Socio-Economics History Blog

Socio-Economics & History Commentary

China Announces Huge Retaliatory Tariffs on Products from US

  • RT Published on Sep 18, 2018
    The Chinese Ministry of Commerce announced on Tuesday that the country will retaliate against Trump’s new tariffs with its own 5-10 percent levies on $60 billion of US goods. The tariffs will be kick in on September 24. READ MORE: https://on.rt.com/9ehp

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September 20, 2018 Posted by | Economics | , , , | Leave a comment

China Announces Huge Retaliatory Tariffs on Products from US

  • RT Published on Sep 18, 2018
    The Chinese Ministry of Commerce announced on Tuesday that the country will retaliate against Trump’s new tariffs with its own 5-10 percent levies on $60 billion of US goods. The tariffs will be kick in on September 24. READ MORE: https://on.rt.com/9ehp

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September 19, 2018 Posted by | Economics | , , , | Leave a comment

Trump Slaps Tariffs On $200BN In China Imports; Will Add Another $267BN If China Retaliates

  • Trump Slaps Tariffs On $200BN In China Imports; Will Add Another $267BN If China Retaliates
    by Tyler Durden, https://www.zerohedge.com/
    With traders waiting with bated breath for hours, moments ago the White House announced that it has imposed tariffs on approximately $200 billion worth of imports from China, effective September 24.

    The tariffs will start at 10% until the end of the year, but in an unexpected twist, are set to rise to 25% on January 1, 2019
    , in what is worse case scenario than what the market had been pricing in, namely a 10% rate indefinitely.


    Trump also warns that if China takes any retaliatory action “against US farmers or other industries”, the US will immediately pursue “phase three”, and impose an additional $267 billion in tariffs on Chinese imports.

    The statement notes that while the US has given China “every opportunity to treat us more fairly”, so far China “has been unwilling to change its practices.”

    Trump concludes by saying that it is his duty “to protect the interests of working men and women, farmers, ranchers, businesses, and our country itself. My Administration will not remain idle when those interests are under attack. China has had many opportunities to fully address our concerns. Once again, I urge China’s leaders to take swift action to end their country’s unfair trade practices.”

    Separately, the USTR announced that it has removed about 300 product categories from the tariff list and has cut some subsets of products, but the total value remains “approximately $200 billion”, and – as we showed earlier – a substantial portion of the imports targeted this time are consumer goods, which means that the pain to the US household bottom line is about to get real.

    read more.

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September 18, 2018 Posted by | Economics | , , , | Leave a comment

Trump Greenlights Tariffs on about $200 Billion More in Chinese Products – Reports

  • Trump Greenlights Tariffs on about $200 Billion More in Chinese Products – Reports
    by https://www.rt.com/
    US President Donald Trump has reportedly given a go ahead to additional tariffs on Chinese goods worth about $200 billion. The instruction to aides comes despite attempts by the Treasury to restart talks with Beijing.

    The news was initially reported by Bloomberg and Fox News and later confirmed by Reuters. According to Bloomberg, the Trump administration has decided to delay the public announcement of the measure “based on concerns raised in public comments.”

    Trump ordered the new salvo in his trade war with China after meeting Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, and US Trade Representative Robert Lighthizer, Bloomberg sources said. Mnuchin was earlier trying to kick-start negotiations with China, which responded in kind to the previous round of 25-percent tariffs on goods worth $50 billion and promised to act likewise in the future.

    After the period of public comments on the proposed tariffs on an additional $200 billion in Chinese goods expired last week, Trump announced they would be imposed soon, but didn’t offer a timetable. The president said the US has the upper hand in the trade war with Beijing and threatened to expand tariffs to virtually all Chinese imports.

    Trump started trade conflicts with a number of partners, including US ally the EU, stating that trade deficit hurt America. The policy is apparently meant to make domestic production in the US more competitive, compared to foreign manufacturers.

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September 15, 2018 Posted by | Economics | , , , | Leave a comment

China Calls for Sanctions on U.S. Goods

September 14, 2018 Posted by | Economics | , , , | Leave a comment

Russia, Turkey & Iran Speeding Up Efforts to Drop US Dollar from Trade – Official

  • Russia, Turkey & Iran Speeding Up Efforts to Drop US Dollar from Trade – Official
    by https://www.rt.com/
    In response to US sanctions, Russia, Turkey and Iran are negotiating the reduction of the US dollar’s share in mutual trade, Tehran Times daily quotes the country’s central bank governor as saying.

    Eliminating the greenback in mutual trade was most recently discussed by the three countries last weekend in Tehran during the trilateral summit of the Syrian ceasefire, said Iranian Central Bank Governor Abdolnaser Hemmati as quoted by the media.

