China Trade War Is Back: Trump To Slap Beijing With Tariffs On Friday As Negotiations Collapse

The ceasefire in the US-China trade war is over.

As Fox News reported late on Tuesday, Trump rejected Beijing's trade negotiation olive branch, saying that the proposed $80BN in agriculture purchase commitment from China was insufficient, and resetting bilateral trade talks back to square one.

In related news, Politico reports that Trump is expected to impose tariffs on Chinese goods as soon as Friday or next week, "a move that is sure to further inflame tensions and spark almost immediate retaliation from Beijing." As discussed previously, on Friday the administration is planning to publish a final list of Chinese goods that will take the hit.

Trump's China trade advisor, Peter Navarro, said on Tuesday that the president is planning to impose tariffs on a “subset” of Chinese imports that the administration included in an original list of roughly $50 billion in targeted products in April. Navarro’s comments suggest the Trump administration will move forward with tariffs but that it could impose penalties on a smaller group of products than those included on the original list of about 1,300.

After the public had a chance to weigh in, the original list is expected to remain largely intact but will be slightly reduced from what was first proposed, according to two sources briefed on the plans.

According to the report, Trump's aggressive stance calls into question the future of talks between the two trade powers, which took a friendly turn in the weeks leading up to the North Korea summit as the U.S. sought China’s help, but have since deteriorated again.

To an extent that is understandable: China was seen as playing a key role in getting North Korean leader Kim Jong Un to the table with Trump, who has consistently linked his trade demands to Beijing’s willingness to help on North Korea; now that the summit is over and the wheels are turning, Trump no longer needs China's aid.

And, sure enough, after the summit, while Trump defended his personal friendship with Chinese President Xi Jinping and said he would call the Chinese leader, he also said Beijing has not done an adequate job closing its border to trade with North Korea in recent months, which Trump seemed to blame for rising U.S.-China trade tensions.

“Which is a shame. But I have to do it. I have no choice. For our country, I have to do it,” Trump said at a press conference in Singapore, possibly referring to tariffs.

“I came away thinking that he was suggesting in the press conference in Singapore that although Xi Jinping was a close friend [and] that he’d provided help on North Korea, that the president had no choice but to turn up the heat on China,” said Scott Kennedy, a China expert at the Center for Strategic and International Studies.

That's precisely what is happening, but that's not all.

As we reported yesterday, Congress is aggressively pushing back against the White House recently backing off on the ZTE seven-year ban, further complicating efforts to reach a deal with China. The Senate is expected to consider must-pass defense legislation this week that includes an amendment effectively rejecting the decision to roll back sanctions on ZTE.

In fact, as the WSJ reports, the ZTE deal "appeared to teeter on the brink of demise" as senior Republican senators signaled that President Donald Trump was unlikely to block a congressional effort to derail a deal he brokered to resuscitate the Chinese telecommunications giant.

According to the report, the president hasn’t issued tweets urging Republicans to stand down, and lawmakers detect no backlash building within Congress against the move to unravel the White House agreement.

“I don’t think the president cares about ZTE,” Sen. Bob Corker (R., Tenn.) told reporters. “Someone told me that he gave [GOP lawmakers] a wink and a nod and told them he didn’t care. I don’t know if that’s true or not, but I think he did what he did for the Chinese leader but he doesn’t really care what Congress does.”

Meanwhile, as we noted last night, ZTE shares resumed trading in Hong Kong on Wednesday morning after a halt of almost two months, plunging over 40% in the opening minutes — their biggest drop in history, wiping out nearly $8 billion in market value — as investors rushed to distance themselves from the troubled company.

Trump had spent the previous week in closed-door meetings trying to sell Senate Republicans on the deal, which coincided with his effort to build goodwill with Chinese President Xi Jinping ahead of this week’s talks with North Korea about denuclearization. And in a briefing late on Monday with GOP senators, Commerce Secretary Wilbur Ross again tried to get lawmakers to drop their resistance to the ZTE agreement.

However, now that Trump had his moment in the history books with his North Korea summit - whether it is successful or not - expect the old, trade belligerent Trump to make a triumphal return, and the trade war with China to return front and center in the next few days.

Comments

FireBrander BaBaBouy Wed, 06/13/2018 - 09:10 Permalink

the old, belligerent Trump 

FU.

The NEW, Worldly, Wise, (Narcissisit; yes) America NOT LAST, Trump!

We finally have a leader with some nuts that isn't 100% "BOMB THE WORLD!" and "America Taking it in the ASS is good for us all">....and all I hear is "FUCK TRUMP"...well, again...FU'all!

