Day 936: Trump Just Blinked On His Trade War With China. So What’s Now? | The 11th Hour | MSNBC


NIGHT.>>>WELL, GOOD EVENING ONCE>>>WELL, GOOD EVENING ONCE AGAIN FROM OUR NBC NEWS AGAIN FROM OUR NBC NEWS HEADQUARTERS HERE IN NEW YORK. HEADQUARTERS HERE IN NEW YORK. DAY 936 OF THE TRUMP DAY 936 OF THE TRUMP ADMINISTRATION. ADMINISTRATION. AND AS THE HEADLINE WRITERS PUT AND AS THE HEADLINE WRITERS PUT IT TONIGHT, THE PRESIDENT IT TONIGHT, THE PRESIDENT BLINKED. BLINKED. HE HAS APPARENTLY YIELDED TO THE HE HAS APPARENTLY YIELDED TO THE MARKETS AND JUST ABOUT ALL MARKETS AND JUST ABOUT ALL MEMBERS OF THE BUSINESS MEMBERS OF THE BUSINESS COMMUNITY AND HE’S BACKING OFF COMMUNITY AND HE’S BACKING OFF HIS THREAT ON TARIFFS ON IMPORTS HIS THREAT ON TARIFFS ON IMPORTS FROM CHINA. FROM CHINA. THEY WERE TO TAKE EFFECT IN JUST THEY WERE TO TAKE EFFECT IN JUST THREE WEEKS, BUT WOULD BE THREE WEEKS, BUT WOULD BE DELAYED NOW UNTIL DECEMBER 15th. DELAYED NOW UNTIL DECEMBER 15th.>>WE’RE DOING THIS FOR>>WE’RE DOING THIS FOR CHRISTMAS SEASON JUST IN CASE CHRISTMAS SEASON JUST IN CASE SOME OF THE TARIFFS WOULD HAVE SOME OF THE TARIFFS WOULD HAVE AN IMPACT ON U.S. CUSTOMERS. AN IMPACT ON U.S. CUSTOMERS. SO FAR THEY’VE HAD VIRTUALLY SO FAR THEY’VE HAD VIRTUALLY NONE. NONE. THE ONLY IMPACT, WE’VE COLLECTED THE ONLY IMPACT, WE’VE COLLECTED ALMOST $60 BILLION FROM CHINA, ALMOST $60 BILLION FROM CHINA, COMPLIMENTS OF CHINA. COMPLIMENTS OF CHINA. BUT JUST IN CASE THEY MIGHT HAVE BUT JUST IN CASE THEY MIGHT HAVE AN IMPACT ON PEOPLE, WHAT WE’VE AN IMPACT ON PEOPLE, WHAT WE’VE DONE IS WE’VE DELAYED IT SO THAT DONE IS WE’VE DELAYED IT SO THAT THEY WON’T BE RELEVANT TO THE THEY WON’T BE RELEVANT TO THE CHRISTMAS SHOPPING SEASON. CHRISTMAS SHOPPING SEASON.>>TRUMP’S OWN TRADE REP FILLED>>TRUMP’S OWN TRADE REP FILLED IN THE DETAILS. IN THE DETAILS. THE PRODUCTS AFFECTED INCLUDE THE PRODUCTS AFFECTED INCLUDE CELL PHONES, LAPTOP COMPUTERS, CELL PHONES, LAPTOP COMPUTERS, VIDEO GAME CONSOLES, CERTAIN VIDEO GAME CONSOLES, CERTAIN TOYS, COMPUTER MONITORS, CERTAIN TOYS, COMPUTER MONITORS, CERTAIN FOOTWEAR AND CLOTHING. FOOTWEAR AND CLOTHING. TARIFFS ARE PASSED ON TO TARIFFS ARE PASSED ON TO CONSUMERS WHO PAY THE COST. CONSUMERS WHO PAY THE COST. THE PRESIDENT HAS BEEN PUSHING THE PRESIDENT HAS BEEN PUSHING THE OPPOSITE NOTION THAT SOMEHOW THE OPPOSITE NOTION THAT SOMEHOW CHINA WOULD PAY FOR THE TARIFFS. CHINA WOULD PAY FOR THE TARIFFS.