affected.
    Those products are mostly from the heartland and affects the farmers.
    Soy beans, pork, corn and cotton.
    I guess Trump's socialist machine will ramp up again to pay farmers for his "easy to win" trade war miscalculations.

    Ships Steam to China With U.S. Cargoes as Tensions Escalate
    As the U.S.-China trade war escalates, speculation is swirling over whether the Asian nation will honor purchases of American products including soybeans and cotton that are yet to be delivered.
    At least 10 bulk carrier cargoes are in transit, while at least one vessel managed to offload its U.S. cargo on the weekend as tensions between Washington and Beijing flared.
    Bulk carrier Fiji arrived in Dalian Sunday, waiting a week before congestion cleared to enter port. The cargo originated from Export Grain Terminal Longview in the Pacific Northwest with 67,113 metric tons of soybeans, according to U.S. Department of Agriculture and IHS shipping data analyzed by Bloomberg. China has bought about 7.4 million tons of U.S. soybeans that haven’t been shipped yet, USDA data show.
    Another 468,000 tons of American corn, 103,000 tons of pork and 704,000 running bales of cotton also have been sold but not yet shipped to China, according to the USDA.
    https://www.bloomberg.com/news/artic...ound-for-china

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    Default Re: Tariffs and trade !

    It's not like many people didn't warn others this will happen.

    Walmart Says Price Increases Are Coming Due to China Tariffs
    The nation’s largest retailer commented on the effects of the Trump administration’s increased tariffs on goods made in China Thursday in an earnings call. And it wasn’t good news for bargain hunters.

    “We’re going to continue to do everything we can to keep prices low,” said Brett Biggs, chief financial officer at Walmart, which once again topped the Fortune 500 list in 2019. “However, increased tariffs will lead to increased prices, we believe, for our customers.”

    The chain is working with suppliers to find ways to reduce the impact of the price increases, but much of its merchandise, including clothes and sporting goods equipment, comes from China.
    Walmart Says Price Increases Are Coming Due to Tariffs | Fortune

 

 
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