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About that phone call with Xi on Tariffs [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-04-11
Trump claimed when slapped the first set of new tariffs on China last week, that he would soon get a call from Jinping, like other countries started doing.
He didn't get a call and then Trump canceled a meeting with Chinese trade officials. He was still figuring that Xi would call. But it didn't happen. All it started was an escalating poker game where each side raised the stakes.
We start the day with Trump's tariffs on China at 145% and China's tariffs on U.S. goods at 125%.
A spokesperson from China's commerce ministry said, "The successive imposition of excessively high tariffs on China by the US has become nothing other than a numbers game, with no real economic significance. It merely further exposes the US practice of weaponizing tariffs as a tool of bullying and coercion and turning itself into a joke."
China is calling Trump a laughing stock. Trump is now going to have even more to make him angry. What happens when is angry? He raises the tariff again.
The Smoot-Hawley Tariff Act of 1930 was instituted after the 1929 stock market crash and was supposed to inspire domestic manufacturing. All it did was deepen the depression.
The 10% tariff Trump left on everyone but China, would have been enough to crash the stock market all by itself. Traders figured that out yesterday with another -1000 point drop. The market just opened, and it's down another -300 points.
China now says it will just ignore any further US hikes.
China is going to file a complaint with the World Trade Organization over the tariffs.
Xi urged the European Union to present a united front against the US tariffs. "China and Europe should fulfill their international responsibilities... and jointly resist unilaterally bullying practices."
Now Trump is a joke and a bully to China. That's what many in the US have been calling Trump for a decade. This will further enrage him.
But, he's never going to get that phone call. He's met his match.
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