China retaliates with tariffs against US in trade war; CNBC: Europe trade conflicts are potentially more damaging
China decided to announce additional tariffs against US goods:
August 23, 2019
BEIJING (AP) — China on Friday announced tariff hikes on $75 billion of U.S. products in retaliation for President Donald Trump’s latest planned increase, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.
China also will increase import duties on U.S.-made autos and auto parts, the Finance Ministry announced.
The announcement comes as leaders of the Group of 7 major economies prepare to meet in France this weekend.
Tariffs of 10% and 5% will take effect on two batches of goods on Sept. 1 and Dec. 15, the ministry said in a statement. It gave no details of what goods would be affected but the timing matches Trump’s planned duty hikes.
Washington is pressing Beijing to narrow its trade surplus and roll back plans for government-led creation of global competitors in robotics, electric cars and other technology industries.
The spiraling conflict has battered exporters on both sides and fueled concern it might drag down weakening global economic growth.
China’s government appealed to Trump this week to compromise in order to reach a settlement.
That came after Trump warned that the American public might need to endure economic pain in order to achieve long-term results.
The United States, Europe, Japan and other trading partners say Beijing’s development plans violate its market-opening commitments and are based on stealing or pressuring foreign companies to hand over technology. https://www.apnews.com/84c8781157484f8ebb4c3f462f38e30d
23 August 2019
China is set to impose a tariff of up to 10% on $75bn of goods imported from the US in a move that will increase tensions between the two superpowers.
Agricultural goods, crude oil and small aircraft are among the products being targeted.
The tariff is a retaliation after President Trump revealed plans for a 10% tax on $300bn of goods from China.
The new tariffs will range between 5% and 10% and will apply to more than 5,000 goods coming from the US.
Beijing will also revive a 25% tariff on US car imports that it lifted earlier in 2019 in a goodwill gesture as the two countries tried to negotiate a trade agreement. https://www.bbc.com/news/business-49450245
The US and China continue to make their ‘tactical moves’ on their trade war.
UPDATE 15:08: Donald Trump made a retaliatory tariff announcement after China made its announcement:
August 23, 2019
President Donald Trump will hike tariff rates on most imports from China in response to the latest shots in the trade war between the world’s two largest economies, he said Friday.
The White House will raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1, the president tweeted. The tariffs on another $300 billion in Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%, he added. …
Trump then tweeted that American companies “are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.” He did not immediately detail the authority he thought he could use to compel firms to leave the country that sends more goods to the U.S. than any other. https://www.cnbc.com/2019/08/23/trump-will-raise-tariff-rates-on-chinese-goods-in-response-to-trade-war-retaliation.html
So, the trade war escalated even further today than China’s actions this morning.
CNBC noted that there is a much riskier trade conflict for the US, and it involves Europe:
A trade war with Europe would be larger and more damaging than Washington’s dispute with China
The United States has more to lose from a full-blown trade war with the EU than it does with its current conflict with China, experts have told CNBC.
President Donald Trump has kept up his tough rhetoric against the European Union despite focusing on Chinese tariffs in recent months. But his administration is due to decide in November whether to impose duties on one of most important industries in Europe: autos.
There have already been tariffs on European steel and aluminum — which led the bloc to impose duties of 25% on $2.8 billion of U.S. products in June 2018, and, there’s an ongoing dispute regarding Airbus and Boeing — but experts believe a wider spat with Europe would be much more damaging than the current tit-for-tat with China. Leaders of the G-7, the world’s seven largest economies, are due to talk global trade at a meeting in France later this week.
“EU-U.S. trade matters most. It is by far the biggest single bilateral trade flow in the world,” Florian Hense, an economist at Berenberg, told CNBC via email.
“Counting exports and imports of goods and services, U.S.-EU bilateral trade exceeded that between the U.S. and China in 2018 by more than 70%,” he added.
Data from the Office of the U.S. Trade Representative shows that in 2018, the U.S. imported $683.9 billion of EU goods and $557.9 billion from China. However, looking at U.S. exports, these reached $574.5 billion to Europe and only $179.2 billion to China. These figures included both goods and services.
“In 2018, the U.S. exported more than three times more to the EU than to China,” Hense said, adding that the region could therefore hit back hard against Washington. …
US-EU economies are already struggling
Furthermore, both the U.S. and Europe cannot afford a trade war at this stage.https://www.cnbc.com/2019/08/22/why-a-us-trade-war-with-europe-would-be-more-damaging-than-china.html
In addition to the above concerns, it remains my view that because of Donald Trump’s trade policies, his support of Brexit, and Brexit itself, the Europeans will ultimately consider them as part of their justification to take ‘successful’ military action against the US (Daniel 11:39) and the UK (Daniel 8:24-25).
Donald Trump’s tariffs, sanctions, and threats have had an impact on Europe, China, and elsewhere.
And much of the world is trying to figure out how to deal with them.
Contrary to the views of many, the 21st century will not belong to China or the USA.
That is consistent with biblical prophecies in the Old and New Testaments (see WTO/TTIP and the Babylonian Beast).
The EU is making trade deals all over the globe. And it is planning to take its own steps against the US in an effort to bolster its technolgy:
European Union officials have drawn up an aggressive 173-page plan to counter both President Donald Trump’s trade moves and American tech giants including Google, Apple, Amazon, Microsoft and Facebook.
According to a document obtained by POLITICO, European Commission officials are pushing their president-elect, Ursula von der Leyen, to set up a European Future Fund that would invest more than $100 billion in equity stakes in high-potential European companies.
