As US ports sit empty, convicted felon #47 Donald "Two Dolls, Five Pencils" Trump announced he has victoriously dropped his disruptive tariffs on China.
"Winning!" ala Charlie Sheen, Donald Trump's big success with China seems to have massively disrupted the economy for very little change. These stops and starts to the economy are supremely damaging, have already cost jobs and serve a purpose no one beyond Trump and his inner circle of dimbulbs seems to understand.
The U.S. agreed to temporarily reduce tariffs on China to 30%, down from 145%. Beijing said it will lower tariffs on U.S. goods to 10% from 125%.
Trump said Monday morning that tariffs on China would not go back to 145%, even if a longer-term deal cannot be reached once the 90-day pause expires.
"But they would go up substantially," Trump added.
The U.S. side of the temporary agreement shrinks Trump's "reciprocal" tariffs on China to 10%. The U.S. is also maintaining 20% tariffs that were previously imposed over allegations about China's role in bringing fentanyl to America.
The U.S. said it will additionally retain tariffs that were in place for specific Chinese products, including steel and aluminum, before early April.
CNBC
I suspect that Trump ran out of ass-kissing, glorious leader lapel pins and didn't want to pay his own 145% tariff to take delivery of more.
Make no mistake, China is laughing at Trump:
When President Donald Trump launched his trade war on the world, he issued a stern warning: "Do not retaliate and you will be rewarded." China ignored the warning. It was rewarded anyway. This morning, Trump largely suspended his trade war in return for nothing but promises of ongoing discussions. There is a lesson here for everybody Trump threatens, whether countries or businesses or universities.
The Atlantic
Previously:
• Brooklyn electronics company Adafruit hit with surprise $36K tariff bill: 'pay in one week'
• Coincidence? Unusual options activity before Trump's tariff reversal
