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Economy CNBC: China to halve retaliatory tariffs on hundreds of US goods worth about $75 billion

Discussion in 'The War Room' started by bobgeese, Feb 6, 2020.

  1. bobgeese Steel Belt

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    • Retaliatory duties on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance. The adjustments will take effect from 1:01 p.m on Feb. 14, it said, without specifying which time zone it was referring to.
    • The statement said the move was made in order to “advance the healthy and stable development of China-U.S. trade.”
    • China said that the next adjustment will depend on how Sino-U.S. trade ties evolve, adding it hopes to work with Washington to completely eliminate all tariff increases.

    China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion.

    After the cut, duties on U.S. crude will be reduced to 2.5%, from 5%, and the tariff on soybeans will be trimmed by 2.5%.

    The statement on the Ministry of Finance website said the move was made in order to “advance the healthy and stable development of China-U.S. trade.”

    “Who knows the exact motivations, I mean that’s quite plausible, that they’re under (economic) pressure. But I think the development is very welcome because you know, that language suggests that there is a bit of an olive branch here. And a bit of a desire to move forward beyond the phase one and possibly take on phase two,” said Kingsley Jones, chief investment officer at Jevons Global



    https://www.cnbc.com/2020/02/06/china-to-halve-tariffs-on-hundreds-of-us-goods.html





    ......

    China continues to lose this trade war.


    PS, Why couldn’t Obama do any of this stuff?
     
  2. Nameless King Blue Belt

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    Shut up stupid. How convenient for US markets this virus outbreak is, isn't it. I would love to see this happening in America instead...
     
  3. Bald1 War Room Can

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    They're attempting to soften the looming financial crisis due to their new virus.
     
  4. Rational Poster Actually the Best Poster

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    If only Obama engineered a deadly, incurable, and contagious virus and unleashed it on the Chinese population.

    What a pussy.
     
  5. Otto! Steel Belt Platinum Member

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    Are they still importing Corona?
     
  6. lilelvis Red Belt Platinum Member

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    Easy.........
     
  7. bobgeese Steel Belt

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    {<jimmies}
     
  8. nostradumbass Steel Belt

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    You'd love to see a virus outbreak in America? Way to show your true colors. Definitely not a complete hunk of shit.

    Either you're American and you're wishing harm on your own country because a president from the other "team" is in office, or you have TDS and you don't even live here. Either way is just pathetic.

    Trump engineered the flu. China's foot was a balloon.
     
  9. Prutfis Silver Belt

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    A separate article on the website noted the cut in tariffs was timed in conjunction with a U.S. decision in January to halve tariffs on Feb. 14 for $120 billion of Chinese goods — from 15% to 7.5%.


    Seems a pretty important detail to leave out.
     
  10. ObamaPhoneLady Banned Banned

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    [​IMG]
     
  11. bobgeese Steel Belt

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    I thought that was somewhere in the article.

    Anyway, that would make sense. China has realized America is done fucking around (don’t think for a second they don’t notice Chuck Schumer backing up Trump in his decisions), and our economy is in a stronger position than theirs. They’ve been slowly de-escalating tensions and making concessions, even if we have to drag it out of them and call their bluffs.


    But make no mistake, this is a decades long battle ahead.
     
  12. Prutfis Silver Belt

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    I didn´t have to be a decade long battle if Trump had gone about it the smarter way
     
  13. What I find interesting about the trade war is that for years economic orthodoxy has been saying that tariffs would only result in companies raising their prices to maintain the same profit margins they had before the tariffs. Yet since the trade war began corporate profits are down, wages are up, and inflation is low.
     
  14. Pseudo Sane Black Belt

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    Tell us more about how Trump created 2019-nCoV. What evidence do you have for this radical assertion?
     
  15. Rational Poster Actually the Best Poster

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    [​IMG]
     
  16. Holic Senor Cardgage Banned

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    The Obama admin was big on virus prevention. Particularly stuxnet.
     
  17. Fugazy You sure about that, that that’s why? Double Yellow Card

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    Why? What the fuck is wrong with you?
     
  18. Holic Senor Cardgage Banned

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    Both sides reducing tariffs is part of the stage 1 agreement drafted last year, no?
     
  19. Pseudo Sane Black Belt

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    Oops. I should have realized it was a joke, on account of how incredibly funny it was.

    [​IMG]
     
  20. Fugazy You sure about that, that that’s why? Double Yellow Card

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    You're right, if only Trump was better at this, he could have solved this all on his 1st day.

    What a slouch! Low Energy! Sad!
     

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