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"The trade war could be one of the factors but the bigger problem is actually China's domestic demand - this summer is weaker than last year."
China's June exports, imports fall as trade war takes heavier toll
https://mobile.reuters.com/article/a...mpression=true
"The trade war could be one of the factors but the bigger problem is actually China's domestic demand - this summer is weaker than last year."
China ain't gonna blink. They know this century belongs to them, not USA.
Trash will cave, or get voted out, and the Dems have to cancel all trade war.
Trash is costing every USA family an avg of $1000/year with his ing "easy to win" trade war.
hasn't gotten those marching orders in a while
Hope it makes up for this:
The U.S. trade deficit widened by more than forecast to a five-month high as imports surged the most since 2015, illustrating how President Donald Trump’s trade policies are weighing on the economy.
The gap increased 8.4% in May to $55.5 billion and April’s level was bigger than previously reported, Commerce Department data showed Wednesday. The median estimate of economists surveyed by Bloomberg called for a deficit of $54 billion. Imports jumped 3.3% and exports rose 2%, the most in a year, while the goods- trade gap with China widened to $30.1 billion.
https://www.bloomberg.com/news/artic...ighest-in-2019
...
Last edited by boutons_deux; 07-15-2019 at 06:23 AM.
Tariffs on China Don’t Cover the Costs of Trump’s Trade War
President Trump on Monday portrayed America as being on the winning end of his trade war,
saying tariffs are punishing China’s economy while generating billions of dollars for the United States,
an economic victory that will allow him to continue his fight without domestic harm.
“We’ve taken in tens of billions of dollars in tariffs from China,”goddamn, Trash and his supporoters are ing stupid
government figures show that the revenue the
United States has collected from tariffs on $250 billion worth of Chinese goods
is not enough to cover the cost of the president’s bailout for farmers,
let alone compensate the many other industries hurt by trade tensions.
Mr. Trump’s tariffs on Chinese imports raised $20.8 billion through Wednesday, according to data from United States Customs and Border Protection.
Mr. Trump has already committed to paying American farmers hurt by the trade war $28 billion.
https://www.nytimes.com/2019/07/15/business/trade-war-tariffs-revenue.html?emc=rss&partner=rss
I have NO DOUBT that Trash will stiff the farmers.
Tariffs cost the avg American household $1000/year, eating the trivial savings for the oligarchy's tax scam.
Trump’s policies created a record-setting trade deficit in 2018
A key aspect of Donald Trump’s “America First” policy is that a trade deficit represents a “rip off” of the US.
the results haven’t matched the rhetoric.
New data out today showed a record-high US trade deficit in goods of $891 billion in 2018, Trump’s first full year in office.
It’s also a deficit more than $100 billion bigger than the high during Barack Obama’s term, in 2015.
The politically sensitive US trade deficit with China also hit a new high last year, of $419 billion.
Trump’s trade tariffs had cost American consumers $19.2 billion thus far.
tax cuts passed boosted demand for imported goods among US consumers and businesses,
while weakening economies abroad pushed up the value of the dollar, making American exports less compe ive.
https://qz.com/1566493/trumps-policies-created-record-setting-trade-deficit-in-2018/?utm_source=email&utm_medium=daily-brief
Larger Farms Find Way to Get Around Limits on Trump Tariff Aid Package.
the farmers with larger farms figured out how to get around those federal caps.
About 83 percent of the aid under the Market Facilitation Program has gone to soybean farmers because they’ve suffered most under China’s retaliatory tariffs.
The program sets a $125,000 cap in each of three categories of commodities:
one for soybeans and other row crops,
one for pork and dairy, and
one for cherries and almonds.
But each qualified family member or business partner gets their own $125,000 cap for each category.
Farmers who produce both soybeans and hogs, for example, would have separate caps for each and could thus collect $250,000.
Guess what this loophole allows larger farmers to do?
You can have multiple “partners” claim compensation for the same farm. Same address.And Peterson isn’t even the worst offender, but you get the idea.
At Peterson Farms in Loretto, Kentucky, eight members of the family partnership collected a total $863,560 for crops grown on over 15,000 acres, including wheat and corn used at the nearby Maker’s Mark bourbon distillery.
Co-owner Bernard Peterson said it didn’t make up for all their losses at a time when it was already hard to be profitable.
