US Ups The Ante, To Impose Extra Tariffs on China For $200 Billion in Imports

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  • #18204
    TradersCom
    Keymaster

    The Trump administration has announced after failing to…

    [article]1070[/article]

    #18205
    TradersCom
    Keymaster

    Trump says via statement if China retaliates he will immediately pursue tariffs on $267 billion in Chinese imports

    #18209
    Helmholtz Watson
    Participant

    China filed a complaint to WTO on US tariffs, says complaint is on planned US tariffs on $200 billion worth of Chinese goods

    #18210
    Helmholtz Watson
    Participant

    Trump Responds:

    [tweet]1042033116695670786[/tweet]

    #18211
    Helmholtz Watson
    Participant

    LiveSquawk @LiveSquawk

    China Government Does Not Provide Full List Of US Products To Be Taxed Under Its Revised Rates In Its Statements On Tuesday

    #18212
    Helmholtz Watson
    Participant

    China Responds:

    Says new tariffs on US goods will be effective at 1201 local time September 24

    China says new tariffs will be on 60 billion worth of US goods
    Levy tariff rates ranging between 5 to 10%
    New tariffs will be levied on 5207 US products, unchanged from initial proposal
    If US insists on raising tariff rates on Chinese goods, China will respond accordingly
    tariff response is a forced response to US unilateralism, trade protectionism
    hope US stops trade frictions
    China says it hopes US will maintain mutually beneficial trade relationship via dialogue of mutual respect and equality

    New plan on US goods puts the liquefied natural gas (LNG) on list of products for 10% tariffs. This was lower than the 25% initially proposed
    China to impose 10% tariffs on US goods the previously listed for a 20% tariff rate
    China impose a 5% tariff rate on US goods it previously listed for a 10% tariff rate

    #18231
    Helmholtz Watson
    Participant

    Major categories included in the list:

    Meat: pork; beef intestine; rabbit meat; venison; frog legs

    Fish and seafood:live fish including ornamental fish, trout, eels, tuna, and carp; chilled or frozen meat of various types of trout, salmon, halibut, plaice, sole, albacore, tuna, herring, mackerel, cobia, swordfish, pollack, whiting, catfish, rays, and more; various types of salted or smoked fish; other seafood including various types of lobsters, crabs, shrimps, prawns, oysters, scallops, mussels, clams, squid, octopus, conchs, abalone, sea cucumbers, and sea urchins.

    Non-meat animal products such as eggs and dairy:Whey products; butter; various types of eggs including chicken; honey; hair of animals including human, hog, horse and badger; animal intestines, bladders; feathers; bones including shells, beaks, corals, hooves, antlers, and more.

    Vegetables:onions; garlic; cauliflower and broccoli; cabbage; carrots; turnips; radishes; beats; cucumbers; peas of various types; beans; lentils; celery; mushrooms; peppers of various types; squash; okra; sweet corn; potatoes; sweet potatoes and yams; some types of tomatoes; spinach; Brussels sprouts.
    [b]
    Fruit and Nuts:[/b] Coconuts; cashews; almonds; hazelnuts; walnuts; chestnuts; pistachios; macadamia nuts; pecans; dates; figs; pineapples; guavas; oranges; mandarins; clementines; raisins; grapes; apples; pears; quinces; peaches; berries including strawberries, raspberries, cranberries, blueberries and others; bananas; a variety of dried fruits; peels of various fruits.

    Cereals: wheat, including durum wheat; barley; oats; corn; various types of rice; grain sorghum; buckwheat; quinoa; and more.

    Mill products: flours including those form wheat, corn, buckwheat, rice, rye, other cereals, potatoes, and bananas; groats and meal of various types including wheat, corn, oats, and rice; malt; starches of wheat, corn, potato, and more

    Oil seeds: soybeans; seeds of sunflower, flax seed, sesame, mustard, poppy and more; planting seeds for certain crops; cocoas and mint leaves; and seaweeds.

    Sugars and candies: cane sugar; candies with no cocoa

    Breads and Pasta:uncooked pasta; various breads, pastries, cakes, and biscuits.

    Prepared vegetables and fruits: various vegetables and fruits previously listen in their prepared or preserved forms; various fruit jams including strawberry, pineapple, apricot, and more; peanut butter; various fruit juices including orange, pineapple, lime, grape, apple, and more.

    Other food items: soy sauce; condiments and seasonings; protein concentrates.
    Beverages and vinegars: water, including mineral water; fruit or vegetable juices and juice mixes; beer from malt; wine, including rice wine; ethyl alcohol; vinegars

    Food processing waste and animal feed: brans from processing; oil cakes; dog or cat food; animal feed
    Tobacco products: various types and preparations of tobacco; tobacco refuse; cigars; cigarettes; smoking tobacco

    Salts and minerals: salt/sodium chloride; sulfur; graphite; quartz; types of clays; chalk; slate; marble; granite; sandstone; dolomite; gypsum; some plasters; some types of cement; mica; Epsom salts

    Ores, slag, and ash: ores of iron, copper, nickel, cobalt, aluminum, lead, zinc, tin, chromium, tungsten, uranium, titanium, silver, other precious metals, and others; slag, various types of ash.

