Don’t worry, the President just tweeted we are not in a trade war.
We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!
— Donald J. Trump (@realDonaldTrump) April 4, 2018
In other news, we are in a trade war.
Source: CNBC
China announced additional tariffs on 106 U.S. products on Wednesday, in a move likely to heighten global concerns of a tit-for-tat trade war between the world’s biggest economies.
The effective start date for the new charges was not announced, though China’s Ministry of Commerce said the tariffs are designed to target up to $50 billion of U.S. products annually.
The 25 percent levy on U.S. imports includes products such as soybeans, cars and whiskey.
On that news, futs have been buried — off by more than 500.
Gold is +1%, WTI -1.5%, Copper -2.5%, and BTC -4.5%.
Commerce Sec. Wilbur Ross had this to say.
Commerce Secretary Wilbur Ross CNBC Interview (see 6:00 SPY comment for complete breakdown of US and China tariffs) (46.93)
- Says he agrees with President Trump’s tweet earlier (see 7:24); says when we are losing $500 bln a year on trade, this is not a war we can lose.
- Says China tariffs amount to 0.3% of US GDP; proportional to US tariffs.
- Says hopeful that outcome is a negotiation with China; can’t say if it will happen before late May.
- Says this news should not be a great shock to Wall Street; says he is surprised by market reaction.
- Says President Trump and China President Xi have a good relationship.
- Says we may start to see a coalition against China regarding trade; says World recognizes that China’s trade practices are a ‘out of control’
- Says must protect intellectual property.
- Asked about Amazon (AMZN); says he is not really involved with that; but the President’s tweets are specific about USPS issue.
In related news, China had to inject more than $12b into Anbang — due to fraud allegations.
China’s government is injecting 60.8 billion yuan ($12.7 billion) into Anbang Insurance Group Co after the company’s chairman was accused of masterminding a multibillion dollar fraud.
The money will come from the China Insurance Security Fund, Anbang said on its website Wednesday. The injection is aimed at ensuring the firm’s solvency and stability and protecting policy holders’ interests, the China Insurance Regulatory Commission said.
Happed Wednesday morning, fucked faces. Le Fly presides over you — presently long QID and ERY.
An update from the President.
When you’re already $500 Billion DOWN, you can’t lose!
— Donald J. Trump (@realDonaldTrump) April 4, 2018
Related:
Time to dust this one off, again: S&P components with highest exposure to #China
(via @marfgilbert) @CNBC pic.twitter.com/NR87igdtgj
— Carl Quintanilla (@carlquintanilla) April 4, 2018
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doublethink and doublespeak.
but but but hillary…
fire and brimestones!
Nothing has changed. They can come home. It’s refreshing to see a leader stand firm on principle and not cave. Fuck China, bunch of cheaters. Long game more important.
Fake world is imploding. No one believes the lies anymore. Only David Hogg can save us!
Let’s see how many marxist snowflakes will blame Trump for the dip in markets…conveniently forgetting there are no free markets and have not been in many decades. What we have is a pretense of markets, markets that are actively manipulated and rigged, rigged by central banksters on the way up and now banksters rigging them down. It’s all artificial ladies. Put the blame where it belongs…banksters, not Trump.
bu bu buuuut Hillary lol, like she was the better choice! lmao
Take a look at the Fed’s balance sheet and what’s been happening the past few months. That will explain everything.
Let’s impose a “buying holiday” on China. One month where we don’t buy ANYTHING from them. They can go ahead and do the same. See who wins.
Ironbird,
I suspect when David Hogg implodes it will be epic. Sixteen year old garnering this much attention thinking he is saving the world. The media enjoys building people up and then destroying them
Oil is crash today.
It’s a plus for small caps which have very little sales in China. Buy them on dips.
Look and this hot bottom, time to drop my shorts baby!
I sort of agree with Trump, a “trade war” has been going on for sometime only the US didn’t recognize it. The theft of intellectual property with systematic coercive trade practices, like in order to do business in China companies had to hand over their technology to China. The hacking and spying by China has resulted in theft and loss of technology is incalculable. And the lopsided tariffs that were imposed long before the US imposed penalties. Where we were charging 2.5% China was imposing 10%, it was lopsided and always in favor of China. But China’s cheap labor and lack of care for the environment made it attractive to do business there so businesses have put up with China’s hurdles.
The products of most of those tech companies that export to China are put into products that are exported back to the west.
I don’t see China putting tariffs on goods that will be immediately exported.
Good morning, Mr. Fly.
good morning? dafuk, just rolling out of bed at the crack of noon? good morning nonetheless