US and China Agree To Temporarily Slash Tariffs (cnn.com) 45
The United States and China said Monday they reached an agreement to temporarily reduce the tariffs [non-paywalled source] they have imposed on each other in an attempt to defuse the trade war threatening the world's two largest economies. From a report: In a joint statement, the countries said they would suspend their respective tariffs for 90 days while they negotiate. Under the agreement, the United States would reduce the tariff on Chinese imports to 30 percent from its current 145 percent, while China would lower its import duty on American goods to 10 percent from 125 percent.
"We concluded that we have a shared interest," said Treasury Secretary Scott Bessent at a news conference in Geneva where U.S. and Chinese officials met over the weekend. "The consensus from both delegations is that neither side wanted a decoupling," he said. The agreement breaks an impasse that had brought trade between China and the United States to a halt. Many American businesses had suspended orders, holding out hope that the two countries could strike a deal to bring down the tariff rates while raising the spectre of price increases.
"We concluded that we have a shared interest," said Treasury Secretary Scott Bessent at a news conference in Geneva where U.S. and Chinese officials met over the weekend. "The consensus from both delegations is that neither side wanted a decoupling," he said. The agreement breaks an impasse that had brought trade between China and the United States to a halt. Many American businesses had suspended orders, holding out hope that the two countries could strike a deal to bring down the tariff rates while raising the spectre of price increases.
meaning (Score:4, Insightful)
la Presidenta and his Maggots figured that since imports at U.S. ports were tanking and the U.S. economy would not be far behind, they caved and told China they craved a deal. The 90 day limit is mostly so they can figure out if the new 30% tariffs would also do the job of tanking the U.S. economy. China on the other hand is playing rope a dope.
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Yeah it is beyond pathetic.
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don't forget that he 20% of the 30% are "fentanyl taxes", imposed to make sure that the US fabricates fentanyl in-house instead of importing, bring back manufacturing to the USA!
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China won this one so easily it's shocking just how badly it went for Trump. It was so childish that it almost beggars belief.
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Who took all the money DOGE "saved"? Where's my fat check it needs to be 20k minimum.
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Apparently, today it is the federal employees who receive unemployment payments while working for Deep State [x.com].
There are 100,000 of them, honestly!
Re: If only it were true (Score:2)
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Who took all the money DOGE "saved"? Where's my fat check it needs to be 20k minimum.
DOGE saved money? https://www.cbsnews.com/news/t... [cbsnews.com]
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The lower tariffs will work from the day of the agreement, so guess.
Trump won!! (Score:5, Funny)
So we've returned back to the Biden tariff levels! Another great example of Trumps genius and 3D chess playing ability and his ability to anticipate things years in advance.
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I should have also mentioned his other great economic victory this week, when he announced he is making pharmaceutical companies charge the same amount for their drug in all regions. That will cause prescription drug prices to rise, because the lack of foreign sales due to high un-affordability will cause a revenue shortfall that will have to be made up for with price increases. (An announcement celebrated by hypocrite Elon Musk, who offers Starlink for $150 a month in the US and $20 a month in Kenya. Model
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President flip flop (Score:5, Insightful)
Guy has no idea what he's doing, terrible news for everyone.
"wax on... wax off.. wax on... wax of..."
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Brings a new twist to the meaning of the term edgelord.
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The guy is doing the same thing with prescription drugs, which is going to cause people to die in foreign countries and in the US. He is basically blocking companies from selling drugs in foreign countries (by making them unaffordable to the local population), and that will reduce the drug company's revenue which would have to be made up for by increasing the prices of drugs in the USA.
Sucker Re:Trump lost the game of chicken (Score:1)
The only America that is going to be great again is the one experienced by Trump and his pals sitting on a big bag of cash. You will be grovelling for a handout from your new Kings, selling your daughters into their brothels whilst still braying MAGA like a donkey.
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Again. Trump lost the game of chicken again, playing against the same people he played against in his first "presidential" term. (Quotes used since there's nothing presidential about Trump)
China tariff'd the US?? (Score:1)
This is really stupid ... (Score:4, Insightful)
In a joint statement, the countries said they would suspend their respective tariffs for 90 days while they negotiate. Under the agreement, the United States would reduce the tariff on Chinese imports to 30 percent from its current 145 percent, while China would lower its import duty on American goods to 10 percent from 125 percent.
