Trump's trade war cause prices to rise this weekend

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Post by Original Quill on Fri Sep 21, 2018 4:56 pm

Trump's trade war will cause prices to go up starting this weekend:

Forbes Magazine wrote:Trump Is Losing His Trade War

John Brinkley, Contributor to Forbes

Casualties from the Trump Trade War of 2018 with China are piling up fast.

Farmers and small businesses across the United States are suffering under the weight of 25% tariffs on Chinese goods that they need and/or China’s retaliatory tariffs on products they export, but Trump shows no inclination to back down. His administration has compiled a list of $16 billion worth of Chinese products it will hit with a 25% tariff on August 23. Trump is considering a 25% tariff on all auto imports on national security grounds, and tariffs on all Chines imports.

Element Electronics plans to lay off almost all of its 126 workers and close its factory in Winnsboro, S.C., because of new U.S. tariffs on components it imports from China. This is particularly sad, because Element Electronics is one of the last remaining television assembly companies in the United States.

A U.S. cargo ship carrying $20 million worth of soybeans for China tried to get there before China’s soybean tariff took effect on July 6, but arrived 30 minutes too late. The tariff raised the cost of the soybeans to $26 million. The ship drifted about off the Chinese coast for a month while the cargo’s owner, the Louis Dreyfus Co., tried to figure out what to do.

The ship, Peak Pegasus, finally docked in Dalian during the weekend and began unloading its cargo after the Chinese company Sinograin agreed to pay the 25% tariff. As of Tuesday, there were two other cargo ships loaded with American soybeans still waiting off the Chinese coast.

The farmers who grew those soybeans have already seen their prices drop by 20%, said Chris Gibbs, a soybean farmer in Ohio. Even if the tariff were eliminated, Gibbs said in an interview with CNBC that he and other farmers feared that the U.S. would be seen as an unreliable supplier and its foreign customers would go elsewhere for soybeans and other farm products.

For commercial fishermen in Alaska, life is hard and dangerous even in the best of times. China’s new 25% tariff on Pacific Northwest seafood may be more than some of them can bear. The state of Alaska has been working for years to attract Chinese buyers for its seafood. Given that there are plenty of other seafood-exporting countries, Chinese importers probably will just stop buying Alaskan seafood.

“We’d rather be left to our own challenges that we have. We don’t need any more,” Alan Noreide, a fisherman from Seward, Alaska, told Reuters.

The iconic American motorcycle company Harley-Davidson (NYSE:HOG) faces a boycott of its products, because it said it would move some production overseas to avoid a tariff imposed by the European Union in response to Trump’s tariffs on steel and aluminum imports. Trump supports the boycott.

“Many @harleydavidson owners plan to boycott the company if manufacturing moves overseas. Great! Most other companies are coming in our direction, including Harley competitors. A really bad move! U.S. will soon have a level playing field, or better,” Trump said on Twitter.

He said he would try to lure foreign motorcycle manufacturers to the United States to further tighten the screws on Harley-Davidson, which is based in Wisconsin.

In California, where wildfires have destroyed about 1,200 homes this year, U.S. tariffs will add as much as $20,000 to the cost of rebuilding a house, according to the National Association of Homebuilders. In addition to the 25% tariff on imported steel, the U.S. has imposed a 20% tariff on Canadian softwood lumber, which is heavily used in home-building.

Larry Kudlow, Trump’s chief economic adviser, said Trump wasn’t to blame for any of this.

“Don’t blame the great 'pussy-grabber', he said in an August 3 interview with Marketplace. “He inherited a broken world trading system where tariffs and particularly non-tariff barriers have been rising for years. The WTO, which is supposed to be the adjudicator, has been broken. . . So, the president is trying to fix it.”

In reality, the world trading system was working pretty well until Trump came along, and tariffs and non-tariff barriers have not been rising to any appreciable degree. The United States and 11 other countries negotiated the Trans-Pacific Partnership, which would have reduced or eliminated hundreds of tariffs, including Canada’s dairy tariff that Trump often complains about. Trump pulled the U.S. out of the TPP, stopped negotiations on a free trade agreement with the European Union, stopped negotiations on a bilateral investment treaty with China, abandoned the Obama administration’s work toward modernizing the WTO.

But Trump prefers war over diplomacy: Stick it to China with tariffs and China will beg for mercy.

So far, the only people begging for mercy are farmers and small businesses that are seeing their profits reduced or wiped out and the workers who will lose their jobs as a result.

