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Thread: US Steel & Aluminum Tariffs

  1. #121
    Former Staff Senior Contributor Ironduke's Avatar
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    Full article: http://www.bbc.com/news/business-44103081
    Trump seeks to save Chinese jobs at ZTE ahead of trade talks

    US President Donald Trump has said he wants to help save ZTE, one of China's biggest telecoms companies.

    The firm has suspended operations after the commerce department last month banned US companies from selling it components for seven years.

    ZTE pleaded guilty to making illegal shipments to Iran and North Korea.

    Mr Trump tweeted that he was working with President Xi to ensure ZTE would get back into business fast, saying too many jobs in China were at risk.

    US commentators say the tone of the tweet is a dramatic shift for Mr Trump, who has consistently accused China of stealing US jobs.

    The concession to Beijing comes ahead of high-level trade talks later this week in Washington aimed at resolving an escalating trade dispute between the world's two largest economies.

    Beijing has made resolving the situation with ZTE, which employs about 80,000 people, one of its demands for striking a broader trade agreement with with US.

    In March 2017 ZTE admitted to violating US sanctions by illegally shipping American technology to Iran and Korea and was fined $1.1bn (£800m).

    The current export ban was imposed last month after the company allegedly failed to comply with its agreement, lying about the punishment of employees involved in skirting the sanctions.
    What I don't want to see is the Bills winning a Super Bowl. As long as I'm alive that doesn't happen.

  2. #122
    Senior Contributor DOR's Avatar
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    Quote Originally Posted by Ironduke View Post
    The Trumpet really cares for the common man!
    Trust me?
    I'm an economist!

  3. #123
    Former Staff Senior Contributor Ironduke's Avatar
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    Quote Originally Posted by DOR View Post
    The Trumpet really cares for the Communist man!
    Fixed that for you.

    Source: http://www.bbc.com/news/business-44187975
    China agrees to import more goods and services from US

    China has agreed to buy more US goods and services, reducing the trade imbalance between the two countries and dampening fears of a looming trade war.

    Washington says the move will "substantially reduce" its $335bn annual trade deficit with Beijing.

    But it stopped short of saying exactly how big the reduction would be.

    "Both sides agreed on meaningful increases in US agriculture and energy exports," a US-China statement said following days of talks in Washington.

    "This will help support growth and employment in the United States."

    The countries also agreed to keep negotiating on trade to resolve their concerns "in a proactive manner".

    Earlier, the White House had said it was aiming for a $200bn reduction, but this figure was not mentioned in the statement.

    The two sides also did not say whether they would delay or drop their tariff threats on billions of dollars worth of each others' goods.

    Both countries have imposed tariffs on each others' imports, though they are yet to be implemented.

    US President Donald Trump has threatened to impose tariffs on up to $150bn on Chinese goods.

    He says the objective is to persuade China to end what he calls the theft of American intellectual property - such as technology and copyright.

    The US has already imposed tariffs on imports of steel and aluminium. Countries accounting for the bulk of those imports have been exempted, but China is not among them.

    Beijing has threatened equal retaliation, including tariffs on a number of US imports - among them aircraft, soybeans, cars, pork, wine, fruit and nuts.

    An article published by Chinese state news agency Xinhua on Sunday declared the latest agreement as a "good example of win-win", adding it would help the US reduce its trade deficit and allow China to raise the quality of its imports.

    The trade statement from the two countries concluded: "Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition."
    What I don't want to see is the Bills winning a Super Bowl. As long as I'm alive that doesn't happen.

  4. #124
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    Quote Originally Posted by Ironduke View Post
    Fixed that for you.

    Source: http://www.bbc.com/news/business-44187975
    So nothing but 'promises'?

    Tentatively hopeful, but it sounds like the US got played.

  5. #125
    Resident Curmudgeon Military Professional Gun Grape's Avatar
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    I wonder why we exempted everyone but Japan?

    Japan reserves right to take counter-measures against U.S. steel tariffs
    REUTERS

    May 19, 2018 at 08:15 JST

    Japan has notified the World Trade Organisation that it reserves the right to take counter-measures against U.S. tariffs on steel and aluminium imports, the foreign ministry said on Friday.

    Japan is the only major U.S. ally that did not receive exemptions from U.S. President Donald Trump's decision in March to set import tariffs of 25 percent on steel and 10 percent for aluminum.

