Trump is threating China with more tariffs, according to Bloomberg News. Essentially, Trump would place tariffs on ALL Chinese goods.
Trump said Friday he’s willing to slap tariffs on an additional $267 billion in Chinese goods, on top of duties of $200 billion in imports is already considering. The administration will act on the $200 billion “very soon depending on what happens,” Trump told reporters on Air Force One. “I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want.”If the president follows through, the threatened tariffs and those already in place would more than cover the value of all goods the U.S. buys from China, according to U.S. government data from last year. The U.S. imported $505 billion of Chinese products in 2017, Census Bureau figures show.
And it doesn’t appear that Anonymous or the Steady State Resistance is lining up to stop Trump:
White House economic adviser Larry Kudlow said Friday the U.S. wants to build a “coalition of the willing” to take on China that would include the EU, Japan and other allies. “The Chinese, you know, may find themselves more isolated if they don’t come into the global process,” Kudlow said in an interview with CNBC.
This has to be a good idea if that supply side genius Kudlow is behind it.
But it is a little difficult to build a “coaliton of the willing” when trade tantrum Trump says this:
But Trump struck a harsher tone toward U.S. allies. Japan will have a “big problem” if it doesn’t conclude a new trade deal with the U.S., he said on Air Force One. “People have been saying, ‘I’m too tough on Canada,’” he said. “Look, Canada has been ripping us off for a long time. Now, they’ve got to treat us fairly.” The president also on Friday reiterated threats to slap tariffs on auto imports, saying a tax on cars would be the “ruination” of some countries, including Canada.
I also think it might hurt Americans too, but what do I know? Not like I wrote “The Art of the Deal.” Oh, yeah. Silly Rabbit. Neither did Trump.
And it appears that one ass kissing CEO is getting the knife in the back routine from Trump:
Apple CEO Tim Cook has done an awful lot of schmoozing with Donald Trump, and to date he’s gotten a lot of out his dance with the devil. Cook has along with other titans of industry sought huge corporate tax cuts, which Trump was more than happy to sign late last year. That helped Apple avoid $50 billion in taxes, enabling its gluttonous stock buyback. Cook also reportedly secured some kind of commitment that iPhones assembled overseas won’t be subject to tariffs in Trump’s brimming trade war with China.
Well, Cook may have come out ahead on taxes, but it looks like Trump is preparing to dig a knife deep into his back on tariffs. This week, Apple said in a regulatory filing that the tariffs could drive up the cost of various products (and/or their components) by 25 percent, saying that $200 billion in proposed tariffs would hurt the U.S. much more than China. Apple didn’t include the iPhone on that list, possibly because of the promised immunity for that specific product, but it did include products like AirPods, Apple Watch, Mac Mini, and others. Yet as noted by the Washington Post, on Friday Trump threatened an additional $267 billion in tariffs that “could cover virtually all Chinese-made goods entering the United States.”
Looks like iPhones are on the tariff table too. And Trump is telling Apple that avoid “taxes” it needs to move its production facilities back to the U.S.