Does anyone have any idea where all of this tarrif(tax) revenue is going? I think it's a little more creative than just increasing wealth. Are there any bold visions or grand plans/futures in the works that this could be going towards?
Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
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Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#412Earlier quoted context omitted.
There’s still a way out, the US Congress could convene over the weekend and revoke the President’s ability to impose tariffs. Restore it to Congress as stated in the constitution. Of course they won’t do that. Sic transit gloria mundi.
I started wondering if there's a way for citizens to push the issue that these tarrifs are unconstitutional. Like a lawsuit that got escalated to the Supreme Court or some thing if congress isn't going to. Some of the senators are breaking away though. If the country survives this though the next thing through executive order could be just as bad or worse. There doesn't seem to be any realistic way out of this insani…
Such a lawsuit has already been filed: https://www.wsj.com/opinion/trump-tariffs-lawsuit-ieepa-simp...
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#413Earlier quoted context omitted.
You're disagreeing with statements by the President of Mexico, describing the result of ongoing negotiations? Canada and Mexico share a physical border with USA, which has already resulted in unique (i.e. unrelated to the math of 180+ other countries which don't physically border USA) tariffs tailored to border security goals, under national security emergency directives which overrode USMCA. USMCA has been historica…
Yes, because the math provides a much simpler explanation.
Napkin math cannot apply to Mexico and Canada tariffs, because the USMCA (and preceding NAFTA) have long intertwined North American manufacturing supply chains, with components moving back and forth across borders.
Even the emergency border security tariffs and counter-tariffs announced earlier this year by US and Canada have since been carefully tailored for specific products and exceptions, as cooler heads prevailed on both sides of the border, to minimize immediate and catastrophic ripple effects across North American manufacturing.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#414Earlier quoted context omitted.
Why would shareholders want to tank the value of their shares?
Buy the dip?
Most wealthy people’s wealth is in investments. If the value of the investments goes down, there are fewer resources to “buy the dip.” It doesn’t hold water as a theory. Basically robbing Peter to pay Paul.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#415Don’t worry. President Trump knows what he’s doing. If anything, this is a perfect time to invest before the markets inevitably recover.
Should have /s’ed that.
To be fair, I do think the markets will eventually recover. If not soon, then in 4 years time. Assuming democracy hasn’t eroded to the point that timeline is meaningless.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#416Earlier quoted context omitted.
Reversing the actions would require either a 2/3 veto proof majority or Trump realizing he is wrong, both of which will probably take a while...
I don't think this is quite true. Because these tariffs have been levied under the guise of a national emergency, they technically need to be confirmed by the legislature within X number of days. The House is playing tricks to not hold a vote, and I'm not sure if they need cloture in the senate, but I don't think they need 2/3 to slap the tariffs down.
That is true. X=150 under the 1977 International Emergency Economic Powers Act, which is the authority under which Trump is establishing the tariffs. After 150 days, someone could file a lawsuit to reverse the tariffs if there has not been any vote.
"None of these trade provisions empowers Mr. Trump to impose tariffs on all imports from all countries based on an arbitrary formula. Section 122 lets a President impose tariffs of up to 15% in response to trade deficits, but Congress must approve them after 150 days. Someone should sue to block his abuse of power."
Source: https://www.wsj.com/opinion/donald-trump-tariffs-disturbance... (https://archive.ph/l2272)
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#417Whatever, I'm in Canada and decided to cut down all costs. Fully expecting a recession as well as a depression. We thought about getting a new car, but not going to do that until in a few years when car sellers are begging me to take one. Right now they are so arrogant that they charge high rates and popular cars takes months to deliver. I'm gonna sit for another 3-4 years. Also decided to remove all travel plans fro…
> Fuck it. I just got a small raise and bonus but feel so insecure. I expect to lose job at any moment.
just today 3 people from my network messaged me about losing their job and asking about some opportunity. They worked remotely for American companies (from Brazil).
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#418Earlier quoted context omitted.
Some stats from this video: - The UK has one of the worst homelessness problems in Europe, with about 1 in 50 Londoners experiencing homelessness. - The UK economy stagnated for 10 years following 2008, resulting in a "lost decade" - The median disposable income in the UK was slightly lower than the US and Norway before the GFC by 6-8%, not it's 16-20% behind. IDK if I'd call this a crisis, i.e. people aren't rioting…
Ten times? More like two times: US population is around 340 000 000, 770 000 homeless. UK population is around 68 000 000, 354 000 homeless. (Possibly calculated more inclusively.) That's 0.23 % and 0.52 %. (Numbers from https://en.wikipedia.org/wiki/Homelessness_in_the_United_Sta... and https://en.wikipedia.org/wiki/Homelessness_in_the_United_Kin... or more specifically from a govt department and a homelessness char…
Hey, so I was wrong in saying the UK has 10x the homelessness rate of the US. I used a stat from the video that "approximately one in fifty Londoners are now homeless." That's London, not the UK. Thanks for catching that -- I will update my post.
But also, uh, you're wrong too! Your numerator for the UK figure is actually an estimate for homeless people in England, while your denominator includes the whole UK.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#419Earlier quoted context omitted.
We have repeatedly seen Trump say something that sounds ridiculous, and his supporters say "that won't actually happen, and if it does I won't support it", and then he does it and his supporters support it. He has recently said he may try for another term as president, and confirmed "No, no I'm not joking". If you don't take his threats seriously by now, and the willingness of the GOP to get behind whatever he wants,…
> We have repeatedly seen Trump say something that sounds ridiculous, and his supporters say "that won't actually happen, and if it does I won't support it", and then he does it and his supporters support it. Any examples?
Attempting to overturn an election, putting tariffs on the entire world, deporting legal US residents without due process, passing a record-breaking number of executive orders, ending birthright citizenship, removing a pillar of the free press from the White House press pool.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#420Assuming we don't give all of the jobs generated to h1b's and O1's I think this could do very good things for the country. Dollars staying within the US and not going to other countries is good.