Trump Unveils “External Revenue Service” to Escalate Trade War
Jakarta,CNBC Indonesia — Just days before his inauguration,President-elect Donald Trump has announced a bold new strategy to reshape U.S. trade policy. In a Truth Social post,Trump revealed plans to establish an “External Revenue service (ERS)” aimed at collecting “tariffs,duties,and all income from foreign sources.” This move signals a dramatic escalation in his ongoing trade war, targeting countries with which the U.S. has meaningful trade deficits.
“For too long, we have relied on taxing our ‘Great People’ using the internal Revenue Service,” Trump wrote. ”Through weak and pathetic trade agreements, the American economy has provided growth and prosperity for the World, while taxing ourselves.” He emphasized, “It’s time for that to change. today I announced that I will create an ‘EXTERNAL REVENUE SERVICE’ to collect Tariffs,Duties,and all revenues originating from foreign sources.”
The announcement has sparked widespread concern among trade experts and economists, notably in Asia. Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, warned that Trump’s second term could be “devastating” for countries with large trade surpluses with the U.S., such as South Korea, Taiwan, and Vietnam.”With Trump and several of his potential (ministerial) appointees focused on reducing bilateral deficits, there is a risk that rising bilateral deficits could ultimately trigger U.S. tariffs on other Asian economies,” Tilton said.
The Impact on Asian Economies
Vietnam, a key player in the semiconductor supply chain, has already benefited from shifting manufacturing away from china to avoid tariffs during Trump’s first term. In 2023, South Korea’s trade surplus with the U.S. hit a record $44.4 billion,driven largely by auto exports.Similarly,Taiwan’s exports to the U.S. surged by 57.9% in the first quarter of 2024, reaching $24.6 billion, with details technology and audiovisual products leading the growth.
Vietnam’s trade surplus with the U.S. reached an astonishing $90 billion between January and September 2023. India and Japan also maintain significant trade surpluses with the U.S., with Japan’s surplus remaining stable and India’s increasing moderately in recent years.
Unanswered Questions
While Trump’s announcement has generated headlines, key details remain unclear. The structure of the ERS, its leadership, and the specific tariff rates to be applied have yet to be disclosed. This lack of clarity has left many countries bracing for potential economic fallout.
Key Trade Surpluses with the U.S. (2023)
| Country | Trade Surplus (USD) | Key Exports |
|—————|———————|—————————|
| South Korea | $44.4 billion | Automobiles |
| Taiwan | $24.6 billion (Q1) | IT & Audiovisual Products |
| Vietnam | $90 billion | Semiconductors |
| Japan | Stable | Electronics, Automobiles |
| India | Increasing | Pharmaceuticals, IT |
A New Chapter in Trade Policy
Trump’s proposed ERS marks a significant shift in U.S. trade strategy, focusing on extracting revenue from foreign sources rather than relying solely on domestic taxation. “We will start charging those who make money from us with Commerce, and they will start paying, their fair share,” Trump declared.
As the world watches closely, the implications of this new agency could reshape global trade dynamics, particularly for asian economies heavily reliant on exports to the U.S.The coming months will reveal whether Trump’s “External Revenue Service” becomes a game-changer or a source of further economic tension.
China’s Revenge Against the US: The Proof is Here
Table of Contents
- China’s Revenge Against the US: The Proof is Here
- The Context: Trump’s Trade War and Its Aftermath
- The Impact on Global Economies
- China’s Retaliation: What’s at Stake?
- Watch the Video
- What’s Next?
