Lie of the Day: Trump Hikes China Tariffs By 10%, Says "Trade Talks On Track"

-edited

Trump says trade talks with China are on track for September. Tariff hikes are proof they aren't. Stocks reversed.

Trade Tweet Series

The Wall Street Journal reports Trump to Impose Additional 10% Tariff on Chinese Goods.

Gotta Love the Subtitle

"President says next round of trade talks With Beijing are still on track for September."

What a hoot.

The stock market reversed sharply as did gold. Bond yields crashed.

Manufacturing is already weak. This won't help.

Mike "Mish" Shedlock

Comments (8)
No. 1-7
Carlos_
Carlos_

Why would you expect truth from a liar and a cheater?

abend237-04
abend237-04

Neither side of this gong show can now afford to project even the appearance of compromise on key issues...and they won't. It would be political suicide.

If there is any light at the end of this trade war tunnel, it is that re-sourcing out of China is very much underway and proving to be easier than going Into China was in the 1980s. Much needless loss and suffering ahead, but that's war.

Bam_Man
Bam_Man

Gold up almost $40 off its morning low. CONfidence in the DC Clown Show is waning.

offintherough
offintherough

Tarriffs Sep 1 and Brexit Nov 1...got Gold?

Webej
Webej

Win-Win-Win. Since in Trump's view tariffs are income going straight from the Chinese to America, why not have 1000% tariffs on imports? That would really goose US national income! How easy it is for everybody to be rich, just add more tariffs! How foolish all the past administrations who didn't get that cheap Chinese consumer goods were being paid for by Chinese subsidies paid for by raiding America's piggy bank!

Augustthegreat
Augustthegreat

Another win for Trump! Horay!

Maximus_Minimus
Maximus_Minimus

Tariffs might have worked around the time Bill Clinton fast tracked China into WTO. Now it's too late. The supply chain has been outsourced, the only thing left are the family jewels.