Tit for Tat Tariffs - The US versus the World

[essentialsaltes]

'Claim to infamy': Economist warns Trump he's about to set historic first he'll regret​

Writing in Bloomberg, [Labor economist Kathryn Anne] Edwards argued that the United States economy is "plodding toward a recession" and that "this will arguably be the only recession directly caused by White House policy."

While many recessions have a complex series of causes, Edwards believes that the one threatened now will be caused solely by the chaos being set off by Trump's trade wars.

 

[Perpetual Student]

I suppose we would have been safe from tariffs with Kamala in office

because she doesn't even know what a tariff is

If that was the case - and I am confident she knows very well how tariffs work - at least she knows that tariffs are payed by the importer (and transferred to the end-consumer).

 

[essentialsaltes]

AP live feed (4 pm Eastern on Liberation Day)

LIVE: Trump set to roll out new tariffs that could reshape US economy​

T minus 6 minuts: cheery oompah music

T minus 4: segue to soft Latin jazz

T plus 2: idle piano plinking

T plus 6: Here comes the bri... no, Hail to the Chief

T plus 9: An EO to institute reciprocal tariffs.

We will pay down our debt and it will happen very quickly. Jobs roaring back. Supercharge our industrial base.

The GOLDEN AGE is coming back.

Great Depression would not have happened if the US had just stuck to its tariffs. And FDR, there's a lot of ramps here because of FDR.

In Biden's last year, he lost 100,000 manufacturing jobs and had a trade deficit of $1.2T.

A visual aid appears:

Trump gives his hat to the auto workers, who deserve it more than his Cabinet (who already have lots of hats).

The Houthis are no longer getting a kick out of shooting ships down.

Groceries, a beautiful word.

We don't want to use plastic eggs for Easter.

Biden: 'Highest inflation in the history of our nation, open borders', and other lies

 

[essentialsaltes]

 

[loveofourlord]

AP live feed (4 pm Eastern on Liberation Day)

LIVE: Trump set to roll out new tariffs that could reshape US economy​

T minus 6 minuts: cheery oompah music

T minus 4: segue to soft Latin jazz

T plus 2: idle piano plinking

T plus 6: Here comes the bri... no, Hail to the Chief

T plus 9: An EO to institute reciprocal tariffs.

We will pay down our debt and it will happen very quickly. Jobs roaring back. Supercharge our industrial base.

The GOLDEN AGE is coming back.

Great Depression would not have happened if the US had just stuck to its tariffs. And FDR, there's a lot of ramps here because of FDR.

In Biden's last year, he lost 100,000 manufacturing jobs and had a trade deficit of $1.2T.

A visual aid appears:
View attachment 363022


Trump gives his hat to the auto workers, who deserve it more than his Cabinet (who already have lots of hats).

The Houthis are no longer getting a kick out of shooting ships down.

Groceries, a beautiful word.

We don't want to use plastic eggs for Easter.

Biden: 'Highest inflation in the history of our nation, open borders', and other lies

I don't see Canada on the list, assume probably below the podium, what are we getting? :> Or did he chicken out again.

 

[loveofourlord]

oh and are these effective imediatly or in a month again?

 

[essentialsaltes]

Senate expected to vote tonight on measure to rebuke Trump's tariff policy​

..

Trump’s policy will put in place a baseline 10% tariff on all goods from all countries except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States (non-compliant goods will continue to be charged at a 25% rate). Importers of goods from other nations will begin paying the baseline 10% tariff on Saturday at 12:01 am ET.
..

Trump says US will impose 25% tariff on all foreign automobiles effective at midnight ET​

..

 

[essentialsaltes]

Treasury Secretary warns foreign countries not to escalate trade war (same CNN link above)​

Treasury Secretary Scott Bessent has a message for any countries who are planning to swiftly react to President Donald Trump’s tariff plans: “Sit back, take a deep breath, don’t immediately retaliate.”
“Let’s see where this goes, because if you retaliate, that’s how we get escalation,” Bessent said in an interview with CNN’s Kaitlan Collins.

Yes, that's how it works.

China will now face a 54% tariff on goods shipped to the US​

From CNN's David Goldman
China, already subject to a 20% across-the-board tariff on goods it ships to the United States, will now face a 54% tariff.

..

Dow futures fell more than 900 points, or 2.19%. S&P 500 futures sank 3.38%. Futures tied to the Nasdaq 100 dropped 4.28%.

 

[stevil]

“If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES,” Trump wrote.

Maybe he can rename the Champagne region of France to be Swillsville.

What is this that stands before me?
Figure in long tie which points at me
Turn 'round quick and start to run
Find out I'm the taxed one
Oh, no

Big orange shape with eyes of fire
Tellin' people their desire
Putin sittin' there, he's smilin'
Watches those taxes get higher and higher
Oh, no, no, please, God, help me

 

[RocksInMyHead]

Senate expected to vote tonight on measure to rebuke Trump's tariff policy​

..

