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As promised, goods from China will cost Americans a lot more money starting today — and selling goods in China even tougher. A last-ditch effort to avoid the imposition of tariffs failed late yesterday, resulting in a broadened trade war between two of the top global economies. At least at the moment, there don’t seem to be too many off-ramps from this conflict:
The United States and China hurtled toward a defining moment in their four-decade-old relationship, with financial markets bracing for the outcome of unusually dramatic trade talks in Washington.
Negotiators - Evening - Thursday - Increase - US
Negotiators met into the evening on Thursday but failed to avert an increase in U.S. tariffs on $200 billion in Chinese products that took effect at 12:01 a.m. Friday. The two sides have agreed to continue negotiations Friday.
Robert E. Lighthizer, the chief U.S. trade negotiator, and Treasury Secretary Steven Mnuchin “met with President Trump to discuss the ongoing trade negotiations with China. The Ambassador and Secretary then had a working dinner with Vice Premier Liu He, and agreed to continue discussions,” the White House said in a statement.
Negotiators - Days - Tariffs - Effect
Technically, however, negotiators have a few more days before those tariffs take effect:
Because the higher tariffs apply only to goods that leave China on Friday — not shipments already approaching American shores — officials still have time to work out a last-minute solution.
China - Countermeasures - Changes - Place - Sector
China says they will take “countermeasures” when the changes do take place. Where will those hit? Most likely in the agricultural sector, for a couple of reasons. First, China has fewer target options because they ship a lot more to the US than they allow the US to export to China, but agriculture is one of those needs. China’s buying their soybeans elsewhere already, but they can cut off even more of those purchases, as the panel on NBC’s Today noted:
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Why do democrats never have to face the reality of what's on the ground, like 2000 years of marriage.