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

bbc.com

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

#261

Post by silisili »

0x_rs wrote: post #22

Inheriting a strong economy beating all expectations that was just about to end its fight with inflation and burning it all away in a pump and dump crypto scheme fashion, while doing nothing (or even working to expand) unprecedented wealth inequality. Good luck, going to need it. The world reserve currency status is faltering, and so will the benefits it allowed US economy.

The economy has not been 'strong' since at least 2019.

CPI is a joke that just subs out everything when it gets more expensive. Oh food is only up 3%, let's ignore we were pricing beef and eggs and now we're subbing in chicken and tofu.

Inflation has been borderline runaway from 2019-2024. Just ask anyone who isn't rich.

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

#262

Post by ithkuil »

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…

Probably the plan for that is to do massive gaslighting on social media and find someone to blame for the hardship. Leveraging emotions (especially the aggressive ones) may be an effective way to keep support of the base.

I really wish I was more optimistic and share your position that voters are driven by self-interest. I hope you're right though.

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

#264

Post by dyauspitr »

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…

They literally took trade deficit %s and represented them as tariffs levied by those countries.

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

#265

Post by pembrook »

thiht wrote: post #220
mcoliver wrote: post #92

Here's a csv and google sheet of the data. Turns out they aren't tariffs countries charge us. They are trade imbalance percentages. Unreal: https://docs.google.com/spreadsheets/d/1xK0OQ5VGl8JHmDSIgbXh... https://gist.github.com/mcoliver/69fe48d03c12388e29cc0cd87eb...

Funny how Russia is absent from the list

Current US sanctions on Russia make trade a moot point, that’s why.

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

#266

Post by hnaccount_rng »

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…

> they know what's going to happen, and they expect the coming storm because they seek what follows.

I agree that that's their understanding. I'd argue that in reality they don't, they can't. International relations are a very complex system. And there is no precedent of an empire wilfully dismantling its periphery.

I really don't enjoy the whole "may you live in interesting times" thingy

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

#267

Post by mrweasel »

phillipseamore wrote: post #90

A blanket 10% minimum tariff is a great excuse for any local US manufacturing to increase their prices. I used to live in a country with heavy tariffs, every time tariffs were raised the local producers increased prices to be just below the imports. Even after the tariffs were abolished the prices (on local and imports) never really lowered in any significant way.

I also don't think it's enough to justify moving manufacturing to the US. The investments are to high, especially for something that might only last for four years. The US also doesn't have enough workers, so wages would increase.

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

#268

Post by arkh »

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…

> rough on the body and doesn't even provide proper health care or sick days to rest

That's why I'm bullish on human shaped drones controlled with full-body trackers. If you could do most physical jobs without being physically near the area you'd open them to more women (so widening the potential workforce) and improve on-the-job accidents statistics.

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

#269

Post by jbverschoor »

Taniwha wrote: post #252

So what's going to happen is: - each country will impose equivalent taxes on the import of US goods - this is not only expected, but the norm under international trade law. - with the rest of the world, still having free trade agreements between them, will start trading around the US, the US won't be able to compete The value of the US$ will likely drop by the value of the tariffs. If everyone starts trading around t…

That's precisely the point right? Devalue the dollar when so you can pay off your debt with a higher value asset.

If the US$ drop 30%, the deficit magically dropped 30% when calculated in something else....

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

#270

Post by wolframhempel »

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…

I don't think its about devaluing the currency to pay back debt at all. I believe it's about a fundamental vision of an autark USA, decoupled from any international obligations, whether its NATO, WHO or WTO and focused purely on producing and selling domestically whilst having a "beautiful ocean on each side".

I believe that's an unrealistic vision, not least since America's debt means it cannot afford significant shrinkage of its global market or a loss of its status as reserve currency, but I believe autarkie is the goal none the less.

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