Trump ‘Wins' on the Backs of U.S. Consumers
Yet tariffs are paid by U.S. importing companies to the Treasury, not foreign exporters. That $27 billion didn't come from Chinese or European governments—it came from American businesses. These costs are then passed on to American consumers through higher prices, as is evidenced by the most recent inflation reports. This means Americans, not foreigners, are paying for these tariffs twice: first through corporate tariff payments, then through elevated consumer prices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 minutes ago
- Yahoo
Trump hopes China will quickly quadruple its US soybean orders
By Ella Cao, Lewis Jackson and Chandni Shah (Reuters) -U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," Trump said on Truth Social. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60% of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at $10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on U.S. soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
9 minutes ago
- The Hill
Marcos says the Philippines will be pulled into any war over Taiwan, despite China's protest
MANILA, Philippines (AP) — Philippine President Ferdinand Marcos Jr. said Monday his country would inevitably be drawn 'kicking and screaming' into any war over Taiwan due to its proximity to the self-ruled island and the presence of large numbers of Filipino workers there, despite China's strong protest over such remarks. Marcos also told a news conference that the Philippines' coast guard, navy and other vessels defending its territorial interests in the South China Sea would never back down and would stand their ground in the contested waters after the Chinese coast guard on Monday staged dangerous blocking maneuvers and used a powerful water cannon to try to drive away Philippine vessels from the hotly disputed Scarborough Shoal. It's the latest flare-up of long-simmering territorial disputes in the busy waterway, a key global trade route, where overlapping claims between China and the Philippines have escalated in recent years. Vietnam, Malaysia, Brunei and Taiwan also lay claims to parts of the contested waters. Relations between China and the Philippines have been severely strained after Marcos, who took office in mid-2022, and his administration emerged as some of the most vocal critics in Asia of China's increasingly aggressive actions in the South China Sea. The Marcos administration deepened its treaty alliance engagements with the United States and started broadening security alliances with other Western and Asian countries like Japan, Australia, India and some EU member states to strengthen deterrence against Beijing's assertiveness. China protested last week and accused Marcos of interfering in its domestic affairs and violating its 'One China' policy when he told reporters on the sidelines of a visit to India that there was no way the Philippines could stay out of a possible war in Taiwan because of his country's proximity to it and the presence of about 200,000 Filipino workers on the self-ruled island. China claims Taiwan as its own territory and has repeatedly threatened to annex it, by force if necessary. The Chinese Foreign Ministry then said through a spokesperson that ''geographic location' and a 'large volume of Filipinos' in Taiwan should not be used as pretexts to interfere in the internal and sovereign affairs of other countries' and urged the Philippines 'to earnestly abide by the One China principle' and 'refrain from playing fire on issues bearing on China's core interests.' Asked to comment on China's protest, Marcos said he was perplexed and could not understand Beijing's concern. 'I don't know what they're talking about, playing with fire? I was just stating facts. We do not want to go to war, but I think if there is a war over Taiwan, we will be drawn, we will be pulled in whether we like it or not, kicking and screaming,' Marcos said. 'We will be drawn and dragged into that mess. I hope it doesn't happen, but, if it does, we have to plan for it already.' Separately, Philippine Coast Guard Commodore Jay Tarriela said Chinese coast guard ships chased and staged dangerous blocking maneuvers on Monday against Philippine coast guard and fishing vessels in the Scarborough Shoal, a rich fishing atoll in the South China Sea off the northwestern Philippines. A Philippine coast guard ship managed to evade being hit by a Chinese coast guard water cannon during the melee, he said. While chasing a Philippine coast guard vessel, a Chinese coast guard ship accidentally collided with a Chinese navy ship, Tarriela said. The Chinese coast guard ship sustained 'substantial damage' and the Philippine coast guard offered to provide help, including medical assistance, to the Chinese side, he said. There was no immediate comment from Chinese officials on Tarriela's statements. Asked if the Philippine vessels would be instructed to withdraw from the disputed shoal, Marcos said his government would never back away from any fight. 'There is no silver bullet that if you fire it, all our problems would be solved,' Marcos said. 'What will happen is, we will continue to be present, we will continue to defend our territory, we will continue to exercise our sovereign rights and despite any opposition from anyone, we will continue to do that as we have done in the past three years.'
San Francisco Chronicle
9 minutes ago
- San Francisco Chronicle
Marcos says the Philippines will be pulled into any war over Taiwan, despite China's protest
MANILA, Philippines (AP) — Philippine President Ferdinand Marcos Jr. said Monday his country would inevitably be drawn 'kicking and screaming' into any war over Taiwan due to its proximity to the self-ruled island and the presence of large numbers of Filipino workers there, despite China's strong protest over such remarks. Marcos also told a news conference that the Philippines' coast guard, navy and other vessels defending its territorial interests in the South China Sea would never back down and would stand their ground in the contested waters after the Chinese coast guard on Monday staged dangerous blocking maneuvers and used a powerful water cannon to try to drive away Philippine vessels from the hotly disputed Scarborough Shoal. It's the latest flare-up of long-simmering territorial disputes in the busy waterway, a key global trade route, where overlapping claims between China and the Philippines have escalated in recent years. Vietnam, Malaysia, Brunei and Taiwan also lay claims to parts of the contested waters. Relations between China and the Philippines have been severely strained after Marcos, who took office in mid-2022, and his administration emerged as some of the most vocal critics in Asia of China's increasingly aggressive actions in the South China Sea. The Marcos administration deepened its treaty alliance engagements with the United States and started broadening security alliances with other Western and Asian countries like Japan, Australia, India and some EU member states to strengthen deterrence against Beijing's assertiveness. China protested last week and accused Marcos of interfering in its domestic affairs and violating its 'One China' policy when he told reporters on the sidelines of a visit to India that there was no way the Philippines could stay out of a possible war in Taiwan because of his country's proximity to it and the presence of about 200,000 Filipino workers on the self-ruled island. China claims Taiwan as its own territory and has repeatedly threatened to annex it, by force if necessary. The Chinese Foreign Ministry then said through a spokesperson that ''geographic location' and a 'large volume of Filipinos' in Taiwan should not be used as pretexts to interfere in the internal and sovereign affairs of other countries' and urged the Philippines 'to earnestly abide by the One China principle' and 'refrain from playing fire on issues bearing on China's core interests.' Asked to comment on China's protest, Marcos said he was perplexed and could not understand Beijing's concern. 'I don't know what they're talking about, playing with fire? I was just stating facts. We do not want to go to war, but I think if there is a war over Taiwan, we will be drawn, we will be pulled in whether we like it or not, kicking and screaming,' Marcos said. 'We will be drawn and dragged into that mess. I hope it doesn't happen, but, if it does, we have to plan for it already.' Separately, Philippine Coast Guard Commodore Jay Tarriela said Chinese coast guard ships chased and staged dangerous blocking maneuvers on Monday against Philippine coast guard and fishing vessels in the Scarborough Shoal, a rich fishing atoll in the South China Sea off the northwestern Philippines. A Philippine coast guard ship managed to evade being hit by a Chinese coast guard water cannon during the melee, he said. While chasing a Philippine coast guard vessel, a Chinese coast guard ship accidentally collided with a Chinese navy ship, Tarriela said. The Chinese coast guard ship sustained 'substantial damage' and the Philippine coast guard offered to provide help, including medical assistance, to the Chinese side, he said. 'There is no silver bullet that if you fire it, all our problems would be solved,' Marcos said. 'What will happen is, we will continue to be present, we will continue to defend our territory, we will continue to exercise our sovereign rights and despite any opposition from anyone, we will continue to do that as we have done in the past three years.'
