Topic: U.S. Senate quietly votes to cut tariffs on hundreds of Chinese goods (Read 222 times)
December 19, 2018, 12:17:41 PM
It is possible that many companies are lobbying their interests with the help of senators, and thanks to them these laws have been passed. The globalization of the markets is now connected more than ever before, and in the current situation it is difficult to punish a neighbor without hurt yourself. The United States can successfully put pressure on small countries, but it is impossible to put pressure on large countries and large economies. The business of the USA and China has long been interconnected by technological and commodity chains, and breaking it up will not be so easy.
December 19, 2018, 11:55:30 AM
There is no scenario where USA doesn't need China and there is no way USA can really afford the pay them neither.
Right now, USA has worlds biggest debt and most of it is to China, we are talking about a budget crisis at around 10+ trillion dollars that needs to be paid yet they are making more and more debt every single day. Now if they stop getting these goods from china they would need to manufacture it in their own country and that would cost them so much more that some business will go bankrupt and that would result with bad economy as well.
So, either they will keep on getting China and make the companies richer while the country is going worse or they will stop working with china and their companies will bankrupt and economy will go worse. There is no way USA can get out of this without any harm unless they find a new country aside from China.
Right now, USA has worlds biggest debt and most of it is to China, we are talking about a budget crisis at around 10+ trillion dollars that needs to be paid yet they are making more and more debt every single day. Now if they stop getting these goods from china they would need to manufacture it in their own country and that would cost them so much more that some business will go bankrupt and that would result with bad economy as well.
So, either they will keep on getting China and make the companies richer while the country is going worse or they will stop working with china and their companies will bankrupt and economy will go worse. There is no way USA can get out of this without any harm unless they find a new country aside from China.
December 18, 2018, 07:32:33 PM
Perhaps the American Government tries to become friends again with the China's Goverment considering the fact that somehow they need the chinees money.
It must be true, since the products of China has been spread through out the world. So there is no doubt that American government are doing their job not to have any conflict with the Chinese in terms of trading their goods.
December 18, 2018, 06:10:43 PM
Don't they want to realize or can't accept the fact that some goods are better to be import rather than created locally? Wage in china is very low so products are cheap. In usa people won't work on that wages, if they won't import some things, then products will be very expensive. They have to understand that expensive product is hard to buy for people, when you have possibility to have a great deal, why to reject it? This won't affect usa's economy in a bad way.
December 18, 2018, 05:46:03 PM
This may only be a temporary decision with mostly political incentive.
Turns out you were right. Because this thread is from july and tariffs are here to stay.
December 18, 2018, 05:17:30 PM
What US is currently doing under Trump will eventually have to roll back post 2019 because these tariff war is not getting anywhere, neither it is helping the domestic producers. It is just ego problem between two biggest economies of the world. US can't compete with China in terms of producing cheaper goods. It may differ in quality but in price points, China will drive the major volume!
December 18, 2018, 11:54:40 AM
This may only be a temporary decision with mostly political incentive.
July 27, 2018, 12:20:07 PM
What can you expect? Average salary for american workforce is $8/hr, while that same rate is already 1 full day work in china to produce same item.
It can't bring back jobs back to america, as americans don't want such work like chinese do.
It can't bring back jobs back to america, as americans don't want such work like chinese do.
July 27, 2018, 10:52:13 AM
Perhaps the American Government tries to become friends again with the China's Goverment considering the fact that somehow they need the chinees money.
July 27, 2018, 10:40:26 AM
The whole US government right now is a shit show, with Trump spearheading the nonsense with his lousy acts of manliness against China. His administration is somewhat realizing that the man sitting on the president's seat is nothing but a joke. I'm not even surprised that the Senate and the House of Representatives came up with a bill that negates the trade tariff on several items. They may be protecting their best interests at heart, knowing that the president is already doing it and their just saving themselves from an utter destruction. China can go along and receive this tariffs and just target their exports elsewhere other than the US. But let's face it, the US needs China more than China needs the US (consumer electronics and labor, lol) so if Trump will still be stiff regarding his stance on this matter, idk what will happen to America if the Chinese did the same thing.
July 27, 2018, 09:29:47 AM
Well it looks like it's mostly good? I mean, there are apparently 1660 items on the list, and only 145 of those are actually being made in the US. We can't just say those 145 items should just be removed either, because we don't know how much of them are actually being made domestically vs. how much is being imported.
Either way, it seems like a net positive for consumers (and maybe businesses which could resale cheaper?) which may explain the unanimous votes, but I guess we won't really know until we see actual figures.
Either way, it seems like a net positive for consumers (and maybe businesses which could resale cheaper?) which may explain the unanimous votes, but I guess we won't really know until we see actual figures.
July 27, 2018, 08:03:45 AM
Quote
WASHINGTON (Reuters) - As trade tensions escalate between Washington and Beijing, the U.S. Senate quietly passed legislation on Thursday that would lower trade barriers on hundreds of items made in China.
With no debate, the Senate unanimously passed a bill that would cut or eliminate tariffs on toasters, chemicals and roughly 1,660 other items made outside the United States.
Nearly half of those items are produced in China, according to a Reuters analysis of government records.
The United States and China, the world’s two largest economies, are increasingly at loggerheads over trade.
