Trump's impromptu China trade deal unravels

Tuesday, December 4, 2018 | Tag Cloud Tags: , , , , , , , , ,

(Worthy News) - Skepticism mounted Tuesday about President Trump’s impromptu trade agreement with the president of China, as Mr. Trump threatened new penalties against Beijing if the deal falls through. Stock markets plummeted.

White House officials acknowledged that China hasn’t fully committed to eliminate auto tariffs, as Mr. Trump announced Sunday in a tweet. Officials downplayed expectations about reaching a broader trade deal that would end the tariff war.

Declaring himself “Tariff Man,” Mr. Trump warned China to make a trade deal — or else. He said negotiations already were underway on the commitments made with Chinese President Xi Jinping over dinner Saturday during the Group of 20 summit in Argentina. [ Source: Washington Times (Read More...) ]

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1 thought on “Trump's impromptu China trade deal unravels”

  1. Dear Tariff Man: Who Pays A Tariff?

    "When President Trump imposed tariffs of 10% on $200 billion worth of Chinese imports in September 2018, Walmart (WMT) and other retailers announced that the tariffs would result in some combination of higher prices or lower profits.

    "Whoever imports a product must pay any related tariff. Bicycles built in China were among the products on the Trump tariff list of $200 billion in imports. A 10% tariff on a bike with a wholesale cost of $60 would add $6 to Walmart's cost of importing that bike.

    "Yet who ultimately pays the tariff cost is more complicated. Walmart could pay $3 of the $6 cost and pass half of it on to customers, whose price would rise by $3. In that case, Walmart profit shrinks and customers are left with a thinner wallet."

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