>>THEY’RE POURING MONEY INTO>>THEY’RE POURING MONEY INTO THEIR SYSTEM. THEIR SYSTEM. THEY POUR IT IN. THEY POUR IT IN. AND BECAUSE THEY DO THAT, YOU’RE AND BECAUSE THEY DO THAT, YOU’RE NOT PAYING FOR THOSE TARIFFS, NOT PAYING FOR THOSE TARIFFS, CHINA’S PAYING FOR THOSE CHINA’S PAYING FOR THOSE TARIFFS. TARIFFS.>>OUR PEOPLE HAVEN’T PAID, SO>>OUR PEOPLE HAVEN’T PAID, SO WE’RE TAKING IN MANY BILLIONS OF WE’RE TAKING IN MANY BILLIONS OF DOLLARS. DOLLARS.>>WE’RE TAKING IN BILLIONS AND>>WE’RE TAKING IN BILLIONS AND BILLIONS OF DOLLARS FROM CHINA. BILLIONS OF DOLLARS FROM CHINA.>>THEY’RE PAYING US BILLIONS>>THEY’RE PAYING US BILLIONS AND BILLIONS OF DOLLARS OF AND BILLIONS OF DOLLARS OF TARIFFS, WHICH IS FINE WITH ME. TARIFFS, WHICH IS FINE WITH ME.>>HERE’S HOW OUR FRIENDS OVER>>HERE’S HOW OUR FRIENDS OVER AT THE ASSOCIATED PRESS PUT IT AT THE ASSOCIATED PRESS PUT IT TONIGHT. TONIGHT. QUOTE, BY DELAYING HIGHER QUOTE, BY DELAYING HIGHER TARIFFS ON CONSUMER GOODS, TRUMP TARIFFS ON CONSUMER GOODS, TRUMP IS TACITLY ACKNOWLEDGING HIS IS TACITLY ACKNOWLEDGING HIS IMPORT TAXES STAND TO SQUEEZE IMPORT TAXES STAND TO SQUEEZE AMERICAN HOUSEHOLDS. AMERICAN HOUSEHOLDS. TRUMP’S ONGOING TRADE WAR WITH TRUMP’S ONGOING TRADE WAR WITH CHINA HAS HAD A CONSISTENT CHINA HAS HAD A CONSISTENT IMPACT ON THE ECONOMY AND THE IMPACT ON THE ECONOMY AND THE STOCK MARKET WHICH HAS DROPPED STOCK MARKET WHICH HAS DROPPED WITH EACH OF HIS PREVIOUS WITH EACH OF HIS PREVIOUS ANNOUNCEMENTS OF TARIFFS. ANNOUNCEMENTS OF TARIFFS. TODAY STOCKS ROSE AFTER HIS TODAY STOCKS ROSE AFTER HIS ANNOUNCEMENT THAT HE’S DELAYING ANNOUNCEMENT THAT HE’S DELAYING SOME OF THE TARIFFS, BUT THERE SOME OF THE TARIFFS, BUT THERE REMAINS UNCERTAINTY ABOUT OUR REMAINS UNCERTAINTY ABOUT OUR ECONOMY. ECONOMY. POLITICO REPORTS THERE ARE POLITICO REPORTS THERE ARE CONCERNS ON WALL STREET ABOUT CONCERNS ON WALL STREET ABOUT GROWING RECESSION WARNINGS AND GROWING RECESSION WARNINGS AND THAT, QUOTE, OVER JUST THE LAST THAT, QUOTE, OVER JUST THE LAST FEW DAYS, ECONOMISTS AT GOLDMAN FEW DAYS, ECONOMISTS AT GOLDMAN SACHS, MORGAN STANLEY, BANK OF SACHS, MORGAN STANLEY, BANK OF AMERICA ALL WARNED THAT TRUMP’S AMERICA ALL WARNED THAT TRUMP’S BITTER TRADE WAR WITH CHINA IS BITTER TRADE WAR WITH CHINA IS TAKING A BITTER — BIGGER BITE TAKING A BITTER — BIGGER BITE OF ECONOMIC GROWTH THAN OF ECONOMIC GROWTH THAN EXPECTED. EXPECTED.