The Hindu reports India to Impose Retaliatory Tariffs on 29 U.S. Goods Starting June 16.
India has decided to impose retaliatory tariffs on 29 goods imported from the U.S. from June 16 onwards, officials in the Commerce Ministry told The Hindu. The decision comes a year after New Delhi initially decided to do so.
The tariffs will place a burden of $220-290 million on the U.S., about the same amount imposed by Washington on India in 2018.
Spotlight Almonds
The New York Times reports India Raises Tariffs, Escalating Trade Fight With Trump.
India announced late Saturday that it would raise tariffs on 28 categories of imports from the United States, the latest escalation in what has been a slow-motion trade fight between the two countries.
The increased tariffs, on $1.4 billion of goods, went into effect Sunday morning in India and cover almonds, walnuts, apples and finished metal items, among other products.
Tariffs on almonds, for example, will go up about 20 percent under the new rules — but that translates into a wholesale price increase of about 4.5 cents a pound for almonds in the shell, according to industry officials. India is one of the largest markets in the world for almonds from California, which produces most of the global supply, but growers are more focused on wooing Indian shoppers from locally grown nuts like cashews than on the trade duties.
Minor Skirmish
This is a minor skirmish. No one cares much about almonds other than California, and Trump does not care much about California.
Besides, Trump is winning.
Thanks to Chad P. Bown for compiling this likely incomplete list of 10 successes.
10 Tweets Highlighting Trump’s Progress
Click on the Tweet to play them. Alternatively, this Thread Reader Post may play them all.
Here are a few charts and ideas.
China’s Tariff Rate Climbing on US, Falling on Rest of World
China’s Imports From US vs the World
US vs Canada
- China imposes 25% retaliatory tariff on US lobster
- US lobster exports fall by 70%
- China cuts tariff on Canadian lobster by 8 percentage points
- Canadian lobster exports to China nearly double
Soybeans
- China retaliated with 25% tariffs, US soybean exports plummet
China did not need to cut its 3% soybean tariff toward Brazil or Argentina to shift its consumption toward those countries
Success Defined
Winning
Trump successfully got China to lower its tariffs rates with the rest of the world.
Clearly this is winning.
What the hell else can it possibly be?
Mike “Mish” Shedlock
I agree with you on that! As I have commented on a reply to Mish, I have done a search in the page with ctrl + F and searched Mexico and only found Mexico in the comment section and no where else in the page such as the current article.
i still can’t understand why americans choose mr.trump as their president…could anyone find a more stupid guy on earth than him?
Mish seems to forget who is paying for India’s retaliatory tariffs. The Indian importers. Already the Indian Business Journals are calling out India’s retaliatory tariffs as a mistake especially when they are being attacked by multiple fronts. Please read Mish
I like lobster and almonds and I guess this means that the price for US consumers has dropped.
With the economy doing well and the market having done pretty well since 2016 ,this is good news.
I’ll be cooking up some lobster and snacking on almonds today and enjoying Father’s Day – Hope everyone is also.
Ha Ha. MAGA: Cutting off your face to spite your nose.
I don’t even believe Trump is all that ill intentioned at heart, in contrast to most of his detractors, although he does have some deep-seated childish issues (even drinking tea with the Queen has to be the greatest cup of tea ever). But his willfull ignorance combined with terrible staffing have severely damaged America’s prospects for cooperation with other peoples for a long to come. America has lost all credibility as a trustworthy partner.
Trump is burnt toast. He overcooked it badly and now it will end badly for him. Could have been different but the Trump recession is upon us.
Yes. The economy has been so bad since he was elected. No jobs, no growth, markets (per Krugman) never to recover.
The horror!
Lol. The economy is terrible in some places. Ask families in the upper midwest. The coasts and Texas are carrying the economy.
Pick up and move.
The majority of the country is seeing a growing economy – terrible? Compared to the last 10 years? You have to kidding!
Lol. We know why and how the story will end. This time it’s worse because it’s based on even cheaper corporate debt. FWIW we are at <2% GDP again. For this it costed 5T over the last 3 years.
Btw I dont live in a depressed place but do travel the country. Things are still about where they were in 2016 or 2017. The market has risen due to debt and corporate tax cuts used to buy stock. The actual economy on main street hasnt improved much.
“The next trade war is with Viet Nam. Don’t even think of moving your manufacturing to Viet Nam.”
very likely – good comment
The stupidity of it all is the jobs will not come back regardless
Reshored manufacturing will rely heavily on machinery and be manned by robots. China was losing jobs to robots. I’d rather have the robots here than in China. Save shipping costs. Plus robot repair and care jobs pay well. It is a win if you look hard.
