China announced additional tariffs on 106 U.S. products on Wednesday, in a move likely to heighten global concerns of a tit-for-tat trade war between the world's biggest economies. The effective start date for the new charges was not announced, though China's Ministry of Commerce said the tariffs are designed to target up to $50 billion of U.S. products annually.
More info in the article;
https://www.cnbc.com/2018/04/04/china-new-us-tariffs-including-soy-cars-and-chemicals.html
My Thoughts On This News
Looks like Trump has started a trade war with China, unfortunately Trump is clueless on how the economy works and all these tariffs will do is increase prices for Americans. You can tax import/exports all day long but other countries will do the same exact thing. All this will do is increase revenue for the governments while private corporations who have to pay these tariffs will simply increase their prices and the consumers who buy their products will end up paying these tariffs. Americans will end up paying more for goods which are effected by these taxes. We live in a global economy today, corporations no longer reside in one country, they have businesses all over the world and transport supplies all over the world. Tariffs no longer work in today's economy, it is too easy for corporations to move to a country with the cheapest cost of labor and sell their products in countries where they will make the most profit. If a country decides to punish this practice with tariffs on another country the other country will simply retaliate in the same way and the consumer always loses, all while the corporations and their owners get richer and the population of the poor class continues to increase.
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I'm no expert in this area but I guess the Trumpian logic would be that Made in America will come back and we can build up our manufacturing base, all the while giving away massive tax breaks to the corporations .. oops wait, with one hand he enriches, with the other he pretends to punish, who cares the guy is a buffoon. He works for Mercer and the Kochs, end of story. And if he didnt pass the huge tax breaks, they would dispose of him ASAP. He's in a bind as well, but he's used to it, every day is a fight to the death for survival. This is the pit we are getting dragged into ..
Yes he thinks he can make America great again by creating more jobs when he increases tariffs, unfortunately it wont work. Corporations will not pay Americans fair wages when they can pay slave wages to people in foreign countries and ship their goods anywhere they want in the world to sell. He just gave massive tax breaks to corporations and now he is increasing taxes on some corporations by creating tariffs, it is a pointless endeavor, the corporations will just raise prices and the consumers will pay...
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