Tag Archives: tariffs

Graham To Consumers: Suck Up The “Pain” Of Tariffs

Politico reports: Sen. Lindsay Graham (R-S.C.) said Sunday that the “pain that comes with standing up to China” was a necessary aspect of the ongoing trade war between Washington and Beijing. “Every Democrat and every Republican of note has said China cheats,” Graham, one of President Trump’s most vocal allies in the Senate, told CBS’ Margaret Brennan on “Face the …

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China Retaliates With Additional $75 Billion In Tariffs

CNBC reports: China said Friday it will impose new tariffs on $75 billion worth of U.S. goods and resume duties on American autos. The Chinese State Council said it decided to slap tariffs ranging from 5% to 10% on $75 billion U.S. goods in two batches effective on Sep. 1 and Dec. 15. It also said a 25% tariff will …

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US Manufacturing Contracts For First Time In Decade

CNBC reports: U.S. manufacturer growth slowed to the lowest level in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown. The U.S. manufacturing PMI (purchasing managers’ index) was 49.9 in August, down from 50.4 in July and below the neutral 50.0 threshold for the first time since September 2009, according to …

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Trucking Downturn Turns Truckers Against Trump

Business Insider reports: Morris Coffman has been a truck driver for 35 years. And he’s been a conservative for even longer than that — his whole life. “That said,” Coffman told Business Insider, “[Trump] is absolutely a moron. His idiotic ideas will tank the economy even further.” Truckers, like Coffman, lean conservative. A Verdant Labs analysis of Federal Elections Commission …

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Trump Administration Exempts Bibles From China Tariffs

Christianity Today reports: The Good Book got good news from the Trump administration today: America’s Bibles—most of which are printed in China and imported to the United States—are now exempt from the burgeoning trade war between the two nations. With a 10-percent hike on $300 billion worth of Chinese goods looming next month, the Office of the US Trade Representative …

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US Farmers Face Growing Crisis Over Trump’s Tariffs

CNBC reports: U.S. farmers lost one of their biggest customers this week after China officially cancelled all purchases of U.S. agricultural products, a retaliatory move following President Donald Trump’s pledge to slap 10% tariffs on $300 billion of Chinese imports. China’s exit piles on to a devastating year for farmers, who have struggled through record flooding and an extreme heat …

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Trump Accuses Fed Reserve Of Hindering US Exports

The Hill reports: President Trump on Thursday put renewed pressure on the Federal Reserve to cut interest rates, arguing the strength of the U.S. dollar is hurting American manufacturers. In a series of tweets, Trump accused the Fed of hindering U.S. exports by keeping interest rates relatively high compared to other economic powers. He suggested the central bank should weaken …

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China Halts Purchases Of US Agricultural Products

Reuters reports: China has halted its purchases of U.S. agricultural products and will not rule out levying import tariffs on American farm imports purchased after Aug. 3, the Chinese Commerce Ministry said early on Tuesday. The moves by China represent the latest escalation in its trade row with the United States that has unnerved global markets and investors. “Related Chinese …

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Trump: China Is “Paying Us Ten Of Billions” In Tariffs

Reuters reports: U.S. President Donald Trump said on Saturday that things are going well with China, insisting U.S. consumers are not paying for import taxes he has imposed on goods from that country although economists say Americans are footing the bill. Tariffs are intended to make foreign goods more expensive to boost domestic producers, unless international exporters reduce prices. But …

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Fox Host Cuts Away From Trump To Explain That Trump Is Lying Yet Again About China Paying Tariffs [VIDEO]

Newsweek reports: President Donald Trump addressed press pool reporters Friday on the White House lawn and said China’s currency has devalued because they “pay for the tariffs.” As soon as the video cut back to Fox News, host Neil Cavuto laid into Trump with an immediate fact-check. When speaking of the China tariffs, the president said, “China is devaluing their …

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China Vows To Retaliate Over Trump’s New Tariffs

NBC News reports: China shot back on Friday after President Donald Trump announced on Twitter that the U.S. would impose an additional 10 percent tariff on $300 billion in Chinese imports starting next month. Chinese foreign ministry spokeswoman Hua Chunying called Trump’s move a “serious violation” and warned Beijing would have to take “necessary countermeasures” if the tariffs were imposed. …

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Trump To Expand Tariffs To All Imports From China

Business Insider reports: President Donald Trump said Thursday he will expand tariffs to virtually all imports from China on September 1, marking a significant escalation in a more than yearlong trade war between the largest economies. “Trade talks are continuing, and……during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining …

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Former Trump Economic Advisor: Tariffs Have Backfired

The BBC reports: US President Donald Trump’s trade war with China is backfiring and impacting the US economy, according to his former chief economic adviser. The tariff battle has had a “dramatic impact” on US manufacturing and capital investment, Gary Cohn told the BBC. Mr Cohn said the tariffs had made it expensive to import vital products from China, counteracting …

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Trump: I Don’t Drink Wine But American Wines Just Look Better Than French Wines (I Also Own A Winery)

Roll Call reports: President Donald Trump said Friday that while he is a well-documented teetotaler, he prefers the appearance of American wines to their French counterparts. “I’ve always liked American wines better than French wines, even though I don’t drink wine. I just like the way they look,” Trump said in the Oval Office on Friday. Trump confirmed his administration …

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Trump Threatens “Foolish” France With Tariffs On Wine

The BBC reports: US President Donald Trump has accused French President Emmanuel Macron of “foolishness” over a digital services tax, and hinted that he would tax French wine in retaliation. Mr Trump voiced his anger in a tweet on Friday, in response to French plans to tax multinational firms like Google. French authorities argue that the firms pay little or …

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Trump: Apple Will Get No “Wavers” On China Tariffs

CNBC reports: In a tweet on Friday, President Trump said his administration will not grant Apple any relief on Mac Pro parts made in China. Apple said in June that tariffs on its products will reduce its contribution to the U.S. economy. In a letter to U.S. trade representative Robert Lighthizer, Apple said tariffs would “also weigh on Apple’s global …

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USDA Unveils Details Of $16 Billion Farm Aid Package

The New York Times reports: The Trump administration on Thursday unveiled details of a $16 billion aid package to help farmers hurt by President Trump’s trade war with China, as soybean growers from around the country converged on Washington to tell lawmakers that rural America is ready for a cease-fire. The Agriculture Department said that the payments to farmers, which …

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WINNING: Chinese Investments In US Plummet 90%

The New York Times reports: Growing distrust between the United States and China has slowed the once steady flow of Chinese cash into America, with Chinese investment plummeting by nearly 90 percent since President Trump took office. The falloff, which is being felt broadly across the economy, stems from tougher regulatory scrutiny in the United States and a less hospitable …

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Tariffs On Raw Materials To Shutter Ikea’s Only US Plant

CNN reports: Ikea is shutting down its only furniture factory in the United States. The Swedish company will end production this December at its plant in Danville, Virginia. Operations will move to Europe, where the company says it can cut costs. “We made every effort to improve and maintain the competitiveness of this plant, but unfortunately the right cost conditions …

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Publishers Warn Of “Bible Shortage” Due To Tariffs

Last month it was just higher prices. Now it’s a shortage. Publishers of religious books are warning that President Donald Trump’s latest proposed tariffs on Chinese imports could result in a Bible shortage in the U.S. Tens of millions of bibles are printed in China each year, with some estimates as high as 150 million. Publishers large and small testified …

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