    But it had previously refrained from following in the footsteps of China and the European Union, which responded to the U.S. decision with reciprocal threats.

    The Japanese government will make any decision on its actual implementation of "rebalancing" measures on the basis of further U.S. steps, as well as the possible impact of retaliatory measures by Tokyo on Japanese companies, the foreign ministry said in a statement.

    Tariffs Japan will shoulder under the new duties come to about 50 billion yen ($450 million) a year. The ministry said Japan had notified the WTO it reserved the right to take rebalancing measures worth that amount.
    Its called Tourist Season. So why can't we shoot them?

  6. #126
    Senior Contributor DOR's Avatar
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    Quote Originally Posted by Ironduke View Post
    Fixed that for you.
    Fewer than 90 million people belongs to the CCP.
    That's less than 7% of the population, and a much, much smaller share of the manufacturing-for-export work force.
    My comment was exactly what I wanted to say, and meant to say.
    Trust me?
    I'm an economist!

  7. #127
    Former Staff Senior Contributor Ironduke's Avatar
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    Quote Originally Posted by DOR View Post
    Fewer than 90 million people belongs to the CCP.
    That's less than 7% of the population, and a much, much smaller share of the manufacturing-for-export work force.
    My comment was exactly what I wanted to say, and meant to say.
    Perhaps a more apt way to put it, in this particular case, was that he showed more care for the Chinese common man, than the American common man. That's what I was trying to say, in a way I thought was humorous. :-)
    What I don't want to see is the Bills winning a Super Bowl. As long as I'm alive that doesn't happen.

  8. #128
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    I swear, everyday the weirdness just keeps growing...

    Exclusive: Peter Navarro pushed Stefan Halper for Trump job

    President Trump's top trade adviser, Peter Navarro, recommended appointing Stefan Halper, an academic and suspected FBI informant on the Trump campaign, to a senior role in the Trump administration, Axios has learned.
    Behind the scenes: During the presidential transition Navarro recommended Halper, among other people, for ambassador roles in Asia. A White House official said Halper visited the Eisenhower Executive Office Building last August for a meeting about China.

    Show less
    Context: During the transition everyone involved in Trump’s presidential campaign were asked to submit resumes for administration positions. Halper, who already knew Navarro in the context of being a China scholar and interviewing for his anti-China book and film, pitched himself for an ambassadorship in Asia, according to a source briefed on their interactions.
    Navarro says he submitted Halper’s name for the Asian ambassadorship — we have not been able to confirm the country — along with around a dozen other people for roles in the region.

    https://www.axios.com/peter-navarro-...fb7578599.html

    The only possible good thing that could remotely come out of this Halper freakout is that Navarro could get the boot.

  9. #129
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    Lei Feng Protege
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    surprise surprise, the Only Chess Player in the Room got rolled. again.

    ====

    Divisions Within Trump Team Undercut Quick Trade Victory With China

    By Mark Landler and Ana Swanson

    May 21, 2018

    WASHINGTON — By the time American negotiators wrapped up high-level talks with a visiting Chinese delegation last week, President Trump’s ambitions for a multibillion dollar trade agreement had, for the time being, shriveled into a blandly worded communiqué without any dollar figures. It was not clear that the talks set a path to success.

    Ceaseless infighting and jockeying for influence on the White House’s trade team helped deprive Mr. Trump of a quick victory on his most cherished policy agenda, several people involved in the talks said. The deep internal divisions carried over into how officials characterized the agreement and muddied the outlook for the next phase of the negotiations between Washington and Beijing.

    Treasury Secretary Steven Mnuchin said Sunday that the United States would hold off on imposing tariffs on China, putting the trade war “on hold,” but hours later, the United States trade representative, Robert Lighthizer, warned the Chinese that the Trump administration might yet impose tariffs.

    On Friday, Mr. Trump’s chief economic adviser, Larry Kudlow, told reporters that China had offered to reduce its trade surplus with the United States by $200 billion. Two days later, he said the number was merely a “rough ballpark estimate,” and that the two countries never expected to reach an agreement and merely planned to issue a statement laying out next steps.

    It was a muddled end to a chaotic process — one that revealed an American team riven by conflicts over tactics and policy, working for a president eager for a victory but torn by his desire to have a smooth summit meeting next month with North Korea, over which China wields enormous influence.

    Now the future of the negotiations falls to Wilbur Ross, the 80-year-old commerce secretary, who will travel to China in the coming days to try to nail down the commitments that proved so elusive in last week’s negotiations.

