Trump Had to Walk Back Existing Tariffs for “Phase One” Deal

Just like China said he would need to

The 15% tariff imposed on $120 billion in Chinese goods in September will be halved to 7.5%:

In a statement issued Friday, the Office of the U.S. Trade Representative (USTR) called the deal a “historic and enforceable agreement” and said the U.S. agreed to modify its tariff actions “in a significant way.”

The U.S. will maintain the 25% tariffs on about $250 billion of annual Chinese imports it imposed during the 18-month trade war, the USTR said. But it will halve the tariffs on an additional $120 billion of Chinese imports to 7.5%, the USTR said. China retaliated with similar measures.

Trump is bigging the deal as “very large” securing “massive purchases” and “many structural” changes by the Chinese.

The reality is that deal is not yet formalized, much less signed, and that we know virtually nothing about the terms, except that China will restore some purchases of American meat that it desperately needs anyway, and the US will modestly scale back tariffs which primarily hit US consumers the votes of which Trump is competing for.

Trump initially advertised he would get concessions simply for not implementing more tariffs on his voters, but China stayed true to its word of not even a phase one deal without Trump climbing down on existing tariffs:

Beijing’s priority in any phase one trade deal with the United States is the removal of existing tariffs on Chinese goods, China’s Global Times newspaper said on Sunday, amid continued uncertainty on whether the two sides can strike a deal.

“Sources with direct knowledge of the trade talks told the Global Times on Saturday that the U.S. must remove existing tariffs, not planned tariffs, as part of the deal,” said the report.

Global Times, published by the official People’s Daily newspaper of China’s ruling Communist Party, also cited another unidentified source close to the talks as saying U.S. officials had been resisting such a demand because the tariffs were their only weapon in the trade war and giving up that weapon meant “surrender.”

Subscribe
Notify of
guest
3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

chris/irish
chris/irish
9 months ago

the business man, what a joke that title is, is nothing more than a blustering pathological liar. but trumptards who can barely grasp anything in reality won’t grasp that the clown failed again. all they hear is his bravado about how “great ” he is. lol

Zaphod Braden
Zaphod Braden
9 months ago

Can you picture the World Heads of State laughing their asses off at Trump “Mr. Negotiator”.
President Huff-N-Puff FOLDS every time..
No Wall, No Government Shut Down, No Border Closure, No Mexican Tariffs, No Deportations. .
but he SIGNS a $4.5BILLION bill to feed & house the INVADERS …. slow motion SELL OUT.
When Trump FOLDED on Hillary as soon as he was elected I knew there was a problem.
He has been folding ever since.
In May 144,000 Invaders illegally came in …. Trump’s HUGE deportation was going to be a WHOLE 2,000 illegals, ONE DAY”S WORTH … then Pelosi barked at him and Trump folded like the pansy BITCH he is.
Fitton: Trump Justice Dept. fighting to protect Hillary Clinton and shield her emails from discoveryTrump’s numerous broken promises such as… https://governmentslaves.news/2019/09/07/fitton-trump-justice-dept-fighting-to-protect-hillary-clinton-and-shield-her-emails-from-discovery/

Mary E
9 months ago

Trump had been exposed as the cause of the trade war and now he is saying that the
Very smart move to end it is his idea! Whaaaat?! Let’s just say that the taxpayer money going to farmers (including industrial agriculture) to make up for the$Billions in losses is hurting the economy of the US even more.. The US is forced to drop those tariffs If it wants any agreement from China, which Trump won’t admit to.., he wants to look like the hero who saved the US economy, not the bungler he truly is! China will be ordering products and paying the same as it did before the tariffs. Good job, Artist of the Deal.. biggest fraudster on the international scene!

Anti-Empire