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  • China has put new tariffs on US goods

  • Trying to force the US to back down in the trade war

  • But Trump says “I'll see you,

  • and raise you 5%”

  • And now he's calling on US companies to leave China

  • Welcome back to China Uncensored.

  • I'm Chris Chappell.

  • The Chinese Communist Party is not happy about

  • the US's latest tariffs on Chinese goods.

  • So they've launched new tariffs of their own

  • of up to 10% on $75 billion worth of US goods.

  • That was announced last Friday.

  • And it came after the US unveiled tariffs

  • on an additional $300 billion of Chinese goods

  • scheduled to go into effect in two stages

  • one in September and the other in December.

  • And the Chinese regime's new tariffs play on

  • people's fears of a recession ahead of the 2020 election.

  • They want to make President Trump blink.

  • But they forgot they were dealing with Tariff Man.

  • Trump had tweeted on Friday,

  • saying he would not only NOT withdraw the planned tariffs

  • in response to China,

  • but that he would levy EVEN MORE tariffs on Chinese goods.

  • As he told reporters that night,

  • "We're having a little spat with China and we'll win it.

  • We put a lot of tariffs on China today as you know,

  • they put some on us.

  • We put a lot on them."

  • And then Trump was off to attend the G7 summit in France.

  • On Monday, he gave a colorful explanation

  • for the logic of why China's one-upmanship

  • in piling on tariffs is doomed to fail.

  • When I raise and he raises, when I raise and he raises,

  • we can never catch up.

  • We have to balance our trading relationship

  • at least to an extent.

  • And they were unwilling to do that.

  • And we're never going to have a deal if that happens."

  • One of the ways the US-China trade relationship

  • is unbalanced is the $420 billion trade deficit with China.

  • In 2018, the US exported only $120 billion to China,

  • while imports from China were $540 billion.

  • But if this was just a trade imbalance problem,

  • then it would be easy to solve.

  • China could buy more pork and soybeans from the US,

  • and everyone would go home happy.

  • Except for this little guy.

  • Mmm, bacon.

  • Which is to say, it's not just a trade imbalance problem.

  • According to the U.S. Trade Representative,

  • China steals up to $600 billion per year

  • in American intellectual property.

  • This is done in part through state-sponsored

  • corporate espionage and cyberattacks.

  • It's also done through forced technology transfers,

  • where the Chinese regime forces foreign companies

  • doing business in China to hand over

  • intellectual property and licenses.

  • Chinese state-run media has responded to these allegations

  • by accusing the US of using intellectual property

  • as “a weapon to contain other countries,

  • and a veil for bullying the world.”

  • SoChina is stealing from the US.

  • The US is complaining about China stealing from the US.

  • And now China is saying quit bullying us for stealing from you.

  • Sounds reasonable.

  • Trump said at Monday's G7 summit

  • that if China doesn't start treating the US fairly,

  • he's willing to stop doing business with China entirely.

  • "You know, and I told this to President Xi,

  • who I really respect.

  • I really do...

  • ... But I told him very strongly,

  • I said 'look, you're starting up here

  • and you're making 500 billion a year

  • and stealing our intellectual property.

  • We're down on the floor.

  • Lower than the floor.

  • Can't make a 50/50 deal.

  • This has to be a deal that's better for us.

  • And if it's not better,

  • let's not do business together.

  • I don't want to do business.

  • Forget about tariffs for a second,

  • we're taking in tremendous amounts of money.

  • Forget that.

  • I don't wanna do business.'”

  • The Chinese regime, meanwhile,

  • said it would fight back against American tariffs.

  • The Communist Party's mouthpiece The People's Daily

  • said in an editorial on Sunday that

  • "China is confident that it will follow its own path

  • and do its own things well,

  • and will never waver in its stand on

  • countering any provocations by the U.S. side."

  • But despite Trump's assurances

  • that he and Xi Jinping are still pals,

  • one person who sees their bromance crumbling

  • is former White House Chief Strategist Steve Bannon.

  • "I'm glad we're having this interview today on Friday

  • because I think the friendship quote unquote

  • with President Xi and President Trump

  • probably ended today when China came back

  • and tried to play smashmouth

  • and raise tariffs on these American goods."

  • Does he mean the Chinese regime

  • is dropping hints that if Trump doesn't follow,

  • there won't be a tomorrow?

  • And if you follow, there may be a tomorrow

  • But if the offer's shunned,

  • you might as well be walkin' on the sun

  • Ah, remember when bowling shirts were cool?

  • Me neither.

  • But anyway, the Trump-Xi Jinping bromance not withstanding,

  • Trump said he's ordering US companies

  • toimmediately start looking for an alternative to China,”

  • including bringing their companies home

  • and making their products in the USA.

  • ...leading American media to ask,

  • wait, can he do that?”

  • Trump answered that question,

  • telling all thefake news reporters

  • who doubted him that yes, he can,

  • using the Emergency Economic Powers Act of 1977.

  • Case closed!”

  • Wait, so he CAN do that?

  • Well, yes.

  • But it's complicated.

  • The 1977 law gives the president the power

  • to block financial transactions between a US company

  • and a specific foreign country, i.e.

  • China.

  • So if Trump enacted that power,

  • it would effectively prevent US companies

  • from conducting business with China.

  • But Trump CANNOT specifically force those companies

  • to move their manufacturing to the US.

  • Because they can just move to other countries

  • with low labor costs.

  • In fact, they've been gradually doing that already

  • over the past year,

  • relocating factories from China to Southeast Asia.

  • See, it's important for big companies

  • to pay their workers as little as possible,

  • even if they can't do it in China.

  • At least until the robots take everyone's jobs.

  • So what do you think about

  • Trump's response to China's tariffs?

  • Leave your comments below.

  • And now it's time for me to answer a question

  • from one of my 50-Cent Army supporters on Patreon.

  • Sell asks:

  • There's a lot of talk about the potential

  • for the CCP/Chinese economy

  • to collapse under all this pressure,

  • but with how much the global economy is intertwined with China,

  • could the rest of the world survive such a collapse?

  • Wouldn't that qualify as an economic version of

  • "Mutually Assured Destruction"?

  • Good question, Sell.

  • If China's giant economy collapses,

  • the entire world will feel the ground shake.

  • It could crash stock markets globally,

  • and lead to another global financial crisis.

  • However, the less tied the US is to China,

  • the less the US would feel it.

  • That's part of the reason why the Trump administration

  • wants US companies to pull out of China.

  • It protects the US economy against a possible disaster there.

  • So really, smart companies ought to pull out as soon as possible.

  • Thanks for your question.

  • Be like Sell, and support China Uncensored on Patreon.

  • We rely mainly on viewer support to make this show.

  • Once again, I'm Chris Chappell.

  • See you next time.

China has put new tariffs on US goods

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Trade War Escalates After China Puts Tariffs on US | China Uncensored

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    zijun su posted on 2021/07/11
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