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The End For The Economy? Dow Falls On Fears Of Trade War Between China And US

Mac Slavo
May 29th, 2018
SHTFplan.com
Comments (38)
Read by 3,285 people

The Dow fell 430 points or 1.7% on fears about a political crisis in Italy and renewed trade tensions between the United States and China. The S&P 500 and the Nasdaq slipped 1.4% and 0.9% apiece.

The White House also announced Tuesday that it would impose 25% tariffs on $50 billion worth of goods from China and place new limits on Chinese investments in the United States. This is a drastic turn for the Trump administration since Treasury Secretary Steven Mnuchin said a trade war with China was “on hold” less than 10 days ago. “We’re putting the trade war on hold, right now, we have agreed to put the tariffs on hold while we try to execute the framework,” Mnuchin told Fox News. He also said that the US had won several commitments from Chinese officials that should cut America’s trade deficit with China, which ran at more than $300m (£225m) in 2017.

“To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services,” the statement said. China’s state-run news agency, Xinhua, said the statement was essentially a vow “not to launch a trade war against each other.” But all that appears to have changed.

According to CNN Money, the VIX, Wall Street’s fear gauge, has spiked 15% to its highest level since May 4. CNN also declared that investors rushed to the “safety in bonds.” The yield on the 10-year US Treasury dropped 1% to 2.81%. Yields move in the opposite direction of price.

The Independent reporting on the trade war’s progression said that Washington will release a list of some $50 billion worth of Chinese goods that will be subject to a 25 % tariff effective June 15. According to a statement made by the White House, the United States will also continue to pursue litigation against China at the World Trade Organisation (WTO).

 

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Author: Mac Slavo
Views: Read by 3,285 people
Date: May 29th, 2018
Website: www.SHTFplan.com

Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

38 Comments...

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  1. john stiner says:

    The sky if falling!!!!!!

    At least wait until it is 2% before you start fear mongering.

  2. the blame-e says:

    The “end” of the economy? A 1.7-percent fall is nothing. When the market falls 17-percent then let me know.

  3. Comanche says:

    The trade deficit was more than 300 Billion not 300 million.

  4. BigB says:

    Coincidentally Disney / ABC stock also fell 1.7 % today. Please boycott anything Disney.

  5. Old Guy says:

    When the dow drops below 500 I will believe its crashed.

    • the blame-e says:

      Old Guy. A 500 point drop would still be just in the 2.0-percent range. 2.0-percent is nothing. NOTHING. You are still thinking about a market when the DOW was 8,100 — or a third of what it is today. Man, you need a serious reality adjustment. Your rose colored glasses must be cracked.

  6. lena says:

    actually, the dow fell today because of Italy’s economic problems that became a hot issue over the weekend.

    • lena says:

      although, over the next month, the trade tariffs, trump’s north korea meeting, a fed rate raise and a fed increase in liquidity extraction are all coming.

      so, it’s quite possible the sell off continues unless all those things amount to little; but I doubt it. if the next recession is judged to have started this june, I would not be surprised.

  7. aljamo says:

    Dollar General started out at most every item sold cost a dollar. Now there is very little sold there for just a dollar. As far as Dollar Tree where everything is still a dollar, there are good deals to be found there. Probably a name change is in order to Dollar and a Half Tree.

  8. Anon says:

    Never thought I would be here with this question but here goes—–I have found a collector car I want on ebay. It is pretty close to me geographically. I don’t as a rule, use ebay. Should I use the automatic bid with my highest price or is that a scam? If I should, when do I enter it in the auction? I’m sure a lot of folks on here are more familiar with ebay and I look to you for help. Thanks in advance!

    • Anonymous says:

      Send a message to the seller and explain to them you want to drive to see the car and pay cash and avoid eBay.

    • anonymous says:

      DO NOT start with your highest bid.
      Just make bids until you are the highest bidder. Then wait until close to the end of the auction, like less than a minute, then enter your highest bid, then press submit with 4 or 5 seconds left in the auction. If no one else has a higher maximum bid you’ll win the auction.

