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Full-On Trade War: Trump Jacks Up Tariffs on $550 Bn of Chinese Goods, Blasts 'Unfair' Regime
"US stock-market indexes fell precipitously on Friday, with the Dow Jones plummeting 700 points at one point amid Trump's threats to cut off all trade with Beijing. When he virtually ordered US companies to 'immediately start looking for an alternative to China,' it inspired further panic. US businesses are growing increasingly desperate over the stalemate, urging Trump to put the tit-for-tat tariff war on hold and seek common ground with Xi."
WATCH: @14:35 "Professor Richard Wolff breaks down how the latest round of tariffs on Chinese goods will impact average Americans. 'This isn't working. We must change our relationship with China..."
Trump is Melting Down Because China Won't Give In On Trade
"President Trump is in the midst of a public meltdown that is humiliating, scary and banana-republic-y even by Trumpy standards. The reason is that Trump started a trade war and China refuses to back down, having announced this morning that it is imposing retaliatory tariffs on $75 billion worth of US goods. Trump has picked fights with lots of countries. Usually they either placate him [Canada/NAFTA] or try to give him a face-saving way of de-escalating it (eg., Mexico, which is never going to pay for the wall but doesn't talk about the fact...). Sometimes they get Trump to fold by stroking his ego (The North Koreans..).
China is playing it differently. This has provoked one of Trump's wilder temper-tantrums..."
Pity Trudeau/Freeland were persuaded to go along with Trump's reckless anti-China moves and throw away such an important trading relationship at great expense to Canada, without any advantage whatsoever. Had we resisted the American's outrageous Meng Wan Zhou kidnap fiasco, which we easily could have done, things might now be very much rosier for Canada than they will be given our perceived stab in the back to the country's second largest trading partner. Instead we are now in the middle of two angry fighting elephants and as the old African proverb wisely cautioned: 'when elephants fight it is the grass that suffers.' Canada will be that grass...
Trump Says He Has 'Absolute Right' To Order US Companies Out of China Based on 1977 Law
"After China unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods, Trump told US companies on Twitter to 'immediately start looking for an alternative to China,'..."
The western economic system is already precarious due to the banksters' gaming/bailout in 2008 - Trump's demented Samson shaking threatens to bring it crashing down into the deepest of recessions, as already presaged by the recent stock market crash of 700 points. Is this a deliberate destabilization I wonder? At the least he certainly won't win another election if the downward trend attendant upon his ill considered trade war continues. See marxist Economic Prof Richard Wolff's analysis below.
This Economic System Can't Be Fixed: Millions To Lose Jobs in Recession (and podcast)
"On today's episode of Loud & Clear, Brian Becker and John Kiriakou are joined by Richard Wolff, a professor of Economics, Emeritus, University of Massachusetts, Amherst and founder of the organization Democracy At Work. Prof Wolff's latest book is Capitalism's Crisis Deepens: Essays on the Global Economic Meltdown."
Global Capitalism: The US-China Trade Wars
"Causes, prospects, risks - Prof Richard Wolff. (Sept 2019)