Categories for Trade War

27,236. 8/6/2019

CHINA/ECONOMY/TRADE WAR/TRUMP AS PRESIDENT: “President Donald Trump is pushing his bitter trade war with China into an aggressive and unpredictable new phase, bewildering Wall Street and risking an even bigger slowdown heading into a 2020 election in which the economy was supposed to be the president’s strongest selling point. The Trump administration on Monday [8-5-19] evening drove the stand-off with the world’s second-largest economy to a new level, officially labeling China a currency manipulator for the first time in a quarter century, enraging Beijing and inviting further retaliation in a bare-knuckled fight that has already slammed U.S. farmers and helped drive American manufacturing close — or into — recession. Following a precipitous stock-market decline that started the week, investors on Tuesday [8-6-19] took a break after China intervened to keep its currency, the yuan, from plunging further.”

Ben White, Adam Behsudi and Doug Palmer, “Trump’s China battle heads into the danger zone,” Politico, August 6, 2019 6:56 pm

 

27,218. 8/6/2019

CHINA/ECONOMY/TRADE WAR/TRUMP AS PRESIDENT: “The trade war between Washington and Beijing took an unexpected turn this week as China let its currency drop sharply and the United States responded by officially designating the country a currency manipulator. The confrontation underscored the Trump administration’s focus on weakness in foreign currencies — and the corresponding strength of the dollar — as a drag on the American economy. Now, investors are gaming out the prospect that the United States could actively intervene in the financial markets, in a significant break from a decades-long commitment to free-floating currencies…But while the president might want a weaker dollar, engineering one is complicated. Here’s the context you need to understand the United States’ changing approach to the dollar. Why would the U.S. benefit from a weaker dollar? A weaker currency makes a country’s exports cheaper for buyers overseas, giving a country a competitive advantage.”

Matt Phillips, “A Weak Dollar Could Help the U.S. Getting One Isn’t So Easy.,” The New York Times online, August 6, 2019

27,196. 8/5/2019

CHINA/TRADE WAR/TRUMP AS PRESIDENT: “China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the U.S. with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!”

Donald Trump, Twitter.com, August 5, 2019 11:00 am

27,153. 8/2/2019

CHINA/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “The trade war is back on. China on Friday [8-2-19] slammed President Donald Trump’s decision to slap a 10% tariff on $300 billion worth of goods, effectively taxing all Chinese exports to the United States. Beijing said it was ready for a fight. ‘China will have to take necessary counter-measures,’ a spokesperson for China’s Ministry of Commerce said in a statement, adding that ‘all the consequences will be borne by the US.’ Beijing may be able to cope with the fallout from an escalating fight between the world’s two biggest economics, but it faces more constraints than Washington and will have to calibrate retaliation carefully…China has previously fired back with tariffs of its own on goods from the United States. It responded to Trump’s last escalation in May by hiking duties on US goods worth $60 billion from 10% to 25%. But China buys a lot less from the United States than it sells, meaning it has only $120 billion worth of goods to target. Washington can tax around $540 billion of Chinese imports.”

Rishi Iyengar, “China has ‘few good options’ to hit back against new US tariffs,” CNN Politics, CNN.com, August 2, 2019 3:05 pm

27,102. 8/1/2019

CHINA/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “President Trump, frustrated by increasingly fruitless negotiations with China, said Thursday [8-1-19] that the United States would impose a 10 percent tariff on an additional $300 billion worth of Chinese imports next month, a significant escalation in a trade war that has dragged on for more than a year. The new tariff would come on top of the 25 percent levy that Mr. Trump has already imposed on $250 billion worth of Chinese imports, resulting in the United States taxing nearly everything China sends to the United States, from iPhones to New Balance sneakers to children’s books. Mr. Trump had agreed in June not to impose more tariffs after meeting with the Chinese president, Xi Jinping, and agreeing to restart trade talks. But Mr. Trump said he was moving ahead with the levies as of Sept. 1 as punishment for China’s failure to live up to its commitments, including buying more American agricultural products and stemming the flow of fentanyl into the United States.”