    We have decided to proceed with further work in light of the agreements reached at a meeting with the Russian Central Bank governor in Moscow,” Hemmati was quoted as saying. According to Hemmati, the topics discussed also included oil and gas prices, expansion of banking ties and strengthening of economic relations.

    Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan and their delegations visited Tehran last week for a trilateral summit on Syria and also to discuss expansion of ties.

    Earlier, Erdogan described the Turkish lira’s recent plunge to a record low as a “currency plot” and announced his readiness to get rid of the dollar in the country’s trade with its partners.

    Erdogan said the dollar was an obstacle for the Turkish economy. He urged the Turks “to gradually end the monopoly of the dollar once and for all by using local and national currency among us.”

    Russia, which has been under the US sanctions since 2014, has been a long proponent of switching to local currencies in trade with its key partners like Turkey and China.

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September 12, 2018 Posted by | Economics | , , , , , , , , | Leave a comment

China Vows Retaliation if US Approves More Tariffs

  • RT America Published on Sep 10, 2018
    As the economy is on everyone’s mind, President Trump says leaders of several countries have contacted him to discuss new trade deals. RT America’s Manila Chan reports. For analysis, RT America’s Scottie Nell Hughes is joined by Boom Bust, Bart Chilton.

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September 11, 2018 Posted by | Economics | , , , | Leave a comment

Trump Fires Off SHOCK to Financial System…Right on Cue!! (Bix Weir)

  • RoadtoRoota Published on Sep 7, 2018
    In January 2007 I exposed a secret plot by the GOOD GUYS within the US Gov’t and Federal Reserve to remove and destroy the Bad Guy Bankers and it’s still playing out to this day!! Trump’s latest massive Tariff Increase is right in line with China’s destruction of the $40T Deutsche Bank derivative book. The plan is to DESTROY the old system and REPLACE it with something BETTER!!

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September 8, 2018 Posted by | Economics | , , , , , , | Leave a comment

Trump Threatens to Impose Tariffs on All Imports from China

  • PressTV Published on Sep 7, 2018
    The US president has threatened to impose tariffs on all Chinese goods imported into the United States, increasing the already tense trade relations with Beijing. In a speech in the American city of Fargo in North Dakota, Donald Trump warned that he would punish China with tariffs on 267 billion dollars in imports. Washington has already slapped punitive tariffs on 50 billion dollars in goods and Trump earlier said another 200 billion dollars “could take place very soon”. That would cover almost all the goods imported from the world’s second largest economy.

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September 8, 2018 Posted by | Economics | , , , | Leave a comment

Trump’s Trade War Causing Allies to Ditch the US Dollar

  • RT America Published on Sep 4, 2018
    This week, a number of US allies are opting to distance themselves from the u-s dollar when conducting global trade. This, in response to the various trade wars and sanctions implemented by the trump administration. RT America’s Manila Chan reports.

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September 6, 2018 Posted by | Economics, GeoPolitics | , , , | Leave a comment

Russia Working to Ditch Dollar, Euro in Trade With Asia, Africa

  • Russia Working to Ditch Dollar, Euro in Trade With Asia, Africa
    by https://sputniknews.com/
    MOSCOW (Sputnik) – Russia is actively working to switch over to settlements in national currencies with the countries of the Middle East, Southeast Asia, Latin America and Africa, Russian Industry and Trade Minister Denis Manturov told Sputnik.

    “This process is not quick [transition to national currency settlements], and we launched it not in the form of a response to sanctions. We have been systematically conducting this work for several years, accumulated practice and have experience regarding the work of commercial banks and the Central Bank in those countries where it is advantageous for us to carry out this work,” Manturov said.

    “This applies less to European countries, more to the countries of the Middle East, Southeast Asia, even Latin America, Africa,” he added.

    Russian car manufacturers are switching to national currencies in payments with Turkey for supplies of components, a number of companies have announced such plans, Denis Manturov said.

    read more.

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September 4, 2018 Posted by | Economics | , , , , , , | Leave a comment

Jim Sinclair: Light vs Darkness — When Is Now

  • Light vs Darkness: When Is Now
    by Jim Sinclair, https://www.jsmineset.com/
    The Bank for International Settlements (BIS), just recently warned of the dire impact that is certain if any hawkish maneuvers by Powell, our newest genius at the Chair of the Federal Reserve.

    Carstens, a former central banker, commented in the recent BIS report that the US dollar makes up at least 80% of all the letters of credit outstanding, which are the means of settlement of international trade contracts. Think about 80% of all trade contracts.

    He went on to explain this subject’s danger without any question or doubt. He said, “Any dollar shortage among non-US banks could cripple international trade.” That is the Richard Russel’s Synthetic Dollar Short.”

    Since the Synthetic Dollar Shortage that now exists is an enormous size, the Federal Reserve cannot act to reset the Federal Reserve’s balance sheet, nor can they drain reserves by any means whatsoever. Doing so would bring on a great economic/currency calamity without historical precedent. What is timing of when this might occur? We have told you it is “NOW.”

