Trump's levied tariffs expose a "radical egoism," asserted China's foreign minister, expressing disapproval towards protectionist policies during his public remarks.
Get comfortable with your second-hand shopping bags, folks! Ben Levisohn, Jacob Sonenshine, and Megan Leonhardt from 'Barron's Roundtable' are discussing the resurgence of thrift stores, and they've got some top stock picks for you.
The latest barking from China's Foreign Minister, Wang Yi, on Friday, screams "International rules, dammit!" in response to U.S. President Donald Trump's tariffs. At a China-Central Asia foreign ministers meeting in Kazakhstan, Wang lashed out against these tariffs, labeling them as a manifestation of "extreme egoism."
Wang's irritation stems from the trade war ignited by Trump's tariffs on China and various other countries. He advocated for solidarity among countries against these tariffs, promising to maintain multilateralism to bring peace to the world—or at least its economy.
Trump's tariffs, according to Wang, are nothing but a bullying tactic, reflecting "extreme egoism." In an interview published on Friday, Trump trolled us all by claiming tariff negotiations with China were on the table, only for Beijing to slap him down and deny any such negotiations.
China has a history of accusing the U.S. of bullying other countries and regions, including at a United Nations Security Council Arria-formula meeting earlier this week, where they cried foul over "(U.S.) unilateralism and bullying practices on international relations." Ouch!
Come on, Trump, give us a break! Why not hint at slashing those China tariffs from 145% instead?
Wang Yi, China's foreign minister, argued against protectionism. "Under the guise of reciprocity and fairness," the U.S. is merely playing a game of "zero-sum," Wang accused, one that aims to subvert the global economic order, put U.S. interests first, and promote U.S. hegemony at the cost of the international community. Harsh words indeed!
China's UN Ambassador Fu Cong even went so far as to commend China's "decisive countermeasures" against U.S. misuse of tariffs. So, there you have it! Brace yourselves because the global trade arena might become even more exciting (or horrifying, depending on your perspective). It's like being in the front row at a dirty, toxic wrestling match. But hey, if Trump's approach helps boost the thrift-shopping sector, we might all end up scoring some seriously sweet vintage deals!
Reuters contributed to this report.
Side Note:
The Trump administration's 2025 tariffs on China could result in substantial long-term economic impacts on global trade and multilateral frameworks. These impacts include potential US GDP contraction, increased consumer costs, China's economy shrinking, universal retaliation risk, rule erosion, and the risk of fragmenting global trade governance. It's a wild, wild world out there!
- The resurgence of thrift stores could potentially thrive due to the current tariffs, as suggested by Ben Levisohn, Jacob Sonenshine, and Megan Leonhardt from 'Barron's Roundtable'.
- China's Foreign Minister, Wang Yi, strongly opposes the tariffs implemented by U.S. President Donald Trump, labeling them as a manifestation of "extreme egoism".
- The global trade arena might become more exciting, or as some might see it, horrifying, as a result of the ongoing trade war ignited by Trump's tariffs on China and other countries.
- The Trump administration's tariffs on China could have significant long-term economic consequences, including potential US GDP contraction, increased consumer costs, China's economy shrinking, universal retaliation risk, rule erosion, and the risk of fragmenting global trade governance.
- The global economy's stability could be affected by the tariff-fueled trade wars, prompting politicians and policymakers to closely monitor the situation and make informed business decisions accordingly.