The $1.65 per bushel aid payments for soybeans fell well short of losses he estimated at $2 to $2.50 per bushel.
And it doesn’t even have to be family members, just partners.
https://www.dailykos.com/stories/201...tail=emaildkre
Is it police work or racial profiling?
U.S. crackdown puts Chinese scholars on edge
With three patents and more than 300 research papers to his name, Xiaoxing Xi was the respected chairman of Temple University’s physics department.
That is until May 2015, when FBI agents burst into his home outside Philadelphia with guns drawn and accused him of being a spy. He was hauled away in handcuffs in front of his wife and young daughters, fingerprinted and strip-searched. He also was threatened with 80 years in prison and a $1-million fine.
Four months later, federal prosecutors dropped the charges
after experts provided affidavits that the information Xi sent to scientists in China was widely known and publicly available on the internet. Federal authorities offered no apology, no explanation and no compensation — leaving Xi struggling to rebuild his shattered life.
Xi’s case, and several others like it, have sparked widespread fears that the
federal government’s recent crackdown on China
is leading to racial profiling of ethnic Chinese students and scholars.
https://www.latimes.com/california/story/2019-07-21/trump-china-racial-profiling-university-fbi-spy?utm_source=Today%27s+Headlines&utm_campaign=ad c8dd8848-EMAIL_CAMPAIGN_2016_12_12_COPY_01&utm_medium=email &utm_term=0_b04355194f-adc8dd8848-80027601
Chinese Investment in the U.S. Drops 90%
The steady flow of money that China once poured into the U.S. has shrunk 90 percent since President Trump took office,
showing how frosty relations have become between the two countries.
Some of the reasons, according to Alan Rappeport of the NYT:
• Tougher regulatory scrutiny by the U.S. government, including on national security grounds.
• Mr. Trump’s tariffs, which have scared off many businesses.
• Beijing’s limits on foreign investment, along with China’s slowing economy.
• China may also be turning off the investment spigot as retaliation for the tariffs.
it’s also hurting industries and states.
The real estate sector has tumbled as Chinese buyers evaporated.
And states like Michigan that have wooed Chinese investment to create new factories and jobs are feeling pinched.
https://www.nytimes.com/2019/07/22/business/dealbook/china-us-investment.html?emc=rss&partner=rss
Trash "patriotically" screwing America to show what a tough guy he is, which costs him nothing personally.
Trump says Apple won't get tariff relief for Mac Pro parts made in China
https://www.cnet.com/news/trump-says...tag=CAD590a51e
Trump tweets about retaliation against France's tax on tech giants
President Donald Trump has tweeted in response to a French law passed two weeks ago that will see American tech giants pay higher taxes in France.
Trump hinted that French wine could be the subject of a new tariff thanks to what he called French President Emmanuel Macron's "foolishness."
https://www.cnet.com/news/trump-tweets-about-retaliation-against-frances-tax-on-tech-giants/#ftag=CAD590a51e
How Donald Trump is sanctioning the U.S. economy
Trump’s greatest success: The drying up of U.S. investment.
Data revisions released Friday wiped away what had been a prized talking point for the White House:
G.D.P. grew 2.5 percent for all of 2018, down from the 3 percent previously reported.
It also turns out that inflation accelerated in the second quarter, with consumer prices rising at a 2.3 percent rate.
We saw
increases in household consumption spending,
federal government spending, and
state and local government spending.
That was offset by reductions in exports, in business investment, and in residential investment.
In other words,
the basic supply-side dynamics of the American economy where businesses invest in improving the long-term productive capacity of the economy got worse.
It’s not entirely clear why.
To me, it’s pretty clear: Trump has unwittingly sanctioned the U.S. economy.
economic sanctions, the key pathway through which they affect a target’s economy is by scaring away both domestic and foreign investment
Investment is a bet on the future of an economy.
Sanctions inject major uncertainty into any economic forecast.
If the sanctions endure, then the investment gets delayed further.
Trump, in starting trade war after trade war,
has made himself the uncertainty engine for those interested in investing in the United States.
In the second quarter, business investment was -0.6 percent. As in, negative.
part of the problem is the drying up of foreign direct investment:
two teeny weeny little problems.
First, for Trump, the damage has already been done.
Second, for this strategy to work, Trump has to display some degree of impulse control — and he can’t, he just can’t.
Trump might be the victim of some bad economic timing.