    Mineral fuels and oils: coal; lignite; peat; coke; tars; various types of light oil; various types of kerosene; petroleum oils; liquefied fuels including natural gas, propane, butane, ethylene, and petroleum; oil shale and tar sands

    Inorganic Chemicals: chemicals such as chlorine, sulfur; carbon, nitrogen, oxygen, and silicon; acids including sulfuric, nitric, and more; various types of fluorides, chlorides, sulfates, nitrates, carbonates, and more.

    Organic chemicals: Fertilizers: animal or vegetable fertilizers; urea; ammonium sulfate; sodium nitrate; and more.
    Tanning and drying extracts, dyes, and paints

    Essential oils, perfumes: perfume; lip or eye make up preparations; manicure or pedicure products; shampoo; hairspray; bath salts.

    Soaps and cleaning products: various types of soap; leather and textile treatments; polishes for shoes and furniture.
    Glues, adhesives, and enzymes

    Cigarette lighter fluid

    Photographic goods: various types of photo plates; instant film; various types of film in rolls; various types of motion picture film.

    Various chemical products: pesticides; herbicides; fungicides

    Plastics: vinyl flooring and other plastic floor and wall coverings; sausage casings; bags; gloves including baseball gloves; rain jackets; machinery belts.

    Rubber: latex; rods, tubes, and other products; conveyor belts; various types of transmission belts; various types of pneumatic tires; gloves; gaskets; dock fenders.

    Raw hides and leather: animal skins including cow, buffalo, sheep, goats, reptile; various types of leather made from cow, buffalo, sheep, goats, reptile; leather trunks and suitcases; leather handbags; CD cases; gloves including ski, ice hockey, and typical use; belts; fur clothing, including artificial fur.

    Wood: fuel wood; charcoal; various types of wood including oak, beech, maple, ash and cherry; moldings; rods; particleboard; various types of plywood; doors; corks and stoppers; wicker and bamboo baskets.

    Wood pulp products

    Paper: Newsprint; writing paper; vegetable parchment; carbon paper; self-adhesive paper; cigarette paper; envelopes; tablecloths; handkerchiefs; folders.

    Silk

    Wool or animal hair products: cashmere; yarns; tapestries and upholstery.

    Cotton: fibers; thread; yarn; denim; satin.

    Flax: yarn; fabrics

    Man-made textiles: polypropylene; rayon; nylon; polyester

    Other textile products, rope, twine: hammocks; fish nets; carpets;

    Fabrics: corduroy; gauze; terry towel; lace; badges; embroidery

    Headgear: caps; hairnets; wool hats; head bands.

    Stone, plaster, cement, asbestos: stone for art; marble slabs; roofing slate; millstones; sandpaper; floor or wall tiles; cement bricks.
    Ceramics:fire bricks; pipes; tiles; porcelain and china.

    Glass and glassware: balls; rods; drawn or blown glass; float glass; tempered safety glass; mirrors; carboys, bottles, jars, pots, flasks, and other containers; microscope slides; woven fiberglass

    Precious stones and pearls: industrial diamonds; silver and products made of silver; gold and products made of gold; platinum; palladium.
    Iron and steel and products derived from the metals:drums; tubes; pipes; doors; windows; screws; horseshoes;

    Copper: plates; cables; tubes; pipes; springs

    Nickel: bars; rods; wires

    Aluminum:powder; cable; wire; screws.

    Various metal products, tools, cutlery: industrial items made from lead, zinc, tin, and more; saw blades; bolt cutters; hammers; wrenches; crow bars.

    Machinery, both industrial and retail: steam turbines; engines; fuel-injection pumps; air compressors; air conditioning machines; refrigerators; cream separators; hydraulic jacks; escalators; manure spreaders; copiers; automatic beverage-vending machines

    Electronics: vacuum cleaners; hair clippers; spark plugs; generators; bicycle lights; electric amps; television cameras; various types of TVs; video projectors.

    Vehicles and parts: axles; driving shafts; gear boxes; radiators.

    Parachutes

    Ships and boats: sailboats; motorboats; canoes; yachts.

    Instruments for scientific or medical purposes: microscopes; cameras for non-art purposes; gauges for pressure, electrical currents, and more.
    Clocks and watches

    Furniture, bedding, mattresses: car seats; wood chairs; furniture designed for offices, kitchens, and more; mattresses; chandeliers; lamps.

