Know what else will cost more due to Trump’s unnecessary trade war? Quilts and fleece blankies.
Baum Textile Mills of New Jersey tells its wholesale customers that China’s retaliatory tariffs are targeting its WinterFleece Solid Velour, WinterFleece Prints, Microchamois, and related products. If China enacts these tariffs on September 1, Baum says it can use inventory to keep prices steady through October, but…
Unfortunately based on the information we have today, we will be forced to raise prices for all orders received by November 1, 2018 as follows:
- If tariffs increase by 10% prices on all Winterfleece items will increase by 8%.
- If tariffs increase by 25% prices on all Winterfleece items will increase by 20%.
- If there is a last minute reprieve and tariffs do not increase at all, then prices will remain unchanged [Mickey Krueger, president, Baum Textile Mills, e-mail to customers, 2018.08.07].
Higher prices for quilters and crafters during the holiday shopping season aren’t the worst of it. USA Today documents production slow-downs and layoffs at U.S. companies in multiple states. Ford sold 38% fewer cars in China in June and 32% fewer in July. China’s big oil importer Sinopec got the Chinese government to hold off on slapping tariffs on American crude oil, but oil analyst Michal Meidan of Energy Aspect tells Reuters the Chinese may just be keeping oil on the table for negotiating leverage and to give Chinese buyers time to receive oil already in the import pipeline.
And most interestingly, China’s exports to the U.S. in July rose 13.3% over last year, and their trade surplus with us rose 11%. The Chinese insist their expanding domestic consumer market will allow them to withstand the trade war. But all you’re going to hear from Grandma at Christmas is how she’s paying more for her favorite fleecy patterns at the quilting store.
What Baum Textile Mills is reminding its wholesale customers is that it has fired its US workers and outsourced its jobs to China.
You got this completely bass ackwards Cory. Baum is not saying that “China’s retaliatory tariffs” are targeting its products. Baum is saying that the US’s tariffs are targeting the products that it is importing from China.
Weekend Optimism … History notes that Republicans in the White House start wars. We’re lucky it’s only a trade war, this time. ツ
China Blinks in Trade War, Drops Oil from Retaliatory U.S. Tariff List
https://www.breitbart.com/national-security/2018/08/10/china-blinks-trade-war-drops-oil-retaliatory-u-s-tariff-list/
Banks blink in trade war, drop 250 points on Turkish tariffs.
“(Reuters) – U.S stocks fell on Friday as a deepening crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.
At the heart of the crisis was a slump in the Turkish lira, which worsened after President Donald Trump doubled tariffs on steel and aluminum imported from the country.” https://finance.yahoo.com/news/futures-drop-turkey-turmoil-rattles-115444075.html
Gallipoli here we come.
China scores again with oil!
“Dropping crude oil from the final tariff list on $16 billion in U.S. goods announced late on Wednesday underscores the growing importance of the United States as a key global producer and critical alternative supply source for top importer China, which is seeking to diversify its oil purchases.
Removing crude imports, worth roughly $8 billion annually based on Sinopec’s earlier forecast of 300,000 barrels per day (bpd) for 2018, also gives Beijing room to maneuver in future negotiations with Washington, especially as it may soon lose some Iranian oil shipments due to reimposed U.S. sanctions.” https://www.reuters.com/article/us-usa-trade-china-oil/chinas-oil-tariff-move-a-relief-for-sinopec-tactic-in-trade-war-idUSKBN1KV08M
Key words are “may lose “some” Iranian oil shipments” Nothing is certain on that deal at all, China may broker a deal with Iran and the EU and tell the US to go have sex with itself. Nothing is settled.
Thanks Jerry,
I like to buy stock when it’s on sale.
Tangerine Wankmaggot and the Russpublicans haven’t met a part of the US they can’t trash. TW’s childish trade war of the oversize ego is having a destructive effect on the worldwide economy. But anything for attention and, as nutty as he is, Tangerine Wankmaggot hasn’t realized his personal economy will become trash too.
Some of us, being old, remember when using new materials to make a quilt was cheating
Church ladies making quilts for free is America’s version of sweatshop labor.