      • TharSheBlows says:

        TO REALLY GET THE ITEM, SEE WHO IS YOUR COMPETING BIDDER. THEN TAKE AND USE THEIR LOG IN NAME AND TRY TO LOG IN, ENTERING MULTIPLE WRONG PASSWORDS LIKE 10 TIMES IN A ROW QUICKLY. THAT JAMS UP AND FREEZES HIS ABILITY TO LOG IN, AND EBAY LOCKS UP HIS ACCOUNT LOG-IN.

        THEN AFTER YOU SET THE LOG-IN JAM IN ON THAT OTHER GUY, THEN GO IN AND BID ABOUT 10 MINUTES BEFORE THE END OF THE AUCTION. WHAT WILL HAPPEN IS THAT OTHER BIDDER’S LOG-IN WILL BE JAMMED UP, AND HE WILL HAVE TO TRY AND CALL INTO EBAY’S CUSTOMER SERVICE TO UNFREEZE HIS LOG IN ACCOUNT. BY THE TIME HE GETS THROUGH TO EBAY C/S, LIKE HALF HOUR LATER ON HOLD TO TRY AND CLEAR UP HIS LOG IN ABILITY, YOU ARE ALREADY THE HIGHEST BIDDER AND GET THE ITEM.

        I LEARNED THIS EBAY BIDDING TACTIC, AT A COMPUTER WHITE HAT HACKING SEMINAR. A GUEST SPEAKER COMPUTER HACKER, FIGURED OUT HOW TO JAM UP OTHER COMPETITORS LOG IN’S ABILITY, AND FREEZE THEIR ACCOUNTS SO THEY CAN’T PLACE A BID, MEAN-WHILE YOU STEAL THE PRIZE.

    • Fritz says:

      Hello Anon,

      Three years ago I bought a ’70 Corvette via eBay. It’s my old age tinkering/restoration project. In my case the deal went the way it’s supposed to and I’m still satisfied with my purchase. It’s a scary proposition though to suddenly realize that you owe $20,000 to a complete stranger for a car you’ve never seen before that’s clear across the country. Then comes the added stress of turning your new prize over to a car carrier with all their horror stories for delivery to you. The system can and does work for many people.

      The automatic bid with your highest price feature isn’t a scam per se but it is what it is. It can work for you in that it keeps your bid at the top of the list until your highest limit is reached. This also works in the sellers favor since there are likely other buyers using automatic bidding. The bids can escalate very fast this way. You can use manual bids to feel out where another automatic bidder’s upper limit is. If you do use the automatic bid feature, it’s probably best to enter one highest bid earlier on and then set your real highest bid during the final seconds of the auction. The winning bid on popular items including cars is often made in literally the last second or two. Also, if your upper limit is say, $15,000, then bid $15,005. This will win against someone else who has set a $15,000 limit or even $15,001. If you can’t afford that extra five bucks then you shouldn’t be looking at classic cars anyway.

      Some general advice on buying a collector cars:

      Number one, don’t let the stars in your eyes get in the way of your good judgement. Be prepared to walk if it doesn’t feel completely right for you. Unless you’re looking at some really rare Dusenberg, there’s going to be lots more up for sale just like the one you’re looking at now. On eBay, most sellers believe that their cars are worth more than they really are. A lot of the bidders aren’t really serious and they are just looking to possibly score something good for a low price. They drop out when the bidding gets serious. As a result, most cars on eBay go through several auctions before they finally sell. The car that I bought was on its fourth auction. By that time I had a good idea on what the seller’s reserve price was and he accepted my best offer price that was far less than his asking price. Most sellers of used cars, classic or modern, will accept 75-80% of their asking price if you have a firm offer with cash in hand.

      Two: become an expert on the car you are considering. I spent an entire year watching prices and reading everything I could find about chrome-bumpered C3 Corvettes. The one I eventually bought was the sixth one I seriously considered until I knowledgeably found the best one I could afford. If you are a Chevy guy, admit you don’t know anything about Studebakers and bug-eyed Sprites.

