Good morning! Today we look at the escalating U.S.-China trade fight, newfound job security in factories alongside disruption in energy fields, the highest gasoline prices since 2014, and how women without children are penalized at work.
$34B + $16B + $200B + $200B = ?
The White House said it would assess tariffs on another $200 billion in Chinese goods. The clear message to trading partners: The U.S. won’t back away from trade fights. U.S. Trade Representative Robert Lighthizer said he was open to talks with China about a resolution of the dispute, though officials in both nations say there are currently no negotiations scheduled, Bob Davis reports. The new tariffs won’t take effect for at least two months, giving U.S. industry time to comment on the products selected for levies. They hit a multitude of products including consumer goods.
If China retaliates? President Donald Trump promised another $200 billion in Chinese imports. In all, that would be tariffs on $450 billion of Chinese goods. That’s nearly all the $505 billion in exports China sends to the U.S. By contrast, the U.S. exported about $130 billion in goods to China last year.
China reacted angrily to the Trump administration’s new tariff plans, calling the move a “totally unacceptable” escalation and vowing to roll out unspecified countermeasures. A Chinese Commerce Ministry statement said China was “shocked” at the U.S. plans, Grace Zhu reports.
Penalty shot: Oxford Economics estimates that the $50 billion in the works plus another $200 billion in tit-for-tat tariffs will reduce economic growth by at least 0.3 percentage points in each country next year. "We stress that traditional macroeconomic model simulations underestimate the effects from rising business uncertainty, decreased private sector confidence and supply chain disruption which can exacerbate the economic shocks."
This news has been published by title Real Time Economics: Trade Wars, Job Churn And The Productivity Of Working Moms
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