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NYT reported, “Chinese factory activity slowed in April, an early sign that President Trump’s tariffs are taking a toll.”
Who said no one wins a trade war?
NYT bravely stood by Winnie the Pooh and the rest of Red China, saying, “The trade brinkmanship threatens U.S. and Chinese growth—and potentially the global economy. Emerging signs of hardship in both countries have ratcheted up pressure on President Trump and Xi Jinping, China’s top leader, to strike a deal to break the impasse.
“Neither Beijing nor Washington appears ready to blink. China’s foreign ministry released a video on Tuesday, saying that the country refuses to cave to ‘a bully.’ President Trump, in an interview with ABC News on Tuesday, continued to push back, saying [Red] China was ‘ripping us off like nobody’s ever ripped us off.’ He said he believed that [Red] China ‘probably will eat those tariffs,’ defying anxiety among consumers and businesses about the impact of the import taxes he has imposed.
“On Tuesday, the shipping giant United Parcel Service announced it would cut 20,000 jobs and close 73 buildings this year. General Motors said it could no longer stand by its previous forecast for solid profit growth this year, citing Mr. Trump’s tariffs on imported cars and imported parts. U.S. consumer confidence fell to its lowest levels in five years.”
Bull.
Wall Street Mav tweeted, “UPS will cut 20,000 jobs this year, about 4% of its global workforce, the company said Tuesday. But UPS added the decision is unrelated to tariffs and is instead due to increased use of technology and a previously announced plan to trim its Amazon business.”
Let’s roll on to Paragraph 10 of the NYT story and get to the heart of the matter: “In a research report on Tuesday, Nomura Securities said that if Chinese exports to the United States were to drop 50%, 5.7 million people in China could lose their jobs immediately. That number could grow to 15.8 million workers once the long-term effects rippled through the economy.”
NYT is not concerned about 20,000 UPS workers. The thought of the nearly 16 million workers and slaves the communists may have to lay off has NYT sweating.
U.S. Trade Representative Jamieson Greer told the Cabinet yesterday, “This is something, a re-ordering of global trade, that has not happened since the end of World War II and it’s long overdue. When the net result of the global trading system is all the manufacturing goes to Asia and other places, that’s the system you have to replace.”
We needed to do this decades ago.
Red China is run by pretty clever men who figured out a way to make the USA dependent on them. But in trying to chain the U.S. economy to them, the communists also chained themselves to the U.S. economy. You don’t need an abacus to determine which number is bigger 20,000 or 16,000,000.
CBS reported, “At the Port of Los Angeles, which, along with the Port of Long Beach, receives roughly 40% of all imports from Asia, shipments last week were down 10% compared with the same period one year earlier. That number is expected to keep falling.”
If the 10% drop is Red China’s loss, then using Nomura Securities’ math, that is more than a million jobs lost in Red China.
Welcome to Youngstown on September 19, 1977.
As Salena Zito wrote 45 years later, “Black Monday and its aftermath was brought about by a combination of bad trade deals, newer plants in [Red] China and Japan that had better technology, owners here who stubbornly refused to upgrade their plants and a union leadership who wrongly thought the parade would never end.”
I don’t believe we had trade with Red China back then, but she got her facts right even if she had one of the countries wrong.
Trump cannot do much to improve the plants but he can dump bad trade deals.
He is.
Our favorite president is bullying the bully like the high school football team disciplining the guy who picked on the geek.
There were rumors that Amazon wanted to impose a tariff tax on its products. While The Donald complained, I would not have. Let customers know just what is imported from the largest communist land in the world.
Jeff Bezos’ Washington Post said, “President Donald Trump called Amazon founder Jeff Bezos on Tuesday morning to complain about a news report that said the e-commerce giant would display the costs of the administration’s new tariffs to consumers, according to two people familiar with the matter, who spoke on the condition of anonymity to describe the private conversation.
“Amazon disputed the news report. In an emailed statement, company spokesman Tim Doyle said the team that runs Haul, Amazon’s low-cost Temu competitor, ‘has considered listing import charges on certain products.’ But it ;was never a consideration for the main Amazon site,’ Doyle said, ‘and nothing has been implemented on any Amazon properties.’ In an updated statement later, the company said that ‘this was never approved and is not going to happen.’ ”
Meanwhile, Chairman Xi is backing down as his economy collapses.
Reuters reported, Red “China has created a list of U.S.-made products that would be exempted from its 125% tariffs and is quietly notifying companies about the policy, two people familiar with the matter said, as Beijing seeks to ease the impact of its trade war with Washington.
“[Red] China has already granted tariff exemptions on select products including select pharmaceuticals, microchips and aircraft engines and was asking firms to identify critical goods they need levy-free, Reuters reported on Friday. However, the existence of a so-called ‘whitelist’ had not been previously reported.
“The quiet approach allows Beijing, which has repeatedly said it is willing to fight till the end unless the U.S. lifts its 145% tariffs, to maintain its public messaging while privately taking practical steps to provide concessions.”
Reuters calls it practical when the communist does it.
Maybe Trump can counter by banning certain shipments to Red China—in the name of national defense, of course—because the story also said, “The list of exempted products also appears to be growing: China has waived tariffs on ethane imports from the U.S., Reuters reported on Tuesday.
“Major ethane processors had already sought tariff waivers from Beijing because the U.S. is the only supplier.”
Only supplier. Red China needs to do something about that. We are.
BBC reported, “The U.S. has signed a much-anticipated natural resources deal with Ukraine, which the treasury department said would help with its post-war reconstruction efforts.
“President Donald Trump repeatedly pushed for the agreement as a prerequisite to offering any future security guarantees to Kyiv, as Ukraine fights against Russia’s invasion.”
Paragraph 6 said, “According to the statement from the US Treasury on Wednesday afternoon, the newly created U.S.-Ukraine Reconstruction Investment Fund recognizes the ‘significant financial and material support’ the US has given Ukraine since Russia invaded in February 2022.
Hmmmm. The U.S.-Ukraine Reconstruction Investment Fund. How convenient. I wonder if Hunter will be the CEO.
Trump wants the rare earth ore. Trump will get his minerals and Zelensky will keep getting his kickbacks. The Ukrainian people will get to bury their sons. Russians, too.
America’s GDP shrank in the first quarter of the year and the White House admits the tariffs may have something to do with it. (Laying off more than 200,000 federal employees also had an impact.)
But the administration also said:
- Core GDP grew at a robust 3.0%. This signals strong underlying economic momentum that occurred after President Trump’s inauguration.
- Gross domestic investment soared by 22%. This is the highest in four years and comes as businesses and consumers—bolstered by rising take-home pay—fuel an economic boom.
- Monthly indicators, which capture growth trends at a much higher frequency, all point to accelerating growth AFTER President Trump took office. Private employment gains, consumer spending, capital investment, and aggregate hours worked have all accelerated since January, while inflation has decelerated.
- An unprecedented surge in imports due to tariff frontrunning contributed to most of the decline.
- The forward-looking indicators highlight the momentum that has occurred in anticipation of President Trump’s economic agenda.Exports still rose at a healthy 1.8% rate, implying no major disruption to flow of U.S. goods and services to our trading partners abroad.
The propaganda press says no one wins a trade war.
Bull.
As Nick the Lounge Singer would sing, “Oh Trade Wars. If they should bar wars, please let these Trade Wars stay.”
This article first appeared on Don Surber’s Substack. Reprinted here with permission.
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