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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

#871

Post by mschoch »

andreygrehov wrote: post #764
roxolotl wrote: post #479

Aside 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…

US does produce olive oil, particularly in states like California, Arizona, Texas, Georgia, Florida, Oregon, and Hawaii. So you do have a few options: 1. Support local producers. There are high-quality olive oils made right here in the US that might surprise you. 2. Work with Tunisia manufacturers to move their production to the US 3. If you don't want to support local producers, pay extra and enjoy your Tunisia oliv…

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

#872

Post by matthewdgreen »

ein0p wrote: post #850
svara wrote: post #750

It's true that free trade is hugely beneficial to the US economy as a whole, particularly with the USD being the reserve currency. The flow of goods is balanced by a flow of US dollars to other countries, which are ultimately cycled back into the US financial system - enabling budget deficits and an abundance of capital to invest in high growth industries. The flip side of this is that it also drives inequality - the…

> lower the cost of high-quality education And how do you propose we do that? By giving schools even more money at taxpayer's expense? > raising taxes at the high end 40.1% of US taxpayers on the low end of income distribution pay no income tax, 16.5% pay neither income nor payroll taxes. Top 1% pays 40.4% of all income tax (while holding about 30.8% of net worth, 13.8% of the total is held by top 0.1%). Top 1% (with…

Funding public universities and giving them the mission to keep tuition costs low. Public universities are capable of providing enormous value to students, but over the past two decades their funding has been substantially cut. The result is that those schools became more reliant on expensive out-of-state tuition, which in turn means competing with private institutions for students, which in turn means building more luxuries (awesome gyms) and not focusing on value for money.

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

#873

Post by nitwit005 »

lumb63 wrote: post #625

Everyone is quick to deride this move as stupid. I don’t disagree that there are downsides to the approach, but there is a set of very real national problems that this might address. For instance, globalization and offshoring of production has made goods cheaper for consumers, but what about the former domestic producers who could not compete, and do not have the skills or capital to find a new job which pays as well…

There is a net outflow of US dollars, because we keep issuing new debt. The fix there is to stop issuing new debt, by fixing the budget. Sadly, no one seems to think this administration will do that.

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

#874

Post by sirbutters »

hnarn wrote: post #526

I'm European. While it's pretty childish to paint the US and the EU as two human being with a "relationship" it's of course pretty jarring to see a country that has for my entire life been the undisputed cultural hegemony simply check out of the world stage and suddenly treat everyone on "their" side (culturally, politically and economically) like an enemy, or at the very least an abuser. I'm not an economist, but I…

My take on this is the right wing media re-defined the word “woke” to create an enemy, and take the propaganda to full blast to convince the average idiot that “woke” is the ultimate threat to society, and nothing else matters. Add to that the vicious religious practices and the false prophets who financially benefits from the brainwashed, to make it harder to question the new paradigm. That’s what the average american/voter was told to “want”: destroying woke by all means. What “woke” actually means, and the fact the definition is so vague (meaningless?) is the true weapon.

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

#876

Post by bill_joy_fanboy »

svara wrote: post #750

It's true that free trade is hugely beneficial to the US economy as a whole, particularly with the USD being the reserve currency. The flow of goods is balanced by a flow of US dollars to other countries, which are ultimately cycled back into the US financial system - enabling budget deficits and an abundance of capital to invest in high growth industries. The flip side of this is that it also drives inequality - the…

> It's true that free trade is hugely beneficial to the US economy as a whole, particularly with the USD being the reserve currency.

It's true that free trade is hugely beneficial to large cap U.S. companies and their shareholders.

If you are U.S. worker without a lot of equity in the market all you notice is that your job gets outsourced.

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

#877

Post by jerrygenser »

svara wrote: post #750

It's true that free trade is hugely beneficial to the US economy as a whole, particularly with the USD being the reserve currency. The flow of goods is balanced by a flow of US dollars to other countries, which are ultimately cycled back into the US financial system - enabling budget deficits and an abundance of capital to invest in high growth industries. The flip side of this is that it also drives inequality - the…

This is a regressive tax that hurts low skill and low wage workers proportionately more since basic necessities of life are going to increase in price - it will be a much larger share of wallet than rich. This will not materially change purchasing behavior of very rich (save maybe waiting to buy a car due to increased pricecs)

It would be beneficial to increase taxes on the massive service economy and use the proceeds to subsidize lower wage industries.

In trumps first term after tariffs affected farmers, they had to subisidize them to keep them afloat. It didn't quite work the way it was intended. The trade war relief program in the first term spent $30bn keeping farmers afloat.

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

#878

Post by MetaWhirledPeas »

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…

> What amazes me is the timing

If it didn't hit midterms it would hit the next presidential race. You gotta pick your poison. I guess they decided it's better to just get it over with.

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

#879

Post by MajimasEyepatch »

apparent wrote: post #129
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…

So is AMZN stock up?

In addition to what everyone else has said, if Europe goes through with the new "Big Tech tax" and/or tariffs on digital services, AWS would presumably take a big hit.

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

#880

Post by rat87 »

lumb63 wrote: post #625

Everyone is quick to deride this move as stupid. I don’t disagree that there are downsides to the approach, but there is a set of very real national problems that this might address. For instance, globalization and offshoring of production has made goods cheaper for consumers, but what about the former domestic producers who could not compete, and do not have the skills or capital to find a new job which pays as well…

> Everyone is quick to deride this move as stupid. I don’t disagree that there are downsides to the approach, but there is a set of very real national problems that this might address.

Because it is stupid. It's important to point out that this is stupid and not only doesn't help with problems that come with the benefits of globalization but makes it worse. How will a deep recession fox anything? Including debt(which is high but manageable under a sane government)

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