Biden slams Trump over escalating trade war with China

Posted by mminnick 5 years, 11 months ago to Economics
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Speaking to reporters during a campaign stop in New Hampshire, the former vice president and front runner in the battle for the Democratic presidential nomination charged that Trump has “gone about it all the wrong way.”

Pointing to the president’s decision to raise tariffs to 25 percent on $200 billion worth of Chinese goods, Biden said that "the only people paying the price are farmers and working people right now.”
Biden’s comments came soon after China’s finance ministry announced that in response to Trump’s moves, it was raising tariffs on a wide swath of American goods and products from 10 percent up to 20-25 percent beginning in June. The latest move by Beijing will hike tariffs on some $60 billion in American goods.

These and other comments tell you exactly where Bidn would be in trade negotiations with China. Give them anything and everything they want with nothing for the US. Very reminiscent of all Dem trade deals and negotiations.


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  • Posted by term2 5 years, 11 months ago in reply to this comment.
    Te reason we buy from china is that there are too many regulations and costs in the USA. We have lost out competitive advantage over the years, and our workers are too entitled. We have also NOT switched to enough automation to combat China's lower wages and more aggressive attitudes towards productivity. This isnt going to change with what Trump is doing- in fact it will make it worse. So, forget #1

    #2 is a distinct possibility and a great opportunity for other countries. We are actively looking at Taiwan, Vietnam, S Korea, Thailand. If fat boy wasnt so into control, this is a great opportunity for N Korea, but that wont happen.

    China cant do #3. They are too far down the road and their government IS communist, so they only embrace capitalism in order to enable their collectivism.

    China and USA MIGHT make a deal in order to stop this tariff process, but it would be kind of a hollow deal that looks good but doesnt fix anything. If it happens within a couple of months, Trump in 2020 might be saved. If there is no deal, Trump is done, as well as the Repubs in 2020. Socialism will take over then.
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  • Posted by lrshultis 5 years, 11 months ago in reply to this comment.
    True, tariffs are import duties paid by the importer to the government and not by the exporter. That would be $50 billion on the $200 billion, if still imported, going directly to the government and out of the market for production of other goods. Otherwise the $50 billion would would go into higher prices for US citizens. If the cheap goods are of quality where higher priced goods are not needed, the unspent money can go into creating new jobs or into higher standard of livings.
    The need for a tariff duty (tax) seems to come from the imbalance in trade which makes money more valuable, if China hoards the money, else it needs to invest it somewhere and eventually returns to the USA with some countries earning it and then importing goods from the US or investing in the US economy. On the small level, I spend money every month and do not expect to own that money and expect to get it back from the new owner of the money. I exchanged the money for what I thought was more valuable than the money. Like all free trades, the traders believe that they are giving up something of lesser value for something more valuable.
    I do not see any advantage to decreasing the standards of living for some US citizens by increasing taxes (duties).
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  • Posted by Dobrien 5 years, 11 months ago in reply to this comment.
    Maybe your vote, but you will be trading freedom and autonomy for socialism and Globalism and the new green deal. Good luck with that.
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  • Posted by Dobrien 5 years, 11 months ago in reply to this comment.
    “ American workers are still the worlds most productive Thanks to the ability to innovate “
    I would add thanks to freedom and.....
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  • Posted by mccannon01 5 years, 11 months ago in reply to this comment.
    It's going to be a race, term2.

    1) If by 2020 Americans discover they don't need China and start making stuff on their own again and take pride in their newly discovered abilities to produce, then Trump will win in a landslide.

    2) If by 2020 Americans discover they don't need China because they can get decent cheap goods elsewhere and cut China out of the loop and combine that with 1 above, then Trump wins in a landslide.

    3) If before 2020 China blinks and cuts a decent deal, then Trump will win in a landslide. China better cut a decent deal before 1 or 2 above come to fruition - and I suspect they know it.

    Essentially, the US enterprises and other parts of the world are now getting an opportunity to gear up and kick China where it hurts.
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  • Posted by mccannon01 5 years, 11 months ago in reply to this comment.
    Exactly, Doc. I missed well made Zenith products and was sad when they quit. Fortunately there are a few circuit board manufacturers still in the US, so if that industry gets jump started because of the tariffs it would be a good thing. Other industries that are gone or almost gone getting a jump start would be great as well.

    Who knows? Maybe the Dow Jones Industrial components will get back to actually being industrial again.
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  • Posted by 5 years, 11 months ago
    It is not so much the tariffs that bother me. It is the going back on some of the other issues "settled " in the negotiations like intellectual property rights, industrial spying etc. these are non-trade issues but were discussed and agreed to as part of the deals. Now they are going back on their agreement befor it is even approved /
    Cannot trust the Chinese to do anything except doing what ever they feel is right for them.
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  • Posted by $ 25n56il4 5 years, 11 months ago in reply to this comment.
    Anyone who trusts the Chinese is a fool! The Occidental brain will never comprehend the Oriental!
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  • Posted by ycandrea 5 years, 11 months ago
    Democrat presidential nomination. Not Democratic presidential nomination.
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  • Posted by DrZarkov99 5 years, 11 months ago
    The US was founded on tariffs. It was the only way to enable the country to develop its own industry, rather than rely on European produced goods. Globalism and free trade have not worked in our favor. Whole technologies have disappeared. I can remember when the last American television maker, Zenith, closed its doors due to Asian competition.

    We have become so dependent on China that most of our military vehicles rely on Chinese-made electronic components. If tariffs help us get back the ability to create our own technological production, it will stimulate more value than we lose.

    American workers are still the world's most productive, thanks to our ability to innovate. We need to regain the lead in AI and computer technology, and restart other industries to retain that kind of productivity.

    There are developing countries we can buy low cost goods from, and they need the help to grow their economies. China is not absolutely essential for us. We've just become addicted to their cheap goodies, and we need to kick the habit.
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  • Posted by term2 5 years, 11 months ago
    If Trump doesnt get rid of these tariffs, he will lose in 2020. WE pay the tariffs, China doesnt, and its hurting our businesses given that we import a lot from china.
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  • Posted by Dobrien 5 years, 11 months ago in reply to this comment.
    I would add based on Biden’s past actions his son Hunter would rake in many many millions.
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  • Posted by Andy 5 years, 11 months ago
    In trade negotiates with China Biden would probably give them everything, just let people buy whatever they want with no tariffs no matter what China does. He would have the power to stop people from trading but would be afraid to use it.
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  • Posted by Dobrien 5 years, 11 months ago
    Trump has said he will help the farmers with the $$$$$ We get from China. That and that he has a tremendous respect and he gets along with famously .I have a great relationship with President Xi.
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  • Posted by Dobrien 5 years, 11 months ago in reply to this comment.
    I’ll partner with you on that wager. His closet is filled with ill gotten gains . The hair sniffer’s got some ‘splaining to do about his dealings.
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  • Posted by $ 25n56il4 5 years, 11 months ago
    Poor old dopey Joe! He can't string two words together. He is slurring his speech. He will not be the Democrat candidate and he will never be President of the United States. I'd be willing to place a bet on those two things!
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