Personally I'm planning on wearing wife beaters, gym shorts, and flip flops all summer. Financially I plan to hit the Wheel of Fortune 100k progressive at the casino just in case the economy explodes.
Trump's Tariffs and Possible Trade War
- Thread starter Huckleberry
- Start date
At this point I'm just hopeful he knows what the hell he is doing. My hope is waning as the days progress though.
There is really no uncertainty over the short term effects that are about to hit us. He's caused at minimum a 3-4 month shortage of goods coming from China regardless on what he decides long term. Shipments are already shut down and shelves are already going to be bare starting in about a month. You can't just immediately turn that flow of goods back on.
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He was right then and still right today. And this tariff bargain is going to be a colossal failure and will set our country back at least a decade trying to recover.
What will end up happening is a bunch of foreign countries will come into the country buy real estate buy a warehouse claim they are manufacturing in the US and escape the tariff but not make anything and likely raise prices anyway. I know of a brand new factory retooled in Alabama to the tune of $80mm by its Japanese ownership to make medical supplies. They promised to hire 300 people to the 150 already working. When construction finished they laid off everyone but a handful of guys to keep the grass cut. That was 2 years ago...
What will end up happening is a bunch of foreign countries will come into the country buy real estate buy a warehouse claim they are manufacturing in the US and escape the tariff but not make anything and likely raise prices anyway. I know of a brand new factory retooled in Alabama to the tune of $80mm by its Japanese ownership to make medical supplies. They promised to hire 300 people to the 150 already working. When construction finished they laid off everyone but a handful of guys to keep the grass cut. That was 2 years ago...
I don’t see that there is a strategy. There certainly isn't an economic justification. I think it's a lot simpler than that. Trump's doing it because he can and because he enjoys the feeling of power.
Two ironies here. First, Trump (or any President) can freely assess or revoke tariffs only because Congress ceded that power in the mid-70s.
So to stop it now, you have to make the case to a federal court (with inevitable appeals, probably ending with SCOTUS) that Congress didn't have the authority to cede the power in the first place. Therefore, the action was invalid from the outset and the President can't in fact levy tariffs without the consent of Congress. Trouble is, you have to make it 50 years after the fact. A bit late, isn't it?
Of course, Congress could rescind and take the power back. But regardless of who's President that would be vetoed instantly -- when's the last time you saw a President of either party stand idly by while a power the office has held for 50+ years is rescinded? -- it would require a veto-proof vote of both the HoR and the Senate. You might as well yell at clouds.
Second, today Democrats are jumping up and down and yelling and stomping and burping about the effects of tariffs on the US economy. They're right.
The irony is that, 50 years ago, they were on the opposite side....actually advocating tariffs. Reasoning then was pretty much the same as what Trump says today: "To protect American industry and manufacturing jobs." That argument was just as flawed then as it is today.
If you had told me in 1980 that Democrats would be denouncing tariffs and Republicans would assess them willy-nilly, and that Wall Street would support Democrats and union rank-and-file would support Republicans, I'd have called the guys in the white coats.
The world turned upside down.
Two ironies here. First, Trump (or any President) can freely assess or revoke tariffs only because Congress ceded that power in the mid-70s.
So to stop it now, you have to make the case to a federal court (with inevitable appeals, probably ending with SCOTUS) that Congress didn't have the authority to cede the power in the first place. Therefore, the action was invalid from the outset and the President can't in fact levy tariffs without the consent of Congress. Trouble is, you have to make it 50 years after the fact. A bit late, isn't it?
Of course, Congress could rescind and take the power back. But regardless of who's President that would be vetoed instantly -- when's the last time you saw a President of either party stand idly by while a power the office has held for 50+ years is rescinded? -- it would require a veto-proof vote of both the HoR and the Senate. You might as well yell at clouds.
Second, today Democrats are jumping up and down and yelling and stomping and burping about the effects of tariffs on the US economy. They're right.
The irony is that, 50 years ago, they were on the opposite side....actually advocating tariffs. Reasoning then was pretty much the same as what Trump says today: "To protect American industry and manufacturing jobs." That argument was just as flawed then as it is today.
If you had told me in 1980 that Democrats would be denouncing tariffs and Republicans would assess them willy-nilly, and that Wall Street would support Democrats and union rank-and-file would support Republicans, I'd have called the guys in the white coats.
The world turned upside down.
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Isn't amazing how the only people in the US today that want to work in a factory are those who never worked in them in the first place???
