China plans tariffs on 3B worth of US goods after Trump order.

Jul 2009
508
69
#1
China plans tariffs on 3B worth of US goods after Trump order.

Refer to
https://www.upi.com/Top_News/World-N...1951521725671/

I'm among the proponents of USA adopting the trade policy described within Wikipedia's “Import Certificates” article. It would if not entirely eliminate, significantly reduce USA's chronic annual trade deficits of goods.
Our current and no other existing or proposed national trade policy could accomplish this as well for the USA, and with lesser increases of prices to USA purchasers of imported goods, and with no net costs to U.S. federal budgets. Regardless of other nation's responses, this policy would increase USA's GDP and numbers of jobs more than otherwise.

Annual trade deficits are always net detrimental to their nations' GDP and drag upon their numbers of jobs.

Unlike tariffs, a USA Import Certificate policy could not be used to enable our federal government to discourage a particular foreign nations' or any enterprises' types of goods from being imported into the USA. The policy cannot effectively prevent any goods for which there's an effective USA demand, from being imported into the USA. Within Import Certificate laws, all foreign nations and all types of globally traded goods are treated equally.

Nations' are effectively driven to respond against insulting tariffs with less or no regard even for consequences to their own economy.
Refer to Wikipedia's “Import Certificates” article.

Respectfully Supposn
 
Jul 2014
38,922
33,897
Border Fence
#2
Somebody is going to be making money off these tariffs. Money is not coming out of Donald Trump's pocket or the Chinese government's pocket.

Either one can care less who pays for higher goods and services.

People in China do not have a choice and America loves Trump.

America got what it wanted.
 
Likes: 1 person
Jan 2016
46,356
42,288
Colorado
#3
Somebody is going to be making money off these tariffs.
Actually, NO, and that's the whole reason that 93% of trained economists oppose tariffs! [The other 7% are knuckleheads and morons.] What tariffs do is this: they make the whole economic pie SMALLER. So there is LESS to divvy up. That means that the WORLD, on net, will be POORER. Trade wars are a profoundly negative-sum, lose-lose game.

If Americans want a smaller trade deficit, there is only ONE thing they would NEED to do: they would need to SAVE more. This isn't even 'economic theory'. It is an 'accounting fact'. We have a massive trade deficit because we are a country that has been living far beyond its means, for several decades now.

But I think less than 5% of Americans understand any of that.......Sigh.......
 
Likes: 1 person
Oct 2014
28,541
4,833
C-A-N-A-D-A-Eh
#4
Ok but there are tariffs to benefit China, and all trump is doing is keeping the playing field level.

Reciprocal he called it...
 
Feb 2011
16,343
5,684
Boise, ID
#5
Don’t Blink or You’ll Miss the Trade War

snippets:

Republican presidents, which Donald Trump nominally is, have been imposing trade restrictions on behalf of the steel industry since Nixon. Always and everywhere this has been a bribe to the industry and its unions at the expense of consumers and workers in other industries. It’s also a costly bribe, since it raises the price of all steel, not just domestic steel. It would be cheaper to subsidize domestic makers directly.

...

A wise person doesn’t fix what isn’t broken, and Mr. Trump is quickly backing down from sweeping, indiscriminate steel and aluminum tariffs. He’s gotten the media mileage he wants out of the issue. Now throw a North Korea summit into the mix. Mr. Trump is already changing the subject. Personally, we’ll believe a summit when we see it: Kim Jong Un must know he can’t hold a candle to Mr. Trump as a media performer. If he comes and recites propaganda lines, he’ll have squandered his mystique only in the service of making himself look small and inadequate.
 
Jan 2007
33,009
6,906
#6
Actually, NO, and that's the whole reason that 93% of trained economists oppose tariffs! [The other 7% are knuckleheads and morons.] What tariffs do is this: they make the whole economic pie SMALLER. So there is LESS to divvy up. That means that the WORLD, on net, will be POORER. Trade wars are a profoundly negative-sum, lose-lose game.

If Americans want a smaller trade deficit, there is only ONE thing they would NEED to do: they would need to SAVE more. This isn't even 'economic theory'. It is an 'accounting fact'. We have a massive trade deficit because we are a country that has been living far beyond its means, for several decades now.

But I think less than 5% of Americans understand any of that.......Sigh.......
If we want a smaller trade deficit, stop buying foreign made products. That may be hard if China is allowed to dump mountains of product on us at low prices but we can't sell products to them. They will just put us out of business. Living beyond our means is bad enough , living beyond our means on Chinese products is double bad.
 
Likes: 1 person
Jan 2016
46,356
42,288
Colorado
#7
If we want a smaller trade deficit, stop buying foreign made products. That may be hard if China is allowed to dump mountains of product on us at low prices but we can't sell products to them. They will just put us out of business. Living beyond our means is bad enough , living beyond our means on Chinese products is double bad.
Hey, you know, I'm FINE if Americans want to launch their own personal boycotts of Chinese-made products. You are right that if we want to lower our trade deficit, we very simply need to stop buying so many foreign made products----almost inevitably, that would mean SAVING more, because America doesn't make a lot of those cheap consumer products anymore. Simply not what we have come to specialize in.
 
Jan 2007
33,009
6,906
#8
Hey, you know, I'm FINE if Americans want to launch their own personal boycotts of Chinese-made products. You are right that if we want to lower our trade deficit, we very simply need to stop buying so many foreign made products----almost inevitably, that would mean SAVING more, because America doesn't make a lot of those cheap consumer products anymore. Simply not what we have come to specialize in.
If there is a market for it someone will step up and produce it. Long ago we made much of what we consumed and we exported abundantly. We allowed others to undercut us. Competition is a good thing as it forces people to produce quality at a fair price. When other countries put barriers against us then we get the short end of things.
 

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