      Three: do contact the owner. You will learn a lot by the owner. Collector car owners who have loved their vehicles and took good care of them will happily discuss everything they know about their car. If you meet indifference,lack of knowledge or evasiveness, look elsewhere. By all means, go to see the car if you can or have an inspector check it out for you but if you can’t, ask the seller for walk-around video plus with the engine running and while driving. Good owners will be glad to do this.

      Four: This is an expensive hobby. The purchase price is just the start of it. Unless you are looking at a rare, unmolested, low-mileage survivor from an equally rare original owner of a 50+ year old car, I guarantee you that Bubba has been into your car. Even with the best appearing ones, you won’t realize how many things don’t work, how much wiring has been hacked and how many things in your car have been hastily cobbled together in your car until you own it for awhile. You should go into this with the thought that your car will need everything and then be pleasantly surprised if there is something that it doesn’t need.

      Five: It’s easiest to stick with popular models. They make everything you need if you have a Corvette, Chevelle, Camaro, GTO, Trans Am, Mustang, etc. If you have a Packard or a Jaguar XK-120, then not so much. You’ll be looking for parts priced in gold and made out of unobtainium. Re-read rule four.

      Six: Make sure you have your family’s support. If you live by yourself like I do, then you’re just an eccentric old fool to the neighbors who see you disassembling a perfectly fine 50 year old Corvette. If you have a wife (or husband), they better be on-board with the idea or else it will turn into a point of contention. If you have children, make sure your hobby doesn’t interfere with your time with them or take away from the material things they need. See rule four again.

      This is probably way more than what you wanted to hear and stuff you most likely knew already anyway but maybe it can help someone. After all, this is a prepper website. The good news that non-computerized collector vehicles with actual carburetors, mechanical fuel-pumps, and points-type distributors will run fine after the EMP so everyone should go buy one. It’s good to know there are other old car buffs here at SHTF. Good luck with your purchase.

  9. Greywar says:

    Collector Car bidding, Wait to the last minute and bid with confidence. You may get sniped in the last seconds, so beware. Good Luck!

  10. Ketchupondemand says:

    Anon, I have used the auto “max” bid many times and it has worked well for me. You will also get an email if someone outbids you, so you can up your bid if needed.
    (Mine would be the ’67’-68 Plymouth GTX)
    Let us know..

  11. Really??? says:

    And it’s up 200 today. Never fear. If it goes down, the monkeys will push it right the F back up.

  12. Anonymous says:

    Meanwhile, Ivanka Trump is doing very well with her 13 newly approved China patents and trademarks for her product lines which will be manufactured in China.

    It’s not considered a conflict of interest since the patents and trademarks are from China, not the U.S., and all of her products and merchandise will be produced there in China, although sold all over the world.

    https://www.washingtonpost.com/business/china-approves-13-new-ivanka-trump-trademarks-in-3-months/2018/05/28/b654a64a-62df-11e8-81ca-bb14593acaa6_story.html?utm_term=.f5c3ca1528cd

    • Elkhound says:

      Anonymous; 90% or more of the things we own either came from China,or at the very least have parts that were made in China..VERY few products are 100% US made.If,for say, a car is US made but has leather seats made in Mexico,then the car is not 100% US made.

    • Mary says:

      The article made me seeth with anger. So much for president Trump’s ‘Made in America’ and ‘Buy American’ campaign when his own family are the biggest offenders. The hypocrisy is disappointing. All smoke and mirrors.

  13. The stock market doesn’t reflect the economic health of the country. For that, look at buying power of the dollar, the trade surplus/deficit, the changes in GDP, the unemployment rate and its changes, etc. I don’t know about the economy but I’m depressed!

  14. The tariffs raise the cost of the imported Chinese goods which should mean that consumers should buy similar goods(if any) produced by American producers. The American producers(if any) are instead raising their prices as well. How does this help the consumer?

 

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