The goal: get Europe competing head-on with the American and Chinese tech giants it has lagged behind for decades.
They’re also advocating for Europe to show more grit in Trump’s trade war, saying the EU should slap tariffs unilaterally on the United States. https://www.politico.com/story/2019/08/22/europe-plan-trump-tech-companies-1472326
The rest of the world is not sitting still for tariffs and sanctions. Nor will the US for certain taxes against its digital tech.
One major unintended consequence of Donald Trump’s trade policies and sanctions has been, and will be, pushing China and other nations to work more closely with Europe on trade matters.
Already, China is willing to work with Europe related to the World Trade Organization, as the USA is upset with it.
Because of miscalculations with trade statements and policies from the USA, Europe is ending up with more leverage.
Last month, German-Foreign-Policy reported:
July 11, 2019
The Era of Sanctions Warfare (II)
(Own report) – Berlin and Brussels are weighing countermeasures to the Trump administration’s growing number of extraterritorial sanctions. The US government is seeking to globally enforce its unilaterally imposed sanctions to bind other countries, including allies, to its foreign policy course. The sanctions against Iran are the most prominent example. They also made German business with Iran largely impossible. Washington first implemented extraterritorial sanctions in the mid-1990s, but finally reached agreement with the EU not to enforce them against European companies. This was changed during the Obama administration, when it amassed billions in fines from banks in the EU. The Trump administration has expanded the extraterritorial sanctions to include Russia and Cuba. Following the failure of the INSTEX financial vehicle, German government advisors are proposing that legal action be taken in US courts. Now, “asymmetric countermeasures” are also being discussed. …
Foreign policy experts are further pursuing the debate and proposing, alongside efforts to reinforce the strength of the euro, also “asymmetric countermeasures” to the USA’s and the initiation of an “international dialog” on sanctions. https://www.german-foreign-policy.com/en/news/detail/7994/
With the above in mind, notice something in my 2017 book, Donald Trump and America’s Apocalypse:
Donald Trump’s foreign policy statements have unsettled many—in the U.S.A. as well as foreign nations. He seems like he will more unpredictable than Richard Nixon.
There is also something referred to as the “law of unintended consequences.” There are consequences for the U.S.A., Europe, and elsewhere that have and will occur because of Donald Trump’s statements and actions.
These proposed EU tech-taxes would certainly seem to qualify as an “unintended consequence” of Donald Trump’s statements and actions.
Europe will take more steps to deal with trade matters.
The Bible shows, that for a time, a European ‘Babylon’ state will dominate world trade:
2 And he cried mightily with a loud voice, saying, “Babylon the great is fallen, is fallen, and has become a dwelling place of demons, a prison for every foul spirit, and a cage for every unclean and hated bird! 3 For all the nations have drunk of the wine of the wrath of her fornication, the kings of the earth have committed fornication with her, and the merchants of the earth have become rich through the abundance of her luxury.” (Revelation 18:2-3).
But it obviously will not last.
But steps to do so, and to push aside USA dominance are taking place now.
This is consistent with biblical prophecies that show Europe will dominate trade:
2 … Babylon … 3 For all the nations have drunk of the wine of the wrath of her fornication, the kings of the earth have committed fornication with her, and the merchants of the earth have become rich through the abundance of her luxury. (Revelation 18:2,3)
Both the USA and China are making miscalculations in this trade dispute and will face costs that they did not really expect.
Some items of possibly related interest may include:
Trade Disputes: CCOG Warnings Are Coming to Pass Trade tensions and talks of trade wars have escalated. US President Donald Trump has put Europe, China, Mexico, and other lands on notice that he wants to change how international trade with the USA has been going. Tariffs, retaliatory tariffs, and even more tariffs are being implemented. Is this all just happenstance? Are we yet in a trade war? What will Europe do? Has the Church of God been warning about trade disputes and a coming trade war for decades? What about the Continuing Church of God (CCOG)? What has been warned, what has been happening, and what will happen? Will trade disputes be a factor in World War III (WW3)? Dr. Thiel explains what has been taught and what to expect.
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China, Its Biblical Past and Future, Part 2: The Sabbath and Some of God’s Witness in China When did Christianity first come to China? What about the Apostle Thomas? Did Confucius say anything to get the Chinese to possibly consider Christianity? Is there early evidence that they observed the seventh day sabbath? What about the Ten Commandments? What type of Church of God witness has there been to China? What has been happening with China that ties it together with prophecies in Revelation? What about the 200 million man army and Armageddon? What about the Belt and Road Initiative and end time Babylon the Great? A related sermon is also available: China’s biblical past and prophetic actions. Watch also China’s Silk Road and Babylon the Great.
Asia in Prophecy What is Ahead for Asia? Who are the “Kings of the East”? What will happen to nearly all the Chinese, Russians, Indians, and others of Asia? China in prophecy, where? Who has the 200,000,000 man army related to Armageddon? Two YouTube video are Is China THE Threat to the United States of America? and China: A King of the East.
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Donald Trump and America’s Apocalypse This 188 page book is for people truly interested in prophecies related to Donald Trump and the United States, including learning about several that have already been fulfilled and those that will be fulfilled in the future. The physical book can be purchased at Amazon for $12.99 from the following link: Donald Trump and America’s Apocalypse.
Donald Trump and America’s Apocalypse-Kindle Edition This electronic version of the 188 page print edition is available for only US$3.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Donald Trump and America’s Apocalypse-Kindle Edition.
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