“Have you checked to see if your sarcasm meter is turned on? If it is, you may need to have it serviced.”
Bingo to Tengen – that idiot did not even bother reading the post. It was clearly 100% sarcasm.
He does not need a sarcasm meter, his problem is more fundamental.
“Wow talk about a 180 degree turn.”
That is the stupidest comment in the history of this blog. – deleted
Clearly, the fool is reading the headline and not the post.
For the record, I still maintain “the first country that practices free trade regardless of what anyone else does will be a winner”
“Weird nothing on Mexico Mish? Thought the world was coming to an end on that one. See anything in the headlines about a ‘safe third country’?”
I already commented on Mexico – you have selective reading
https://moneymaven.io/mishtalk/economics/trump-declares-victory-in-staged-mexico-crisis-5Hmw6wbFxE2lURlgtIWOPQ/. Was this what you were referring to? Might was to do a little more digging As Trump may have gotten a lot more than you indicate which runs counter to your entire premise on the Mexico tariffs being a scam to begin with.
The safe 3rd country story is less than 24 hrs old. Where did you discuss it?
https://www.foxnews.com/politics/mexico-releases-text-migration-agreement-trump-flashed
The language is close to that of a “safe third country” agreement that the U.S. has been seeking that means migrants entering Mexico apply for asylum there rather than the U.S. Mexico has resisted such a designation.
The agreement includes a clause by which, if the U.S. determines that the measures adopted by Mexico have not achieved sufficient results in preventing migrant flows after 45 days, then “Mexico will take all necessary steps under domestic law to bring the agreement into force.”
You Can Now Read Trump’s ‘Secret Deal’ With Mexico
It’s a whole lot of nothing
Rolling Stone: June 15
https://www.rollingstone.com/politics/politics-news/read-trumps-secret-deal-with-mexico-848667/
Just what I said previously – on June 8 – no need to discuss again
https://moneymaven.io/mishtalk/economics/trump-declares-victory-in-staged-mexico-crisis-5Hmw6wbFxE2lURlgtIWOPQ/
I did fail to mention Mexico denies agreeing to buy more US ag products. That could be worth reading
And since dunderheads are provoking me – perhaps It’s worth a review
The threat of tariffs mobilized the Mexican Army. 600,000 Mexican Army troops deployed to defend both borders and prevent illegal immigration into the USA. The USA does not have 600,000 troops to deploy. US active duty headcount is 450,000 and mobilizing reserves would disrupt industry.
To be honest with you Mish, I have done a search in the page with ctrl + f on my keyboard, typed in Mexico and the only place I see where Mexico is being mentioned is in the comment section of this article and no where else on this page.
Weird nothing on Mexico Mish? Thought the world was coming to an end on that one. See anything in the headlines about a ‘safe third country’?
Other than that; have you heard that Mexico put out their boarder patrol officers to prevent paying Trump’s Tariffs? I am quite thankful that they are finally listening to us!
USA exporting lobster and soybeans to China, importing industrial goods. What was it about first world versus third world countries, again?
NEW DELHI (Reuters) – India will look to create its own space station following the completion of the country’s first manned mission into space in 2022, its space agency chief said on Thursday. https://www.reuters.com/article/us-india-space/india-plans-to-launch-own-space-station-space-agency-idUSKCN1TE2FC
sounds like a productive use of its citizens hard earned tax money.
India is probably trying to fit in and be profligate like the rest of us. If they paid any attention to us, I’m sure they know how a printing press works by now. Besides, they can invoke civic pride and the same sort of blather we cite with NASA.
With more than half our population on the dole one way or another, very serious farmer distress, a serious public sector bank bad debt situation, serious unemployment and “real” GDP growth stagnating far below what this country needs to fight population growth, a space station is exactly what this country needs to take care of their problems!
Has India really got nothing better to do then ?? Like dealing with dramatic overpopulation and subsequent poverty, sexual/social discrimination, ecological issues etc to name just a few urgent issues…..Obviously not….let s go to the moon ! Stupid mankind , we are going to fckn destroy ourselves and which is worse, the most beautiful and liveable planet in the universe together with its in harmony living precious creatures(ex sapiens ape) will get eliminated in the irreversible destructive spiral too !
I gain a bizarre satisfaction that some will get what they deserve. E.g. the so called green (or Gruene?) egging to import unlimited number of third worlders to the first world consumer society, a different level of stupid just on environmental level. In the meantime, I try to spend my remaining years in nature, as far away from bipods as possible.
The next trade war is with Viet Nam. Don’t even think of moving your manufacturing to Viet Nam.
Chinese Exports fell 3.3% in April, year-over-year. 25% tariffs did not begin until 1 June. If you think tariffs on Chinese goods are not going to 50% then you can think again.