    Mr. Ross brings uncertain credentials to this task: Last summer, he attempted to strike a deal with China to reduce its steel production capacity. When Mr. Trump heard of the plan, he berated Mr. Ross and demanded that his advisers bring him a package of draconian sanctions.

    On Monday, Mr. Trump put the best face on the talks, highlighting a Chinese pledge to buy more American agricultural exports. “Under our potential deal with China,” he said on Twitter, “they will purchase from our Great American Farmers practically as much as our Farmers can produce.”

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    Image
    President Trump’s chief economic adviser, Larry Kudlow, in April. On Friday, Mr. Kudlow told reporters that China had offered to reduce its trade surplus with the United States by $200 billion.CreditDoug Mills/The New York Times
    It was far from the take-no-prisoners tone he struck before the Chinese arrived, when the president talked about a deal that would overhaul almost every element of the commercial relationship between the United States and its greatest economic competitor.

    “The U.S. has very little to give,” he tweeted last week, “because it has given so much over the years. China has much to give!”

    In fact, the Chinese were well aware of the divisions in the administration’s trade team — and set out to exploit them, according to people briefed on the deliberations. They recognized that Mr. Trump’s advisers were split between implacable critics of China, like Mr. Lighthizer and Peter Navarro, the director of the White House national trade council; and free-traders who were more sympathetic, like Mr. Kudlow, Mr. Ross and Mr. Mnuchin, a former Goldman Sachs executive.

    The divisions within the American team revolve around whether the United States should try to secure a short-term deal with China that would benefit some industries and avert a potential trade war, a path that Mr. Mnuchin prefers, or whether they should pressure China to make more fundamental changes to its economy, a path that Mr. Navarro and Mr. Lighthizer say is preferable.

    Mr. Mnuchin led the Treasury Department in declining to label China a currency manipulator, defying one of Mr. Trump’s campaign promises. He joined former Gary D. Cohn, Mr. Trump’s former chief economic adviser, in quietly arguing against trade measures — like withdrawing from the North American Free Trade Agreement — that could provoke retaliation and roil the American economy.

    For months, the Chinese cultivated Mr. Mnuchin as part of a concerted effort to establish him as the primary American interlocutor. And to the dismay of some of his colleagues, he embraced that role — most visibly when Mr. Trump sent his own trade delegation to Beijing early this month.

    During that trip, Mr. Mnuchin agreed to a private meeting with China’s top economic official, Liu He, without Mr. Navarro or any other members of the American delegation. He and Mr. Navarro stepped outside to engage in a profanity-laced shouting match, an unmistakable demonstration to the Chinese of their deep differences of opinions. Mr. Mnuchin sought to play down tensions between the American officials, saying on CNBC that Mr. Navarro was “an important part of the team.”


    Last week, the Chinese came to the United States prepared to deal, both by making numerical commitments to buy American goods and by promising structural changes to their economy. Over a period of years, that combination could equal $200 billion in additional trade — a figure echoing Mr. Trump’s target of reducing the trade deficit by $200 billion.

    Wilbur Ross in March. The future of the negotiations will fall to Mr. Ross, the 80-year-old commerce secretary, who will travel to China in the coming days to try to nail down the details that proved so elusive in last week’s negotiations.CreditErin Schaff for The New York Times
    But the Chinese were not willing to make an outright commitment to reduce the trade deficit by a specific dollar figure, believing that trade balances are the result of broader economic factors, such as currency valuations and economic growth, and such a commitment could trigger more conflict with the United States down the road.

    It is not clear that the Chinese ever saw the $200 billion figure as realistic or even relevant, people briefed on their plans said. But they realized its symbolic importance for Mr. Trump, and they were making an effort to give Mr. Trump some kind of victory.

    In return for its concessions, the Chinese were expecting the administration to offer relief to the Chinese telecommunications firm ZTE, which had been crippled by national security sanctions that prevented it from purchasing any American technology.

    The Sunday before the Chinese arrived, Mr. Trump said on Twitter that he might rethink the company’s punishment in return for trade concessions — and as a personal favor to Mr. Xi. But by the time Mr. Liu touched down last week in Washington, the president’s statements had provoked a fierce backlash in Congress, and the politics around ZTE had shifted.