John Brinkley was speechwriter for U.S. Trade Representative Michael Froman and for Korean Ambasador Han Duk-soo during the Korean government's quest for ratification of the Korea-US Free Trade Agreement.

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Post by veya_victaous on Sat Sep 22, 2018 1:34 am

Trump seems to think he's the one holding what everyone wants, but both China and the EU are also holding keys to markets of equal size or greater.

And of course Globalized companies like Harley Davidson will 'split production' to meet the requirements of each market, it's naive to not expect them to

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Post by Original Quill on Sat Sep 22, 2018 2:47 am

International trade is a bilateral thing. Trump just doesn't get that.

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Post by nicko on Sat Sep 22, 2018 5:54 am

Apart from poorly made copies, dangerous kiddies toys and crap electrical products,what exactly do they export ? [apart from weapons to 3rd World countries ].
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Post by Ben Reilly on Sun Sep 23, 2018 4:34 pm

nicko wrote:Apart from poorly made copies,   dangerous kiddies toys and crap electrical products,what exactly do they export ? [apart from weapons to 3rd World countries ].

Practically every smart phone, tablet, laptop and desktop computer is made in China, along with all their accessories. On top of that, China exports food to practically every country in the world (and lots of it), along with most other consumer electronics (TVs, media players, smart speakers, cameras, landline phones, radios, etc.).

Household items like furniture, kitchenware, bedding, clothing, shoes, light bulbs, batteries, etc.

Take a look around your house and tally up how many things you have made in China vs. anywhere else in the world; if China didn't make it, you're probably rich.

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Post by nicko on Sun Sep 23, 2018 4:40 pm

Nothing in my house is made in China, I wouldn't have their crap in my House !
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Post by Andy on Sun Sep 23, 2018 5:10 pm

nicko wrote:Nothing in my house is made in China,  I wouldn't have their crap in my House !
If you actually believe that, then it is easy to see why you bought into the Brexit lies.

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Post by Ben Reilly on Sun Sep 23, 2018 6:47 pm

nicko wrote:Nothing in my house is made in China,  I wouldn't have their crap in my House !

Check your computer and your phone. Or just tell me what brand they are and I'll find out where they were made.

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Post by nicko on Mon Sep 24, 2018 7:26 am

PC Lenova, Tv Samsung,Phone Panasonic. I thought they were Korean, Car Range Rover, built in Solihull !
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Post by 'Wolfie on Mon Sep 24, 2018 9:20 am

nicko wrote:
Nothing in my house is made in China,  I wouldn't have their crap in my House !

Idea

I suggest you look at any smartphones, computers, cameras, televisions and radios, and the likes that you have -- even if they were made in Japan, Korea, Germany, USA or Britain, they may well very well contain components made in China, India or Vietnam...

Have you checked the labels on every item of clothing in your house, to see how many may have sneaked in from China, Bangladesh, Indonesia, Fiji, Eastern Europe..

Ditto : every tool or appliance -- as many German, American, Japanese and British manufacturers are getting lower level items manufactured in China, and mid-level ones in places such as Taiwan, Brazil, Mexico.

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Post by 'Wolfie on Mon Sep 24, 2018 9:31 am

nicko wrote:
PC Lenova,  Tv Samsung,Phone Panasonic.   I thought they were Korean, Car Range Rover, built in Solihull !

Arrow

Lenova ==  Chinese  --  they bought IBMs p-c division a few years ago --  before then they were already a major component manufacturer for IBM.

Samsung == South Korean,  but they buy components from Chinese factories.

Panasonic ==  Japanese  --  part of the National Panasonic group, but they get lower level items made in China.

Range Rover and Land Rover, and Jaguar are still made in England, but are owned by an Indian corporation (Tata) ; (MG was sold to a Chinese company; while the Mini/Morris business and name were sold to BMW, and Leyland Trucks&Buses are now part of the American Paccar group..).

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Post by 'Wolfie on Mon Sep 24, 2018 10:05 am

Original Quill wrote:
International trade is a bilateral thing.  Trump just doesn't get that.

Arrow

We only need look to how General Motors and Ford operate these days, with their new "global" manufacturing policies, to see how hopeless Trump is...

The leading GM and Ford vehicles --  the Colorado and Ranger utility/pickup vehicles --  are built in factories in Thailand, and simply asssembled and finished in their US factories..

