China Wins Trade War With US After Terrified Trump Caves In

In a complete reversal, Donald Trump softened his stance on the tariffs on Chinese goods this week after he met with multiple business leaders at The White House. Trump admitted that the tariffs won’t stay and that he’s desperately trying to make a deal with China. But China won’t return his calls, and now he’s starting to panic that he may have destroyed everything for no reason. Ring of Fire’s Farron Cousins explains what’s happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Donald Trump's trade war is far from over and the tariffs on China, 145% on goods coming from the country into our country are still in effect. Now I tell you that to now tell you this, China has effectively won this trade war. Trump started a trade war, talked a big game, talked tough, oh, we're not gonna let them get away with this anymore, these bastards at the Chinese Communist Party. And then this week he effectively did a 180 and admitted, well, we can't keep doing this forever. And hopefully we'll work out a deal with them. He backed down. He coward. He caved. He is terrified of the ramifications of the ill-advised trade war that he started. He is a coward, but in this case, him being a coward is actually gonna help the United States. So, you know, not gonna fault him for that. But here's what happened on Monday.

You had the CEOs of Walmart, target and Home Depot meet with Donald Trump and the White House. And according to those, close to this meeting, Trump was informed by these CEOs that were not necessarily talking about food prices going up here. What we're talking about is literally empty shelves throughout these stores, and not just our stores, everybody else's stores as well. Your tariffs on China are going to kill American businesses. Well, that freaked Trump out. So Trump immediately comes out and says that he didn't intend to play hardball with China. Uh, he's confident the two countries could, you know, strike a deal that would bring the tariffs well below their current levels. 145% is very high, and it won't be that high. He said it won't be anywhere near that high. It will come down substantially, but it won't be zero.

So without any concessions from China, without even speaking to President Xi Jinping of China, with no negotiation on the table, Donald Trump says, well, I'm gonna back down. It's too high. It's just too much. We can't expect him to pay that because they don't pay it. American businesses do. And I think those CEOs may have gotten through to him. So Trump backed down. Trump blinked. So just because he's backing down, why does that mean that I'm saying China already won? Well, for one, as I mentioned, Xi Jinping is not returning their calls. That report came out last week. The Trump administration has desperately been reaching out to China, trying to set up a meeting, work on negotiations, and China has not called them back. So Trump can say that we gotta, there's a deal. You know, we're got the

Workings of a deal on the table. But it's not because China is not willing to negotiate. And do you know why China's already making deals with other countries? China is working with Brazil to get soybeans from them instead of importing them from the United States, which is gonna devastate farmers across the United States. They're already preparing for it. That report came out earlier this week. They're now getting beef from Australia instead of importing US beef. China at this point has no incentive to lower the tariffs that they've put on United States goods or to negotiate with the United States because what they've realized is, wait a minute, uh, we can just get this stuff from somewhere else for cheaper. So we're just gonna do that. Like, we don't need to play your stupid game or get involved in your stupid trade war. Uh, we're just gonna go somewhere else. The United States doesn't have that option because most of these goods only come from China. So if we want 'em, we are between a rock and a hard place. And with Trump already backing down China, knowing that they have us by the, uh, cahones there, yeah, we lost. They won. And Trump looks like the biggest idiot on the planet.