Watching China Melt Down

[theotherwaldo]

So China is the steel producer of the world.
Yeah, right.

Apparently, their few successful producers, with government subsidies, were realizing around thirty-three cents profit on each hundred dollars worth of steel that they sold.
-And that was before Trump's tariffs.
-And their attempts to re-brand their products as coming from other countries is not working out, as Trump announced that similar tariffs would hit any country that aids in tariff-dodging.

Meanwhile, Canada is tying themselves to China and rejecting the U.S....

 

[theotherwaldo]

China insists that they will resist to the last.

Meanwhile, one of their top officials is meeting with one of our top officials in Switzerland, and Trump implies that tariffs COULD be reduced by half or more if a preliminary agreement can be reached.

Also meanwhile, China's export businesses rapidly melt away, partly camouflaged by their frantic efforts to smuggle their products out through relabeling their items in a second country...

 

[theotherwaldo]

-And the reciprocal tariffs are put on hold for 90 days, with a 10% tariff on US goods and a 30% tariff on most Chinese goods in the meantime.
More importantly, the value added taxes and other Chinese impediments to US trade are dropped.
The tariffs on Chinese cars, steel and a few other commodities remain.
They are still arguing about the fentanyl precursors that have been available online, though...