The perpetrator of this political crime? That would be one Donald J. Trump.
https://www.washingtonpost.com/outlo...=.a373412fd1c3
Nearly 100 percent of Trump funds designed to help farmers went to white farmers
based on newly acquired data on federal subsidies from the U.S. Department of Agriculture,
his administration may not have been thinking of all farmers —
mostly just the rich, white ones.
the Trump administration funneled 99.5 percent of funds from its approximately year-old Market Facilitation Program,
the largest current source of federal farm subsidies,
to white farm operators.
the distribution of funds still reveals disparities between white and black farmers in certain regions.
In Mississippi,
where 38 percent of the state’s population is black,
about 14 percent of farms have a black principal operator,
only 1.4 percent of the $200 million in MFP funds distributed to farmers in the Magnolia state went to black operators.
...
https://grist.org/article/trump-trade-war-usda-farmer-subsidy-race-disparity/
=========================
The Real Story of Racism at the USDA
The USDA's real race problem is its
history of discrimination against African-American, Native American and other minority farmers
who were pushed off their land.
https://www.thenation.com/article/real-story-racism-usda/
China lets yuan break key 7 level for first time in decade as trade war worsens
in a sign Beijing might be willing to tolerate more currency weakness that could further inflame a trade conflict with the United States.
The sharp 1.4% drop in the yuan comes days after
U.S. President Donald Trump stunned financial markets by vowing to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1,
the yuan move could unleash a dangerous new front in the trade hostilities - a currency war.
https://www.reuters.com/article/us-china-markets/china-lets-yuan-slump-past-7-per-dollar-for-first-time-in-over-decade-as-trade-war-escalates-idUSKCN1UV061
Trash ing up everything, blowing up the economy, just what you Trash fellators voted for, right?
DJIA dropped 800 points on the news of Yuan devaulation and the rumor Chinese companies would cease US agriculture purchases.
We'll see how Mr Market reacts to the news tomorrow.
https://www.cnbc.com/amp/2019/08/05/...w-tariffs.html
Fine. In the meantime can you please uncross your fingers & toes. That's how I ended up with a white shooter instead of a non white shooter, not once, but, twice!
Trump vows to help farmers as
China halts U.S. agricultural purchases
to provide further aid if needed,
“Our great American Farmers know that China will not be able to hurt them
in that their President has stood with them
and done what no other president would do
And I’ll do it again next year if necessary!”
Trump tweeted
https://www.reuters.com/article/us-usa-trade-china-trump/trump-vows-to-help-farmers-as-china-halts-u-s-agricultural-purchases-idUSKCN1UW1B9?feedType=RSS&feedName=politicsNews&u tm_source=feedburner&utm_medium=feed&utm_campaign= Feed%3A+Reuters%2FPoliticsNews+%28Reuters+Politics +News%29
LEFT BEHIND
Farmers fight to save their land in rural Minnesota as trade war intensifies
https://www.washingtonpost.com/graphics/2019/national/farm-bankruptcies-rise-as-trumps-trade-war-grinds-on/?noredirect=on
WALL STREET FEARS TRUMP MAY BE TOO DUMB TO END TRADE WAR BEFORE 2020
In a note to clients sent Monday, Goldman Sachs warned that a trade deal—
the one the president lied about having struck last December—
may not get done until after the 2020 election.
That means that the additional tariffs Trump has threatened to impose on popular consumer goods like iPhones, beginning September 1, could be in place for an awfully long time.
“While we had previously assumed that President Trump would see making a deal as more advantageous to his 2020 re-election prospects,” the bank’s chief economist wrote in the report,
“we are now less confident that this is his view.”
Ed Yardeni, president of investment advisory Yardeni Research, echoed that fear in an interview with CNN Business, saying that
“Trump perceives the U.S. economy is strong enough to withstand even 25% tariffs across-the-board on everything we import from China.”
Jerome Powell’s rationale for last week’s quarter-point cut was to safeguard against “downside risks” like
a ty businessman in the White House whose policies are hurting an otherwise strong economy.
experts say it might not be enough to stop a recession of the president’s own making.
“Recession odds probably go over even,” Mark Zandi, chief economist at Moody’s Analytics said last week, “and I think
it would be pretty hard to avoid a downturn, regardless of what the Fed does.”