>>>TODAY TRUMP SEEMED TO HOPE>>>TODAY TRUMP SEEMED TO HOPE THAT SOME SORT OF TRADE DEAL THAT SOME SORT OF TRADE DEAL WITH CHINA COULD BE REACHED, BUT WITH CHINA COULD BE REACHED, BUT BEIJING IS DEALING WITH A BIT OF BEIJING IS DEALING WITH A BIT OF A DISTRACTION RIGHT NOW IN HONG A DISTRACTION RIGHT NOW IN HONG KONG. KONG. MORE ON THIS POTENTIALLY MORE ON THIS POTENTIALLY MONUMENTAL STORY AHEAD FOR US MONUMENTAL STORY AHEAD FOR US THIS HOUR. THIS HOUR. IN THE MEANTIME, TRUMP TODAY IN THE MEANTIME, TRUMP TODAY WENT TO PENNSYLVANIA TO TALK TO WENT TO PENNSYLVANIA TO TALK TO WORKERS AT A SHELL CHEMICAL WORKERS AT A SHELL CHEMICAL PLANT TO REASSURE THEM ABOUT HIS PLANT TO REASSURE THEM ABOUT HIS HANDLING OF THE ECONOMY, BUT THE HANDLING OF THE ECONOMY, BUT THE EVENT CAME OFF A LOT MORE LIKE EVENT CAME OFF A LOT MORE LIKE ONE OF HIS RALLIES. ONE OF HIS RALLIES.>>AND I PUT A LITTLE THING>>AND I PUT A LITTLE THING CALLED A 25% TARIFF ON ALL OF CALLED A 25% TARIFF ON ALL OF THE DUMP STEEL ALL OVER THE THE DUMP STEEL ALL OVER THE COUNTRY. COUNTRY. AND NOW YOUR BUSINESS IS AND NOW YOUR BUSINESS IS TLIEMING. TLIEMING. I DON’T KNOW WHO IS GOING TO I DON’T KNOW WHO IS GOING TO WIN, BUT WE’LL HAVE TO HIT WIN, BUT WE’LL HAVE TO HIT POCAHONTAS VERY HARD AGAIN IF POCAHONTAS VERY HARD AGAIN IF SHE DOES WIN. SHE DOES WIN. BUT SHE’S STAGING A LITTLE BIT BUT SHE’S STAGING A LITTLE BIT OF A COMEBACK. OF A COMEBACK. WHAT A GROUP, POCAHONTAS AND WHAT A GROUP, POCAHONTAS AND SLEEPY JOE. SLEEPY JOE. [ LAUGHTER ] [ LAUGHTER ] I DON’T THINK THEY GIVE A DARN I DON’T THINK THEY GIVE A DARN ABOUT WESTERN PENNSYLVANIA, DO ABOUT WESTERN PENNSYLVANIA, DO YOU? YOU? THIS THING IS COSTING ME A THIS THING IS COSTING ME A FORTUNATE BEING PRESIDENT. FORTUNATE BEING PRESIDENT. IT’S PROBABLY COSTING ME FROM 3 IT’S PROBABLY COSTING ME FROM 3 TO 5 BILLION FOR THE PRIVILEGE TO 5 BILLION FOR THE PRIVILEGE OF BEING — AND I COULDN’T

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