Re: China caves on 125% tariff for major US export after White House predicts Beijing can't keep up

In <[email protected]> useapen wrote:
>
> China waived a 125% tariff on ethane imports from the U.S. on Tuesday,
> according to a report from Reuters.
>
> China had initially imposed the tariff earlier this month as part of its
> retaliation against President Donald Trump's Liberation Day tariff
> campaign. China is responsible for purchasing roughly half of America's
> ethane exports each year, according to the U.S. Energy Information
> Administration.
>
> Chinese companies that rely on U.S. ethane include Satellite Chemical, SP
> Chemicals, Sinopec, Sanjiang Fine Chemical and Wanhua Chemical Group,
> while the key U.S. exporters are Enterprise Products Partners and Energy
> Transfer.
>
> Ethane joins a growing list of products that China has granted tariff
> exemptions for amid the ongoing trade war with Washington.
>
> Last week, Chinese officials granted exemptions for pharmaceuticals,
> microchips and aircraft engines and were asking firms to identify critical
> goods they need levy-free.

Make them take all the dead wind generators back for recycling.

> News of the ethane tariff's removal comes after U.S. Treasury Sec. Scott
> Bessent insisted that Trump's tariffs were putting major pressure on
> Beijing. Speaking at the White House on Tuesday morning, Bessent said the
> tariffs stand to cost China millions of jobs if it doesn't change course.
>
> "I think that over time we will see that the Chinese tariffs are
> unsustainable for China," Bessent told reporters. "I've seen some very
> large numbers over the past few days that show if these numbers stay on,
> Chinese could lose 10 million jobs very quickly. And even if there is a
> drop in the tariffs that they could lose 5 million jobs."
>
> "So remember that we are the deficit country," Bessent said. "They sell
> almost five times more goods to us than we sell to them. So the onus will
> be on them to take off these tariffs. They're unsustainable for them."

Trump and his team have been right all along.

> President Donald Trump announced widespread tariffs against a host of
> countries April 2, after routinely condemning other countries' trade
> practices and accusing them of engaging in unfair trade practices against
> the U.S.
>
> The administration later walked back its initial proposal, and announced
> April 9 it would immediately hike tariffs on Chinese goods to 145%, but
> scale back reciprocal tariffs on other countries for 90 days to a baseline
> of 10%. In response, China proceeded to boost its tariffs on U.S. goods to
> 125%.
>
> Bessent also signaled that a trade deal with India, and possibly other
> Asian countries, could emerge in the near future.
>
> "They have been the most forthcoming in terms of doing the deals," Bessent
> said. "As I mentioned, Vice President Vance was in India last week. I
> think that he and Modi made some very good progress. So I could see some
> announcements on India."
>
> https://www.foxbusiness.com/politics/china-caves-125-tariff-major-us-
> export-after-white-house-predicts-beijing-cant-keep-up
>