- Step 1: Do Your Research
- Step 2: Outline the Article Structure
- Step 3: Write a Captivating Headline
- Step 4: Craft a Strong Lead
- Step 5: Incorporate Quotes and Attribution
- Step 6: Edit and Revise
- Step 7: Add Multimedia Elements
- step 8: Publish and Promote
- Step 9: Engage with Your Audience
- Step 2: Craft a Strong Headline
- Step 3: Write a Compelling Lead
- Step 4: Structure the Body
- Step 5: Conclude Effectively
- Step 6: Edit and proofread
- Step 7: Add Visuals and Links
- Step 8: Publish and Promote
- Final Thoughts
The escalating tensions between china and the United States have taken a dramatic turn, with evidence suggesting that China’s retaliation is now in full swing. A recent video titled “China’s Revenge against the US is Starting to Get Real, Here’s the Proof!” sheds light on the latest developments in this geopolitical showdown.
The Context: Trump’s Trade War and Its Aftermath
The roots of this conflict trace back to the first trump administration, which implemented tariffs on Chinese goods in an effort to reduce the US trade deficit. While the US trade deficit with China did narrow from $346.83 billion in 2016 to $279.11 billion in 2023, the impact of these tariffs extended far beyond bilateral trade.According to a report by Oxford Economics, non-Chinese Asian economies, including Vietnam, Mexico, Taiwan, and Indonesia, became key beneficiaries as trade volumes were redirected to these regions. However,the ripple effects of Trump’s policies are now being felt globally,with China’s response intensifying.
The Impact on Global Economies
Economists have warned that Trump’s proposed tariffs in a potential second term could have severe consequences for open economies in asia. A note by bank economists led by Brian Tan highlighted that Taiwan is particularly vulnerable, while Thailand and Malaysia are expected to face moderate impacts.
The London School of Economics and Political Science estimates that Trump’s tariffs could lead to a 0.68% decline in China’s GDP, with smaller but significant losses for India (0.03%) and indonesia (0.06%).
| Country | Estimated GDP Decline |
|——————–|—————————|
| China | 0.68% |
| India | 0.03% |
| Indonesia | 0.06% |
China’s Retaliation: What’s at Stake?
China’s response to the US trade war has been multifaceted, targeting both economic and geopolitical fronts. The video highlights concrete examples of China’s countermeasures, including strategic investments in option markets and the strengthening of regional alliances.
As the world watches this high-stakes confrontation unfold, the implications for global trade and economic stability are profound. The World is Getting More Chaotic, as China’s actions in response to Trump’s Volume II Trade War continue to reshape the international landscape.
Watch the Video
For a deeper dive into the evidence of China’s retaliation, watch the video below:
Video: China’s Revenge Against the US is Starting to Get Real, Here’s the Proof!
What’s Next?
As tensions escalate, the global community must brace for the far-reaching consequences of this trade war. Stay informed and explore the latest developments in this unfolding saga.
Read More: The World is Getting More Chaotic, China Responds to trump’s Volume II Trade WarHow to Wriet a News Article: A Step-by-Step Guide for Aspiring Journalists
Writing a compelling news article is both an art and a science. Unlike creative or technical writing, news articles prioritize delivering verified facts in a concise, structured format. Whether your a budding journalist or a seasoned writer, mastering the craft of news writing requires a clear understanding of its principles. Here’s a step-by-step guide to help you create engaging, well-researched news articles.
Step 1: Do Your Research
Before putting pen to paper, thorough research is essential. “Do your research first,” advises Niche Pursuits. This ensures your article is grounded in accurate, verified information. Use credible sources, such as official reports, expert interviews, and reputable publications, to build a solid foundation for your story.
Step 2: Outline the Article Structure
A well-structured article is key to keeping readers engaged. Use the inverted pyramid structure, where the most critical information comes first. Start with the “who, what, when, where, why, and how” in the lead paragraph, followed by supporting details and background information.
Step 3: Write a Captivating Headline
Your headline is the first thing readers see, so make it count. It should be concise, informative, and attention-grabbing. for example, instead of “Local Event Happens,” try “Community Rallies to Save Historic Landmark.”
Step 4: Craft a Strong Lead
The lead paragraph is your chance to hook readers. According to Grammarly, ”A news article prioritizes delivering verified facts in a succinct, structured format.” Use this principle to craft a lead that summarizes the story while enticing readers to continue.
