Politics: Trump finally acknowledges his tariffs could hit consumers - PressFrom - US

PoliticsTrump finally acknowledges his tariffs could hit consumers

02:40  14 august  2019
02:40  14 august  2019 Source:   washingtonpost.com

Trump delays laptop and smartphone tariffs until December

Trump delays laptop and smartphone tariffs until December The administration said it was delaying implementation

Mr. Trump could make an honest case for this tax increase. He could argue that Americans must endure higher prices because China will suffer too The Trump administration has tried to focus the China tariffs on the industrial supply chain: products used in making other goods, rather than

Kudlow contradicted President Trump 's claims that China alone will pay tariffs imposed by the U.S. White House economic adviser Larry Kudlow on Sunday acknowledged that the Chinese do not directly pay tariffs on goods coming into the U.S., contradicting President Donald Trump 's claims that

President Trump has repeated the same mantra for months: The Chinese are paying the full price of his tariffs. It’s a line that the overwhelming majority of economists and business owners say is false, but Trump kept saying it — until Aug. 13.

The White House announced Tuesday that the president’s latest tariffs on China would be delayed on many popular items like cellphones, laptops and strollers. The 10 percent tax would not go into effect until Dec. 15, effectively ensuring retailers can import goods for the holidays before the tariffs take effect.

Apple Watch, AirPods, HomePod could be on new September Trump tariffs

Apple Watch, AirPods, HomePod could be on new September Trump tariffs New 10% levy on Chinese imports runs the gamut from film cameras, golf balls and ducks. Apple's higher priced computers and phones could be hit later.

This followed tweets from Trump defending his decision to more than double tariffs on 0 billion worth of Chinese imports. But Democrats and a growing number of Republicans have voiced concern that Trump ’s tariffs could undermine the past several years of robust economic growth.

President Donald Trump has finally dropped his ruse that China pays tariffs to the U.S. Instead, he emphasized another trade lie on Monday. Goldman Sachs has a simple retort to all those who say Trump ’s tariffs aren’t causing consumer prices to go up pic.twitter.com/PIVmLoUzSx.

Trump himself told reporters the delay is to ensure consumers don’t face higher costs this Christmas. Here are his full remarks:

“We are doing this for the Christmas season, just in case some of the tariffs would have an impact on U.S. consumers. So far they’ve had virtually none. The only impact has been that we’ve collected almost $60 billion from China, compliments of China. But just in case they might have an impact on people, what we’ve done is we’ve delayed it so they won’t be relevant for the Christmas shopping season,” Trump told reporters before he flew to western Pennsylvania.

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He used qualifying phrases such as “just in case” and “might have,” but his words — and actions — are a noticeable change from his insistence that the Chinese are paying the full cost of his tariffs. (Note that the harm to American farmers comes from China’s counter-tariffs, which Trump has sought to offset with a bailout targeting farm country.)

At a private dinner, Tim Cook told Trump that his tariffs are hurting Apple and helping Samsung

At a private dinner, Tim Cook told Trump that his tariffs are hurting Apple and helping Samsung Apple investors over the past few weeks have been particularly wary of looming tariff increases on a range of products imported from China. With some devices potentially subject to a tax as high as 25%, it's widely expected that Apple, when push comes to shove, will eat the tax as opposed to passing along the additional cost to consumers. Either way, Apple's bottom line is poised to take a hit. In the meantime, Apple has been lobbying hard to convince the Trump administration that tariffs might lead to a range of unintended consequences.

President Trump is imposing tariffs on 0 billion worth of Chinese goods, many President Trump escalated his trade war with Beijing yesterday by imposing tariffs on 0 billion Tesla investors can only hope that Mr. Musk, who has seemed distracted lately, can focus on beating the competition.

Monday morning, Mr. Trump kept up his offensive against Beijing, tweeting that his tariffs are working, something most companies and economists disagree with. The China tariffs could be a "big blow" to U.S. consumers , the Peterson Institute for International Economics outlined in a report this summer.

“The decision to delay new tariffs on Chinese-made toys, smartphones, laptops and other popular holiday gifts is a tacit admission that consumers pay for tariffs, not Chinese producers,” said Ryan Young, a senior fellow at the Competitive Enterprise Institute.