Alan Rappeport, “China Reacts to Trade Tariffs and Hong Kong Protests by Blaming U.S.,” The New York Times online, August 1, 2019

27,055. 7/30/2019

CHINA/ELECTION/TRADE WAR/TRUMP AS PRESIDENT: “President Donald Trump on Tuesday [7-30-19] railed against China for failing to deliver on his high-profile promise it would buy significant quantities of farm goods, warning the country not to try to wait out his administration in hopes of negotiating a better deal with any new Democratic president…Trump’s comments, spread out over three tweets, came as U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin were in Shanghai for the first round of negotiations since talks between the two countries broke off in early May. There is growing skepticism that the trade fight between the world’s two biggest economies will be resolved before American voters decide in November 2020 whether to give Trump a second term. The most some expect from this week’s talks is an agreement to meet again, as well as a resumption of Chinese purchases of U.S. farm goods and progress on tech issues.”

Doug Palmer, “Trump warns China deal will get worse ‘if & when’ he’s reelected,” Politico, July 30, 2019 4:38 pm

26,917. 7/25/2019

AGRICULTURE/CHINA/TRADE WAR/TRUMP AS PRESIDENT: “The Trump administration will begin paying $14.5 billion to farmers hurt by the US-China trade war by the end of August. It’s the second round of aid the administration will pay out as negotiations with Beijing continue past the one-year mark. Farmers received about $10 billion in aid last year. The trade situation has ‘persisted longer than we expected,’ said Rob Johannson, chief economist at the Department of Agriculture, on a call with reporters. American farmers have been some of the hardest hit by China’s retaliatory tariffs, which were put on a range of commodities including soybeans, corn and wheat. The tariffs made those American agricultural products more expensive for Chinese importers, and private buyers nearly stopped purchasing US-grown soybeans — leaving a record amount sitting in storage at the end of 2018. Agriculture Secretary Sonny Perdue first announced that there would be a second round of aid payments in May, after trade talks unraveled and President Donald Trump abruptly escalated tariffs on $200 billion of Chinese goods.”

Katie Lobosco and Vanessa Yurkevich, “Trump administration starts paying $14.5 billion to farmers hurt by the trade war,” CNN Politics, CNN.com, July 25, 2019 1:28 pm

26,611. 7/15/2019

CHINA/ECONOMY/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “President Trump on Monday [7-15-19] portrayed America as being on the winning end of his trade war, saying tariffs are punishing China’s economy while generating billions of dollars for the United States, an economic victory that will allow him to continue his fight without domestic harm…But government figures show that the revenue the United States has collected from tariffs on $250 billion worth of Chinese goods is not enough to cover the cost of the president’s bailout for farmers, let alone compensate the many other industries hurt by trade tensions. The longer Mr. Trump’s dispute with China drags on, the more difficult it could be for him to ignore that gap. Mr. Trump’s tariffs on Chinese imports raised $20.8 billion through Wednesday [7-27-19], according to data from United States Customs and Border Protection. Mr. Trump has already committed to paying American farmers hurt by the trade war $28 billion.”

Ana Swanson and Jim Tankersley, “Tariffs on China Don’t Cover the Costs of Trump’s Trade War,” The New York Times online, July 15, 2019

26,303. 7/5/2019

CHINA/FEDERAL RESERVE/TRADE WAR/TRUMP AS PRESIDENT: “Federal Reserve officials worry that the uncertainty caused by the trade war between the United States and China could be constraining business spending and may be contributing to a manufacturing slowdown that is dragging on growth. The concerns were outlined in the Fed’s semiannual Monetary Policy Report, released on Friday [7-5-19] as Jerome H. Powell, the chair, prepared to testify on Capitol Hill next week. The report said that the American financial system was more resilient today than it was before the 2008 financial crisis, that economic activity had increased at a ‘solid pace’ in the early part of this year, and that the job market was performing well. But it also noted risks on the horizon as President Trump’s trade spat with China drags on. Manufacturing has slumped in many advanced economies and the flow of goods has slowed, but the report cautioned that identifying specific causes was difficult. In addition to the trade war, the report cited a slowing demand for technology products and one-time factors as playing a role.”

