Can't we sue the President or something? What if he made it like 200% to really try to fuck the country over?
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
#582can't wait to read all the bad HN takes on this one
Re: US Administration announces 34% tariffs on China, 20% on EU
#583I 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 would think it unlikely they can secure an updraft from this to keep the house. What's the plan for that?
They tried to steal an election already - it's pretty easy to understand why they are making decisions as if they don't have to worry about elections anymore
Re: US Administration announces 34% tariffs on China, 20% on EU
#584The media has been perpetuating that that tariffs are borne by consumers. This is partially the case, but not entirely: US dairy in Canada is not 3 x the price of Canadian dairy despite the 200% + tariff.
Bad example. Most dairy imports from US -> Canada are not subject to the tariffs.
This video goes over the details of the thresholds and how those dairy tariffs work: https://www.youtube.com/watch?v=0lURdVBCBo8
In short, nobody is paying 200% tariffs.
Re: US Administration announces 34% tariffs on China, 20% on EU
#585Here we go. My dumb ass invested money in usa stocks when trump got elected because trump is pro business, right ? Should have invested in Asia, today china is the usa from 40 year ago.
China would be very risky. Trump in his previous term declared a trade war with china, and there is every reason to think he would again. China is also make geopolitical moves that give a significant chance of war in SE asia. I wouldn't invest there.
Now investing in Brazil or something might make sense.
Re: US Administration announces 34% tariffs on China, 20% on EU
#586Aside from everything else one thing what strikes me as particularly insane is how it’s not even defensible as a protective measure. My favorite everyday olive oil comes from Tunisia. They now have a 38% tariff on them. There are no out of work olive farmers in the US. The orange man wanted tariffs, the orange man is going to get tariffs. Now we have to hope the American people aren’t so dumb as to still be convinced…
> There are no out of work olive farmers in the US.
You should be using America corn oil. /s
Re: US Administration announces 34% tariffs on China, 20% on EU
#587The 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…
I don’t get why it matters what currency people use - all currency is exchangeable, isn’t it? What does it matter if you buy something for dollars or pounds or euros or yen?
If I’m buying 1 barrel of oil for $100, does it matter whether I convert my USD into 150 of this currency or 50 of that currency, according to the current exchange rate, before I pay? I still get 1 barrel of oil, and the seller still received an equivalent to $100 in exchange?
Re: US Administration announces 34% tariffs on China, 20% on EU
#588All the gigabrains trying to be economists ITT don't understand this is a political move for Trump's base. It is not about what is technically best or the most logical according to the academics. It is an emotional decision more than anything. It stems from the working class in America being given cheap crap from Asia that barely works in exchange for shipping the good jobs overseas to the lowest bidder.
The working class has enough TVs, iPhones, and toys. We want secure housing, good education, healthy food, and an opportunity for promotion in life. Those things can only come with good jobs that are accessible to the whole working class, not just the well educated who make up most of the service economy.
Re: US Administration announces 34% tariffs on China, 20% on EU
#589The 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…
> This is a decapitation strike (Timothy Snyder: Decapitation Strike -- https://archive.is/1xkxK) on America by our enemies
Decapitation Strike seems to be not a general principle that is applying here, but the title of a specific polemic against the Trump administration. Just mentioning for clarity, as it sounded like a general thing warned about in past times that's applicable here.
Re: US Administration announces 34% tariffs on China, 20% on EU
#590When americans are angry, they tend to spread that frustration with a shovel on everyone. My country as been hot by 29% tariffs.. I can't say what we did to upset americans, given that we do not compete with any american industry in any substantial way, bu we are bearing the wrath of the wounded american blue collar worker regardless. I wonder what the net effect of tariffs will be in an year, americans are so used t…
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