Well, that puts them off until after the Switch 2 launch, so good for Americans who are able to get one at launch, I guess.
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Pure fucking market manipulation.
At this point I kind of hope China goes nuclear and implements a complete import and export ban with the United States. China has the social infrastructure inplace and debt head room to borrow their way out of any kind of financial crisis. The United States does not.
China exports a lot. The libs on lemmy are lying to themselves if they don’t think this is going to hurt China in any way. It’s likely going to be harder on them in fact.
Haven’t seen anyone saying that.
China’s financial instability and housing market issues are going to make them vulnerable. That said, the world does more trade with China than America thanks to global Western companies outsourcing all their manufacturing there (thus screwing blue collar workers in their home countries).
That same world is now slightly more interested in punishing America thanks to the Trump regime. If he doesn’t revert to previous agreements in the next 6 weeks or so, then I’d expect a global recession is coming not too far down the track.
I would say at this point the global recession is coming even if he would revert to the previous agreements because you can’t just regain trust like that.
Meh finance people are pretty forgiving as long as the money is streaming in. Which is part of why they’re not trust worthy.
But yes, Trump has damaged perceptions of the US as a stable democracy no matter what. So whether he leaves peacefully and wherher people further left get back in and make amendments against future trumps is the real decider of the future of the world.
Given he’s already aligned himself with Steve Bannon’s third term idea, it’s not looking good for the future of Pax Americana.
Next up: A mix between Pax Europa and Pax Sinica (China).
Is America the only country on the planet?
You seem to forget that the EU and China are starting to mingle; and that China is heavily involved in Africa et al via the Belt&Road Initiative.
Obviously everyone gets hurt in it a trade war, that’s why it’s called a war. But the the long term outlook for China is significantly better than America’s - they will win a war of attrition.
China is also doing their due diligence. Tit-for-tat is the most effective negotiation strategy, you will not beat physics, and they understand this.
The craziest part is that both America and China were benefiting immensely off of the status quo, considering they were the #1 and #2 richest countries on the planet. But since the least qualified person on the planet to handle money (Trump) has unregulated power, it has all gone to shit.
Is America the only country on the planet?
Don’t be shitty
This is hard on the whole world in a way that nobody is going to come out hurt less in any meaningful way.
Only one country doesn’t see that.
Everyone will be hurt badly by this, it is just the US that will be hurt worst of all because they started a trade war with literally everyone at the same time AND turned themselves into a hostile environment for migrant labor AND reduced spending on education.
The US also based their global economic position on the fact that they were the only major country left standing after World War II. The rest of the world has rebuilt itself since then but America stayed on top because they were too big to fail. If they fail anyway they’re never going to recover, since the circumstances that they originally benefited from don’t exist anymore.
Yes, they export a lot, but this would only be to one country. The US is likely their biggest trade partner by a large margin, but they could still trade with 176 other countries.
It will hurt them but not cripple them. The US gets SO MANY things from China that it would cripple our country. Every computer chip outside of the TSMC fabs, every junk toy, half our clothing, tons of car parts, everything sold at Harbor Freight and Home Depot, cell phones, etc. They’ll still be able to sell those to the rest of the world, but the US would have to switch up our entire global supply chain. It would take years to recover.
Yes, they export a lot, but this would only be to one country. The US is likely their biggest trade partner by a large margin, but they could still trade with 176 other countries.
You say that like they aren’t already. Are those 176 other nations prepared to make up the slack that the US isn’t buying?
It will hurt them but not cripple them.
This was, in fact, what I said. That it would hurt them. People seem to be reading some fan-fiction version of what I said that involves the US destroying China or something.
Isn’t export to the US only like 3% of Chinas gdp though?
Reply to some of these comments big guy cmon
I owe them and you absolutely nothing.
China uses debt differently. Local governments are not allowed to borrow money directly, so they use companies to borrow money for public works. The system is called local government financing vehicle(lgfv). They usually get land, which they sell or lease to get some money or to secure loans. It is usually understood that local governments would bail lgfv out. The issue with lgfv is that they owe more money then the GDP of China and it is secured with mostly real estate, which is somewhat on the edge of crashing. Chinese real estate is crazy overvalued, so popping that bubble can hurt China badly.
The difference is that China is in a trade war with the US. The US is in a trade war with the rest of the world.
This is one of the better explanations on the China debt + real estate connections I’ve read. Thank you
So he imposed them on everyone to see who would retaliate the hardest and when China did he decided that ok got a target and doubled down even harder. He used it as bait to see who would be the most pissed. Someone please shoot him, cut off his head, hang his corpse from the torch of the statue of liberty.
No, China was always the target. Other countries were basically targeted proportionally to their manufacturing bases.
It’s about manufacturing (which Trump wants to return to America).
So he imposed them on everyone to see who would retaliate the hardest and when China did he decided that ok got a target and doubled down even harder.
This book “See What You Made Me Do: The Dangers of Domestic Abuse That We Ignore, Explain Away, or Refuse to See” is in the Self-Help section, but surely it belongs in the Politics section instead.
No one had time. China’s tariffs were announced earlier, but the EU and other blocs would have undoubtedly followed (and might still follow with 10%), but they freaking think it through over at least a week like a normal government.
Plus it allows them to surgically implement their tariffs. They are aiming them at his support base to hurt them the most hoping to drive a stake into the heart of the vampire.
I think it’s too late and those people are fucking brain dead, but at least they are trying something.
Nothing says “Genius” better than changing your mind more than your Depends.
HIs mind changes with whoever just left the room.
If he weren’t just doing this to profit off of market manipulation at all of our expenses I’d be adding this to the very short list of good things he did, including declassifying US endorsement of Syrian rebels and protecting rights to unionize (in Mexico…)
I understand balancing trade deficit is improtant, but the way to fix a mole on your feet is not by shooting it.
Idgaf about trade deficits, we’re a trade surplus with SAE by 270%.
I just want to reduce imports from China. They’ve fucked around and now they need to find out.
Remember when flip-flopping was bad for a politician?
No, but this is the art of the deal™
(/s in case any dumbass is reading this. There is no art and he made no deal, except the deal with his criminal friend to do insider trading)
Flip-flopping in and of itself isn’t bad.
What it is - is a symptom.
A symptom of being an absolute dumbass. Now that is what’s bad.
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I mean I, for one, do appreciate the extremely cheap Chinese imports we are about to receive overe here in sanity land. You think nobody in Europe is buying American cars now? Give it a minute, they’ll be giving out BYDs in cereal boxes.
BYD is not selling in the US.
They are selling everywhere else
Personally I’m siding with China he’s going to hit the rest of us again in 3 months again. This is blatant stock manipulation in my opinion and he should be jailed for both that and treason.
China can respond by immediately n stop all shipments
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seems like he learned his negotiation skills from the scene in Blazing Saddles where the black sheriff points a gun to his own head. “Do what he says! Do what he says!”
Probably less. He could change his mind at any time.