Jeanna Smialek, “Trade War May Be Slowing Business Spending and Factories, Fed Says,” The New York Times online, July 5, 2019

26,302. 7/5/2019

ECONOMY/JOBS/TRADE WAR/TRUMP AS PRESIDENT: “A decade after the Great Recession released its grip on the American economy, the job market shows no sign of falling into another slump. Weak hiring in May had given rise to fears that the long-running expansion was foundering in the face of trade tensions and cooling growth overseas. But job growth rebounded sharply in June, the Labor Department reported Friday [7-5-19]. Employers added 224,000 jobs, a larger figure than expected. And manufacturers, which are bearing the brunt of President Trump’s trade war, added jobs at the fastest pace since January. That resilience is good news for workers, who are benefiting from what is now, at least unofficially, the longest economic expansion on record. And it is a boon to Mr. Trump, who is expected to make the economy’s strength a centerpiece of his re-election campaign…Fed policymakers are expected to take that course at their meeting this month, though the strength of the latest job figures makes it likely that the reduction will be modest. Stocks initially fell almost 1 percent Friday on the rate outlook, but by the end of the day the S&P 500 was down only 0.2 percent.”

Ben Casselman, “Strong Jobs Report Eases Fears of Damage From Trade War,” The New York Times online, July 5, 2019

26,112. 6/27/2019

CHINA/EU/G20/TRADE WAR/TRUMP AS PRESIDENT: “European Union leaders warned on Friday [6-28-19] against the damage that escalating U.S.-China trade friction was inflicting on the global economy, as the Group of 20 economies began a two-day summit in Japan’s western city of Osaka. The annual G20 summit kicked off amid heightened global anxiety over a U.S.-China trade war and escalating tension over Iran’s nuclear commitments that threatened to overshadow talks on other issues such as climate and the digital economy. All eyes are on a high-stakes meeting between Donald Trump and China’s President Xi Jinping on the sidelines of the G20 and whether the U.S. president will carry out his threat of additional tariffs on Chinese goods…Juncker said the European Union was working closely with China, Japan, the United States and others to reform the World Trade Organization and create a level playing field.”

Chris Gallagher, Leika Kihara, “EU leaders warn of damage to global growth from trade war,” Reuters, June 27, 2019 5:48 pm

26,097. 6/27/2019

CHINA/JAPAN/TRADE DEALS/TRADE WAR/TRUMP AS PRESIDENT: “The fate of a yearlong trade war will reach a pivotal moment this weekend as President Trump and President Xi Jinping of China meet in Japan. But while both leaders appear open to a truce, they have hardened their positions ahead of the talks, leaving it unclear how the United States and China will resolve the tensions that have thrust the world’s two largest economies into conflict. Both leaders have an incentive to avoid a further escalation of a trade war that has battered companies and consumers on both sides of the Pacific. The global economy is weakening as a result of the trade war, with China and America feeling the effects, putting Mr. Trump’s re-election and Mr. Xi’s popularity at risk. But neither leader wants to be seen as capitulating or agreeing to concessions that could give them less leverage once trade talks resume…The United States and China appeared to be on the cusp of a trade agreement in April, only to have negotiations collapse in early May after the Chinese government rejected some of the Trump administration’s demands. Tensions have only escalated since, with both sides ratcheting up tit-for-tat punishment, creating even more issues to resolve.”

Ana Swanson and Keith Bradsher, “U.S. and China Angle for Trade Truce, but Both Insist the Other Will Back Down,” The new York Times online, June 27, 2019

26,090. 6/26/2019

CHINA/G20/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “The U.S. and China have tentatively agreed to another truce in their trade war in order to resume talks aimed at resolving the dispute, sources familiar with the situation said. Details of the agreement are being laid out in press releases in advance of the meeting between Chinese President Xi Jinping and President Donald Trump at the Group of 20 Leaders Summit in Osaka, Japan, this weekend, three sources — one in Beijing and two others in Washington — said. Such an agreement would avert the next round of tariffs on an additional $300 billion of Chinese imports, which would extend punitive tariffs to virtually all of the country’s shipments to the U.S. The Trump administration has threatened to slap duties of up to 25 percent on the remaining untaxed Chinese goods if this weekend’s talks go poorly. One source with knowledge of the planning said Trump’s decision to delay additional tariffs was Xi’s price for holding the meeting in Osaka.”

