I am especially pissed about this as electronics components will be taxed at 35% so our costs will increase by at least 35% if not more. Also, items that are 100% manufactured in China (they call this the last screw definition - ie: there is no subsequent assembly or processing in the USA) do not have this tax. This is a tax on hackers and not consumers.
But I ramble - from CNBC:
US-China tariffs: 'The first shots to the trade war are about to be fired'
A trade war between the U.S. and China is about to start, and there will be probably be “escalation upon escalation,” warned Geoff Raby, Australia’s former ambassador to China.
Ahead of the expected Friday implementation of American and Chinese tariffs, Raby told CNBC that “it looks like the first shots to the trade war are about to be fired.”
China, for its part, was already calling the tariff threats between Beijing and Washington a "trade war" in June.
“I thought that by now a negotiated solution would have been found,” he told CNBC’s Martin Soong, adding that it seems the U.S. has “walked away” from any potential deal.
Yes, there is a very large imbalance in trade between our two nations but a trade war is not the way to go about curing this. President Trump is going all-out nuclear when he just needs to rattle a few sabers.
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