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How The Trade War Is Going To Affect You And Your Family
By Michael Snyder
As expected, trade negotiations with China concluded on Friday with no trade deal in sight. Treasury Secretary Steven Mnuchin called the negotiations “constructive”, and that helped calm the financial markets, but there really isn’t any reason to be optimistic at this point. The negotiations that happened this week did not even come close to producing a deal, and neither side is attempting to claim that there will be an agreement in the near future. Instead, it appears that moves are being made that could lead to a protracted trade war. In fact, according to Bloomberg the Trump administration has just given the Chinese another ominous deadline…
The U.S. gave its bottom line during the talks in Washington, saying Beijing had three to four weeks more to reach an agreement before the Trump administration enacts additional tariffs on $325 billion of Chinese imports not currently covered by punitive duties, according to two people familiar with the talks.
These tariffs would be in addition to the ones that President Trump just hammered China with. And Trump is not waiting to see how future talks with China turn out either. According to a statement from U.S. Trade Representative Robert Lighthizer, Trump has already initiated the process for implementing these new tariffs…In an unexpected Friday development – President Trump began the process of raising tariffs on all remaining imports from China, valued at approximately $300 billion. The move follows a Friday tariff increase on Chinese imports from 10% to 25% effective just after midnight.
US Trade Representative Robert Lighthizer issued a Friday statement – after market hours of course – which reads:
“Earlier today, at the direction of the President, the United States increased the level of tariffs from 10 percent to 25 percent on approximately $200 billion worth of Chinese imports. The President also ordered us to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.”
This is a very clear sign that negotiations with China did not go well.If they had gone well, Trump would not be threatening China like this.
READ MORE http://theeconomiccollapseblog.com/archives/how-the-trade-war-is-going-to-affect-you-and-your-family
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