Trump's Trade Wars - another disaster
POSTED BY: captaincrunch
UPDATED: Tuesday, July 7, 2020 08:51
VIEWED: 14929
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https://www.usatoday.com/story/news/politics/2018/07/12/tariffs-senato
rs-say-trade-policies-hurting-farmers-businesses/776771002/
Senators blast Trump's 'reckless' tariffs, warn of impact on farmers, businesses
WASHINGTON – Republican and Democratic senators expressed rising concern Thursday about the economic impact of President Donald Trump's tariffs, saying they are hearing complaints from dock workers, soybean farmers and manufacturers whose livelihoods depend on trade.
The lawmakers also said they want to see the Trump administration explain the strategy behind the tariffs and what the expectations are for success.
“To my knowledge, not a single person is able to articulate where this is headed, nor what the plans are, nor what the strategy is,” said Sen. Bob Corker, R-Tenn., chairman of the Senate Foreign Relations Committee. “It seems to be a wake up, ready, fire, aim strategy.”
Sen. Robert Menendez, D-N.J., blasted the tariffs as “a reckless campaign” against U.S. allies and warned that it would drive them “into the arms of our adversaries.”
Even Fux Newz Knows
http://www.foxnews.com/opinion/2018/07/24/trumps-trade-war-is-economic
-suicide.html
Trump's trade war is economic suicide
When President Trump imposed a 25 percent tariff on steel imports last month, America's largest nail manufacturer had little choice but to raise its prices. Mid Continent Nail Corporation quickly lost 50 percent of its orders as customers opted for cheaper suppliers. Within weeks, the firm had to lay off 60 workers. Up to 200 more might lose their jobs by the end of this month.
If the tariff isn't lifted, the company could fold by September.
Mid Continent and its employees are early victims in Trump's trade war. There will be many more if the president continues to raise import costs and anger our trading partners.
https://qz.com/1336295/carmakers-are-counting-the-cost-of-trumps-great
est-tariffs-to-the-tune-of-10-billion/
Carmakers are counting the cost of Trump’s “greatest” tariffs—in billions of dollars
Donald Trump’s “America First” policies on trade have spooked investors in some of America’s most prominent manufacturers: the “Big Three” carmakers of GM, Ford, and Chrysler.
GM, the US’s largest carmaker, said today that higher commodity costs (primarily steel and aluminum) would cut deeply into its margins, and so the company lowered its earnings outlook for the rest of the year. Earlier this year, Trump imposed tariffs on imports of steel and aluminum from China, the European Union, Mexico, and Canada to protect the US steel industry from competition on “national security” grounds. Companies that rely on these metals—imported or not—are feeling the pain. For example, GM gets most of its metal from domestic producers, but US steel prices have risen amid the tariffs.
*************************************************
Opinion in plain English:
First, he started a trade war.
He had no idea what he was doing, but he started a trade war anyway, all while declaring that it wasn't a trade war.
Guess what? It's a trade war.
1/
@realDonaldTrump
"China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice - until now! China made $517 Billion on us last year."
?And given where things are made nowadays, the ONLY country that CAN'T win a trade war is the United States.
It's not the 1950s, folks. We don't make stuff, we buy stuff.
And American business has no one to blame but themselves.
2/
They've been sending manufacturing overseas for 40 years.
They didn't want to pay American workers a living wage. They didn't want to give benefits to American workers. They didn't want to pay American taxes. They didn't want to do their duty to the American Republic.
3/
They didn't want to make things in the United States
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wow
Do Right, Be Right. :)
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American banks won't go near him. That's why Russia owns him.
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Quote:
Originally posted by captaincrunch:
https://www.usatoday.com/story/news/politics/2018/07/12/tariffs-senato
rs-say-trade-policies-hurting-farmers-businesses/776771002/
Senators blast Trump's 'reckless' tariffs, warn of impact on farmers, businesses
WASHINGTON – Republican and Democratic senators expressed rising concern Thursday about the economic impact of President Donald Trump's tariffs, saying they are hearing complaints from dock workers, soybean farmers and manufacturers whose livelihoods depend on trade.
The lawmakers also said they want to see the Trump administration explain the strategy behind the tariffs and what the expectations are for success.
“To my knowledge, not a single person is able to articulate where this is headed, nor what the plans are, nor what the strategy is,” said Sen. Bob Corker, R-Tenn., chairman of the Senate Foreign Relations Committee. “It seems to be a wake up, ready, fire, aim strategy.”
Sen. Robert Menendez, D-N.J., blasted the tariffs as “a reckless campaign” against U.S. allies and warned that it would drive them “into the arms of our adversaries.”