U.S. President Donald Trump has announced a series of punitive tariffs on Chinese imports in a bid to halt a Chinese surge in high-technology industries that threatens to displace U.S. dominance. China has retaliated with its own duties on imports from the United States.
The White House has not publicly taken a position on the so-called miscellaneous tariff bill, which has now passed both the Senate and the House of Representatives unanimously. The two chambers need to resolve minor differences before they can send the legislation to Trump to sign into law.
Supporters of the bill have said it would boost the economy by getting rid of tariffs set up to protect industries that no longer exist in the United States. The National Association of Manufacturers has said U.S. businesses pay $1 million a day on such import duties.
“It makes no sense because it is a direct and punishing tax on making things in America and for creating jobs in America,” the trade group’s president, Jay Timmons, said in a prepared statement celebrating the bill’s passage.
Among the beneficiaries are companies that have moved production offshore.
Hamilton Beach Brands Holding Co (HBB.N), for example, would pay reduced tariffs on Chinese-made toaster ovens, steam irons and other household appliances it used to make domestically.
Some domestic manufacturers have complained the bill would undercut their business by making it easier for rivals to bring in cheap foreign goods. They said the bill punished smaller firms that lack the ability to defend their interests in Washington.
The version of the bill that passed the House in January included 145 items that are made domestically, according to a Reuters analysis.
“There’s no reason to block opportunity U.S. manufacturers might have for rebuilding our manufacturing base,” Michael Korchmar, the head of a family-owned travel goods company in Florida, said in a phone interview earlier this month.
Korchmar earlier this year planned to hire up to 30 workers in his Naples, Florida, factory, but he put those plans on hold after being told by Reuters that the bill would lower tariffs on an insulated food bag that he planned to produce.
Korchmar said he may yet decide to expand production, because Democratic Senator Bill Nelson removed that item from the bill after Reuters wrote about it in March.
“We’ve got a good shot - we’ve lost a good bit of time and we have to re-evaluate the market,” Korchmar said.
https://www.reuters.com/article/us-usa-congress-trade/u-s-senate-quietly-votes-to-cut-tariffs-on-hundreds-of-chinese-goods-idUSKBN1KG35R
With no debate, the Senate unanimously passed a bill that would cut or eliminate tariffs on toasters, chemicals and roughly 1,660 other items made outside the United States.
Nearly half of those items are produced in China, according to a Reuters analysis of government records.
The United States and China, the world’s two largest economies, are increasingly at loggerheads over trade.
U.S. President Donald Trump has announced a series of punitive tariffs on Chinese imports in a bid to halt a Chinese surge in high-technology industries that threatens to displace U.S. dominance. China has retaliated with its own duties on imports from the United States.
The White House has not publicly taken a position on the so-called miscellaneous tariff bill, which has now passed both the Senate and the House of Representatives unanimously. The two chambers need to resolve minor differences before they can send the legislation to Trump to sign into law.
Supporters of the bill have said it would boost the economy by getting rid of tariffs set up to protect industries that no longer exist in the United States. The National Association of Manufacturers has said U.S. businesses pay $1 million a day on such import duties.
“It makes no sense because it is a direct and punishing tax on making things in America and for creating jobs in America,” the trade group’s president, Jay Timmons, said in a prepared statement celebrating the bill’s passage.
Among the beneficiaries are companies that have moved production offshore.
Hamilton Beach Brands Holding Co (HBB.N), for example, would pay reduced tariffs on Chinese-made toaster ovens, steam irons and other household appliances it used to make domestically.
Some domestic manufacturers have complained the bill would undercut their business by making it easier for rivals to bring in cheap foreign goods. They said the bill punished smaller firms that lack the ability to defend their interests in Washington.
The version of the bill that passed the House in January included 145 items that are made domestically, according to a Reuters analysis.
“There’s no reason to block opportunity U.S. manufacturers might have for rebuilding our manufacturing base,” Michael Korchmar, the head of a family-owned travel goods company in Florida, said in a phone interview earlier this month.
Korchmar earlier this year planned to hire up to 30 workers in his Naples, Florida, factory, but he put those plans on hold after being told by Reuters that the bill would lower tariffs on an insulated food bag that he planned to produce.
Korchmar said he may yet decide to expand production, because Democratic Senator Bill Nelson removed that item from the bill after Reuters wrote about it in March.
“We’ve got a good shot - we’ve lost a good bit of time and we have to re-evaluate the market,” Korchmar said.
https://www.reuters.com/article/us-usa-congress-trade/u-s-senate-quietly-votes-to-cut-tariffs-on-hundreds-of-chinese-goods-idUSKBN1KG35R
....
Politicians around the world have an extremely bad habit of doing the opposite of everything they say they'll do. This post could serve as a prime example. Near the beginning of this article it is said tariffs on imports into the USA are being cut. Later we see an attempt to distort the issue with false marketing. To fool the public into believing tariff cuts on imports, which benefit foreign business will benefit domestic business, instead.
Anyways everyone who opposed Trump raising tariffs on china can be thrilled that other US politicians in office are working to undermine Trump's efforts. This story probably won't be publicized much if at all. I hope people remember this if someday they decide they dislike the outcome of these policies.
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