    Assorted items: buttons; stamps; paintings; collections of zoological, botanical, mineralogical, anatomical, historical, archaeological interest; antiques of an age exceeding one hundred years

    Tariif ListHere is the full list, via the USTR:

    #18233
    ClemSnide
    Participant

    Pretty all encompassing list this will make a difference at the lower income families in particular that have been benefiting from cheap Chinese imports at Walmart etc

    #18243
    TradersCom
    Keymaster

    ECB’s Weidmann in Freiburg, Germany on Trade War

    Germany must not adopt protectionist stance versus China
    Stock of German investments in China is still 16 times higher than China investment in Germany
    Instead of special measures, would be better to develop adequate multilateral rules
    EU needs to be strengthened to fight protectionism and develop the multilateral system

    #18251
    ThePitBoss
    Participant

    China’s holdings of U.S. Treasuries fell to a six-month low in July

    https://bloom.bg/2NqT6VZ

    #18264
    Helmholtz Watson
    Participant

    US Trade Official via Bloomberg and Reuters

    Tariffs are focused on goods with international substitutes
    Believe China trade action in US long-term interest
    US open to meeting China but nothing scheduled yet
    Optimistic there is a positive way forward with China on trade, that’s what Trump wants
    US not ready to announce a date for next round of tariffs, assessing China’s latest response

    #18288
    Helmholtz Watson
    Participant

    JPMorgan Chase & Co Worried That Overconfident President Donald Trump gets so overconfident and makes “major miscalculation.”

    “U.S. economic and equity market resilience despite tariffs will embolden the President on all geopolitical fronts — autos, Nafta and particularly Iran — and thus risk a major miscalculation from sanctions that are tough to calibrate,” strategists led by John Normand wrote in a note Sept. 21.

    Also the strategists said that’s part of the reason the firm has boosted oil-price forecasts, with a spike in Brent to $90 a barrel “likely” on revised estimates of how much crude demand from Iran might drop as countries respect the U.S. sanctions due to begin in November.

    JPMorgan also is starting to factor into its strategy a growing potential for a “Phase III” of the U.S.-China trade war next year affecting all Chinese imports. That could, the strategists say, lead to weaker Chinese growth and hit the commodities complex — not to mention U.S. stocks.

    “For U.S. equities, 25% tariffs on all imports from China could take $8 off consensus 2019 EPS projections of $179 and reduce next year’s EPS growth from 10% to 5% year-on-year,” the note said, citing a Sept. 12 report from JPMorgan strategists led by Dubravko Lakos-Bujas. The $179 refers to average Wall Street estimates for the S&P 500.

    “Even with a forward multiple of 17, an EPS downgrade this large would end the U.S. stock rally unless some other offset materialized.”
    Concerns for the markets and economy include “second-round” effects from trade battles, including hits to confidence, supply-chain disruption and and tighter financial conditions, the report said. It noted that improvements at the country level in key markets have been “incremental rather than transformational,” citing Turkey, Russia, Brazil and Argentina.

    Also, the Federal Reserve meeting this week presents some uncertainty, especially if the statement language changes to suggest the Fed is near the end of its hiking cycle.

    “The deeper question is whether this week’s rallies are the beginning of an unmissable strategic opportunity (lasting six months or more, delivering at least 10% upside) or just a more tactical one (lasting another week or two, delivering about 5% upside)?,” the strategists wrote. “Across research teams, conviction is higher around the latter than the former.”

    https://www.msn.com/en-us/news/msn/trumps-overconfidence-may-bring-major-miscalculation-jpmorgan/ar-AAAwHGa

    #18298
    TradersCom
    Keymaster

    From Dallas Fed
    https://www.dallasfed.org/research/surveys/tmos/2018/1809#tab-comments
    Chemical Manufacturing
    We are starting to see our larger clients postpone inventory positions, thus increasing cycle times. Raw materials are increasingly more difficult to obtain, even with supply agreements in place.
    The demand for skilled employees is much higher than the supply. If skilled workers don’t move to the Texas Gulf Coast, there will be trouble.
    We are experiencing a severe raw material shortage, which is causing a flat rate of production. We could sell more, but lack of raw materials limits this.

    Nonmetallic Mineral Product Manufacturing
    Prices for steel have increased by 30 percent due to import tariffs. This has cut operating margins for the past four months and will continue to have an effect until these fixed-price bids are completed. New contracts will reflect higher raw material costs and higher prices to our customers.

    #18307
    Helmholtz Watson
    Participant

    White House director of the National Trade Council Peter Navarro says Trump will add tariffs if China retaliates. (Well I thought they already had with tariffs on 60 billion)

    Also said expects vote on final NAFTA deal after November

    #18496
    Helmholtz Watson
    Participant

    LiveSquawk @LiveSquawk

    Fed’s Evans: Probably More Losers Than Winners With Tariffs

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