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China declared it will impose additional tariffs of 84% of American products, starting tomorrow morning, April 10th.
The move in actuality will hurt China much more economically than the U.S., as China exports 4 times as much to America, than the U.S. exports to China.
The Chinese economy is export driven and has very low consumer activity so domestic consumption will not make up the difference, although Xi Jinping is counting on other nations to pick up some of the slack.
We have discussed for some time that many nations in Europe are essentially already vassal states to Beijing, and will help in this regard. Spain this morning said it will move closer to China.
American consumers will likely face higher prices in the short run but will enjoy a much higher standard of living in the long run as manufacturing returns to America.
The question for the future is a political one -- which leader has the stronger political base at home?
Trump is firmly in power with the majority of the nation currently behind him, but there is an election fraud issue in the United States that must be dealt with Trump's power base will be harmed no matter his electoral mandate.
Chinese leader Xi Jinping is on very tenuous ground as the Chinese economic Ponzi scheme is collapsing. According to sources on the ground in China, many Chinese are leaving, scared of this possibility. No one places faith in Beijing's rule in the future.
China’s Premier Li said today, "We are prepared to deal with uncertainties. We should be aware that external shocks to China’s economic stabilization create some pressures."
This is most certainly true.
China has been preparing for some time, weeding out dissension. But Xi is on thin ice for sure if the party looks to be losing economic power. Time will tell.
