Strange Bedfellows: Pelosi Applauds Trump's Tariffs on China

A growing number of companies are complaining about Trump's tariffs. Nancy Pelosi is as clueless as Trump.

Strange Bedfellows

House Democratic leader Nancy Pelosi, who made a pitch to return as speaker on Wednesday, has applauded Trump’s initial round of tariffs on China as a “leverage point” to negotiate fairer trade for U.S. products in the country.

Trump has signaled in the past week that he believes a deal with Chinese President Xi Jinping is achievable. The two are due to meet on the sidelines of the G20 leaders’ summit at the end of November.

If things do not go well, he has threatened to impose tariffs on about $267 billion worth of remaining Chinese imports to the United States. Currently, 10 percent tariffs on $200 billion of products are scheduled to rise to 25 percent on Jan. 1, 2019.

House Democrats are the most protectionist group in Congress,” said Derek Scissors, a China scholar at the American Enterprise Institute in Washington. If Trump makes a deal that fails to achieve significant changes to China’s practices, “they’ll jump all over him,” he said.

Canada Upset Over Trade Agreement Changes

Canada is pushing back against U.S. attempts to change the text of a recently concluded trade pact and the issue may have to be referred to ministers to settle, a Canadian source with direct knowledge of the matter said on Thursday.

“Some of the stuff they (the Americans) have been putting forward is not at all what we agreed to. So some of it may have to come up to the ministerial level before it gets resolved,” said the source, who requested anonymity given the sensitivity of the situation.

Real World

Meanwhile, in the real world, Soybeans Pile Up, So Do Worries of Bean Rot.

In the perverse way in which government "works", when both sides agree, they are typically both wrong.

Mike "Mish" Shedlock

Comments
No. 1-5
Sechel
Sechel

Not surprising Trump has embraced the left wing of the Republican party on trade. It's Republicans that are supposed to be free market.

JL1
JL1

Nancy Pelosi should wake up and realize that if Democrats want to be really for environment instead of just talking about it China needs to be hit with huge environmental destruction tariffs for the pollution and actual toxins China puts into air, water and land.

Also since China emits more CO2 than USA and EU combined China needs to be hit with huge CO2 tariffs.

Also since China pays Chinese employees slave wages, overworks them at 12 hour days and 6 days a week and even has nets stopping suicides around the apartment buildings where workers live on in the factory grounds China needs to be hit with huge wage parity and worker protection tariffs.

When it comes to CO2 the Paris agreement on Climate Change must be the most incompetently negotiated bureaucratic boondoggle ever since it let's China grow it's CO2 emissions until 2030 without restrictions and since China's "cut" of CO2 is promise not to increase CO2 emissions after 2030 the Paris agreement actually makes and encourages China to grow their CO2 emissions quickly and as high as possible before 2030.

In the first quarter of 2018 China's CO2 emissions increased by 4% in one quarter in a situation where China already emits more than USA and EU combined.

All the Obama era bureaucrats that were incompetently negotiating the Paris Climate Change agreement should be named and shamed and given "incompetent bureaucrat of the century" awards.

Kinuachdrach
Kinuachdrach

Astonishing! Nancy Pelosi gets the point, despite all that botox in her system. The point of the tariffs is to get China to the negotiating table.

China has been waging a very successful trade war with the US for decades, with the cooperation of major chunks of the US Establishment. China is not going to negotiate on a mutual beneficial trade relationship until they believe the one-sided game which has been so successful for them for years is finally up.

Mike Mish Shedlock
Mike Mish Shedlock

Editor

excellent comments by JonSellers

JonSellers
JonSellers

Trump won the election with the backing of "Reagan Democrats", patriotic working class Americans who were used to the idea of good pay, a decent pension, and their healthcare being paid for by their employer. Trump won the election by claiming to bring our victorious troops home, defending social security, investing in American infrastructure, and defending American jobs.

Those are all solidly Democratic Party positions from the pre-Bill Clinton era. Trump voters were probably democrats in their younger days, or children of democrats.

I don't think she's smart enough, but I think Pelosi would be brilliant to back a number of Trump's initiatives. She could return a number of his voters back to the Democratic Party by backing Trump on issues that used to be democratic issues. Heck, I could see Trump running in 2020 as a conservative Democrat. It's how I've always seen him. A conservative Democrat who has just become a little crazy by watching too much Fox News.

"In the perverse way in which government "works", when both sides agree, they are typically both wrong."

Oh yeah. Goes without saying.

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