Trump to impose new tariffs on steel and aluminum

To some of the comments above regarding causes of the Great Depression and pertinent to this thread, here are some facts: In 1930, when the Hawley-Smoot tariff was passed, unemplyment was 9%. The very next year it jumped to 16 percent and then it went to 25 percent unemployment a couple of years later. Unemployment never got back down to the 9 percent level again during the entire decade of the 1930s. Farmers, who supported the Hawley-Smoot tariffs, saw their own exports cut by 65% or so as countries around the world retaliated against American tariffs by restricting their imports of American industrial and agricultural products. I am not saying the Hawley Smoot tariffs were the cause of the Great Depression, but they certainly were a precipitating factor in making things a lot worse. Tariff regimes do not work. Even Mr. Sowell, cited elsewhere on these pages, has said that, as has any economist worth his or her salt. We do not want a trade war.

BoiseBYU wrote:

We do not want a trade war.

Looks like your dire predictions are wrong. Today Trump signed the tariff orders on imported steel and aluminum today. Shocking, the Dow +94 points, Nasdaq +31 points, S&P 500 +12 points.

The truth is, Trump has agreed to exempt Canada, Mexico, possibly Australia. Trump has left the door open to exempt allies who will change their trade policies towards the U.S. Fair trade for American companies and more jobs for American workers is the goal.

Ddawg wrote:

We do not want a trade war.

Looks like your dire predictions are wrong. Today Trump signed the tariff orders on imported steel and aluminum today. Shocking, the Dow +94 points, Nasdaq +31 points, S&P 500 +12 points.

The truth is, Trump has agreed to exempt Canada, Mexico, possibly Australia. Trump has left the door open to exempt allies who will change their trade policies towards the U.S. Fair trade for American companies and more jobs for American workers is the goal.

You actually think that because the stock market went up 80 points today after the President today signed off on tariffs, our economy will be fine? For the record. I reported what economists like Sowell, someone YOU cited to recently as a smart economist, say tariffs do and it isn’t good. They say the damage will come and it will be in higher prices and lost jobs. It won’t all be at once and quickly, but the harm will come. Tariffs are a form of taxation.

Good grief. Got your panties in a wad eh? Ha ha ha! Perhaps you missed it - the tariffs are not fixed. They can and will be moved as the situation warrants. In reality, they are a bargaining chip.



Perhaps you are unaware of the tariffs and barriers the Chinese impose on U.S. goods. That's the real target of Trump's new tariffs. He's right to protect the steel and aluminum industries. They are on life support.



How about the textiles and electronic industries in the U.S. vs China? What about Google, Facebook, and Youtube being blocked in China (a huge market).



The tariffs in China are multi-layered and hurt American products terribly in China. For every $1 the U.S. spends on Chinese goods, only .28 in China is spent on U.S. goods - because of tariffs and VAT (value added tax).



It's more complex than you portray, and Trump's people are onto the unfair game the Chinese are playing. The Chinese know exactly what they are doing and it's economic warfare.



Quite frankly, I think the growing national deficit and the Fed raising interest rates to fight inflation are a bigger threat to a growing economy rather than limited, specifically targeted tariffs.

"Elon Musk sides with Trump on trade with China, citing 25% import duty on American cars"



"Elon Musk believes China isn't playing fair in the car trade with the U.S."



"The auto executive says the Asian country puts a 25 percent import duty on American cars, while the U.S.

only does 2.5 percent for Chinese cars in return."



"I am against import duties in general, but the current rules make things very difficult. It's like competing in

an Olympic race wearing lead shoes," Musk tweets."



https://www.cnbc.com/2018/03/08/elon-musk-sides-with-trump-on-trade-with-china-citing-25-percent-import-duty-on-american-cars.html

The tariffs are not targeted at just China. Other nations and the EU announce that they will respond. American industries will be hurt. It will have an impact like a tax increase. There are reasons why Mr. Cohn was so opposed and why economists of all,political stripes are opposed and why people from both parties are opposed. I am glad Canada and Mexico have at least temporarily been exempted.

BoiseBYU wrote:

The tariffs are not targeted at just China. Other nations and the EU announce that they will respond. American industries will be hurt. It will have an impact like a tax increase. There are reasons why Mr. Cohn was so opposed and why economists of all,political stripes are opposed and why people from both parties are opposed. I am glad Canada and Mexico have at least temporarily been exempted.

Yawn. They are primarily targeted against China - and their multi-layered tariff's against us. Certainly, if other countries want to hit the U.S. with unfair tariff's, they can join in the fun too.