F-series Fords are built in factories in Brazil, Canada and Mexico as well as in the US..
Their Focus and Fiesta cars are designed and manufactured in Germany.
The Mustang and Ranger lines were designed and developed in Ford's Melbourne (Broadmeadows) design studio; while they also worked on refining the Focus and Fiesta; (Ford stopped manufacturing cars in Oz two years ago, but kept their engineering & design studio..).

GM owns the Daewoo factories in S. Korea, and the Opel factories in Europe.

Corvettes, Camaros and Mustangs were being fitted with brakes and alloy wheels made by Aussie owned companies !!!

And so it goes, on-and-on, with increasingly globalised car manufacturing where dozens (even hundreds..) of businesses in half-a-dozen or more countries might be involved in producing one model of motor vehicle..

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Post by nicko on Mon Sep 24, 2018 10:43 am

You live and learn ! Sad
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Post by veya_victaous on Mon Sep 24, 2018 11:15 am

Original Quill wrote:International trade is a bilateral thing.  Trump just doesn't get that.

And Also (surprisingly since his businesses do it) doesn't seem to expect Private Globalized companies to 'react' to any government polices in a way that will maximize their success/profits

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Post by Original Quill on Mon Sep 24, 2018 4:50 pm

veya_victaous wrote:
Original Quill wrote:International trade is a bilateral thing.  Trump just doesn't get that.

And Also (surprisingly since his businesses do it) doesn't seem to expect Private Globalized companies to 'react' to any government polices in a way that will maximize their success/profits

I know!  Trump's neckties are made almost exclusively in China.  His daughter's clothing line is  designed and manufactured in China.  Alternatively, China buys most of the US soy bean crop--most of the income to Iowa and Nebraska.

It's a bilateral thing...Trump's trade war is rather like your left hand refusing to assist your right hand.  But, in reality, Brexit is the same phenomenon as Trump's trade wars.  It seems that one-dimensional thinking is all the rage today.

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Post by Fred Moletrousers on Mon Sep 24, 2018 6:46 pm

WhoseYourWolfie wrote:
Original Quill wrote:
International trade is a bilateral thing.  Trump just doesn't get that.

Arrow

We only need look to how General Motors and Ford operate these days, with their new "global" manufacturing policies, to see how hopeless Trump is...

The leading GM and Ford vehicles --  the Colorado and Ranger utility/pickup vehicles --  are built in factories in Thailand, and simply asssembled and finished in their US factories..

F-series Fords are built in factories in Brazil, Canada and Mexico as well as in the US..
Their Focus and Fiesta cars are designed and manufactured in Germany.
The Mustang and Ranger lines were designed and developed in Ford's Melbourne (Broadmeadows) design studio; while they also worked on refining the Focus and Fiesta;  (Ford stopped manufacturing cars in Oz two years ago, but kept their engineering & design studio..).

GM owns the Daewoo factories in S. Korea, and the Opel factories in Europe.

Corvettes, Camaros and Mustangs were being fitted with brakes and alloy wheels made by Aussie owned companies !!!

And so it goes, on-and-on, with increasingly globalised car manufacturing where dozens (even hundreds..) of businesses in half-a-dozen or more countries might be involved in producing one model of motor vehicle..

And Land Rover is Indian, for Christ's sake!

Mind you, that's the modern, poncey, Kensington tractor Land Rover that is little more than a fashion item among yummy-mummies from Notting Hill, complementing nicely their Michael Kors handbags, Gucci shoes and red Hunter wellies...it's not the real Land Rover - made in Solihull with a bumper on the front made out of something that looks like a bit of iron girder, a thumping big block of engine that gives about as many mpg as a Chieftain tank, leaves a trail of atmospheric pollution to match that of a Clyde Puffer steamboat and is a pig of a hernia-inducing bugger to drive...

And I love mine to bits!
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Post by Original Quill on Mon Sep 24, 2018 8:13 pm

Fred M. wrote: among yummy-mummies from Notting Hill

Hahaha...we call them 'trophy wives from Newport Beach'. They are second wives, given a golden retriever, perhaps a Range Rover or a Porsche Cayenne, and a huge diamond that would choke a horse.

Oh yes, they also get the horse, cause it was that cute ass, in those cute riding jodhpurs, that brought him sniffing around in the first place. Twisted Evil

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"I don't stand by anything."  ― Donald Trump, interview with John Dickerson, 5.1.17...

Normal is broken.

“That's libertarians for you — anarchists who want police protection from their slaves.” ― Kim Stanley Robinson, Green Mars
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