In reply to by BaBaBouy

wadalt Totally_Disill… Wed, 06/13/2018 - 10:34 Permalink

All NEGOTIATIONS with Trump are going to COLLAPSE, because he's a narcissist who wants ONLY his way.

The ONLY PEOPLE he doesn't negotiate with and does their bidding blindly are the FAKE HEBREWS.

Artist's IMPRESSION of Satanyahoo RIDING Trump

 

“A lot will have to do with Israel and whether or not Israel wants to make the deal – whether or not Israel’s willing to sacrifice certain things. They may not be,  and I understand that, and I’m OK with that. But then you’re just not going to have a deal.” – Donald Trump, President of the United States

In reply to by Totally_Disill…

JimmyJones wadalt Wed, 06/13/2018 - 10:35 Permalink

"Isolationism is fun"  having reciprocal trade isn't isolationism its called actual trade instead of being sold out.  Would you prefer that we continue to off shore jobs and the wealth of the nation? You really aren't that bright are you.

Every time the Leftist say "Trump failed" "Trumps Ideas are crazy" they are proven wrong, why believe them now?

Chinese Generals with suitcases full of cash given to the Clintons, Bought and paid off.  Party is over MAGA, so nice to have a actual leader for the people.

In reply to by wadalt

ravolla JimmyJones Wed, 06/13/2018 - 11:01 Permalink

HELLO SPAM-LOVERS!!!   BIG UP from the SPAMMER BUNKHOUSE here in the Methfilled Valley Trailer Park in Methfilled Valley, PA.  Good to see my men Leakanthrophy and Wadalt and  PrivetHedge  and our newbies  ll951983  and  gzcekkyret  out from under the couch sucking their own dicks and back on the threads SPAMMING like a Grease Fire!!!! 

Biblicism     AND    TodaysFox ("I made $7000 sucking cock on the Internet")  IT's ALL THE SAME SPAMMER!

THIS is an important week here in the SPAMMER's BUNKHOUSE (the leaking moldy single-wide in the trailer park).  This week I (we?) are celebrating SEVEN YEARS here on ZH, obsessively SPAMMING every thread we can with off-topic comments.  You see, there are dozens of "personalities" living in this one single sad SPAMMER's sick little mind, which he calls "Spammer's Bunkhouse."  How sick is that? 

Each of "us" (these innumerable fake log-on's) is represented by an ACTION FIGURE that Master Spammer ("DARWIN" is his name -- can you believe that?)  lines up on his kitchen counter and TALKS TO!!  WHACK JOB!!!

 

SAD BUT TRUE!!  I (we?) have wasted my (our) youth (or at least the last seven years) with at least one hand in my pants and the other hand SPAMMING ZH.  Yes, indeed.  DOZENS and DOZENS (maybe hundreds) of log-on's banned -- 
>>  "I made $7500 last week on the Internet sucking cock!": that's me.
>>  Biblicism: that's me.
>>  All the porn at Celebrity-leaks: that's me.
>>  Daily Westerner: that's me.

>>  "In the news....SPAMMER broomsticked by furious readers" -- registered in Nigeria) :: that's me TOO!! 

That's our life (all of us living in Master Spammer's Mind): mopping the floor at the Porn Cinema at 2am, working the French Frier at SONIC (demoted from the drive-thru window 'cuz my ZIT-covered face scared the customers), sucking cock on the Internet, and spamming ZH with an enormous Excel spreadsheet of the log-on's of dozens of "digital friends" who upvote one another and virtually suck my little micro penis..

MEET my current imaginary friends.  We all live in one SPAMMER's HEAD (and as ACTION FIGURES on his kitchen counter) but as for me, I have gone off the reservation.  These other "personalities" are pretty troubled.

ll951983  <<< NEWBIE  sucks cock on the Internet!
Wadalt
Leakanthrophy
PrivetHedge
bobcatz
Jumanji1959
Annunaki
Powow
  <<<  NEWBIE
Cheoll   <<<  NEWBIE

Mr Hankey  [R.I.P]   <<<  total utter WHACK JOB  -- joined "The Fallen"
gzcekkyret     <<<  NEWBIE