    If Chairman Powell is a stealthy part of the Swamp dwellers wishing to see President Trump run out of Washington on a rail, all he needs to do is keep up what he says he intends to keep up. Even saying that has already affected the international dollar letter of credit conditions, as you can see in the recent dollar strength.

    read more.

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September 4, 2018 Posted by | Economics | , , , , , , , | Leave a comment

NAFTA Trade Talks And The CRASHING Canadian Economy -What You NEED To Know!

  • Press For Truth Published on Sep 3, 2018
    As the Canadian economy secretly tanks and the big banks carry on like nothing is happening, everyone else’s attention in Canada seems to be focused on trade wars between the US, Canada and Mexico. Are the NAFTA talks all part of the agenda to form a North American union or is this more of a distraction and smoke and mirrors designed to hide the true nature of our failing economy. In this video Dan Dicks of Press For Truth speaks with Josh Sigurdson of World Alternative Media about the current state of the Canadian economy and also what’s the endgame to the current trade war between the US, Canada and Mexico.

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September 4, 2018 Posted by | Economics, GeoPolitics | , , , , | Leave a comment

Ditch the Dollar: World Leaders Who Challenged Reliance on US Currency

  • Ditch the Dollar: World Leaders Who Challenged Reliance on US Currency
    by https://www.rt.com/
    Following Iran and Iraq’s decision to no longer use the US dollar in bilateral trade, RT looks at world leaders who have called for a move away from dependance on the currency.

    Iran and Iraq are the latest in a growing list of nations to distance themselves from the dollar, instead opting to use the euro and their own local currencies for transactions. China and Japan, and China and Russia have also switched to using their own currencies when trading together.

    Most international trade is done in dollars and more than 60 percent of foreign currency reserves are in dollars. Despite this, world leaders have spoken out about the dangers posed by the dollar’s dominance.

    Turkish President Tayyip Erdogan
    Turkey’s leader announced on Monday that Ankara is preparing to conduct trade through national currencies with China, Russia and Ukraine.

    “We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us,”
     he said at a business forum in Kyrgyzstan.


    read more.

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September 4, 2018 Posted by | Economics | , , , , , , , , | Leave a comment

Turkey’s Erdogan Calls on Global Trading Partners to Smash US Dollar’s ‘Monopoly’

  • PressTV Published on Sep 2, 2018
    Turkish President Recep Tayyip Erdogan has lashed out at the United States for behaving like “wild wolves,” saying Ankara would pursue non-dollar transactions in trade with Russia and other countries. “America behaves like wild wolves. Don’t believe them,” Erdogan said in an address to a business forum in Bishkek on Sunday during a visit to Kyrgyzstan. He added that negotiations were underway between Turkey and Russia over using national currencies instead of the US dollar in bilateral trade ties. The US has imposed punitive economic measures on both Ankara and Moscow. “Using the dollar only damages us. We will not give up. We will be victorious,” Erdogan told the meeting, attended by Kyrgyz and Turkish businessmen as well as government officials.
  • Turkey’s Erdogan Calls on Global Trading Partners to Smash US Dollar’s ‘Monopoly’
    by https://www.rt.com/
    Turkey will pursue non-dollar transactions in trade and investment with other countries, President Recep Tayyip Erdogan said in response to US sanctions. He compared the US’ behavior towards his country to “wild wolves.”

    “We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us,”
     Erdogan said at a business forum in Kyrgyzstan.


    According to the Turkish president, a dollar-linked system which was designed to simplify global trade has turned into a major problem. The purpose of manipulating currency rates is to cast doubt on the strong and healthy Turkish economy, Erdogan said.

    “America behaves like wild wolves. Don’t believe them,” Erdogan said. “Using the dollar only damages us. We will not give up. We will be victorious.”

    Turkey is currently struggling with a severe currency crisis triggered by escalating US sanctions. The lira has lost around 42 percent of its value against the US dollar this year as a result of a diplomatic row between Ankara and Washington.

    Data from the Turkish Statistical Institute showed the country’s inflation rate climbed to almost 18 percent last month. Consumer prices increased 17.9 percent in August from the same month in 2017.

    Washington has been applying economic pressure on Ankara over the detention of US pastor Andrew Brunson, who was accused of aiding the failed military coup two years ago to oust President Erdogan. Brunson is facing up to 35 years in a Turkish prison.

    So far, the White House has frozen the assets of Turkish Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu over their alleged “leading roles” in Brunson’s imprisonment. US President Donald Trump also pledged to double the current tariffs imposed on Turkish steel and aluminum imports. In response, Ankara announced tariffs on imports of certain goods from the US, including cars, alcohol, and tobacco.

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September 4, 2018 Posted by | Economics | , , , , | Leave a comment