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US Administration announces 34% tariffs on China, 20% on EU

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Re: US Administration announces 34% tariffs on China, 20% on EU

#201

Post by suzzer99 »

jquery wrote: post #134
TrackerFF wrote: post #62

From what I understand, de minimis exemption has also been removed. That is a huge, huge deal. It effectively means that all goods imported from China will be slapped with a 30% import tax, as soon as said goods arrive the US border / customs. Usually what happens then, is that the courier will pay that tax, and then bill the recipient later on - as well as charge some fee/fees for the work done. This is why in some…

Well, the good news is almost nobody is gonna like this, so I don't anticipate it lasting beyond Trump's presidency, assuming he makes it 4 years at this rate. The bad news is that even after tariffs are removed, it will take years for prices to recover, if they ever do.

They're going to try to make sure we never have fair elections again. I'm not saying they're going to succeed, but they're sure as hell going to try, which is terrifying.

Re: US Administration announces 34% tariffs on China, 20% on EU

#202

Post by [deleted] »

ggm wrote: post #87

I think a lot of people assume the economic consequences like these have not been understood by the WH. Although I don't like this administration I beg to differ: they know what's going to happen, and they expect the coming storm because they seek what follows. They want to repudiate foreign held debt, or devalue it, by revaluation of the USD and they will wear what they think of as a one time economic shock to get t…

[deleted]

Re: US Administration announces 34% tariffs on China, 20% on EU

#203

Post by alfiedotwtf »

ggm wrote: post #87

I think a lot of people assume the economic consequences like these have not been understood by the WH. Although I don't like this administration I beg to differ: they know what's going to happen, and they expect the coming storm because they seek what follows. They want to repudiate foreign held debt, or devalue it, by revaluation of the USD and they will wear what they think of as a one time economic shock to get t…

As a professional armchair economist, I would call it a power off rather than a reset.

It took over a hundred years for countries to once again have economic trust with France again when they went hard on tariffs in the 1600s causing war.

Who in their right mind would negotiate with a man known to rip up existing agreements on a whim?!

I have a feeling that this will knock the United States down a peg economically to the point where we look back on Liberation Day as America’s Brexit

Re: US Administration announces 34% tariffs on China, 20% on EU

#204

Post by stakhanov »

jenadine wrote: post #147

I'm a freelance selling software services. Some of my customers are in the US. Am I affected? These tariff don't impact software, right? Different countries have different tariff. Is there room for arbitration? In which a 3rd party business from a country with low tariff would buy a product in one of the countries with high tariff and export that to the US, taking a small cut.

Services aren't traditionally part of tariffs; tariffs apply only to physical stuff moving across borders.

That being said: I work in a services-oriented business right now "exporting" services to the U.S. and the leadership of that company is seemingly getting very worried, trying to diversify their customer base out of the U.S.

If, in the cycle of retaliatory action, they run out of ammunition with tariffs on stuff, who knows what other crazy ideas will come to the surface: Tariffs on services do come to mind, maybe restrictions around recognition/enforcement of foreign-owned intellectual property,...

Re: US Administration announces 34% tariffs on China, 20% on EU

#205

Post by ringeryless »

No tariffs on Russia, interestingly enough.

All actions by this administration point to Trump working in cahoots with Putin, which we were told was "a hoax".

The White House dressing down of Zelensky, and this week Russias investment chief in the US, and just scads of obvious daily reminders that Trump has no bad words for his pal. Odd.

Tariffs on our friends and allies while he speaks of dropping sanctions on Russia and meanwhile levies no tariffs upon goods from Russia, zero. Odd.

Re: US Administration announces 34% tariffs on China, 20% on EU

#206

Post by nottorp »

TrackerFF wrote: post #62

From what I understand, de minimis exemption has also been removed. That is a huge, huge deal. It effectively means that all goods imported from China will be slapped with a 30% import tax, as soon as said goods arrive the US border / customs. Usually what happens then, is that the courier will pay that tax, and then bill the recipient later on - as well as charge some fee/fees for the work done. This is why in some…

> This is why in some European countries, that $1 item from China with free shipping can end up costing $10, because you're paying $0.25 in VAT or import taxes, and $10 to the shipping courier for doing the paperwork.

Not the big China exporters, not any more. They all include taxes in the price on your country specific web site, ship to their warehouses inside the EU, handle taxes and your local courier just delivers.

Now if you're talking DHL yes, they have you fill forms upon forms and charge you for the forms you didn't ask for. But if that happens, no one will have time to process all the forms so private imports from China will simply ... halt for a while. Until Temu/AliExpress/etc sort out for the US the same system they use in the EU.

If in the US, I'd hold on any direct purchases from China for 3-6 months.

> So it is even worse, you either pay $25 per shipment, or 30% - whichever is higher. Then later it moves up to $50 per shipment, or 30% - whichever is higher.

Hah. That's DHL commission territory :) Definitely hold from direct purchases until Temu sorts it out for you.

Re: US Administration announces 34% tariffs on China, 20% on EU

#207

Post by bearburger »

ggm wrote: post #87

I think a lot of people assume the economic consequences like these have not been understood by the WH. Although I don't like this administration I beg to differ: they know what's going to happen, and they expect the coming storm because they seek what follows. They want to repudiate foreign held debt, or devalue it, by revaluation of the USD and they will wear what they think of as a one time economic shock to get t…

It looks too complex, IMO. As someone living in Trump's beloved country (Russia), I'd say you should ask, "Cui prodest?" If some oligarchs (currently called billionaires, but we'll see) surrounding Trump benefit financially from these tariffs, then the plan isn't about state debt—it's about their personal wealth.

Re: US Administration announces 34% tariffs on China, 20% on EU

#208

Post by charlie90 »

forgotoldacc wrote: post #109
iteratethis wrote: post #75

This won't bring home manufacturing but let's say that it will... The US doesn't have the people to do the actual manufacturing. I saw a video recently explaining how sectors like the military, construction and the automotive industry each have 100K+ positions that they are unable to fill. A return to manufacturing adds to that shortage. Apparently there's some 7 million young men of working age that are...missing in…

This is precisely the problem. Plus, even assuming there existed lots of people to fill the gap, why would they sign up for manufacturing jobs? They pay like crap. Unions and worker rights have been gradually chipped away at for years and now they're straight up chainsawing them. Why work a monotonous job that pays at or just slightly above minimum wage, has skills that aren't really transferable should you decide to…

>They pay like crap.

Then raise the wages. Yes that means products get more expensive, but so be it. The economy will find a new equilibrium. White collar workers will see their purchasing power decrease, but factory workers will see it increase.

>No American sees their kid growing up and thinks, "I hope my child will one day work long hours at a factory."

Maybe its just me, but I think theres something seriously wrong with society if people have existential dread over the thought of having to produce the things they consume. If the production of it is so unethical, it shouldn't be consumed at all.

Re: US Administration announces 34% tariffs on China, 20% on EU

#209

Post by bad_haircut72 »

mailund wrote: post #196

So now that the impacted countries will respond with tariffs, are there any chance they might include tariffs on digital services like AWS and Azure, or will they only target physical goods that cross the border? I don't know how these things usually work in the best cases, and it seems like we're living in exceptionally stupid ones right now.

Foreign countries will probably start taxing Google/Facebook ads if not outright banning US tech companies from operating. When that happens, watch the whitehouse roll back everything
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