I encourage everyone to contact their reps and demand a bill be advanced to return tariff authority to the Congress.
There are enough GOP reps opposed to tariffs to get a discharge petition.
US Administration announces 34% tariffs on China, 20% on EU
451–460 of 1001 posts
Re: US Administration announces 34% tariffs on China, 20% on EU
#452From 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…
In Europe, Alibaba has their own warehouse in the Netherlands. I wonder if that's to be able to do a single "international" import. Could the same happen in the US?
They may be compelled to do that; there's 1.3 million packages from Chinese retailers a day coming in through the Netherlands, but since they're all individual packages, they fall under a threshold for import taxes. There's now calls to drop that threshold so that people pay import taxes for small items as well, and / or to compel Temu and co to stop shipping individual packages but do it in bulk.
Re: US Administration announces 34% tariffs on China, 20% on EU
#453And here I thought brexit would keep the top spot as act of self harm
Actually this is one time when Brexit is paying off. We get 10% tariffs, the EU gets 20%.
Re: US Administration announces 34% tariffs on China, 20% on EU
#454The golden prize for America's enemies is to remove the US dollar as a global reserve currency. Since trade is conducted largely in USD, that means other governments must purchase USD to trade. This is the core of trade deficits. Foreign countries buy US dollars so they can trade with other people. That guarantees the deficit since they give us something in exchange for USD, which they do not then spend on goods we m…
> Our debts would suddenly become existential because inflating our currency to pay for them could result in functionally not being able to import goods required to run our economy.
Can you elaborate on this? Every other country does not have the luxury of having its currency be the reserve currency but still manages to both inflate that currency when needed and import good just fine.
Re: US Administration announces 34% tariffs on China, 20% on EU
#455I 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…
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Re: US Administration announces 34% tariffs on China, 20% on EU
#456The golden prize for America's enemies is to remove the US dollar as a global reserve currency. Since trade is conducted largely in USD, that means other governments must purchase USD to trade. This is the core of trade deficits. Foreign countries buy US dollars so they can trade with other people. That guarantees the deficit since they give us something in exchange for USD, which they do not then spend on goods we m…
When the history is written I think the Citizens United decision might be pegged as the end of the American republic. It allowed endless amounts of dark money including foreign money to pour into US elections.
In any case, I think we're seeing the beginning of the Chinese century.
Re: US Administration announces 34% tariffs on China, 20% on EU
#457Factories are not coming back to the USA in large number, for a lot of reasons, at least not until full automation + tariffs makes them economical. But the biggest reason is that what's going to happen is that the average joe is going to suffer a bit, then will vote against these policies in the next election, and that's only 3.5 years away. If it takes a year to build a factory -- and frankly these tariffs could be…
Want to bet that Trump's argument for a third term hinges on the US being in a recession/depression and needing him to see the economy through the struggles?
Re: US Administration announces 34% tariffs on China, 20% on EU
#458I 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…
> What's the plan for that?
Trump ran on a campaign that voting is a pain and you won't have to do it again if he wins. Since then he's maintained that third term is the plan. Doesn't really matter how upset the voting population is if you're going to ignore their votes.
Re: US Administration announces 34% tariffs on China, 20% on EU
#459This doesn't come as a surprise as we all know it's going to come.
My question is, how does the US prepare to re-industrialize itself? Is the tariff good enough to provide incentives so that factories start to appear domestically? I fear this might not be the case.
Re: US Administration announces 34% tariffs on China, 20% on EU
#460From the people in my life who talked about their preference for this administration, the economy was the core reason I heard. Specifically interest rates, but ignoring that that’s the federal reserve and the president has no impact on that.
Whatever - all that said, I can’t imagine this leads to an economic boom or anything near it by the midterms. Are the republicans going to lose midterms if the economy is shit? I’m not sure, but I can’t imagine this works out well. I’m no economist though, so what do I know.