    The Chinese also found new resistance to their requests to relax the export controls that prevent them from buying militarily sensitive products. Mr. Mnuchin’s openness to this request set off fierce opposition within the administration, especially among Pentagon officials, who feared the sales could compromise American national security.

    As the talks began, Trump officials put out word — first in private, and then publicly — that the Chinese were prepared to meet the $200 billion target. Their motives differed: Some may have blared the figure in an effort to lock the Chinese into their promises. Others may have leaked it as a warning that the administration was focused on reducing the trade deficit at the expense of other priorities, like overhauling the Chinese economy and ending its pattern of forcing American companies that do business in China to hand over intellectual property.

    Whatever the motivation, the leaks ignited a backlash from the Chinese. On Thursday, the Chinese Foreign Ministry denied that it had offered to reduce its trade surplus by $200 billion. On Friday, the state-run People’s Daily labeled the reports “a misunderstanding.”

    Also on Friday, Mr. Kudlow told reporters that “the number’s a good number.” But on Sunday, he said, “Maybe I got ahead of the curve.”

    Mr. Trump, Mr. Kudlow said, liked the number, “but it’s too soon to lock that in.”

    After expecting to wrap up talks on Friday, the two sides argued into the night about the wording of their joint statement, and the talks extended into the next day.

    The final product was vaguely worded and lacked numerical commitments or any firm details.

    In multiple TV appearances after the announcement, Mr. Mnuchin, Mr. Kudlow and Mr. Ross presented the deal positively in an effort, some trade analysts say, to paper over divisions with the Chinese until after the summit meeting next month with the North Koreans.

    Not everyone was so pleased. On Sunday, Mr. Lighthizer released a statement on the talks that many in Washington saw as a not-so-veiled critique of Mr. Mnuchin’s choice to prioritize the trade deficit.

    “Real work still needs to be done to achieve changes in a Chinese system that facilitates forced technology transfers in order to do business in China and the theft of our companies’ intellectual property and business know how,” it said.

    “Getting China to open its market to more U.S. exports is significant,” Mr. Lighthizer continued, “but the far more important issues revolve around forced technology transfers, cybertheft and the protection of our innovation.”

    Critics said Mr. Trump was at risk of jeopardizing a trade policy that had put China on the defensive for the first time in decades.

    “It’s absolutely stunning how we snatched defeat from the jaws of victory,” said Stephen K. Bannon, the president’s former chief strategist and a prominent representative of the nationalist wing.

    “China is still in a trade war with us,” he said. “It’s just that we’re unilaterally calling a truce.”

    But after the talks in Washington, the Chinese, too, seemed bewildered by the divisions, saying that even if they were able to secure concessions from Mr. Mnuchin, they were not sure those promises would ultimately hold, according to people briefed on the discussions.

    For the moment, it is Mr. Ross, not Mr. Mnuchin, who will be sitting across the table as the two sides continue to work toward a deal.
    There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov

  10. #130
    Senior Contributor Triple C's Avatar
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    Trump is not the worst president, historically speaking. But this is sure a historic time to have a bad one in charge.
    All those who are merciful with the cruel will come to be cruel to the merciful.
    -Talmud Kohelet Rabbah, 7:16.

  11. #131
    Senior Contributor DOR's Avatar
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    Quote Originally Posted by Ironduke View Post
    Perhaps a more apt way to put it, in this particular case, was that he showed more care for the Chinese common man, than the American common man. That's what I was trying to say, in a way I thought was humorous. :-)
    You don't get communism, do you?
    Communism in its purest sense, divides the world by class, not nationality.
    Hence, "common man" covers both Chinese and non-Chinese.
    And, yeah, I get your sense of humor.
    Trust me?
    I'm an economist!

  12. #132
    Former Staff Senior Contributor Ironduke's Avatar
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    Quote Originally Posted by DOR View Post
    You don't get communism, do you?
    Communism in its purest sense, divides the world by class, not nationality.
    Hence, "common man" covers both Chinese and non-Chinese.
    And, yeah, I get your sense of humor.
    I most definitely do. During my studies, for my useless 'double' political science bachelor's degree, I learnt all about it. I even had a bona fide Marxist professor my first junior year (I had two junior years, two senior years).

    I just have an irreverent attitude toward such things, and don't take ideology (aka some things various people at various times fabricated from whole cloth one day) at face value, or seriously at all. I have a pragmatic outlook - some ideologies and practices are better or worse than others, some are better or worse at different points in history, or under certain circumstances. Besides my studies, I've read all sorts of works, but perceive them as mostly fabricated, made-up stuff.