Step 5: Incorporate Quotes and Attribution
Quotes add credibility and a human element to your article. Attribute quotes naturally, such as, “As Mayor Jane Doe stated, ‘This initiative will transform our community.'” Always verify quotes with your sources to ensure accuracy.
Step 6: Edit and Revise
Editing is where your article truly comes to life.Trim unneeded words, check for grammatical errors, and ensure your writing flows smoothly. Tools like Grammarly can help streamline this process.
Step 7: Add Multimedia Elements
Enhance your article with relevant images,videos,or infographics. These elements not only break up the text but also provide additional context for your readers.
step 8: Publish and Promote
Once your article is polished, it’s time to publish. Share it on social media, email newsletters, and other platforms to reach a wider audience.
Step 9: Engage with Your Audience
Encourage readers to share their thoughts in the comments section. Respond to feedback and questions to foster a sense of community around your work.
| Key Steps to Writing a News Article |
|—————————————–|
| 1. Research thoroughly |
| 2.Use the inverted pyramid structure |
| 3. Write a captivating headline |
| 4. Craft a strong lead |
| 5. Incorporate quotes and attribution |
| 6. Edit and revise |
| 7. Add multimedia elements |
| 8.Publish and promote |
| 9. Engage with your audience |
By following these steps, you can create news articles that inform, engage, and inspire your readers. Happy writing!
.com/how-to-wriet-a-news-article/”>Niche Pursuits. This involves gathering facts from credible sources, verifying facts, and understanding the context of the story.
- Identify Reliable Sources: Use government reports, academic studies, and reputable news outlets.
- Fact-Check: Cross-reference information to ensure accuracy.
- Understand the context: Know the background and meaning of the topic.
Step 2: Craft a Strong Headline
The headline is the first thing readers see, so it must grab their attention while summarizing the story.
- Be Concise: Keep it short and to the point.
- Use Action Words: Words like “surge,” “plunge,” or “unveil” add dynamism.
- Highlight the Key Point: Focus on the most newsworthy aspect.
Step 3: Write a Compelling Lead
The lead (or lede) is the opening paragraph that summarizes the story’s most important details.
- Answer the 5 Ws and H: Who, What, when, where, why, and How.
- Keep It Short: Aim for 25-30 words.
- Engage the Reader: Use a hook to draw them in.
Step 4: Structure the Body
The body of the article provides detailed information, quotes, and analysis.
- Use the Inverted Pyramid: Start with the most important information and gradually move to less critical details.
- Include Quotes: Add credibility by incorporating statements from experts or stakeholders.
- Provide Context: Explain the significance of the story and its implications.
Step 5: Conclude Effectively
The conclusion should wrap up the story and leave the reader with a clear understanding.
- Summarize Key Points: Recap the main takeaways.
- Look Ahead: Mention potential future developments or actions.
- End with Impact: Leave the reader with a thoght-provoking statement or call to action.
Step 6: Edit and proofread
Editing ensures clarity, accuracy, and professionalism.
- Check for Errors: Look for grammatical, spelling, and factual mistakes.
- Simplify Language: Avoid jargon and complex sentences.
- Ensure Consistency: Verify that all names, dates, and figures are correct.
Step 7: Add Visuals and Links
Enhance your article with multimedia elements and references.
- Include Images or Videos: Visuals make the story more engaging.
- Add Hyperlinks: Link to sources or related articles for further reading.
Step 8: Publish and Promote
Once your article is ready, share it with your audience.
- Choose the Right Platform: Publish on a website,blog,or news outlet.
- Use Social Media: Promote your article on platforms like Twitter, LinkedIn, or Facebook.
- Engage with Readers: Respond to comments and feedback.
Final Thoughts
writing a news article requires a balance of research, storytelling, and attention to detail. By following these steps,you can create articles that inform,engage,and resonate with your audience.
Learn More: How to Write a News Article
