"Assuming he goes through with his insane promise to slap tariffs on Canada and Mexico (a big assumption), this would be a ~$210B tax increase on Day 1, hitting a lot US manufacturers along the way:"
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15 comments:
Is there a plan? Like China, Mexico and Canada trade with each other? Meanwhile our economy stagnates. Perhaps China invades Taiwan.
We can't respond because the US military is occupied with pushing
aliens across the border. Most computer chips come from Taiwan and
manual typewriters make a spectacular comeback. Nope - no plan.
Just demolish the government, stand back and blame the Democrats.
Stupidity on steriods.
You Know Who's present to ALL low and middle income folks.
Making Americ Great Again my a**.
And on some sites and Twitter, ppl are asking what the US buys from Canada and Mexico anyways...
Only about 1 trillion dollars worth of stuff. I guess the Trump Admin sees it as good policy to inflict economic hardship on your two closest neighbors.
That couldn't impact migration could it?
So we should not charge tariffs and just ship all the production and jobs to other countries. Good thinking because then we could blame the recession on the evil one and illegals would leave the country instead of being thrown out.
I have no idea what you mean by that comment, skud. Can you formulate an idea other than a strawman argument?
Rick Wilson:
“Y’all are going to get your tariffs, good and hard.”
Skud... are you stupid, because your comment sure is? What's YOUR plan? I know you're good on criticizing others, but not so good on explaining what it is you want to see and how a specific policy will get you there.
What is Trump's tariff policy? What is he trying to achieve as it relates to trade policy via these tariffs?
Trump himself signed the current trade agreement, the USCMA when he was president calling the best trade agreement the US has ever signed. So why is he now calling for a unilateral abrogation of that agreement?
Is it not the greatest ever? Is there a trade goal here?
Just explain to us in plain English.
Apparently skud has no idea that when Trump imposed tariffs during his first term, companies who contributed to Republicans were more likely to be granted exemptions. Trump's corporate donors won't suffer the consequences of his tariffs, but we will.
(Bloomberg) --
Public companies whose executives donated to Republican candidates had a higher chance of winning exclusions from President-elect Donald Trump’s first-term tariffs on China, while those that gave to Democrats saw their odds fall, according to a study into thousands of applications for relief.
Companies filed more than 50,000 applications for exemptions after Trump began announcing duties on imports from China in 2018 with the process requiring them to file separate requests for each individual product for review by officials at the Office of the US Trade Representative.
The research was led by Veljko Fotak, a finance professor at the University of Buffalo School of Management. He and three co-authors pored through government records, campaign finance reports and corporate filings to study the more than 7,000 temporary tariff exclusion applications filed by public companies. And when they zeroed in on the 1,022 applications that succeeded, they found that companies which donated to Republican candidates had higher odds of winning exemptions.
(Cont.)
Lehigh U.
The Tariffs and Exemption Process
Enacted in 2018, the “Section 301” tariffs increased the cost of a wide range of goods imported from China by an average of about 20%. Announced as retaliation to Chinese trade policies that were seen as harmful to U.S. business interests, the tariffs initially covered $34 billion worth of goods and were expanded over a period of 14 months to cover approximately $550 billion in imports.
The U.S. government created a system for companies to request an exemption from tariffs. The government considered the following factors when adjudicating the exemption applications:
Whether tariffs would impose significant harm on American business interests
Whether substitute products were available outside China
Whether the products were “strategically important” to China
According to the researchers, the Section 301 exemption process was unusual in being administered completely by the Office of the U.S. Trade Representative (USTR), without Congressional oversight and without an appeal process.
You can rest assured, skud, that Trump's billionaire oligarchs will receive the most exemptions, while you and I will receive the pain.
As I continue to reflect on, read and listen to leaders and experts from both the US and specifically Mexico regarding Trump's tariffs, I'm convinced the great majority of Americans are not just uninformed of reality, but ignorant of it.
Willfully or otherwise.
That crowd used to know and understand that international tariffs pushed prices up in the US and tended to spark trade wars.
