US farmers are in the crosshairs of China’s Trade Retaliations. Penalties range from 25% on American pork and eight other kinds of goods to 15% on fruit and 120 types of commodities.
The Chinese Finance Ministry said in a statement dated Sunday that the previously announced tariffs on the imports of American goods would take effect Monday.
Penalties range from 25% on American pork and eight other kinds of goods to 15% on fruit and 120 types of commodities, the ministry said.
The Finance Ministry renewed China’s criticisms of the Trump administration’s 25% tariffs on steel and 10% tariffs on aluminum under Section 232 of the Trade Act as violating global trading rules.
At the same time, the ministry suggested that Beijing’s response is designed to be limited and doesn’t seek to escalate tensions.
This week, the Trump administration is expected to release a list of potentially targeted products for China’s alleged intellectual-property violations. Senior administration officials have said they are looking at 1,300 different product categories, including such high-tech areas as semiconductors, communications and aerospace.
This was widely expected and announced some time ago, but enforcement starts Monday. If Trump announces more tariffs, China is sure to respond harder.
It’s ridiculous to call this “winning”.
Mike “Mish” Shedlock
No – the useful idiots were the ones who hollowed out the US economy, destroyed millions of tax-paying jobs, created an unsustainable balance of trade deficit — all without realizing that there would be a price to pay. But hey! — the useful idiots had a theory that said all that mattered was getting cheap crap today. And the useful idiots detest the American working man. You probably know some of those useful idiots, monosynaptic.
Next up: soy beans – China are keeping their ammunition stockpiled for future battles in the trade war. It isn’t the direct number of jobs that are impacted, it is the communities that pig-farming and other ag products underpin that China is ratcheting pressure on, and this is deep red country. This is a triple win for Xi – he gets to stand up to the hated bully, galvanize his country around generic hatred for America, and also punish the wayward SOEs and provinces who have been overproducing steel against his wishes. Trump, as usual, is the useful idiot.
We need more holistic thinking. Clearly, it is not US pig farmers who are going to bear the brunt of China’s global-economy-destroying tariffs — it is China’s dogs. Think about it — cost of pork in China goes up & availability goes down, but man has to eat. Except maybe for a few Vietnamese imports, the dog meat industry in China is domestic. What’s for lunch, mom?
1% of the population is farming. I’ll bet the number of hog farmers is a pretty small subset of that, although they probably consume a lot of corn. Who cares? A good ad campaign will probably take care of any shortfall due to reduced Chinese consumption anyway.
Chins has a $100 billion per year trade surplus with America.
Who do you think will win this game?
Raising food prices are a sure way to increase unrest. I think China may be forced to backtrack on some of these tariffs.
gonna be hard on the “wealth affect” too. No Goose
What better way to raise inflation than to have trade wars. Not only does the government increase badly needed revenue, but raising the ‘real’ cost of living if it doesn’t collapse the world’s half dead economy, will tend to apply upward pressure on wages… where asset bubbles could not. I’m sure that such is the idiot logic supporting the nationalistic proponents of these kinds of actions. Of course it’s not just one president, it’s the tight clique of power-grabbers gravitating toward the worlds’ outmoded political institutions that are responsible for the corruption and ignorance we endure every day.
“It’s a huge concern that we have foreign people owning and controlling a significant portion of our food supply,” said Jed Christenson, marketing director for the Utah Department of Agriculture and Food. “No one is more sophisticated in efficiency and profitability than Smithfield. The Chinese not only are buying great access to pork, but also the intellectual property that comes with it.”
maube the chinese have found a way to raised “stealth” taxes? http://archive.sltrib.com/article.php?id=56583018&itype=CMSID