Economy

Report: Trump Will Impose Tariffs Soon, Possibly Today [Updated]

JM Ashby
Written by JM Ashby

We still don't know exactly when Trump will impose his next round of tariffs on imports from China, but sources who spoke to Reuters say it will happen very soon and possibly even later today.

Whether he imposes them today or sometime later this week, their source says Trump will impose a blanket tariff on imports with few if any exceptions based on public comments as we expected

WASHINGTON (Reuters) - U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday. [...]

The upcoming tariffs will be on a list of items that included $200 billion worth of internet technology products and other electronics, printed circuit boards and consumer goods including Chinese seafood, furniture and lighting products, tires, chemicals, plastics, bicycles and car seats for babies. It was unclear if the administration will exempt any of the products that were on the list, which was announced in July.

Sources who spoke to Reuters also say Trump may impose a 10 percent tariff, rather than 25 percent, because the White House believes retailers will not pass the 10 percent cost down to consumers.

I think they're dead wrong about that. There may be some cases where the costs are absorbed, but they will be few and it likely won't last. Businesses whose profit margins are already very slim will probably be the least able to absorb the impact.

On the other hand, if we assume the White House is correct and a 10 percent tariff will not have a material impact on business as they say, why even bother? What is this suppose to accomplish?

Whatever effects Trump's tariffs will have, that does not include the effect of China's retaliatory measures.

Update...


Of course he's waiting for the market to close.

  • Draxiar

    Someone please put trump in the corner so that the U.S. can stop being put in one from other countries or painting into one by him.

    • I think your metaphor is too generous. He’s more like a crazy person stuck in a manic and delusional state who thinks they’re invincible and doesn’t understand why the passengers in his car are terrified.

      • Draxiar

        In either case, both can’t be controlled and that’s a terrifying thought. If trump actually had any sense or process in what he was doing then there might be a modicum of trust in the method. His sense and process consists of trying to swing his little chubby around and that’s it. He’s not even good at that.

        • I wasn’t trying to be critical. It’s just that with a drunk the booze wears off. Trumpov’s delusion will never wear off. He has to be removed from office because it’s the ONLY way the country can be made safe again.

          • Draxiar

            Oh I know you weren’t. Please don’t read it that way. It’s you Irish…you rawk!

          • Awwwww…thanks!

  • muselet

    The inevitable consequence of Donald Trump’s behavior in office is the rest of the world creating workarounds.

    That’s starting to happen.

    This month, officials from France, Germany, and the UK have begun planning with China and Russia a special payments channel that would allow these countries to defy new American sanctions against any company doing business with Iran. This payment channel would bypass the American-dominated international banking system and the dollar.

    Much of American economic and global power rests on the universal use of the dollar as the settlements and reserve currency of choice. It allows the United States, among other things, to run huge trade and budget deficits and to impose crippling economic sanctions on other countries. If the American dollar became overnight a exotic national currency like Turkey’s Lira, then in order to balance its accounts and pay for its deficit, the U.S. would have to raise interest rates to attract foreign currencies, even if that meant crippling business and home finance. If the dollar were to cease being a global currency, that would weaken the American economy and damage international trade.

    Golly, if only there were some sort of co-equal branch of government in the US that could counter, or at least mitigate, the more outlandish antics of the administration. Maybe give it a fancy building to work from and an important-sounding name.

    Hey, a man can dream.

    –alopecia

    • Scopedog

      “Golly, if only there were some sort of co-equal branch of government in the US that could counter, or at least mitigate, the more outlandish antics of the administration. Maybe give it a fancy building to work from and an important-sounding name.”

      Well, hopefully after November we will have something like that–and it will be called the House of Representatives.