Even Fux Newz Knows
http://www.foxnews.com/opinion/2018/07/24/trumps-trade-war-is-economic
-suicide.html
Trump's trade war is economic suicide
When President Trump imposed a 25 percent tariff on steel imports last month, America's largest nail manufacturer had little choice but to raise its prices. Mid Continent Nail Corporation quickly lost 50 percent of its orders as customers opted for cheaper suppliers. Within weeks, the firm had to lay off 60 workers. Up to 200 more might lose their jobs by the end of this month.
If the tariff isn't lifted, the company could fold by September.
Mid Continent and its employees are early victims in Trump's trade war. There will be many more if the president continues to raise import costs and anger our trading partners.
https://qz.com/1336295/carmakers-are-counting-the-cost-of-trumps-great
est-tariffs-to-the-tune-of-10-billion/
Carmakers are counting the cost of Trump’s “greatest” tariffs—in billions of dollars
Donald Trump’s “America First” policies on trade have spooked investors in some of America’s most prominent manufacturers: the “Big Three” carmakers of GM, Ford, and Chrysler.
GM, the US’s largest carmaker, said today that higher commodity costs (primarily steel and aluminum) would cut deeply into its margins, and so the company lowered its earnings outlook for the rest of the year. Earlier this year, Trump imposed tariffs on imports of steel and aluminum from China, the European Union, Mexico, and Canada to protect the US steel industry from competition on “national security” grounds. Companies that rely on these metals—imported or not—are feeling the pain. For example, GM gets most of its metal from domestic producers, but US steel prices have risen amid the tariffs.
*************************************************
Opinion in plain English:
First, he started a trade war.
He had no idea what he was doing, but he started a trade war anyway, all while declaring that it wasn't a trade war.
Guess what? It's a trade war.
1/
@realDonaldTrump
"China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice - until now! China made $517 Billion on us last year."
?And given where things are made nowadays, the ONLY country that CAN'T win a trade war is the United States.
It's not the 1950s, folks. We don't make stuff, we buy stuff.
And American business has no one to blame but themselves.
2/
They've been sending manufacturing overseas for 40 years.
They didn't want to pay American workers a living wage. They didn't want to give benefits to American workers. They didn't want to pay American taxes. They didn't want to do their duty to the American Republic.
3/
They didnNOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Even NPR has to acknowledge, when doing "background" on the tariffs, that the trade rules are tremendously unbalanced. In their recent piece on Trump's tariffs on EU automobiles, even THEY had to acknowledge that the USA has to pay VAT tax when exporting to the EU while at the same time facing a 25% tariff, while EU autos coming into the USA don't pay any VAT tax and have only a 10% tariff. Similar data on trade with the Chinese.
CLEARLY, THIS IS NOT FAIR TRADE. Whoever negotiated those deals on "our behalf" sure didn't negotiate with AMERICAN INTERESTS at heart! A trade war has been going on for a long time, and "our" negotiators just hoisted the white flag and let everyone else walk all over us.
Because that's how it was supposed to be: In the globalist scheme of things (just ask Bill Clinton, he can describe it for you) each nation had its assigned role. Haitian farmers, for example, were to be displaced by subsidized Arkansas rice. That way they would be moved off their land and Haiti could become food-dependent source of "cheap labor". And Mexican farmers were to be displaced off THEIR land with subsidized American corn, and Mexico could ALSO become a source of "cheap labor". In the meantime, the role of America was to be the world's "No 1 consumer". Every other economy - including China and the EU - were to hitch their "production" wagon to our "consumption" donkey, resulting in a huge hemorrhage of our jobs to overseas locations.
Of course, that required OUR BANKS to issue giant gobs of credit to everyone ... businesses, consumers, the government, foreign investors ... fortunately for us, we held the world's reserve currency/ petrodollar, which gave us a giant U$D-denominated credit card for our worldwide appetite for goods and services. UNFORTUNATELY, the forbearance of the global currency, credit, and banking system for virtually unlimited trade, private, business and government debt would eventually run out.
So here we are ...
45 years after Nixon visited China, took us off the gold standard, and crafted the "petrodollar" deal ...
25 years after Bill Clinton signed Executive Order 12850 freeing up Most Favored Nation terms so that China could continue to operate under a 6% tariff regimen (1), and concluding NAFTA negotiations ...
18 years after George W Bush supported China's accession into the WTO, negotiated approximately a dozen NAFTA-style trade agreements and extending NAFTA to Central America nations (CAFTA) (giving away more USA jobs) (2) and 10 years after he negotiated trade deals with the EU thru the Transatlantic Economic Council ...
Well, here we are: the worlds biggest debtor nation, facing the prospect of an increasingly unwelcome currency. (It's a good thing that We didn't get into the TTP and TTIP, like Obama was pushing for.)
One thing that our fearless leaders chose to ignore is that, in a world of nations, each nation must at some point earn its way if it wants to maintain a viable economy. That means is must be able to independently produce all of the goods and services required to keep its citizens happy, or it must be able to trade - on a balanced basis- for those goods and service that it can't produce. Spending money around the world like a drunken sailor with an unlimited credit card for decades on-end and playing financial games ... as much as it helps out OTHER economies and feels great in the moment for that sailor... is NOT the way to sustainable prosperity.
