President Donald Trump has floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting as he looks to deescalate the trade war.

President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war.

  • Justin@lemmy.jlh.nameEnglish
    48·
    20 hours ago

    Some industries are saying they are completely unviable around 40-60%. See the recent Gamers Nexus video about the computer hardware industry.

    Some companies can survive 10-30% by cutting margins and passing to the consumer, but there are entire classes of product where demand will just evaporate if you raise prices 20-30%, especially budget and value products.

    It’s impossible to reshore manufacturing to stop this too. Every single economist is saying that there is a 0% chance that the way Trump has weaponized tariffs will cause any meaningful production in the US. The only outcome from this is empty shelves and stagflation.

    • whyNotSquirrel@sh.itjust.worksEnglish
      10·
      18 hours ago

      The only outcome from this is empty shelves and stagflation.

      Wrong, there’s also prices dropping for us(no caps) Europeans

      • filister@lemmy.worldEnglish
        11·
        16 hours ago

        That’s not exactly true, as a lot of companies are increasing prices in other regions to offset their profit dips and/or retain some market share in the US. This trade war sucks for absolutely everyone and it is sickening that a single looney idiot can achieve so much damage.

    • shawn1122@lemm.eeEnglish
      14·
      19 hours ago

      The only way this could hypothetically accomplish reshoring is if it was heavily government subsidized which has not been the stated intention. Trump wants to keep tariff revenue to enrich himself and his cronies.

      No one is investing millions to reshore when Trump changes his mind on tariffs every few days.

      • oozynozh@lemm.eeEnglish
        2·
        2 hours ago

        Trump even reversed the domestic industrial subsidies that Biden signed in so double dumbass for that one

    • ArgumentativeMonotheist@lemmy.worldEnglish
      7·
      19 hours ago

      So, was this always just the best possible narrative spin for Trump to do some open market manipulation and make him and his peers even richer or is Trump stupid enough to believe the nonsense he was fed and regurgitated to his followers?

      • phdepressed@sh.itjust.worksEnglish
        3·
        17 hours ago

        Both. He knows it made him richer and he’s enough of an egomaniac to believe it does what he says it would do just because he said it. Now he’s richer and he’ll believe this was his plan all along because a narcissist is never wrong to themselves, hes already been blaming Biden about any negative economic news.