Originally posted by AlabamAlum
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I heard part of an interview with Will Hurd this morning (R-TX). He's against the tariffs. Said we should be passing legislation that puts Chinese companies operating in the US under the same rules and restrictions that American firms have in China. I dunno about the feasibility of that but it's an interesting idea and a tactic that doesn't hurt American consumers so directly.
Anywho some general thoughts:
* The market was having a bad day until Mnuchin poked his head outside and said they'd been having some very "constructive" dialogue. Market shot up. But are things really progressing? Just about an hour ago Lighthizer released a statement saying that Trump's ordered him to begin the process of placing tariffs on all remaining Chinese imports that haven't yet been affected.
* My understanding is that things are escalating in a hurry because the Trump team is in a time crunch. Trump still wants to go after the EU. The USMCA still is a long way from passage and if the vote was today, it'd probably fail. The WH had hoped to get USMCA approved by the August recess. Because right after the recess, the debt ceiling takes top priority.
* Worth remembering that the President technically doesn't have the power to unilaterally impose tariffs. It's supposed to be Congress' job. Trump is doing so under a "national security" rationale. That's defensible when talking about China stealing technology and manipulating currency. It becomes a lot less defensible when talking about Italian wine and German autos.
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