Doug Palmer, “Trump ready for tariff truce with China,” Politico, June 26, 2019 9:56 pm

26,053. 6/26/2019

CHINA/G20/JAPAN/TRADE WAR/TRUMP AS PRESIDENT: “Trade wars — and the prospect of actual war — will dominate President Donald Trump’s agenda as he touches down here in Osaka, Japan, Thursday [6-27-19] for a highly consequential meeting of world leaders. It’s a sign of Trump’s continued capacity to mold the world agenda that this year’s G20 summit represents a confluence of global crises that are all, to some measure, manufactured by him. Markets are poised to react to the outcome of Trump’s long-awaited trade talks with his Chinese counterpart Xi Jinping. A tense situation in the Middle East grows ever more so as Trump plans to huddle with peers from Russia, Saudi Arabia and Germany. And stalled diplomacy with North Korea will be tested as South Korean officials say they are preparing for the President to visit the Demilitarized Zone. All are matters unlikely to be brought to easy resolution when Trump meets with his fellow global leaders in Japan. Air Force One touched down at the Osaka International Airport around 5:40 a.m. ET (6:40 p.m. local) after a roughly 15-hour journey from Washington.”

Kevin Liptak, “Trump faces trade war negotiations during consequential G20 meetings,” CNN Politics, CNN.com, June 26, 2019 6:40 am

26,008. 6/25/2019

CHINA/G20/JAPAN/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “President Donald Trump and Chinese President Xi Jinping are both facing intense domestic pressure to de-escalate the trade war between their countries as they prepare to meet on Saturday [6-29-19] in Japan. Trump needs China to make vast structural changes to its economy while also buying more U.S. farm and manufactured goods. Xi needs Trump to lift the tariffs he has put on Chinese imports. With the economic strain mounting on both sides, the two are widely expected to use the G-20 summit in Osaka as an opportunity to start talking again after negotiations broke off abruptly in May. In one sign of a thaw, Robert Lighthizer and Chinese Vice Premier Liu He spoke by phone on Monday [6-24-19]. Lighthizer and Treasury Secretary Steven Mnuchin are expected to meet with their Chinese counterparts in Osaka before Trump and Xi meet…In a briefing call with reporters on Monday, a senior administration official said Trump is ‘comfortable with any outcome’ of the meeting with Xi because the U.S. is in a strong position. But Trump’s trade war is facing mounting criticism at home. The U.S. government has collected billions of dollars of additional tariff revenue, but that barely has made a dent in the nation’s skyrocketing budget deficit as a result of Trump’s tax cuts and increased federal spending.” 

Doug Palmer, “Trump and Xi to meet as trade war damage grows,” Politico, June 25, 2019 11:15 am

25,982. 6/24/2019

AGRICULTURE/ECONOMY/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “President Donald Trump’s trade wars are pushing America’s rural economy toward a full-blown meltdown after years of financial hardship, causing more farmers to default on loans while putting the squeeze on agricultural lenders. Farmers have seen their net income plummet by half since 2013 and are now expected to hold nearly $427 billion in debt this year — the most since the farm crisis in the 1980s. The default rate for farm loans held by banks hit its highest level in seven years in the first three months of 2019. In Iowa earlier this month, Trump blamed his predecessors who ‘did nothing’ about falling farm income, while crediting his own administration for ‘turning it all around.’ Except he hasn’t. Instead, his trade battles have accelerated the deterioration of financial conditions. Retaliatory tariffs from major trading partners like China and Mexico have slammed U.S. farm exports and taken a chunk out of commodity prices. And soaring debt levels are pushing more and more farmers and ranchers — already suffering from epic floods — toward insolvency.”

Victoria Guida and Ryan McCrimmon, “Trump’s trade wars thrust farmers into desperation loans,” Politico, June 24, 2019 11:15 pm

25,890. 6/20/2019

CHINA/NORTH KOREA/NUCLEAR/TRADE WAR/TRUMP AS PRESIDENT: “China’s leader, Xi Jinping, arrived in North Korea’s capital on Thursday [6-20-19] to a 21-gun salute at the airport, the release of thousands of balloons and crowds lining the streets, as his car wound its way to the mausoleum where the North’s founder lies. The elaborate ceremonial welcome for Mr. Xi, making his first visit to the North since taking power seven years ago, seemed designed as an upbeat makeover of what has been a dour relationship between him and the North’s young leader, Kim Jong-un. The two are engaged in separate disputes with President Trump — one over trade, the other over the North’s nuclear weapons. American officials have said they expect Mr. Xi to try to make headway with Mr. Kim on the nuclear issue, then use that as leverage with Mr. Trump on trade next week, when the two are expected to meet in Japan. Such expectations grew on Wednesday [6-19-19] when a rare article by Mr. Xi appeared in the North Korean ruling party’s official newspaper, Rodong Sinmun.”