Here's an article from Wilbur Ross, the Sec. of Commerce and why they had to impose the tariff's to protect our steel and aluminum industry. The industry is literally on life support and has been for a while.



"Why We Imposed the Metal Tariffs"

"Unfair trade practices have damaged our national security and hurt the economy."



https://www.wsj.com/articles/why-we-imposed-the-metal-tariffs-1520552794?shareToken=stf14868c580034c3091420468fec86186&reflink=article_email_share

Ddawg wrote:

The tariffs are not targeted at just China. Other nations and the EU announce that they will respond. American industries will be hurt. It will have an impact like a tax increase. There are reasons why Mr. Cohn was so opposed and why economists of all,political stripes are opposed and why people from both parties are opposed. I am glad Canada and Mexico have at least temporarily been exempted.

Yawn. They are primarily targeted against China - and their multi-layered tariff's against us. Certainly, if other countries want to hit the U.S. with unfair tariff's, they can join in the fun too.



Here's an article from Wilbur Ross, the Sec. of Commerce and why they had to impose the tariff's to protect our steel and aluminum industry. The industry is literally on life support and has been for a while.



"Why We Imposed the Metal Tariffs"

"Unfair trade practices have damaged our national security and hurt the economy."



https://www.wsj.com/articles/why-we-imposed-the-metal-tariffs-1520552794?shareToken=stf14868c580034c3091420468fec86186&reflink=article_email_share

I had read that article. Even conservative columnist George Will thought the Trump reasons for imposing the tariffs—national security—are laughable. But tariffs we have.

So what. Big point - you Trump haters have ALWAYS been wrong about Trump. Quite a record.

Haters will always hate. Buh-bye.

Ddawg wrote:

So what. Big point - you Trump haters have ALWAYS been wrong about Trump. Quite a record.

Haters will always hate. Buh-bye.

The equivalent retort of "neener neener!"

Ddawg wrote:

So what. Big point - you Trump haters have ALWAYS been wrong about Trump. Quite a record.

Haters will always hate. Buh-bye.

When people don’t have the law, they argue facts or vice versa. When they don’t have the facts and the law, they attack the messenger. So predictable. I am more than fine not discussing matters with you. I do wish you peace.

Ddawg wrote:

So what. Big point - you Trump haters have ALWAYS been wrong about Trump. Quite a record.

Haters will always hate. Buh-bye.

having a fundamental disagreement over economic decisions isn't hate. Getting to where any disagreement with the president gets equated with hate, disloyalty to the country, or anything like that is not healthy for keeping our country free. We didn't elect a king.

BlueK wrote:

So what. Big point - you Trump haters have ALWAYS been wrong about Trump. Quite a record.

Haters will always hate. Buh-bye.

having a fundamental disagreement over economic decisions isn't hate. Getting to where any disagreement with the president gets equated with hate, disloyalty to the country, or anything like that is not healthy for keeping our country free. We didn't elect a king.

No, but we did elect a president who thinks tariffs are good ecumenic policy. Unfortunately, they're not. He's wrong on this and they will serve to undermine some of the good things he has done with the economy.

SpiffCoug wrote:

Ddawg wrote:

So what. Big point - you Trump haters have ALWAYS been wrong about Trump. Quite a record.

Haters will always hate. Buh-bye.

having a fundamental disagreement over economic decisions isn't hate. Getting to where any disagreement with the president gets equated with hate, disloyalty to the country, or anything like that is not healthy for keeping our country free. We didn't elect a king.

No, but we did elect a president who thinks tariffs are good ecumenic policy. Unfortunately, they're not. He's wrong on this and they will serve to undermine some of the good things he has done with the economy.

I agree with you. If these get fully implemented it will have a bad effect on the economy, even causing a serious recession depending on how deeply they are imposed.

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hawkwing wrote:

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speaking down to middle class americans, brilliant strategy.

It sure got HRC far!

The VHS-making bloc of American voters is now offended!

I still have a VHS connected to the master bedroom TV.



Strictly so I can watch the VHS copy of RAD I "forgot" to return to Blockbuster 20+ years ago.

The honest truth is this will hurt the lower and lower middle class families the most as manufacturing jobs will move over seas where products can be manufactured using cheap steel and aluminum.



But hey, then we can add more tariffs to more products and make things more and more expensive.

hawkwing wrote:

The honest truth is this will hurt the lower and lower middle class families the most as manufacturing jobs will move over seas where products can be manufactured using cheap steel and aluminum.



But hey, then we can add more tariffs to more products and make things more and more expensive.

Oh I agree the tariffs probably won't help. But why make fun of that poor VHS family!!??