Trade wars are an ongoing fact of life. If you are trading internationally, you ARE in a trade war. That is the nature of international trade. As far as I can tell, the only difference now is that Trump is willing to put up a fight for the American economy.
(1) https://www.americanthinker.com/articles/2016/09/how_bill_clinton_sent
_manufacturing_jobs_to_china.html
(2) http://www.epipolicycenter.org/blm-trade_and_jobs.pdf
--
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:
Originally posted by captaincrunch:
https://www.usatoday.com/story/news/politics/2018/07/12/tariffs-senato
rs-say-trade-policies-hurting-farmers-businesses/776771002/
Senators blast Trump's 'reckless' tariffs, warn of impact on farmers, businesses
WASHINGTON – Republican and Democratic senators expressed rising concern Thursday about the economic impact of President Donald Trump's tariffs, saying they are hearing complaints from dock workers, soybean farmers and manufacturers whose livelihoods depend on trade.
The lawmakers also said they want to see the Trump administration explain the strategy behind the tariffs and what the expectations are for success.
“To my knowledge, not a single person is able to articulate where this is headed, nor what the plans are, nor what the strategy is,” said Sen. Bob Corker, R-Tenn., chairman of the Senate Foreign Relations Committee. “It seems to be a wake up, ready, fire, aim strategy.”
Sen. Robert Menendez, D-N.J., blasted the tariffs as “a reckless campaign” against U.S. allies and warned that it would drive them “into the arms of our adversaries.”
Even Fux Newz Knows
http://www.foxnews.com/opinion/2018/07/24/trumps-trade-war-is-economic
-suicide.html
Trump's trade war is economic suicide
When President Trump imposed a 25 percent tariff on steel imports last month, America's largest nail manufacturer had little choice but to raise its prices. Mid Continent Nail Corporation quickly lost 50 percent of its orders as customers opted for cheaper suppliers. Within weeks, the firm had to lay off 60 workers. Up to 200 more might lose their jobs by the end of this month.
If the tariff isn't lifted, the company could fold by September.
Mid Continent and its employees are early victims in Trump's trade war. There will be many more if the president continues to raise import costs and anger our trading partners.
https://qz.com/1336295/carmakers-are-counting-the-cost-of-trumps-great
est-tariffs-to-the-tune-of-10-billion/
Carmakers are counting the cost of Trump’s “greatest” tariffs—in billions of dollars
Donald Trump’s “America First” policies on trade have spooked investors in some of America’s most prominent manufacturers: the “Big Three” carmakers of GM, Ford, and Chrysler.
GM, the US’s largest carmaker, said today that higher commodity costs (primarily steel and aluminum) would cut deeply into its margins, and so the company lowered its earnings outlook for the rest of the year. Earlier this year, Trump imposed tariffs on imports of steel and aluminum from China, the European Union, Mexico, and Canada to protect the US steel industry from competition on “national security” grounds. Companies that rely on these metals—imported or not—are feeling the pain. For example, GM gets most of its metal from domestic producers, but US steel prices have risen amid the tariffs.
*************************************************
Opinion in plain English:
First, he started a trade war.
He had no idea what he was doing, but he started a trade war anyway, all while declaring that it wasn't a trade war.
Guess what? It's a trade war.
1/
@realDonaldTrump
"China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice - until now! China made $517 Billion on us last year."
?And given where things are made nowadays, the ONLY country that CAN'T win a trade war is the United States.
It's not the 1950s, folks. We don't make stuff, we buy stuff.
And American business has no one to blame but themselves.
2/
They've been sending manufacturing overseas for 40 years.
They didn't want to pay American workers a living wage. They didn't want to give benefits to American workers. They didn't want to pay American taxes. They didn't want to do their duNOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:Seems he's stealing a page from Bush. How did that turn out?
Originally posted by JEWELSTAITEFAN:
And for a 2nd day in a row, Trolls double down on stupid while the Stock Market climbs. Even with SIG's helping to explain, their FACTS Vaccine protects them from letting knowledge and information infiltrate.
Budget office projects growing deficits and massive debt during Trump administration
http://www.latimes.com/politics/la-na-pol-trump-deficits-20180409-stor
y.html
The CBO also confirmed earlier estimates that despite Republican promises that the tax cuts would pay for themselves through economic growth, the plan would actually increase the deficit about $1.9 trillion over 11 years.
Democrats said the report rebuked Republicans' claims to be fiscal conservatives.
"In their craven haste to give corporations and the wealthiest 1% massive tax breaks, Republicans saddled our children and grandchildren with trillions of dollars of debt," House Minority Leader Nancy Pelosi (D-San Francisco) said in a statement.
More of the same from the tinkle-down crew.
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