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
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SO MUCH WINNING: CHINA HALVES TARIFFS ON $75 BILLION WORTH OF US GOODS

Just when you thought markets might’ve topped, after seeing young girls take to Tik Tok to teach a new generation of imbeciles how to trade — the Gods blow cocaine into the faces of trade, by way of China.

China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion.

Tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance. The adjustments will take effect from 1:01 p.m on Feb. 14, it said, without specifying which time zone it was referring to.

The cuts apply to about $75 billion worth of imports from the U.S. that was slapped with tariffs on Sept. 1, 2019, according to a separate statement on the ministry’s website. It was not immediately clear which products are covered.

The statement on the Ministry of Finance website said the move was made in order to “advance the healthy and stable development of China-U.S. trade. ”A separate article on the website noted the cut in tariffs was timed in conjunction with a U.S. decision in January to halve tariffs on Feb. 14 for $120 billion of Chinese goods from 15% to 7.5%.

China said that the next adjustment will depend on how Sino-U.S. trade ties evolve, adding it hopes to work with Washington to completely eliminate all tariff increases.

Not only did the democrats make a mockery of themselves with a failed impeachment gambit, fiasco in Iowa, now Trump is castrating them all by way of gargantuan stock market rallies and trade war wins.

So much winning, I can hardly contain myself. Look at me go.

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2 comments

  1. it is showtime

    Desperate move.

    bdi -7% even further in last 48hrs

    Trade is GASPING FOR AIR.
    With the black swan lockdown.
    Desperate. Not the pretend giddy explanation.

    Algos are merely enacting a bubble leg,
    AND EXACERBATING IMMENSELY
    the detonation fallout of a general economy

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  2. numbersgame

    I don’t think the impeachment effect was a complete failure (unlike Biden’s Iowa campaign). Trump wanted to go down in the history books, and now he has:

    In over 200 years, Trump is the only US President to have every single member of the opposing party vote for his removal. More significantly, he is the only President to ever have a member of his own party vote to remove him from office.

    Congrats, Trump, not even Nixon achieved that. Mission accomplished.

    Also, Romeny did more than just vote: his speech eviscerated Trump’s lawyers’ arguements and made his fellow Republicans look like puppets: https://www.nytimes.com/2020/02/05/us/politics/mitt-romney-impeachment-speech-transcript.html

    One last note: if the Trump administration really beleived that investigating Biden and his son furthered the National Interests of the United States more than providing Ukraine with weapons, then ***why did they release the funds without the Ukraine starting the all-important investigation***?

    Basically they are simulataneosuly arguing that two opposite things are both in the interst of national security. Anyway, I’m glad that’s over with.

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