An American family of four would pay about $350 more a year if the full cost of Trump’s latest tariffs was passed to consumers, according to the Tax Foundation. While inflation — a measure of rising costs — has remained low in the United States, the latest data out Tuesday showed some pickup, mainly from increases in gas and rent. A Goldman Sachs analysis also found items that have had tariffs placed on them are seeing costs rise.

“Trump didn’t want to be the Grinch that stole Christmas,” said Phil Levy, a former economist in the George W. Bush administration who is now chief economist at Flexport, a freight and logistics company. “This seems to me like the administration is retreating.”

US delays tariffs on cellphones, laptops and toys from China

US delays tariffs on cellphones, laptops and toys from China President Donald Trump had announced a 10% tariff on $300 billion of goods imported from China, starting September 1.

President Donald Trump launched the next salvo in his widening war on Chinese trade abuses, this time taking aim at China's unfair seizure of US intellectual property.

While China could hit Trump with retaliatory tariffs , it has long said it wants to follow World Trade Organization rules. The WTO’s dispute settlement mechanism calls for the two sides to negotiate Those targets and other crops could hurt Trump ’s support in some politically important farming states.

Trump and his policy adviser Peter Navarro have said that China has devalued its currency enough to compensate for the cost of the tariffs, but U.S. companies point out that the devaluation doesn’t cover all the tax and many contracts with Chinese manufacturers are executed in dollars, not yuan.

Trump’s latest round of tariffs is different from his prior ones. The earlier rounds mainly went on component parts that manufacturers such as auto companies bring into the United States to assemble into final products. Many U.S. companies opted to absorb a lot of the added costs, effectively canceling out some of Trump’s corporate tax cut, instead of passing the higher cost on to consumers.

But Trump’s push to put a 10 percent tariff on another roughly $300 billion worth of Chinese imports by the end of the year will mainly hit finished goods like shoes and iPhones that are assembled fully in China and then shipped to the United States. Business owners say it’s a lot more difficult to absorb those costs or find ways around them.

Trump insisted Tuesday that his tariffs are working — both by helping the U.S. economy and forcing the Chinese to negotiate.

AirPods, Apple Watch, and HomePod will face 10 percent import tax, starting in September

AirPods, Apple Watch, and HomePod will face 10 percent import tax, starting in September Smartwatches, fitness trackers, smart speakers, and Bluetooth headphones are affected

Trump said Thursday that he wants even higher tariffs . In his decision, Trump deployed a little-used weapon in U.S. trade law: Section 232 of the Trade Expansion Not well. Trade analysts predict that countries hit hard by the steel and aluminum tariffs could complain to the World Trade Organization.

Trump ’s next tariffs on China could approach Smoot-Hawley levels of the 1930s. Before Trump ’s 2018 actions, US tariffs on imports Finally , if Trump follows through with his threat to impose a 25 percent tariff on most of the rest of US imports from China, the average US tariff toward China would

“The stock market is way up today for various reasons, including tariffs,” Trump said.

He lauded a phone call Monday between top Chinese and U.S. negotiators as a step forward in the discussions. Chinese officials are planning to come to the United States in September.

“I’m not sure if it was the tariffs or the call, but the call was very productive,” Trump said, implying his last round of higher import taxes is yielding results.

Many economists and business leaders, however, said the tariff delay does little to mitigate the uncertainty surrounding Trump’s trade policy that is weighing heavily on the economy.

“We are all just one tweet away from significant volatility,” wrote Joe Brusuelas, chief economist at RSM in a note to clients. “The idea that this is a major source of relief to the economy is not tethered to empirical reality.”


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Trump and Tim Cook talked easing tariffs again.
On Friday night, the President once again tweeted about Apple . This time, however, things were a bit more positive. “Having dinner tonight with Tim Cook of Apple,” he wrote in advance of the meeting. “They will be spending vast sums of money in the U.S. Great!” The pair had dinner at Trump’s golf club in Bedminster, New Jersey. On Sunday, the President offered a debrief of the meeting after 10 days at the club, telling a small gathering of reporters, “I had very good meeting with Tim Cook […] Tim was talking to me about tariffs, and one of the things, he made a good case, is that Samsung is their number one competitor and Samsung is their number one competitor and Samsung is not payi

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