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China tried to strike at Trump — and missed the mark entirely
Posted on 12/7/18 at 6:38 am
Posted on 12/7/18 at 6:38 am
LINK
quote:
“When you strike at a king you must kill him,” Ralph Waldo Emerson once said. Well, this year China tried to strike at President Trump for daring to launch a trade war with Beijing — and missed the mark entirely.
After Trump imposed massive tariffs on Chinese goods earlier this year, Beijing responded in June with what appeared to be a clever strategy: targeting retaliatory tariffs against Trump voters in rural farming communities across the United States. China is the largest importer of U.S. soybeans, buying $14 billion of them in 2017. Three of the biggest soybean-producing states, Indiana, Missouri and North Dakota, not only voted for Trump, but also in the 2018 midterms had Democratic senators, Joe Donnelly (Ind.), Claire McCaskill (Mo.) and Heidi Heitkamp (N.D.), who were up for reelection. If Beijing imposed painful tariffs on soybeans, Chinese leaders likely calculated, they could create a rift between Trump and rural voters who put him in the White House, give Senate Democrats a boost and force Trump to back down.
quote:
But Trump did not back down. He countered by announcing $12 billion in aid for farmers, threatened to increase his tariffs on Chinese goods and asked his rural base to stick with him while he faced down the economic predators in Beijing. That is exactly what they did. Far from abandoning the president, rural voters hurt by Chinese tariffs rallied around Trump and the GOP. They threw Donnelly, Heitkamp and McCaskill out of office, allowing Republicans to expand their Senate majority. And while Republicans lost control of the House, few of the GOP losses came from rural districts. Competitive rural districts mostly ended up staying Republican; it was the urban-suburban districts that flipped to the Democrats.
quote:
China’s tariff ploy didn’t just fail to sway the 2018 midterms; it actually backfired. The tariffs made the U.S. soybeans that China depends on more expensive, and Beijing soon found that alternative suppliers in South America could not produce enough to meet Chinese demand, leading to shortfalls.
In other words, China went for a kill shot — and ended up shooting itself in the foot.
quote:
That has emboldened Trump in his negotiations with Chinese President Xi Jinping — as shown by news this week that a senior executive of Chinese telecommunications giant Huawei had been arrested in Vancouver, at the request of the United States, on charges of violating sanctions on Iran. China demanded her release but nonetheless affirmed that it will still observe the 90-day tariff cease-fire Trump and Xi reached during their meeting last week in Buenos Aires — putting off a scheduled Jan. 1 escalation of U.S. tariffs from 10 percent to 25 percent on $200 billion of Chinese goods while the two sides negotiate a deal.
quote:
Trump has leverage going into those talks. The U.S. economy is booming, while China has just posted its weakest growth in nearly a decade. Moreover, during the Group of 20 meeting in Argentina, Xi saw how Trump has been able to bend his trade rivals to his will, and deliver trade victories for his working-class political base, when he held an elaborate signing ceremony for the new U.S.-Mexico-Canada trade agreement.
Posted on 12/7/18 at 7:16 am to WPBTiger
IB Melting will not like this. He will not like this one fricking bit
Posted on 12/7/18 at 7:34 am to deltaland
quote:
IB Melting
IB Screamin aka IB Chinaman
Posted on 12/7/18 at 7:35 am to WPBTiger
quote:
China tried to strike at Trump — and missed the mark entirely
On the way home from work the media said otherwise
Posted on 12/7/18 at 7:35 am to WPBTiger
quote:
The tariffs made the U.S. soybeans that China depends on more expensive, and Beijing soon found that alternative suppliers in South America could not produce enough to meet Chinese demand, leading to shortfalls.
Oh reary? But I thought muh tariffs were bad?
Posted on 12/7/18 at 7:42 am to CoachChappy
China is actually lucky they got that swine flu because it has greatly reduced the amount of soybeans they need to bring in
Posted on 12/7/18 at 7:44 am to WPBTiger
Meh... The $12 billion in subsidies didn't come close to making up the lost revenue for farmers this year from the tariff impact. Sh*t needs to end soon imo. I just cringe when we pay subsidies to any industry. Trump is on the edge of losing a good chunk of his rural voters if this doesn't get straightened out by 2020.
Posted on 12/7/18 at 7:51 am to WPBTiger
I read in the paper a few days back that the Chinese are going back on their word to themselves on their embargo of American pork. They're having some kind of swine flu problem over there with their hogs and rescinded their promise of not buying pork from our farmers. Those folks over there eat a helluva lot of pork.
Posted on 12/7/18 at 7:56 am to GeneralLee
I live in a huge farming community.... Most of my neighbors have their own silos... they support Trump virtually across the board. Most farmers that I know are very politically astute. They understand why China must be contained
Posted on 12/7/18 at 8:01 am to WPBTiger
quote:
Donald J. Trump
Verified account @realDonaldTrump
13h13 hours ago
Statement from China: “The teams of both sides are now having smooth communications and good cooperation with each other. We are full of confidence that an agreement can be reached within the next 90 days.” I agree!
quote:
Donald J. Trump
Verified account @realDonaldTrump
46m46 minutes ago
China talks are going very well!
This post was edited on 12/7/18 at 8:02 am
Posted on 12/7/18 at 8:01 am to GeneralLee
Newsflash the tariffs didn’t ruin the soybean market. It’s been shite for 2 years now due to increased production from South America and higher yields domestically
Posted on 12/7/18 at 8:06 am to deltaland
Soybeans were at ~$9.75 to $10 before the tariff war started, and at ~$8.50 per bushel during the height of the trade war. 90 million soybean acres * 50 bushels/acre * $1.25 per bushel= $5.6B lost revenue for 2018 soybeans. Well, after doing the math maybe I was wrong!
Posted on 12/7/18 at 8:43 am to deltaland
All I heard from soybean farmers this year is they had nowhere to put beans.
Posted on 12/7/18 at 9:00 am to WPBTiger
Economy is booming? A recession may be in store for 2019 or 2020. I do agree trump had to confront the Chinese commies though. Trump does have some skill in negotiations. We just have to hope he really knows what he is doing. Negotiating with the chinese is not the same as screwing over sub contractors and general contractors as frump had a penchant for in the recent past.
Posted on 12/7/18 at 9:03 am to AlceeFortier
quote:
Negotiating with the chinese is not the same as screwing over sub contractors and general contractors as frump had a penchant for in the recent past.
Posted on 12/7/18 at 9:03 am to WPBTiger
So he taxes us with tariffs and corporate welfare to those affected
Posted on 12/7/18 at 9:09 am to Midtiger farm
Um, no thats not lucky for them. They are by far the largest consumers of pork in the world and are now facing a huge shortage of pork. They are having to import a ton of them from us at a premium. Win/win for us.
Posted on 12/7/18 at 9:49 am to GeneralLee
quote:
50 bushels/acre
That's all per acre? shite yield in the US hasn't improved much over the last decade for beans. It was close to that in Iowa the last time I worked any farms which is almost a decade ago.
Posted on 12/7/18 at 10:18 am to Mid Iowa Tiger
Lazy motherfrickin' hasbeans
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