Tag Archives: trade wars

Winning: US Exports To China Plummet Another 22%

Axios reports: Imports of American products to China dropped to $10.3 billion in August, down 22% from the same month last year. Chinese exports to the U.S. also plummeted to $44.4 billion in August, down 16%. China’s trade surplus with the U.S. shrunk to $31.3 billion in August, down $27 billion from a year prior. Both sides of the escalating …

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Corn Farmers: Trump Has “Slapped Us In The Face”

Via press release from a corn farming advocacy group: As harvest approaches after an extremely difficult year for agriculture, many Nebraska corn farmers are outraged by the Trump administration’s lack of support for the American farmer. President Trump’s administration continues to erode the Renewable Fuel Standards by granting 31 unjustified refinery waivers, destroying demand for corn and ultimately choosing to …

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Chinese Spox: Trump Totally Lied About Us Calling Him

CNBC reports: One day later, China is still insisting no phone calls took place over the weekend that President Donald Trump claimed showed its willingness to talk again. “I have not heard of this situation regarding the two calls that the U.S. mentioned in the weekend,” Chinese Foreign Ministry spokesman Geng Shuang said at press conference on Tuesday. He had …

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China Denies Trump’s Claim They Called To Make Deal

NBC News reports: President Donald Trump said U.S. and Chinese officials spoke Sunday and he is optimistic China wants to make a deal after the trade war between the two countries escalated in recent days. “They want to make a deal,” Trump told reporters Monday. “That’s a great thing.” Speaking to reporters, Trump heaped praise on Chinese President Xi Jinping …

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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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Kudlow: The Burden Of Tariffs “Falls Heavily On China”

CBS News reports: President Trump’s top economic adviser says China is bearing the brunt of the escalating trade dispute with the U.S., dismissing fears that reciprocal protectionist policies between the two economic giants will harm the American economy and precipitate a potential recession. “The economic burden of these tariffs is falling most heavily on China, probably by a factor of …

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The Chosen One Raises Tariffs On China Again

CNBC reports: President Donald Trump will hike tariff rates on most imports from China in response to the latest shots in the trade war between the world’s two largest economies, he said Friday. The White House will raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1, the president tweeted. The tariffs on another …

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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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Dow Jones Craters 800 Points On Recession Warning

USA Today reports: As financial markets tumbled Wednesday over concerns about international trade, President Donald Trump took to Twitter to defend his administration’s tariff war with China and to take his latest swipe at the nation’s central bank. “We are winning, big time, against China,” Trump wrote on Twitter, despite few signs of progress in negotiating a new trade agreement …

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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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US Declares China To Be A “Currency Manipulator”

Axios reports: U.S. Treasury Secretary Steven Mnuchin on Monday night declared China to be a currency manipulator, just hours after the Chinese government allowed the yuan to slip below a 7-to-1 dollar ratio for the first time in over a decade. Why it matters: This is a further ratcheting up of trade tensions between the two countries, and also marks …

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Stock Market Tumbles 767 Points Due To Trade War

Bloomberg reports: Financial markets buckled after China escalated the trade war with the U.S., sending American stocks to the biggest drop this year and sparking a rally in global bonds. Gold surged with the yen. The S&P 500 Index plunged about 3% and losses in the Dow Jones Industrial Average surpassed 750 points. Apple and IBM slid at least 4.5% …

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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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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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