You know SPAMMERS never die on ZH -- here's just a sampling of the banned log-on's ("The Fallen Spammers") ---

 beepbop, pier, lloll, loebster, ergatz, armada, Mtnrunnr, Anonymous, luky luke, Cjgipper, winged, moimeme, macki mack, tchubby, sincerely_yours, HillaryOdor, winged, lexxus, kavlar, lhomme, letsit, tazs, techies-r-us, stizazz, lock-stock, beauticelli, Mano-A-Mano, mofio, santafe, Aristotle of Greece, Gargoyle, bleu, oops, lance-a-lot, Loftie, toro, Yippee Kiyay, lonnng, Nekoti, SumTing Wong, King Tut, evoila, rp2016, alt right dude, altright-girl, alt-right girl, Blufin, Schlomo Scheklestein, BraveForce, Mr Hankey, sandraloopz0, enf83

In reply to by JimmyJones

CashMcCall Four Star Wed, 06/13/2018 - 12:48 Permalink

That's crap and you keep repeating it. There is no sense whatsoever in engaging TrumpStupids in economic discussions. You just don't know what you are talking about. 

A simple example. Trump says that China is ripping off the US. China makes all the Smartphone and all the Big Screen TVs. What exactly are these devices? They are electronic bricks. They have no value and no utility without phone plans, internet access or Content. A smartphone assists the owner with commerce and a myriad of efficiencies. The money is in the service, content and software NOT IN THE COMMODITY BRICK YOU IDIOT! 

In fact if the Chinese built all the smartphones and gave them away, they would still be useless without phone plans which average $60 a month. Does China make this money? No, you Idiot. This money is made by the domestic suppliers of the phone services. It is not exported. It is not trade. It is gravy. The more Smartphones China makes the more gravy the Smartphone generates. Look at Amazon sales off handheld devices. You Trumptards are stupid fucks, uneducated stupid fucks. And your Orange Ceasar is a nitwit. 

How is it that you dopes don't get Trade? 

In reply to by Four Star

Juggernaut x2 LawsofPhysics Wed, 06/13/2018 - 10:14 Permalink

if the cheap labor isn't found in China- then it will be found in Vietnam or Myanmar or wherever- you can't be naive enough to think the goods that are produced in China will ever be made again here in the US no matter what tariffs are imposed. this BS is just Trump rearranging the deck chairs on the Titanic and Trump posturing for his base- just like The Wall or the car manufacturing jobs coming back from Mexico(remember that?) or the rest of the stuff he promised on the campaign triail and is failing to deliver on. Oh- and those corporate tax cuts that were supposed to fuel R&D and job creation- yep- all of it is going to stock buybacks. So much for the Art Of the Deal, chumps.

In reply to by LawsofPhysics

TeethVillage88s Freeze These Wed, 06/13/2018 - 09:10 Permalink

I've got a Barry Goldwater, Ross Perot, Lou Dobbs, Ron Paul, and a Donald Trump.

Across the Table they got Council of Foreign Relations, European Banking, Trilateral Commission, Neocons, MICC, Lobbyist, Wall Street, London City Center, UK Foundations, and a bunch of secret societies

- We know who has been winning all the hands, $811 Billion Trade Deficit, $35.5 Trillion in US Assets owned by Foreigners, No Term Limits for Congress, No Rules against insider Trading for Congress, Foreign Lobbyist have no Limits, Tax Shelters Proliferate for powerful people

- But It IS Your Turn to make a Play... Your Move... Divided we Fall... Do Freedom Watch & Judicial Watch have an Auditing Arm?

In reply to by Freeze These

Endgame Napoleon Freeze These Wed, 06/13/2018 - 10:37 Permalink

Let’s hope the kabuki isolationism is a prelude to the second act—a serious, legislative process to accomplish the main priorities of Trump voters:

  1. a wall to stop the flow of illegal border crossings, not just funding for a small fence slice or fence repair, with a pay hike for CONgress slipped in; 
  2. an end to birthright citizenship for children born to two illegal aliens after illegal border crossings, which is why illegal aliens get layers of monthly welfare that covers rent & food when they work part time to stay under the limits for the programs, plus refundable child tax credits up to $6,431, helping them to undercut underemployed, non-welfare-eligible citizens in the labor market;
  3. mandatory eVerify;
  4. an end to chain migration; 
  5. an end to the catch & release policy;
  6. an end to above-the-law sanctuary cities;
  7. a bigly reduction in wage-undercutting, non-merit-based, legal immigration, taking the yearly number of overall legal immigration down from over 1 million to 250,000.  