But some things that come right to mind:
- China doesn't have the environmental movement/rights we practice
- even though it's in decline, China doesn't have to deal with Big Labor
- China doesn't have to deal with 50 different states that to varying degrees will slap extra fees on stuff to improve the bottom line for their state budget
Just those right there are major obstacles. And I still ask why any Mexicans are coming to America illegally if we really did send all our jobs down there? (Half blue font).
Yeah, but it won't ever affect him personally at all. None of his continuing array of blunders ever has.
Trump: "We were losing hundreds of billions of dollars with China. Now we're essentially not doing business with China. Therefore, we're saving hundreds of billions of dollars. It's very simple."
Yep.
The world is his play thing, and he's basically George Costanza thinking he's a "kick-butt philanthropist" - and people "owe him big!"
He's Lucy Ricardo "saving" $300 by buying a $700 item that's usually $1,000.
Yep, we are already seeing price increases in the IT/computer parts world. I'm also a gamer and MS just raised the prices of all Xbox consoles. I paid $499 in 2020 for my Xbox Series X, as of last week it now cost $599. This is the only time I have ever seen where early adopters actually got the best deal.
My son has been saving his money to build his first gaming PC. Nothing fancy, he really only plays Minecraft but, he and his friend are getting into PC gaming. He has been working hard and he has already bought the monitor, keyboard, mouse, CPU and graphics card. His remaining parts list has slowly been rising in price so, on Friday, his mom and I decided to front him the money and just buy all the parts before they rose too much higher. Since he started shopping last Christmas, his total cost have already gone up about $100.
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China already source washing trade goods to bypass tariffs. Another reason anyone who thinks we are going to replace income taxes with this is smoking something.
www.ft.com
Chinese exporters ‘wash’ products in third countries to avoid Donald Trump’s tariffs
Asian neighbours wary of becoming staging posts for trade actually destined for US
www.ft.com
They were doing this in 2020 and the whole world knew it.China already source washing trade goods to bypass tariffs. Another reason anyone who thinks we are going to replace income taxes with this is smoking something.
Chinese exporters ‘wash’ products in third countries to avoid Donald Trump’s tariffs
Asian neighbours wary of becoming staging posts for trade actually destined for US
But you'll never convince the Kool-Aid drinking base of that, either.
I have a friend (more than one) from high school who has lost his damned mind and suddenly become an expert on Ukraine, vaccines, and tariffs, and he doesn't know a damn thing about any of it.
But he saw a You Tube video so.......
Jon Voight met with Trump before president proposed tariffs on foreign film productions
Jon Voight has submitted a “comprehensive plan” to President Donald Trump mapping out ways to boost domestic film and television production, the Oscar-winning actor’s manager announced Monday.
Voight and his manager, Steven Paul, met with Trump over the weekend at his Mar-a-Lago club in Florida, according to a news release. Voight and Paul pitched their suite of ideas, including federal tax incentives, changes to various tax codes, co-production treaties with foreign countries and infrastructure subsidies for production companies and theater owners.
The meeting took place before Trump called for duties on “any and all Movies coming into our Country that are produced in Foreign Lands,” decrying other nations for offering financial incentives that have lured producers away. Trump's Truth Social post Sunday night was met with a mix of confusion and fear by the entertainment industry.
===========================
Just to avoid confusion: Jon Voigt the actor, not the periodontist.
Jon Voight has submitted a “comprehensive plan” to President Donald Trump mapping out ways to boost domestic film and television production, the Oscar-winning actor’s manager announced Monday.
Voight and his manager, Steven Paul, met with Trump over the weekend at his Mar-a-Lago club in Florida, according to a news release. Voight and Paul pitched their suite of ideas, including federal tax incentives, changes to various tax codes, co-production treaties with foreign countries and infrastructure subsidies for production companies and theater owners.
The meeting took place before Trump called for duties on “any and all Movies coming into our Country that are produced in Foreign Lands,” decrying other nations for offering financial incentives that have lured producers away. Trump's Truth Social post Sunday night was met with a mix of confusion and fear by the entertainment industry.
===========================
Just to avoid confusion: Jon Voigt the actor, not the periodontist.
everybody’s talking at meI don’t hear a word they’re saying
I was just listening to old Joe Buck
Can you imagine the outcry from MAGA World if Obama announced a tariff to protect Hollywood?
And exactly how do you tariff a movie? Would they just levy a fee on ticket prices for foreign made movies?
And exactly how do you tariff a movie? Would they just levy a fee on ticket prices for foreign made movies?
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