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Economy
J.P. Morgan Chase Says ‘Trade War' Is Not Hurting Business
2018-07-14
[Breitbart] J.P. Morgan Chase, the largest U.S. bank by assets, said Friday that trade disputes are not a drag on business investment or loan demand.

The bank reported better than expected quarterly earnings Friday morning, with profits growing by an eye-popping 18 percent to $8.32 billion. Revenue rose 6 percent to $28.4 billion.

In a conference call with reporters to discuss the bank’s results, top executives said that while there is lots of talk and worry about trade wars, there’s been "no significant impact" on lending.

Jamie Dimon, the bank’s chief executive, said that trade war talk was more about "psyche" than "economics."

"Look, it’s a worry," he said. "But hopefully it gets resolved."

Dimon said that there were genuine reasons for the U.S. to attempt to seek better terms of trade with China and other countries. Working with allies rather than imposing tariffs, however, would be a better tactic, Dimon said.
Posted by:Besoeker

#2  What a lot of people are not talking about are the tariffs that the EU and China already impose on US manufactured goods.

Yeah, but where's the anti-Trump angle in that?
Posted by: Abu Uluque   2018-07-14 15:47  

#1  What a lot of people are not talking about are the tariffs that the EU and China already impose on US manufactured goods.

Many of them are disguised as inspections, customs fees, transport fees, or storage fees.

China requires that all automobiles manufactured in the US under go inspection for compliance with Chinese "safety" laws. The inspections are on an individual automobile basis because the Chinese will not always accept manufacturer certification. Cars are partially disassembled, wiring tested, and tires x-rayed...even when many of the components tested are Chinese in origin.

They also conveniently charge customs fees of several hundred dollars on some items disguising them as administrative fees.

The Chinese shipping companies charge US companies hundred of dollars more to transport US goods to China than charged to ship similar to the US.

Japan did the same thing back in the 90's until Lightzer blew the whistle and got the WTO to cry foul on Japanese trade practices.

The fact that China is sucking trillions of dollars of US currency out of our economy and screwing our monetary policy is reason enough to clamp down on this stuff. If we don't, we'll eventually have hell to pay with inflation and interest rates as our currency supply is further depleted.

China has artificially down graded the Yuan to give them a favorable pricing compared to US dollars and are constantly having to tinker with interest rates and inflation to keep that shell game going (the Japanese also played games with the exchange rate for Yen against the dollar back in the 80's)

So all in all, Trump and his economic counsel is asking for China to level the playing field and compete on the same terms as everyone else.
Posted by: Sock Puppet of Doom   2018-07-14 10:51  

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