iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,906 Blog Posts

Tim Apple Pulls Les Grossman on Trump, Saves Markets

The USTR announced cell phones were a product of grave national security and have subsequently taken them off the Trump tariff list. So instead of forcing Tim Apple to produce phones here, Trump got Les Grossman’d by Tim — flatly told to STFU and to exclude them from his trade war, otherwise he’d go down there and lay down scorched earth on his orange rug. He laid down the law, more or less.

The United States Trade Representative office said Tuesday certain items were being removed from the new China tariff list because of “health, safety, national security and other factors” while tariffs on other items would be delayed until December 15.

The products in the group that will have tariffs delayed include “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing,” the USTR said.

Markets were weak. The 2 and 10yr bonds were about to invert. Now we’re up 400 and shorts are getting their faces blown the fuck off — courtesy of Apple — your savior and Lord.

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8 comments

  1. gsofield

    In other news, prices of bear meat crash as a glut hits the markets and sadly black swans are now extinct. Headlines will continue to be manufactured until selling stocks has been eliminated. Carry on.

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  2. oilerua

    “Starting tomorrow, I expect the market to buzz-saw the fuck lower.” rofl
    really

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  3. numbersgame

    The media reporting (includign above) are a little off in the details. It should be obvious that “toys” and “footwear” do not have anything to do with national security. If you read the *actual* 1st hand document (from the USTR), you would see that national security is just *one* reason products were removed

    “Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent.

    Further, as part of USTR’s public comment and hearing process, it was determined that the tariff should be delayed to December 15 for certain articles. Products in this group include, for example, cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing. ”

    – USTR statement, Aug 13 2019, https://ustr.gov/about-us/policy-offices/press-office/press-releases/2019/august/ustr-announces-next-steps-proposed

    Note the word “Further”, implying a separate reason: It also means that those tariffs are delayed, not abandoned.

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    • roguewave

      Well they can’t just come out and say,
      well some of my friends are in the footwear business and the tariff was annoying them; so I removed it.
      Hey, they got me my wife from Slovenia. I owe them.

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  4. teslawasright

    Time to buy some LK?????

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