In reply to by Freeze These

TeethVillage88s LawsofPhysics Wed, 06/13/2018 - 08:59 Permalink

"Slap Ma Bitch Up" is hip hop or rap song that fits.  https://www.youtube.com/watch?v=iIMVbL1rq5c

"China Trade War Is Back: Trump To Slap Beijing With Tariffs On Friday As Negotiations Collapse"

Goldwater Wrote Book in 1968 about the Trilateral Commission in which he seems to have both predicted globalism as we know it today & the Trade imbalance,... and he identified the oligarchs responsible too... plan was to change banking, commercial trade, currency, and influence political power (capture all four areas)

In reply to by LawsofPhysics

falak pema TeethVillage88s Wed, 06/13/2018 - 11:11 Permalink

Goldwater got John Birched by the Roths, as the original John Birch  who was there to fight the Commies, couldn't John Birch the Mao boys once Mao had long marched past  Chang Kai-Shek's Kuomintang and thrown them into Taiwan and then checkmated the US's Korean venture on the 38th P. 

Now the Roths, thanks to WS's $ pump and banana-$'s global reach, are out to John Birch the whole world in its slave labour body shops, until Neo-Mao will John Birch them in return! That'll be the Great Turning. 

We enter the age of reversed Asian Pivot. As the $ no longer holds the world by the nuts, it only holds the poor in the US by the debt spigot.

Then we will all eat noodles and sing Fu Man Chu to you too John Birch. All the while the Duck family builds Trump towers to the glory of Mao's sons, to ensure that his dynasty sits at the table of new Genghis Khan like a son of Marco Polo. 

"Chop Sui is favorite dish in Trump Tower along with Pekin Duck", says the grandson of golden mop.

What a Manchurian candidate is the Singaporean Nobel candidate! 

In reply to by TeethVillage88s

Last of the Mi… Wed, 06/13/2018 - 08:59 Permalink

Less chinese made crap at the local wally world and eventually the land fill is what it means to me. 

Number of shits given=0

I'm just tired of Chinese theft of every fucking thing they can get their hands on. Enough is enough, already.

Endgame Napoleon Last of the Mi… Wed, 06/13/2018 - 11:23 Permalink

This is why immigration policy is the biglier issue: The damage is already done.

The anti-American offshoring exodus already sent over 2 million manufacturing jobs to foreign countries with cheap labor pools. Right before the Baby Boom retirement, when the SS-revenue was needed most, is when they did it.

Much less the loss of breadwinner jobs for a youthful, Millennial generation BIGGER than the massive Boomer population.

But automation is now eating into that pool of jobs, which were rightfully America’s since most of the technology was invented here, using taxpayer funds in many cases. 

As for pools of replacement jobs in other industries—ha, what a joke—the substantial jobs are concentrated in the households of dual-earner parents, fostering the worst wealth concentration the faltering American Republic has ever known. 

Or they are nothing but part-time & gig jobs, hence the 78 million gig workers in the USA, not to mention the 42 million citizens & noncitizens who work part-time while churning out kids that keep them under the low-as-you-go income limits for pay-per-birth welfare programs. You cannot qualify for those programs while earning even minimum wage in a full-time job. 

Then we have the elephant in the room—that mammoth, ignored wallflower that media & political elites completely bypass: 95 million out-of-the-workforce citizens of working age.

The USA only has 324 million inhabitants, and 20% of them are above retirement age. Much of what falls under the umbrella of “employed” is nothing but an illusion of employment.

[324,000,000 (total)]

- 64,800,000 (over 65)

= 259,200,000

- 78,000,000 (underemployed gig pieceworkers) 

= 181,200,000

- 95 million working-age citizens out of the labor force

= 86,200,000

- 42 million employed-in-name-only, womb-productive, EBT recipients—so underemployed that government pays their grocery bills for them—who often likewise enjoy part-time wages bumped up by free or subsidized rent, monthly cash assistance, nearly free daycare so they can work part time, free electricity and up to $6,431 in refundable child tax credits

= 44,200,000 TRULY employed & self-employed citizens & noncitizens who can actually—on earned-only income—cover the cost of all of their bills, including housing that absorbs more than half of the earned-only income of most single, childless, non-welfare-eligible employees 

Of course, my math is probably off since I am not math oriented and likely left out some key factors, but still, my figures are far closer to the truth than what most of the “experts” who get any traction in the media are emphasizing. That says a lot.  

It is not economic doom porn; it is actual economic doom.

If not then explain how these numbers add up to something rosier.

MSMers, employed by Comcast & Disney, currently report that the economy is great, GREAT, just like under Obama. 

Yeah, that’s it! That is why Trump won. 

In reply to by Last of the Mi…

To Hell In A H… Wed, 06/13/2018 - 09:00 Permalink

All Orange Jesus has is the bluff. Bring on the trade war with China, just to see Orange Jesus flop. Nothing but the printing press given to them by Zeus himself, yet is complaining of being abused? Fuck the USSA.