Trump’s policy will put in place a baseline 10% tariff on all goods from all countries except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States (non-compliant goods will continue to be charged at a 25% rate). Importers of goods from other nations will begin paying the baseline 10% tariff on Saturday at 12:01 am ET.
..

Trump says US will impose 25% tariff on all foreign automobiles effective at midnight ET​

..

View attachment 363025

It appears that the "tariffs charged to the USA" column was calculated, not by actually looking at what tariffs were actually placed on US exports, but rather by taking the trade deficit that the US has with the country and dividing by the total value of US exports to imports from that country. Hence why countries like Lesotho, which imports almost nothing from the US, is shown as having a 99% "tariff" on US goods.

Edited to correct brain slippage.

 

[essentialsaltes]

It appears that the "tariffs charged to the USA" column was calculated, not by actually looking at what tariffs were actually placed on US exports, but rather by taking the trade deficit that the US has with the country and dividing by the total value of US exports to that country.

Thanks, I was wondering what chicanery was taking place.

 

[essentialsaltes]

Ever since [Smoot-Hawley Tariffs and the Great Depression] the American people have stayed true to our heritage by rejecting the siren song of protectionism. In recent years, the trade deficit led some misguided politicians to call for protectionism, warning that otherwise we would lose jobs. But they were wrong again. In fact, the United States not only didn't lose jobs, we created more jobs than all the countries of Western Europe, Canada, and Japan combined. The record is clear that when America's total trade has increased, American jobs have also increased. And when our total trade has declined, so have the number of jobs.

Part of the difficulty in accepting the good news about trade is in our words. We too often talk about trade while using the vocabulary of war. In war, for one side to win, the other must lose. But commerce is not warfare. Trade is an economic alliance that benefits both countries. There are no losers, only winners. And trade helps strengthen the free world.

Yet today protectionism is being used by some American politicians as a cheap form of nationalism ... We should beware of the demagogs who are ready to declare a trade war against our friends -- weakening our economy, our national security, and the entire free world -- all while cynically waving the American flag.

Until next week, thanks for listening, and God bless you.

Note: The President spoke at 9:06 a.m. from his ranch in Santa Barbara County, CA.

Radio Address to the Nation on the Canadian Elections and Free Trade​

 

[camille70]

 

[Merrill]

Well it is going to be a rough day on Wall Street tomorrow, and I am not a big fan of tariffs

however, we are running a record trade deficit of 1.3 trillion dollars right now, and it is accelerating. The trade deficit has quadrupled since 1999

so what do we do about this exactly?

what is the long-term plan, save for reciprocal tariffs? Or do we just keep going with this and see what kind of economic calamity results?

 

[essentialsaltes]

so what do we do about this exactly?

Bring back the "Buy American" propaganda. It costs little and may address American consumption patterns, without being an aggressive act toward all our world trading partners.

 

[NxNW]

It appears that the "tariffs charged to the USA" column was calculated, not by actually looking at what tariffs were actually placed on US exports, but rather by taking the trade deficit that the US has with the country and dividing by the total value of US exports to that country. Hence why countries like Lesotho, which imports almost nothing from the US, is shown as having a 99% "tariff" on US goods.

Not only that, but he's charging tariffs on uninhabited islands!

Can someone remind me what 10% of zero is, again?

 

[RocksInMyHead]

Not only that, but he's charging tariffs on uninhabited islands!

View attachment 363035


Can someone remind me what 10% of zero is, again?

He also recognized Taiwan as a separate country. Wonder what China thinks of that?

 

[sjastro]

Not only that, but he's charging tariffs on uninhabited islands!

View attachment 363035


Can someone remind me what 10% of zero is, again?

The Heard and McDonald islands are an Australian territory near Antarctica, occupied by a few scientists and far greater number of seals.
It proves the adage anyone can become the President of the United States including imbeciles.

 

[Say it aint so]

God help us. We have a full fledged idiot in the White house.
What's even worse, they know people will see through this number stunt, but with his base sure to be board, they don't care.

 

[Merrill]

Bring back the "Buy American" propaganda. It costs little and may address American consumption patterns, without being an aggressive act toward all our world trading partners.

that won't stop China from dumping goods into the US, and won't prevent the EU from slapping 30-40% combined tariff, duties, and VATs on our exports

our partners have been acting aggressively towards us for decades in this arena

one analyst said he expects most of the tariffs to be lifted by the end of the year

Vietnam has already lowered its tariffs as of a few hours ago

I love free trade, but I don't like our manufacturing getting hollowed-out, and the country being largely dependent on countries like China for our pharmaceuticals, etc.

Boomers want cheap stuff and rising stocks, and don't care about the long term consequences to the macro-economy

so something needs to be done