Jane Perlez, “Xi Jinping Arrives in North Korea, With Many Eyes on Trump,” The New York Times online, June 20, 2019

25,882. 6/20/2019

G20/JAPAN/TRADE WAR/TRUMP AS PRESIDENT: “As President Donald Trump heads to G-20 meetings in Japan next week, companies and foreign governments are bracing for a world in which the foundation of global trading rules is upended. And they fear being forced to take sides between the reigning global superpower and its rising rival…Hyder said in an interview for POLITICO’s Global Translations podcast that businesses are responding to the uncertainty with caution and with consolidation, to ‘build critical mass as a defense mechanism for what’s going on and position yourself for what could be a bumpy ride.’ The U.S.-China trade fight, coupled with the Pentagon’s stated view of China as a geostrategic threat — with ambitions to ‘displace’ America ‘to achieve global preeminence in the future’ — adds another layer of concerns for countries like Canada who fear a replay of Cold War dynamics. The tension is already present for Canadian Prime Minister Justin Trudeau — who is set to meet with Trump and Congressional leaders on Thursday [6-20-19] — in the case of two Canadians who were detained in China after Canada cooperated with a U.S. extradition request for an executive of the Chinese tech firm Huawei.”

Luiza Ch. Savage, “Trump’s trade fights trigger angst for allies and businesses,” Politico, June 20, 2019 5:13 am

25,706. 6/13/2019

BUSINESS/CHINA/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “More than 600 companies and trade associations, including Walmart and Target, have signed a letter telling President Donald Trump that an escalating trade war with China will hurt families, jobs and the U.S. economy. The letter, dated Thursday [6-13-19] and organized by a business coalition called Tariffs Hurt the Heartland, comes as the US. Trade Representative’s office is set to hold public hearings Monday that will consider extending the 25% tariffs to practically all Chinese imports not already hit with levies, including toys, shirts, household goods and sneakers. Trump has already imposed 25% tariffs on $250 billion of goods from China. The letter calls for the White House to remove the tariffs, saying they will have ‘a significant, negative long-term impact on American businesses, farmers, families and the U.S. economy.’”

Associated Press, “Hundreds of Companies Decry Tariffs in Letter to Trump,” The New York Times online, June 13, 2019

25,668. 6/13/2019

CHINA/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “President Donald Trump’s multi-front trade war on the global stage has opened two distinct political battles over tariffs in the domestic arena that will shape the future of U.S. trade policy: in his race for reelection, and in the coming reckoning in Congress on his legislative priority, a renegotiated NAFTA. The new politics of trade is scrambling traditional party alignments in a fashion unseen in modern American history. A new episode of POLITICO’s Global Translations podcast detailed how far Trumpism has pried Republicans away from their free-trade orthodoxy — a gambit that comes to a head next month. Meanwhile, the 2020 presidential primary is pushing Democrats toward a far more confrontational position with China compared with the stances of the Obama and Clinton administrations…Within the 2020 presidential race, Trump’s campaign believes he can beat the Democratic field by standing up as the fiercest defender of American interests against the economic and strategic threats from China.”

Luiza Ch. Savage, “‘There’s China and there’s everything else:’ Trump’s trade wars scramble domestic political fights,” Politico, June 13, 2019 5:05 am

25,597. 6/10/2019

GOP/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “Senate Republicans want just one thing when it comes to Donald Trump’s global trade war: a cease-fire. It’s a move that would benefit not just their caucus, senators argue, but the president too. If Trump withholds new tariffs, he can reasonably expect Senate passage of his new North American trade deal this summer, assuming Speaker Nancy Pelosi budges in the House — still a big if. And if he imposes new tariffs, he could see a major effort to restrict his trade powers finally come to fruition at the hands of his own party. Trump already got a taste of how Senate Republicans would confront him during his will-he-or-won’t-he vow to impose stiff tariffs on imports from Mexico. Using the chance to approve a NAFTA replacement as a carrot and threats to block his Mexico tariffs as a stick, GOP senators last week helped stop 5 percent levies from being slapped on all Mexican goods. But Trump warned on Monday that ‘tariffs will be reinstated’ if Mexico doesn’t follow through on his vague deal to stem the surge of Central American migrants, and senators take him at his word.”

