US Plans 'Unprecedented' Sanctions Against China Over Hacks

HardOCP News

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According to this news report, the White House is on the verge of imposing "unprecedented" sanctions against Beijing in the coming weeks.

The Washington Post on Sunday, citing US officials who spoke anonymously, said the US would issue sanctions on the basis that Chinese companies have benefited from the cyber-theft of US trade secrets, such as "search engine source code" and other intellectual property, and private corporate and trade secrets.
 

tetris42

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Yeah, not because they're busy creating a global environmental disaster, but because they mess with our copyright law.
 

TechLarry

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Yeah, I'll believe this when I see it. I don't' think the current administration has the balls for it. Not in any way that really matters.
 

defaultluser

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Cause you know, with everything else imploding why not hasten the end of this China-backed inflated bullshit pile we're all stand on top of?

How much of our country is owned by the Chinese?
 

Mr. Bluntman

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Welp, get ready for Fallout (or Homefront with the Chinese, not North Koreans being the antagonists) happening for real if the current administration goes through with this.
 

PeaKr

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Another well thought out decision by the current administration, the double down. What about the new BRICS or AIIB clearing systems coming online? Every major player has signed up with AIIB. What if china dumps another 200B of US bonds on the market? Hell what happens if they dump 1T?
 

TheCommander

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Cause you know, with everything else imploding why not hasten the end of this China-backed inflated bullshit pile we're all stand on top of?

How much of our country is owned by the Chinese?

Do you mean debt? Japan now owns more US debt than China. China owned around 7% last year. First place goes to the Fed though.
 

Tuxon86

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So the U.S. is planning to fuck with its credit card. That's hilarious.

What can China do if the USA tell it to f*** off and not pay?

You do understand that china is in no position militarily to force the USA to pay anything. And in fact, if the US decide to stop buying chinese product, china will revert to a 3rd world shit hole overnight.
 

amddragonpc

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What can China do if the USA tell it to f*** off and not pay?

You do understand that china is in no position militarily to force the USA to pay anything. And in fact, if the US decide to stop buying chinese product, china will revert to a 3rd world shit hole overnight.

I understand that the U.S. citizen will be paying the price. Higher taxes and higher prices on everything. Since the U.S. government can't generate enough income (through taxes) to pay itself, it sells those treasuries to China to get money to pay itself and pay for expenses. If they stop buying, the U.S. citizen will be paying.

You know what would suck? The U.S. government pulls eminent domain on all us property owners and turns it over to the Chinese, because we can't pay them on the debt they bought from us.
 

Iching

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I heard the US will send all Black Lives Matter members to China to protest against the Communist government. In retaliation, the Chinese government will finally find them work in labor camps so they could become productive member of society.
 
D

Deleted member 93354

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According to this news report, the White House is on the verge of imposing "unprecedented" sanctions against Beijing in the coming weeks.

The Washington Post on Sunday, citing US officials who spoke anonymously, said the US would issue sanctions on the basis that Chinese companies have benefited from the cyber-theft of US trade secrets, such as "search engine source code" and other intellectual property, and private corporate and trade secrets.

"I caught your hand in the cookie jar, so I'm not giving you dinner. But I'm leaving the cookie jar where it is unchanged, so you better not do it again!"
 

Tuxon86

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I understand that the U.S. citizen will be paying the price. Higher taxes and higher prices on everything. Since the U.S. government can't generate enough income (through taxes) to pay itself, it sells those treasuries to China to get money to pay itself and pay for expenses. If they stop buying, the U.S. citizen will be paying.

You know what would suck? The U.S. government pulls eminent domain on all us property owners and turns it over to the Chinese, because we can't pay them on the debt they bought from us.

Or the US gov pull eminent domain on all chinese owned assets in the USA and kick them out. The US can live without those cheap chinese knockoff but china wouldn't survive without the US market.

You see, in the real world China doesn't have the military to bully the USA into paying and neither does she have the allies to put pressure economically. Quite the inverse actually.
 

CreepyUncleGoogle

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Or the US gov pull eminent domain on all chinese owned assets in the USA and kick them out. The US can live without those cheap chinese knockoff but china wouldn't survive without the US market.

You see, in the real world China doesn't have the military to bully the USA into paying and neither does she have the allies to put pressure economically. Quite the inverse actually.

Economies aren't nationally segregated. The US and China severing trade completely would have hugely damaging effects to both nations. There are very, very few products in the US today that do not contain parts or raw materials from China so it's a lot more than just knockoffs that we'd suddenly have to obtain from an alternate source Mister Freddy.
 

lcpiper

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What can China do if the USA tell it to f*** off and not pay?

You do understand that china is in no position militarily to force the USA to pay anything. And in fact, if the US decide to stop buying chinese product, china will revert to a 3rd world shit hole overnight.

It's never that easy. Not that the US couldn't apply sanctions preventing the import of Chinese products, but then you have to think of how many US businesses would go down the tubes overnight on the news. Walmart alone would be a crazy catastrophy. There are little towns in the US that have no local alternative to Walmart because Walmart killed off all competition. Were Walmart to close it's doors these twons wouldn't even have a grocery store less then 50 miles away.

All those people out of work. The hit on the stock exchange would be huge. Maybe "unprecedented" doesn't equate to appocolyptic in this case, we'll see.
 

SpeedyVV

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How dare the Chinese Hack the US!

I mean the US has been the example of good cyber citizenship. :rolleyes:
 

sonicboom

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Sanctions lol. China on the other hand, is in no position to flex its muscles abroad when internally their sitting on a huge shit bubble...
 

TwistedAegis

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I think the risk is too high messing with China right now; it's a game of chicken unfortunately.