    I'm non-ideological and more or less primordial in my worldview and outlook, though I do really like Ben Franklin, his lifestyle, many of his thoughts, and science, and also prefer societies that are more or less semi-organized chaos with an emphasis on individual freedoms.

    So yeah, I get it. I get it all. I just don't take it seriously.

    In other news:
    China slashes tariffs on imported cars

    China is cutting the tariffs it charges on imported cars, giving a potential boost to foreign automakers in the world's largest market.

    The Chinese Finance Ministry said Tuesday that it will cut import duties on passenger vehicles to from 25% to 15%, starting July 1.

    The announcement, which fulfills an earlier pledge by Chinese President Xi Jinping, comes just days after China and the United States agreed to a ceasefire in their recent trade hostilities.

    President Donald Trump singled China's import duties on cars for criticism last month, pointing out that they're far higher than the 2.5% the United States charges on imported cars. "Does that sound like free or fair trade?" Trump tweeted. "No, it sounds like STUPID TRADE - going on for years!"

    The following day, Xi announced during a closely watched speech that China would "significantly lower" auto tariffs and carry out a series of other measures that he portrayed as "a new phase of opening up" for the world's second-largest economy.
    Full article: http://money.cnn.com/2018/05/22/news...rts/index.html

    Trump floats large fine, management changes for Chinese firm ZTE

    WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday floated a plan to fine ZTE Corp $1.3 billion and shake up its management, as U.S. lawmakers vowed to keep sanctions that crippled the Chinese telecommunications firm.

    Trump, speaking to reporters at the White House about ongoing trade negotiations with China, said there was no deal with Beijing on ZTE. In addition to the fine, Trump said ZTE should come under new management and name a new board of directors.

    Republicans and Democrats in Congress, however, accused the president of bending to pressure from Beijing to ease up on a company that has admitted to violating sanctions on Iran. Their reaction could complicate U.S. efforts to win trade concessions from China to narrow a $335 billion annual trade gap.

    “The proposed solution is like a wet noodle,” said Senate Democratic Leader Chuck Schumer, who accused Trump of jeopardizing national security for what he described as minor trade concessions.

    Schumer, speaking before Trump detailed his latest thinking on ZTE, added that the possible remedies floated earlier by the Trump administration were inadequate.

    According to sources familiar with the discussions, a proposed trade deal with China would lift a seven-year ban that prevents U.S. chipmakers and other companies from selling components to ZTE, which makes smartphones and telecommunications networking gear.

    In return, China would eliminate tariffs on U.S. agriculture or agree to buy more farm products from the United States.
    Full article: https://www.reuters.com/article/us-u...-idUSKCN1IN27O
    Last edited by Ironduke; 22 May 18, at 19:04.
    What I don't want to see is the Bills winning a Super Bowl. As long as I'm alive that doesn't happen.

  13. #133
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    In regard to the article that astralis posted I wonder how much this relenting on the Chinese has to do with PRK? I mean honestly the strategy of going for both at the same time seemed a little barmy to me. You need the Chinese onside to get any sort of deal with the Kim criminal so going after both at the same time seemed a little foolish diplomatically to me.

    I read that the US officials dealing with Kim regime now are beginning to a startling revelation; "It looks like they do not want to give up any nuclear weapons." They were never going to you fools.

  14. #134
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    I'll confess, I'm actually surprised by this (and not in a good way).

    US launches investigation into automobile imports on a 'national security' basis
    The surprise announcement comes at a time of worsening friction over international trade between the United States and its allies.
    Section 232 of the Trade Expansion Act of 1962 authorizes the Commerce Department to determine "the effects of imports of any article on the national security of the United States."
    President Trump asked Commerce Secretary Wilbur Ross to carry out the probe.

    https://www.cnbc.com/2018/05/23/pres...e-imports.html

    AHHHH!!!!

    EDIT: And there goes any last chance of going the TPP.
    Last edited by Skywatcher; 24 May 18, at 05:29.

  15. #135
    Defense ProfessionalSenior Contributor tbm3fan's Avatar
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    The importing of cars could compromise our National Security?! Give me a break. If that were the case then why wasn't something done when the first VW Bug or Toyota Crown showed up here? At the latest the first Honda Accord which completely rearranged the Big Three in Detroit.

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