Remember when trade wars were “good and easy to win”?
The United States Trade Representative announced on Tuesday that it was removing several items from its list of tariffs on Chinese imports “based on health, safety, national security and other factors” that would’ve been subjected to President Donald Trump’s new 10 percent tariff.
The USTR will also delay tariffs on cell phones, laptops, computer monitors, video game consoles, and “certain items of footwear and clothing” until December 15.
President Donald Trump had tweeted in early August that he was slapping a 10 percent tariff on an additional $300 billion dollars’ worth of Chinese imports effective September 1, which would force Americans to pay extra taxes on goods like iPhones and other electronics.
Economic experts have warned that Trump’s trade war with China poses a major threat to U.S. markets and could risk a recession next year, not to mention the additional costs to U.S. consumers.
Mnuchin, who always looks like he’s sucking on a lemon or getting ready to, delivers the bad news of Whiny backing down.
China will promise to schedule a future meeting, and he will point to that as a win.
The key here is that the consumer price hikes caused by tariffs on toys and electronics will NOT affect Christmas shopping until AFTER the 2020 election.
So all the back-to-school crap at Target and Wallmart has an impact on health, safety, national security and other factors?
The Cave Man, Homo dunning-kruger, strikes again.