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Trump orders $50 billion tariff hit on Chinese goods as trade war fears escalate The U.S. will come up with a list of products that will face the higher tariffs within 15 days, and Trump said they could affect as much as US$60 billion in goods. U.S. President Donald Trump took his boldest step to level the economic playing field with China, ordering sweeping tariffs on Chinese goods in a move that could escalate already tense trade relations between the world’s two biggest economies. The president instructed U.S. Trade Representative Robert Lighthizer to levy tariffs on at least US$50 billion in Chinese imports. Trump was poised to sign an executive memo issuing the instructions on Thursday at the White House. Within 15 days, USTR will come up with a proposed list of products that will face higher tariffs. “This has been long in the making,” Trump said, adding that the tariffs could affect as much as US$60 billion in goods. “We have a tremendous intellectual property theft situation going on” with China affecting hundreds of billions of dollars in trade each year, he said. Trump also directed Treasury Secretary Steven Mnuchin to propose new investment restrictions on Chinese companies within 60 days to safeguard technologies the U.S. views as strategic, said senior White House economic adviser Everett Eissenstat. Policy makers across the world are warning of a brewing trade war that could undermine the broadest global recovery in years. U.S. stocks fell sharply early Thursday amid worries that the U.S. action could provoke a stern response from China, with the S&P 500 down 1.1 percent at 12:30 p.m. New York time. Meanwhile, business groups representing companies ranging from Walmart Inc. to Amazon.com Inc. are warning U.S. tariffs could raise prices for consumers and sideswipe stock prices. Honesty is the best policy. |
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Trump kill the "golden egg duck" Boeing company. I believe you've heard "golden egg duck story before. Boeing is our #1 nation’s biggest manufacturing exporter. First, Trump raised tariff on steel and aluminum, in terms of increased Boeing "cost" to make airplanes plus hurt our neighbor allies, e.g. Canada and Mexico trading relationships. After Trump realized his mistake that China is not the top exporter of steel and aluminum, he changed his mind to "temporary exemptions" for Canada and Mexico as he seeks to revise the North American Free Trade Agreement (NAFTA). To make things even worse, Trump decided to levy $50 billion tariffs specifically on China due to "trade deficit" of $375 billion in 2017. I know China has high tariffs, luxury tax on many high-end products, such as Ferrari, Lamborghini, BMW, ... etc. and brand name expensive handbags, Gucci, and many others. So, many Chinese travelers smuggled "milk powder can" and some cosmetic products without import tax (tariff) in Hong Kong or other countries and resell those products to Chinese in China. It is very weird stories, but it is TRUE stories. So, our #1 "golden egg" money-making company Boeing plunged again today. It is all Trump fault. I think Chinese government will retaliate and cancel orders on airplane purchase from Boeing. How Trump gonna deal with that??? Last week, Trump blocked the merger that foreign company, Broadcom (semi-conductor company) to buy U.S. Qualcomm (semi-conductor company). In Obama administration, the Treasury blocked Pfizer to buy Allergan (Irish company) to avoid income tax. So, now only U.S. company can buy out another U.S. company. This is too politicized, not "global free trade". No wonder, Gary Cohn resigned lately. Honesty is the best policy.
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Trump called Russia president Putin to congratulate him won the presidential election. Trump's top lawyer had warned Trump not to congratulate Putin, but Trump did it anyway. So, this morning his top lawyer, John Dowd resigned. In addition, Trump says he'd like to testify in Mueller's Russia probe. Honesty is the best policy.
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Fear of $60 billion tariffs on China and China retaliation, Boeing and Caterpillar are the two companies plunged the most today. Trade war?? Trump has many things weight on his shoulders. 1. Robert Mueller Russia probe 2. $60 billion tariffs may incur China retaliation and global trade war 3. The extramarital relationship with a porn star and six more plus 19 women are suing Trump for groping 4. So many cabinet employees left Trump administration 5. Trump didn't do much about gun control and praised NRA are good people Someone posted on this site "Trump haters". I want to say "what's to like Trump about?" I can't agree with Trump. I miss Obama administration and his VP Joe Biden. Honesty is the best policy.
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