PieFedTrump floats cutting China tariffs to 80% ahead of meeting as he looks to deescalate trade war
apnews.com/article/trump-tariffs-china-41d189bf…
cross-posted from: https://lemmy.ca/post/43724682
President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war.
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The trade war HE. BUILT.
Not even a trade war it’s one man thinking he has more leverage than he does and looking like an idiot.
Art of the deal: make concessions before negotiations.
Those are preconcessions, a little known tactic. It’s followed by the negotiation crumble and post negotiation victory lap.
Any tariff over 100% stalls trade completely. He's probably feeling pressure over that.
Sounds like he's negotiating with himself in the corner while China laughs at this point.
Some industries are saying they are completely unviable around 40-60%. See the recent Gamers Nexus video about the computer hardware industry.
Some companies can survive 10-30% by cutting margins and passing to the consumer, but there are entire classes of product where demand will just evaporate if you raise prices 20-30%, especially budget and value products.
It's impossible to reshore manufacturing to stop this too. Every single economist is saying that there is a 0% chance that the way Trump has weaponized tariffs will cause any meaningful production in the US. The only outcome from this is empty shelves and stagflation.
The only way this could hypothetically accomplish reshoring is if it was heavily government subsidized which has not been the stated intention. Trump wants to keep tariff revenue to enrich himself and his cronies.
No one is investing millions to reshore when Trump changes his mind on tariffs every few days.
Trump even reversed the domestic industrial subsidies that Biden signed in so double dumbass for that one
whyNotSquirrelThe only outcome from this is empty shelves and stagflation.
Wrong, there's also prices dropping for us(no caps) Europeans
That's not exactly true, as a lot of companies are increasing prices in other regions to offset their profit dips and/or retain some market share in the US. This trade war sucks for absolutely everyone and it is sickening that a single looney idiot can achieve so much damage.
So, was this always just the best possible narrative spin for Trump to do some open market manipulation and make him and his peers even richer or is Trump stupid enough to believe the nonsense he was fed and regurgitated to his followers?
Both. He knows it made him richer and he's enough of an egomaniac to believe it does what he says it would do just because he said it. Now he's richer and he'll believe this was his plan all along because a narcissist is never wrong to themselves, hes already been blaming Biden about any negative economic news.
How's that trade war going for ya, Donny?
He can pussy out all he wants - the damage is already done.
ripcordSome damage is already done. A lot. But flip flopping again and backing down would make it less bad.
Shut the fuck up, Donny.
Random_Character_AWhat an obnoxious whiny little bitch... goes and starts a trade war for no reason, and then loses.
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That and xi and Putin were in a love nest this morning and posted all the pics. It was very much a rub in trump’s face.
By Sunday it'll be back to 200% and by Monday back down to 80%. And everyone in his circle will clap and start crying and say this was the most art of the deal we've ever seen.
I think at this point the air has made a circle around the globe and Xi starts smelling Trump's desperation. I doubt China is going to do anything until the USA caves in completely. After all, in a couple of months shelves are going to look pretty sparse, and there is no one to blame but Mr "the most beautiful word is tariffs."
The internal war between Republicans, MAGA and right-wingers over tariffs will be fun.
As a European, it's like a reality show that affects me personally. It's fucking wild.
I wondered when he'd back down, and what excuse he'd give to his followers.
Take a shit in their yard, then hastily remove the turd and only then do you go in for the deal.