Trade War With India Starts: How Trump is Winning the Global War in 10 Tweets

-edited

After a year of talks on U.S. barriers to Indian steel and aluminum, India retaliates against Trump.

The Hindu reports India to Impose Retaliatory Tariffs on 29 U.S. Goods Starting June 16.

India has decided to impose retaliatory tariffs on 29 goods imported from the U.S. from June 16 onwards, officials in the Commerce Ministry told The Hindu. The decision comes a year after New Delhi initially decided to do so.

The tariffs will place a burden of $220-290 million on the U.S., about the same amount imposed by Washington on India in 2018.

Spotlight Almonds

The New York Times reports India Raises Tariffs, Escalating Trade Fight With Trump.

India announced late Saturday that it would raise tariffs on 28 categories of imports from the United States, the latest escalation in what has been a slow-motion trade fight between the two countries.

The increased tariffs, on $1.4 billion of goods, went into effect Sunday morning in India and cover almonds, walnuts, apples and finished metal items, among other products.

Tariffs on almonds, for example, will go up about 20 percent under the new rules — but that translates into a wholesale price increase of about 4.5 cents a pound for almonds in the shell, according to industry officials. India is one of the largest markets in the world for almonds from California, which produces most of the global supply, but growers are more focused on wooing Indian shoppers from locally grown nuts like cashews than on the trade duties.

Minor Skirmish

This is a minor skirmish. No one cares much about almonds other than California, and Trump does not care much about California.

Besides, Trump is winning.

Thanks to Chad P. Bown for compiling this likely incomplete list of 10 successes.

10 Tweets Highlighting Trump's Progress

Click on the Tweet to play them. Alternatively, this Thread Reader Post may play them all.

Here are a few charts and ideas.

China's Tariff Rate Climbing on US, Falling on Rest of World

China's Imports From US vs the World

US vs Canada

  • China imposes 25% retaliatory tariff on US lobster
  • US lobster exports fall by 70%
  • China cuts tariff on Canadian lobster by 8 percentage points
  • Canadian lobster exports to China nearly double

Soybeans

  • China retaliated with 25% tariffs, US soybean exports plummet

China did not need to cut its 3% soybean tariff toward Brazil or Argentina to shift its consumption toward those countries

Success Defined

Winning

Trump successfully got China to lower its tariffs rates with the rest of the world.

Clearly this is winning.

What the hell else can it possibly be?

Mike "Mish" Shedlock

Comments (35)
No. 1-15
Menaquinone
Menaquinone

The next trade war is with Viet Nam. Don't even think of moving your manufacturing to Viet Nam.

numike
numike

NEW DELHI (Reuters) - India will look to create its own space station following the completion of the country’s first manned mission into space in 2022, its space agency chief said on Thursday. https://www.reuters.com/article/us-india-space/india-plans-to-launch-own-space-station-space-agency-idUSKCN1TE2FC

Maximus_Minimus
Maximus_Minimus

USA exporting lobster and soybeans to China, importing industrial goods. What was it about first world versus third world countries, again?

mudpuppet
mudpuppet

Weird nothing on Mexico Mish? Thought the world was coming to an end on that one. See anything in the headlines about a 'safe third country'?

Mish
Mish

Editor

"Weird nothing on Mexico Mish? Thought the world was coming to an end on that one. See anything in the headlines about a 'safe third country'?"

I already commented on Mexico - you have selective reading

Mish
Mish

Editor

"Wow talk about a 180 degree turn."

That is the stupidest comment in the history of this blog. - deleted

Clearly, the fool is reading the headline and not the post.

For the record, I still maintain "the first country that practices free trade regardless of what anyone else does will be a winner"

Mish
Mish

Editor

"Have you checked to see if your sarcasm meter is turned on? If it is, you may need to have it serviced."

Bingo to Tengen - that idiot did not even bother reading the post. It was clearly 100% sarcasm.

He does not need a sarcasm meter, his problem is more fundamental.

Mish
Mish

Editor

"The next trade war is with Viet Nam. Don't even think of moving your manufacturing to Viet Nam."

very likely - good comment The stupidity of it all is the jobs will not come back regardless

Casual_Observer
Casual_Observer

Trump is burnt toast. He overcooked it badly and now it will end badly for him. Could have been different but the Trump recession is upon us.

Webej
Webej

Ha Ha. MAGA: Cutting off your face to spite your nose.

I don't even believe Trump is all that ill intentioned at heart, in contrast to most of his detractors, although he does have some deep-seated childish issues (even drinking tea with the Queen has to be the greatest cup of tea ever). But his willfull ignorance combined with terrible staffing have severely damaged America's prospects for cooperation with other peoples for a long to come. America has lost all credibility as a trustworthy partner.

Matt3
Matt3

I like lobster and almonds and I guess this means that the price for US consumers has dropped. With the economy doing well and the market having done pretty well since 2016 ,this is good news. I'll be cooking up some lobster and snacking on almonds today and enjoying Father's Day - Hope everyone is also.

thimk
thimk

good data find, i never thought of the possibility that china's tariff retaliation would include reducing tariffs on non USA exporters. we will never regain the lost business.

Truthfulchat
Truthfulchat

Mish seems to forget who is paying for India's retaliatory tariffs. The Indian importers. Already the Indian Business Journals are calling out India's retaliatory tariffs as a mistake especially when they are being attacked by multiple fronts. Please read Mish

charmrain
charmrain

i still can't understand why americans choose mr.trump as their president...could anyone find a more stupid guy on earth than him?

clanwars0
clanwars0

I agree with you on that! As I have commented on a reply to Mish, I have done a search in the page with ctrl + F and searched Mexico and only found Mexico in the comment section and no where else in the page such as the current article.