Capsize at the Docks: Trump's Tariffs Churn the U.S. Economy
Trump expresses viewpoint on China tariffs: 80% stands as potentially fair
US President Donald Trump's battering ram approach to trade isn't slowing down, as he's railing against China with suggested tariffs on Chinese imports. In a post on his social media platform, Truth Social, the current tariffs of up to 145% on goods from the People's Republic - enacted after Trump took office in January - appear to be his cup of tea!
Trump's fire and fury on trade continues, with him passionately advocating for Beijing to "open its market for the USA - it would be so good for them!!!" and claiming, "Closed markets don't work anymore!!!"
The US and China are finally stepping into the ring over their trade dispute this weekend, which seems long overdue. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will face their adversary, Chinese Vice Premier He Lifeng, in Geneva. Reports from informed sources indicate that talks will center on reducing tariffs and trade restrictions.
The tariffs on Chinese goods have sunk deep into the lives of Americans, causing a 21% drop in US exports to China in April with only $33 billion in imports entering the country. However, the world's top exporter's overall exports increased by more than 8% due to robust demand from other Asian nations and Europe covering the deficit.
Before taking a dive into the tempestuous waters of US-China relations, let's briefly touch on Trump's recent prehistoric trade agreement with the UK. Amidst the din and bluster, the US's 10% tariffs on the UK will remain intact, while the UK will gradually lower its tariffs on US goods from 5.1% to 1.8%. US tariffs on steel and aluminum will be lifted entirely, and the contested issue of beef exports will be settled, with mutual market access promised. The UK will also annihilate tariffs on US ethanol completely.
(Sourced from Reuters, slightly modified for readability)
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[1] "Trump’s Mega-Tariffs Strangle Imports, Hurt American Ports, Contributing Delays." transporttopics.com, 23 March 2023.
[2] "Tariffs threaten economic recovery in U.S. as uncertainties about reduction persist." CNBC.com, 22 March 2023.
[3] "U.S tariffs could push China to dump commodities in early 2024." Reuters, 15 March 2023.
[4] "2023 Economic Forecast: How Trump’s Tariffs Twist Every Tax Bracket." taxpolicycenter.org, 5 March 2023.
[5] "Global supply chains face pressure from increased U.S.-China trade tensions and tariffs." IHS Markit, 31 January 2023.
- Despite ongoing tensions, the US and China are set for talks on trade wars, with Wall Street showing signs of rebounding until these meetings take place.
- US President Donald Trump's tariffs on imports are causing unrest at American ports, potentially threatening jobs in countries like Germany.
- The global outlook remains uncertain as rumors circulate about a possible reduction in Trump's tariffs, creating a cloud of doubt over the country's economic recovery.
- As political drama around war-and-conflicts unfolds, finance professionals and business leaders keep a wary eye on the impacts of policy-and-legislation, particularly Trump's tariffs.
- A tightening of US tariffs could potentially force China to dump commodities in early 2024, further complicating the international economic landscape.
- In a critical analysis, the Tax Policy Center reveals how Trump’s tariffs are twisting every tax bracket, adding complexity to ongoing discussions on the nation's economic outlook.