But now if you take a stroll around conservative spaces, none of that concerns any of them. Instead you see statements of trust in Trump, hope that prices don't rise and pride that Trump and by extension America, is sticking it to countries who for too long, in their opinion, have screwed us.
But let's look at reality through the lens of a washing machine.
Speed Queen and Maytag both make washing machines in the US. Whirlpool and GE both make washing machines in Mexico.
Generally, for comparable size machines, there's about a $300-$400 difference between machines made in both countries. The theory behind tariffs is that a 25% tariff on the Mexican made washing machine will make the US built ones more financially attractive.
And in the abstract, that may seem to be true.
But the reality is in the price difference. That $300-$400 difference, we have seen from Trump's tariffs in the first admin tends to remain in place, regardless of the tariffs. Or, to put it another way, the Speed Queen folks, when they see a rise in GE or Whirlpool prices, raise their prices too, to maintain that price difference and appearance of increased value against a foreign built brand.
Not necessarily to an amount to match the tariffs, but an increase none the less. Because higher prices means higher profits. But of course, higher prices also means higher inflation for the American consumer. The effect is this, those tariffs tend to raise prices across the board in impacted industries, be automobiles, food products or in this case, washing machines.
And let's remember, lowering prices was the very reason stated by the majority of ppl voting for Trump.
In the end, I think this all a lot of bluster. Trump won't unilaterally impose tariffs "across the board". Instead, eventually he'll pull back, say Mexico has already acted to stem illegal immigration, which it has under the Biden Admin, take credit and call it a day.
And the uninformed will stand tall, believing Trump bent other countries to his will and America is better for it.
Regardless of the truth.
If Who Know Who makes good on his tariff wet dream, and the affect plays out as folks in the know know it will, we can rest assured the disasterous negative affect will be blamed on liberals and progressives of past democratic administrations. The cultists supporting You Know Who will probably continue to kiss his ring.
Ignorance is an almost impossible affliction to break. Unless the one who is ignorant wants it broken. Given the response of his cultists (and others) in re-electing him again to the presidency the worship of him will likely continue unabashed regardless whatever happens.
Dave, don’t let the pressure get to you because beneath all the hate there is a good person trying to get out. I have never seen you call anyone stupid so I will assume it is the pressure from the loss that caused it.
We should charge whatever import tariffs we are charged by the nation we are importing from. Tariffs are dificult to figure and understand but are intended to level the playing field. We couldn’t build much of what we produce if it wasn’t for imports from Mexico. They are a huge and much needed trading partner.
You put a lot of faith that politicians will do what they promise, deport all the illegals, I raise tarriffs to 35%, pay for all the give-a-ways by taxing billionaires.
It is political nonsense that some believe even someone stupid like me. Have a good Thanksgiving or whatever you celebrate.
Nice word salad.
Word salads will be the new hot item. People trying to keep up with You Know Who's great word salads.
skud, Dave didn't call you stupid, he asked if you were and you just replied yes. LOL
Tariffs aren't so hard to understand, especially when issued by #45. A corporation donated to his campaign? Tariff exemptions for you! You supported the Democratic candidate? No exemptions for you, or at least that's how it played out the last time and past performance is future predictions. And for the record, a tariff is a tax placed on goods manufactured outside the country and paid by the importer with the costs passed onto the consumer. Easy peasy.
I'm feeling like a Pepperidge Farm commercial because I remember - specifically having to subsidize farmers after #45 tanked the grain market. We don't control other nations, meaning the tariffs imposed by #45 caused China to say no to our grains and instead fulfilling their needs with countries in South America, leaving us with our soybeans and wheat all dressed up with no place to go. The markets are just getting stabilized again only for We The People to repeat the madness.
Ah Skud, let's take a look at what you wrote...
"We should charge whatever import tariffs we are charged by the nation we are importing from."
Mexico, Canada and the US are bound by the USMCA that Trump signed. That agreement requires the three countries to be tariff free. So Mexico does not levy tariffs on the US.
So tell me again, why should we charge tariffs on goods we buy from Mexico? Like automobiles made by Ford, GM, Honda and more.
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