That being said, I think this is a strategic "leak" to allow parties to set the tone and start pre-conversations between underlings before the big state visit from China in a couple weeks.
 

thejokker

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0bama is such an awesome negotiator. If the Chinese don't start playing nice they will have to eat from Michele's school lunch menu...
 

MrCaffeineX

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I understand that the U.S. citizen will be paying the price. Higher taxes and higher prices on everything. Since the U.S. government can't generate enough income (through taxes) to pay itself, it sells those treasuries to China to get money to pay itself and pay for expenses. If they stop buying, the U.S. citizen will be paying.

You know what would suck? The U.S. government pulls eminent domain on all us property owners and turns it over to the Chinese, because we can't pay them on the debt they bought from us.

My understanding of international debt financing is not that great, but I'm pretty sure it doesn't work like that. The worst-case scenario is that we have to find someone else to buy our treasuries, which probably means paying a higher interest rate. It will have a negative impact on some things, but as far as I know, our treasuries are simply backed by the promise of the full faith and credit of the US government.
 
D

Deleted member 93354

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It's never that easy. Not that the US couldn't apply sanctions preventing the import of Chinese products, but then you have to think of how many US businesses would go down the tubes overnight on the news. Walmart alone would be a crazy catastrophy. There are little towns in the US that have no local alternative to Walmart because Walmart killed off all competition. Were Walmart to close it's doors these twons wouldn't even have a grocery store less then 50 miles away.

All those people out of work. The hit on the stock exchange would be huge. Maybe "unprecedented" doesn't equate to appocolyptic in this case, we'll see.

While import tariffs/taxes would increase the price overall, it would apply equally to all businesses.

So today if that drill cost you $35 from Black and Decker and $37 for the Makida
Then tomorrow it will cost you $37 from Black and Decker and $39 for the Makida

Hardly catastrophic.
 

christpunchers

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Or the US gov pull eminent domain on all chinese owned assets in the USA and kick them out. The US can live without those cheap chinese knockoff but china wouldn't survive without the US market.

You see, in the real world China doesn't have the military to bully the USA into paying and neither does she have the allies to put pressure economically. Quite the inverse actually.

...er I think it's the other way around. US' GDP is probably under 1%, perhaps even in the negative. The entire american economy relies on low interest rates and mega corps extracting every penny off of the average Joe, who is lazier and dumber than the previous generations.
 
D

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I'm in favor of dropping NAFTA and slowly equalizing the playing field through a labor tax on foreign products. Cheap short-term = expensive long term as there as manufacturing jobs in the USA have slowly been lost to overseas factories. That was the bread and butter of the middle class in the USA when we were most prosperous.
 

christpunchers

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Every nation hacks each other, the US is no better than China and vice versa. We truly live in a draconian time. Trust in government and insitutions is at an all time low.
 
D

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...er I think it's the other way around. US' GDP is probably under 1%, perhaps even in the negative. The entire american economy relies on low interest rates and mega corps extracting every penny off of the average Joe, who is lazier and dumber than the previous generations.

Low interest rates were a reaction to the housing market/stock crash circa 2007-2009.

Unfortunately cheap money being flooding into the market has lots of bad side effects. Stagnation, and inflation (particularly in food prices, which has been noted by the massive increase in food cost the last couple of years) Also no one then wants to buy US Bonds (too low a rate) When inflation takes off out of control and you have high unemployment, you have very little means left if your interest rates are too low except to raise them. (Which is what Reagan did) but this leads to a very painful contraction of the market and labor which was at it's height in 82'.
 

MrGuvernment

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Sanctions lol. China on the other hand, is in no position to flex its muscles abroad when internally their sitting on a huge shit bubble...

Doesn't China own most of the U.S debt and has trillions in surplus net every year..
 

MrGuvernment

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I'm in favor of dropping NAFTA and slowly equalizing the playing field through a labor tax on foreign products. Cheap short-term = expensive long term as there as manufacturing jobs in the USA have slowly been lost to overseas factories. That was the bread and butter of the middle class in the USA when we were most prosperous.

Most Americans though are not willing to pay $1000 for an iphone or that much more for a car due to the higher working standards here, people want jobs back in North American but once they see the price tags of products they make...
 

TwistedAegis

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These are sanctions, not import tariffs.

So if they found Chinese company ABC Imports was behind a hacking case, for example, and they were placed on the OFAC list, any bank that wants to use dollars or do business in the US (or any US person, business, etc) must seize any funds they have, and block any future transactions with those parties or any parties 51% owned by those parties.

So bank balances, orders of goods, etc, all would be seized and held, and they wouldn't be able to use a significant portion of the international banking system any longer. It would not be a tariff on their goods, nor a complete prohibition of Chinese goods.
 

Bamboo

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All this fuckery from China and others will stop when we get this administration out of the White House. Everybody knows Obama's "Red Lines" mean nothing and now is their best chance to get away with this shit.:(
 

nutzo

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Yeah, I'll believe this when I see it. I don't' think the current administration has the balls for it. Not in any way that really matters.

Guess he is going to wag both fingers at them. At the same time! That will show them who's boss.
 

WuTangClam

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How dare the Chinese Hack the US!

I mean the US has been the example of good cyber citizenship. :rolleyes:

Yeah how dare they! It's the NSA's job to steal the private information of Americans and American organizations. Not China's.
 

aShrubbery!

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Yeah, I'll believe this when I see it. I don't' think the current administration has the balls for it. Not in any way that really matters.

That or the next, let alone if the pro-business Right has their way.
Don't tell me, it was under the liberal Obama administration that all the US jobs went to China, among other countries.
That alone makes the little bit of credibility your statement had, crumble away!
 
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