This is just stupid. The Chinese are worried they will lose 16 million jobs, but they can afford to effectively put 16 million people on the dole by subsidizing affected businesses or by putting these people to work on extra public works projects. Meanwhile the Trump admin thinks it went to Geneva, where they dominated and won bigly like the alpha males they are because China lowered their tariffs more than the US but the Trumpkins are just shooting themselves in the foot, ... again. This is just the same old Trump shtick, create a problem, let everybody freak out over it for a while and the emerge, deus ex machina style, to 'solve' the problem you created. Problem is that other countries have gotten wise to this parlor trick. China cutting tariffs to 10% will perhaps do something to boost US soybean and pork exports (with all the transformative effects that's going to have on the US economy, LOL) but China has long since started sourcing all of that from other countries to de-risk from the US. Meanwhile any benefits from China's lower tariffs on US goods will be offset by a 30% price hike on all the cheap goods the US population has become accustomed to (while it now watches the richest 10% get colossal Trump tax cuts while public service are cut to pay for those cuts), the price of those goods will have become something like 50% higher by the time they arrive in the shelves at US stores (including a crap ton of pharmaceuticals) causing a price shock. All of this will still raise inflation to piss further off the US public which (apart from the bedrock MAGA cultists) are now less likely to uncritically swallow the idea that it's all and Biden's fault. If I was China I'd draw these 'negotiations' with Trumpistan out as long as I possibly could to buy time to negotiate trade deals with other far more trustworthy partners like ASEAN, MERCUSUR and the European Union.
Re:This is really stupid ... (Score:5, Insightful)
Hasn't this just reset to before the spat started in March?
I suspect the biggest problem the US is going to have now is restarting the supply pipelines from China. As the adafruit example showed, you can be hit by tariffs that didn't exist when you placed your order.
So a) there's going to be some importers unwilling to place orders even though the tariffs are back to what they were and b) the ones who do place orders are only going to be delivered in 30+ days. The current China->US pipeline is very significantly down in volume (and sailings) although the early stockpiling has hidden that from the US consumer so far.
https://nypost.com/2025/05/09/... [nypost.com]
https://www.cnbc.com/2025/04/2... [cnbc.com]
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Hasn't this just reset to before the spat started in March?
Maybe, but with tariffs on Chinese goods imported into the US. That's a 30% extra tax on the US poulation, it is inflationary and it won't be popular once the US public in general finally figures out that China ain't paying those taxes and that their own public services are being cut to pay for Trump tax cuts that will mostly benefit the super wealthy.
I suspect the biggest problem the US is going to have now is restarting the supply pipelines from China. As the adafruit example showed, you can be hit by tariffs that didn't exist when you placed your order.
So a) there's going to be some importers unwilling to place orders even though the tariffs are back to what they were and b) the ones who do place orders are only going to be delivered in 30+ days. The current China->US pipeline is very significantly down in volume (and sailings) although the early stockpiling has hidden that from the US consumer so far.
https://nypost.com/2025/05/09/... [nypost.com]
https://www.cnbc.com/2025/04/2... [cnbc.com]
Oh sure, US will have severe problems restarting those supply pipelines. But it's not just US companies stuck with price hikes on shipments they ordered befor
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Yes, the US can afford to buy cheap stuff from China, if the only alternative is to buy lower-quality, more expensive items from American billionaires who will just hoard the money and not let a single cent trickle down. Either way the money is spent, right? At least with China products, the money is spent more frugally.
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That is not what a trade deficit means. JFC. A trade deficit means you find it *better value* as a nation to get other people to make some low-value add stuff for you, while you carry out *higher-value* economic activity in your own country. Like, ya know, the tech sector and running the world's reserve currency.
It's a false economy to think you should make everything in your own country in the same way it's a false economy to be your own personal hairdresser. Yes, you don't have to pay the hairdresser, but
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...they can afford to effectively put 16 million people on the dole by subsidizing affected businesses or by putting these people to work on extra public works projects.
This is false. Chinese economy is in a bad shape. [youtube.com]
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...they can afford to effectively put 16 million people on the dole by subsidizing affected businesses or by putting these people to work on extra public works projects.
This is false. Chinese economy is in a bad shape. [youtube.com]
Sure, according to a MAGA rando on YouTube with a bee in his bonnet about China.
Even at 0% (Score:2)
You put your left leg in, your left leg out ... (Score:1)
In, out, in, out, shake it all about
You do the hokey cokey and you turn around
That's what it's all about
Woah-oh, the hokey cokey
Woah-oh, the hokey cokey
Woah-oh, the hokey cokey
Knees bent, arms stretched, ra, ra, ra
All sing along together now. The Hokey Cokey, courtesy of your cousins over here in the UK.
Who voted for this quarterwit (Score:4, Insightful)
It's like if your neighbour threatens to set your house on fire but eventually just kicks over your mailbox. You somehow feel fortunate, but still wish you had a different neighbour.
Unfortunate (Score:2)
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