Bad news, folks. If you were getting ready to spend that big rebate check that Howard Lutnick promises to send you, as your share of the massive wealth pouring into this country via Trump’s fantasy of how tariffs work, don’t look for it in this week’s mail. In fact, don’t look for it at all, because once again the bubble has been burst. The China tariffs that were supposed to kick in have been postponed. Yet again.
President Donald Trump has signed an executive order that will prevent high U.S. tariffs on Chinese goods from snapping back into effect for another 90 days, a White House official told CNBC on Monday afternoon.
The order was signed just hours before midnight, when the pause on Trump’s tariffs was set to expire.
The delay was the expected outcome from the latest round of talks between U.S. trade negotiators and their Chinese counterparts, which took place in Stockholm, Sweden, late last month.
If the deadline was not extended, then U.S. duties on China would have shot back up to where they stood in April, when the tariff war between the world’s largest trading nations was at its peak.
The two sides had agreed to pause most of the tariffs on each other’s goods in May, after negotiators met for the first time in Geneva, Switzerland.
That 90-day pause was set to end Tuesday, prior to Trump signing the latest order to extend it.
You remember how everybody was telling Trump this wasn’t a good plan to have these tariffs before Xmas and he replied, “So you buy two dolls instead of thirty,” in his Marie Antoinette-ish way. It looks like that issue has been solved. But what about the vast sums of money pouring into the country from the tariffs?
Guess we’re still stuck with the national debt and taxes. What a disappointment. I was so looking forward to all that being gone. And I was set to buy a couple of Gucci bags with the big checks that Howard Lutnick was going to send me. Guess I’ll have to put that on hold, too.
Now what I’m waiting for is this:
- How Trump is going to spin the latest extension of tariffs?
- How he’s going to explain to MAGA and the rest of us how we’re getting filthy rich. And prove it?
- How he’s going to keep himself and the rest of us, from looking like complete idiots to the rest of the world.
There will be more updates on the China tariff debacle. Maybe we’ll get answers there. Meanwhile, it will be interesting to listen to the spin on Fox News.
Just can’t resist: It’s TACO Monday!
Hehehehe!
TACO maybe the main, but it looks like it was served with a face full of egg foo fu yung!