Unpacking the Trump White House's mixed tariff messaging New comments from President Trump and his top trade aides are sowing confusion over the administration's tariff policy.
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US President Donald Trump
The latest in the Trump tariff extravaganza is "Chinese imports to the US could face tariffs as high as 245%, according to a White House fact sheet released on Tuesday". [1]
"China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions" as per the fact sheet.
Meanwhile China has retaliated by initiating a 125% tariff on US goods to China.
What becomes clear is China will not be bullied into submission by Trump's impulsive behavior.
For sure the US has been China's number one export destination. But China trades with other countries throughout the world. In all likelihood it will increase its export trade with these other countries to offset the tariffs by the US.
Here is a partial list of exports to countries with which China conducts export trade and the values in the $billions: [2]
Hong Kong 245 B, Japan 169B, South Korea 147B, Germany 164B, Russia 110B, Vietnam 135B, India 125B, Thailand 74.2 B, Singapore 63.1B, Malaysia 65.5B, Netherlands 64.1B, Turkey 44.6B, Saudi Arabia 42.9B, Canada 59.9B, the Philippines 34.6B, UK 98.2B, Mexico 104B, Brazil 57.8B, Australia 72.3B.
These exports include Broadcasting equipment 307B, Computers 158B, Office machines 89B, integrated circuits 154B, electric batteries80B, semi-conductor devices 62.3B, electrical transformers 51.9B.
Given the number of countries that China exports to and the values of those exports in the $billions, though it will be challenged to withstand Trump's tariffs in the short term, it's quite likely it will persevere in long run.
The ones who will be hurt by Trump's impetuousness are the poor and working people in the US. Inflation is rising with higher prices on everything.
Some Wall Street banks are forecasting a recession this year.
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