Tag: tariffs

Trump, China announce ‘Phase One’ trade deal

NOTE:  This agreement means NEW tariffs won’t go into effect.  The previous rounds of tariffs remain in effect.

The Hill logoPresident Trump and China on Friday announced that they had reached a “phase one” trade deal that would see a reduction in tariffs from both sides and increase China’s purchases of U.S. agricultural products.

“We have agreed to a very large Phase One Deal with China,” Trump announced on Twitter, adding that negotiations on “Phase 2” of the deal would begin immediately, rather than after the 2020 election.

Trump and his administration pushed back at reports that he had agreed to halve the tariffs on billions of Chinese imports.

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White House expects retaliation from China, stresses ongoing talks

The Trump administration is expecting retaliation from China after imposing a new round of steep tariffs but is stressing that negotiations are ongoing.

The U.S. and China seemed poised to reach a deal on their yearlong trade war last week until President Trump raised tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports on Friday after a breakdown of negotiations.

“The problem is two weeks ago in China, there was backtracking by the Chinese,” White House economic adviser Larry Kudlow said on “Fox News Sunday.”

View the complete May 12 article by Chris Mills Rodrigo on The Hill website here.

Fact Checker: Trump’s repeated claim that China is paying ‘billions’ in tariffs to the Treasury

President Trump claims the Treasury Department has received billions and billions of dollars of revenue from import tariffs. (Joy Yi/The Washington Post)

“Billions of Dollars are being paid to the United States by China in the form of Trade Tariffs!”

— President Trump, in a tweet, Feb. 16, 2019

“The tariffs are bringing a tremendous amount of money to our Treasury.”

— Trump, in remarks to the Cabinet, Feb. 12

“Those tariffs are costing them a lot of money, and they’re going into our Treasury; remember that, we’re filling up with billions of dollars.”

— Trump, at a campaign rally in El Paso, Feb. 11

It’s become one of the president’s favorite talking points. But it’s wrong on many levels.

Continue reading “Fact Checker: Trump’s repeated claim that China is paying ‘billions’ in tariffs to the Treasury”

A Wall Street Journal interview on trade shows Trump has no idea what he’s doing

President Donald Trump and China’s President Xi Jinping arrive at a state dinner at the Great Hall of the People on November 9, 2017, in Beijing. Credit: Thomas Peter, Pool, Getty Images

He confuses tariffs and interest rates, and invents phantom new steel plants.

At one point during his latest interview with the Wall Street Journal, President Trump mixes up tariffs (a kind of sales tax imposed on imported goods) with interest rates, which are the extra money you owe when you take out a loan. Bob Davis, the journalist conducting the interview, corrects the president. It’s the kind of verbal slip that could happen to anyone. Except that Trump, after acknowledging the error, flips back around and makes it again later in the interview.

It’s the kind of mixup that would get a first-term House member flayed in the right-wing press, but Trump is the president of the United States.

And it’s not just some random issue where he can’t keep the words straight. Trade policy is, along with immigration, one of his signature issues where he personally has really made a mark and is governing in a way that other Republicans probably wouldn’t. During the 2016 campaign, it was routine to warn that Trump’s blundering ignorance on trade matters would end up tanking the global economy. That hasn’t happened, and in reality, the continuation of the steady recovery that began midway through Obama’s first term has been the clear bright spot of Trump-era America.

View the complete November 27 article by Matthew Yglesias on the Vox.com website here.

China says it will immediately retaliate when Trump tariffs take effect

President Trump said that his administration’s tariffs on Chinese goods are “doing a very good job,” and threatened more tariffs if China retaliates. (The Washington Post)

BEIJING — Beijing struck back Tuesday against President Trump’s new tariffs on $200 billion in Chinese imports, vowing it would immediately retaliate when they take effect and threatening a protracted dispute that could raise the prices of household goods in both countries.

Chinese President Xi Jinping has refused to budge amid mounting threats from Trump, who vowed to place higher border taxes on practically everything the United States buys from China if Beijing unveils new duties, effective Monday at noon.

“In order to safeguard our legitimate rights and interests and the global free trade order, China will have to take countermeasures,” the country’s Ministry of Commerce said in a statement. “We deeply regret this.”

View the complete September 18 article by Danielle Paquette on the Washington Post website here.

Want to Know More About: The Trump Trade War

Christine Romans: “The President Often Says These Are Tariffs On China, That China Pays, But It’s Really The U.S. Importing Companies That Pay, Whether It’s Electronics, Shoes, Sporting Gear, Or Food, Companies Pay The Import Tax To The U.S. Government And Then The Companies Either Eat That Higher Cost Or Pay It Onto You, The Consumer.” ROMANS: “So far the U.S. Hit China with $250 billion on tariffs on $250 billion goods. The President often says these are tariffs on China, that China pays, but it’s really the U.S. importing companies that pay, whether it’s electronics, shoes, sporting gear, or food, companies pay the import tax to the U.S. Government and then the companies either eat the higher cost or pass it along to you, the consumer.” [New Day, CNN, 9/19/18; VIDEO]

Christine Romans: “The Auto Industry Already Warns The Tariffs On Car Parts Could Raise The Price Of A New Car Several Thousand Dollars.” ROMANS: “It’s really the companies that pay the import tax to the U.S. Government and then the companies either eat the higher cost or pass it along to you, the consumer. In fact, the auto industry already warns tariffs on car parts could raise the price of cars by several thousands dollars.” [New Day, CNN, 9/19/18; VIDEO]

The White House admits its trade war is hurting farmers — with a $12 billion bailout

The following article by Aaron Blake was posed on the Washington Post website July 24, 2018:

Back in April, President Trump shrugged off the pain his tariffs could cause American farmers. “We’ll make it up to them,” he said. “The farmers will be better off than they ever were. It will take a little while to get there, but it could be very quick, actually.”

Not quick enough, apparently.

The White House is set to announce what is essentially a $12 billion bailout for farmers who have been hurt by his escalating trade war, The Washington Post’s Damian Paletta reports:

View the complete article here.