Burgess Everett and Marianne Levine, “Republicans pray Trump holsters his tariffs,” Politico, June 10, 2019 9:23 pm

25,509. 6/7/2019

CHINA/ECONOMY/MEXICO/TRADE WAR/TRUMP AS PRESIDENT: “Donald Trump is trying to pull off the riskiest high-wire act of his presidency, threatening to escalate trade battles with Mexico and China even as warnings signals flash about a possible recession arriving just as his reelection campaign begins. Trump is edging to the brink of a two-front trade war in a very different environment than he enjoyed last year, when the GOP tax cut pumped billions of dollars of stimulus into the U.S. economy. Analysts now expect economic growth to slow closer to a 2 percent pace this year. And investors, Wall Street analysts and the Federal Reserve are signaling that if Trump doesn’t make quick deals, growth could stall out completely…Signals on the direction of the U.S. economy remain mixed. A reading on private payrolls in May showed the smallest gain since 2010. And the official government employment gauge out Friday morning showed an increase of just 75,000 jobs in May, a slowdown well below expectations. The unemployment rate remained at 3.6 percent, near a 50-year low. And the stock market tanked in May as investors worried about the impact of Trump’s tariffs.”

-Ben White, “Trump’s high-wire act on trade risks a rough fall,” Politico, June 7, 2019 9:09 am

25,501. 6/7/2019

ECONOMY/JOBS/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “Lawmakers, business executives and economists have all tried to warn President Trump that his trade policies could hurt growth. On Friday [6-7-19], the government reported that employers added just 75,000 jobs in May, a fact that will be hard for him to ignore. The increase was a far cry from what economists had expected and a fraction of the number of jobs created in April. The weakness was most evident in sectors that depend on exports, and analysts were quick to blame Mr. Trump’s tariffs on China and other countries. The new data from the Labor Department also increases the likelihood that the Federal Reserve will cut interest rates, and is the latest sign that the economy is slowing…The economy started the year strong, expanding by 3.1 percent in the first quarter, and the payroll figures don’t suggest that a downturn is imminent. The current recovery has defied recession predictions several times, and this month it tied a record for longevity with the boom of the 1990s.”

Nelson D. Schwartz, “A Weak Jobs Report Poses a New Challenge to Trump: A Slowing Economy,” The New York Times online, June 7, 2019

25,491. 6/6/2019

ASIA/CHINA/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT/VIETNAM: “President Donald Trump’s tariffs are driving some manufacturing out of China, but much of it remains outside of the United States. Instead, a number of other countries are benefiting from Trump’s trade war, according to data released by the Census Bureau on Thursday [6-6-19]. US imports from Vietnam are up 38% during the first four months of 2019, compared to last year — suggesting that US importers are finding ways to buy from suppliers there. Imports have also increased by 22% from Taiwan, 17% from South Korea, and 13% from Bangladesh, the government data shows. Americans are importing about 12% less from China, a shift that comes after a year of inconclusive trade negotiations. Trump has lately expanded his trade war to include Mexico, which he’s threatened with 5% tariffs starting on Monday. Tariffs are paid by importers, who can choose to eat the costs or pass them on to consumers, though in some cases overseas manufacturers cut their prices, too. The President has repeatedly claimed that his tariffs will prompt manufacturers to bring production back to the US, a core campaign promise.”

Katie Lobosco, “US imports from Vietnam and other countries rise amid China trade war,” CNN Politics, CNN.com, June 6, 2019 6:35 pm

25,372. 5/30/2019

BUSINESS/ECONOMY/TRADE WARS/TRUMP AS PRESIDENT: “Markets sank again Wednesday [5-30-19] partially on fear of political chaos after Robert Mueller’s statement put more pressure on House Democrats to begin impeachment hearings against President Trump but mostly on persistent worries about the impact of Trump’s trade wars on a softening economy. The bond market is once again flashing recession signals. The Dow is off nearly 1400 points, or around 5 percent, since China talks fell apart and Trump tweeted on May 5 about his plans to tax everything the U.S. imports from China at 25 percent. The Nasdaq is off nearly 8 percent since its May 3 high, very close to 10 percent correction territory. The S&P is down close to 6 percent since May 3. The numbers are not bad enough to force Trump back to the negotiating table. But they are getting there. Pressure on Fed again — Markets are starting to place serious pressure on the Fed to cut rates and Trump may not be far behind them. Per HFE’s Jim O’Sullivan, futures markets now expect over 30 basis points of Fed cuts by the end of this year and 75 basis points by the end of next year.”

Ben White, “Markets in trouble,” Politico, May 30, 2019 8:00 am