Yellen told Marketplace that it was clear Trump has no understanding of
macroeconomics,
international trade,
business, or
the very purpose of the Federal Reserve, and
... remarked that his “comments about Chair Powell and about the Fed” concerned her.
https://www.vanityfair.com/news/2019/08/donald-trump-trade-war-2020?utm_source=nl&utm_brand=pol&utm_campaign=aud-dev&utm_mailing=Thematic_Ballot_08072019&utm_mediu m=email&bxid=5bd6795524c17c1048022fcc&cndid=437585 49&utm_term=Thematic_Ballot_Subscribers
[[[Trump has no understanding of]]]
But, he does understand we've been getting our teeth kicked in for decades. At least now we're not alone.
Farm Discontent Spills Over as Ag Secretary Is Confronted in Minnesota
Farmers’ discontent over President Donald Trump’s escalating trade war with China erupted into the open Wednesday as his agriculture secretary was confronted at a fair in rural Minnesota.
president of the Minnesota Farmers Union,
drew applause as he leveled criticism of the administration’s trade policy
at a forum with Agriculture Secretary Sonny Perdue in front of thousands of farmers
Trump’s “go-it-alone approach” and the trade dispute’s “devastating damage not only to rural communities.”
the assistance is already being pilloried “as a welfare program, as bailouts.”
president of the Minnesota Corn Growers Association, complained about Trump statements that farmers are doing “great” again.
“We are not starting to do great again,” he said. “We are starting to go down very quickly.”
American producers are in danger of long-term losses in market share in China, the world’s largest importer of soybeans.
Perdue told reporters afterward that ”the ball is in China’s court” on the trade dispute and no additional trade assistance is currently planned for farmers
U.S. farm income dropped 16% last year to $63 billion, about half the level it was as recently as 2013.
U.S. Agricultural exports to China dropped by more than half in 2018 after the trade war began,
falling from $19.5 billion in 2017 to $9.2 billion in 2018.
China announced it was halting U.S. agriculture imports.
the import cut-off “a body blow to thousands of farmers and ranchers who are already struggling to get by.”
Trump’s “strategy of constant escalation and antagonism” has “just made things worse.”
Trump’s overwhelming support in rural America was crucial to his narrow 2016 election victory
In June, 54% of rural voters approved of Trump’s job performance
compared with a national approval rating of 42%,
https://www.bloomberg.com/news/articles/2019-08-07/farm-discontent-bubbles-over-as-perdue-confronted-in-minnesota
“Stealing Intellectual Property” is Fake News
The claim that the Chinese are stealing our intellectual property—chiefly production technologies—is largely bogus
Trump uses the fake news of “intellectual property theft” to justify his tariff war on China.
He boasts that he is going to stop the Chinese stealing that victimizes Americans.
The claim that the Chinese are stealing our intellectual property – chiefly production technologies - is largely bogus.
All economic development across the millennia has included the dissemination of new technologies from those who have them to those who want them.
The dissemination works via buying and selling products, copying production processes and products, sharing production facilities, exchanging access to resources and markets for access to technology,
and yes, no doubt, some downright stealing too.
Disseminators include workers and bosses, merchants and manufacturers, students and professors, journalists and politicians, and just plain travelers.
Demagogues, especially the nationalist variety, try to make political capital out of recycling stories of awful “foreigners stealing” our technologies.
It allows them profitably to pretend that they can “protect the nation and its economy.”
Dissemination happens, one way or the other, and
never more easily than now with the global internet, world trade, and jet travel.
The fakery of proclaiming against it has never been more glaring.
https://www.commondreams.org/views/2018/09/19/stealing-intellectual-property-fake-news
China Signals It Will Continue to Weaken Its Currency as Trade War Rages
China signaled on Thursday that it might continue to weaken its currency, a move that threatens to again escalate the trade war with the United States.
China’s central bank set the midpoint of the renminbi’s daily trading range above 7 to the American dollar for the first time in more than a decade.
Thursday’s move in effect tells financial markets that Beijing expects the renminbi to continue to weaken versus the dollar, perhaps well past the 7-to-the-dollar level.
That is likely to provoke more ire from the Trump administration.
A weaker currency helps Chinese factories offset the higher costs of Mr. Trump’s tariffs when selling their goods to the United States.
https://www.nytimes.com/2019/08/07/business/china-currency-yuan-renminbi.html?emc=rss&partner=rss
"Trade wars are EASY to win"
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