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Oculus Spirit [83130]
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The idiocy of the Trump tariffs, past and future:
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Mar 19, 2024, 9:22 AM
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Trump has stated he'd place a new 60% tariff on goods imported from China. The Biden Administration should be criticized here also by not rolling back the Trump tariffs enacted between 2018 and 2020. It's chickenshlt politics on their part as they don't want to be viewed as pro-China, but potential inflation is a thriving economy's worst fear.
https://www.reuters.com/markets/us/trump-tariff-plans-spur-talk-inflation-20-mike-dolan-2024-03-01/
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All-TigerNet [13152]
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YoU LOvE cHi!!!!***
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Mar 19, 2024, 9:26 AM
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110%er [9031]
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Re: The idiocy of the Trump tariffs, past and future:
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Mar 19, 2024, 9:32 AM
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china supports russian agression using walmart cash to buy their oil
china is the number one world polluter
trump is right, dont buy chinese goods if you want peace and clean air
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All-In [31907]
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Free market conservatism be ######, right?...
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Mar 19, 2024, 9:35 AM
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a conservative would say "let the consumer decide"...a big government liberal would say "I'll have the government decide for you...here are your tariffs".
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CU Medallion [64837]
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I think it's a bit more nuanced than that.
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Mar 19, 2024, 10:05 AM
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If we, as a society, have decided that the environment is a priority, that paying people a living wage is a priority, and that intellectual property matters, then we decide to handicap countries and industries that don't adhere to our societal standards. We don't control the laws in China, so this is our recourse.
Notice I said "IF". If we decide we don't give a crap about pollution or if little chinamen make my iPhone for pennies on the dollar, then to hell with it all and remove the tariffs.
On a personal note, I know (or I've gathered through context) that the steel tariffs have hurt your business.... well brother, they've helped mine so that may also play into my opinions a bit...
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All-In [31907]
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The real question is....
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Mar 19, 2024, 10:25 AM
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in very general terms...is are we handicapping said country or are we handicapping our own consumers. I contend that the net impact handicaps our own consumers more than it does China. I fully admit that that opinion is heavily shaped by my direct experience and the experience and data points from my industry.
I'm basing that, in part, because a lot of items are still cheaper to source out of China, even with the tariffs, due to a number of factors, not the least of which is the continued labor shortage/crisis/whatever it is in the US.
And what makes matters even worse is that US companies are having to compete directly with Mexican and Canadian companies that import into the US with no duty and also do not have the China tariffs to deal with. That has and continues to hurt US companies. Now, that part of it isn't inflationary, but it is direct economic impact.
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CU Medallion [64837]
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I hear ya.
Mar 19, 2024, 12:00 PM
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and I don't really know the answer.
It seems like its a damnned if you do and dammned if you don't sort of scenario....
or maybe a situation where your sleeping naked between your parents, with your dad behind and your mom in front. Do you scoot back or forward?
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Oculus Spirit [83130]
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All-In [31907]
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Yep...as I've said many times on here, I don't understand...
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Mar 19, 2024, 9:33 AM
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why this point isn't talked about more.
The same people that are the most animated about inflation and tie it directly to President Biden, also seem to support the tariffs that are tacking on 25% to most everything we're importing from China.
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Hall of Famer [24809]
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Where do you get your steel...?***
Mar 19, 2024, 9:36 AM
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All-In [31907]
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Depend on the type...
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Mar 19, 2024, 9:40 AM
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for rolled steel, we bring in slit steel from Canada, but the raw steel comes from all over, but mainly Japan and South Korea.
For assembled laminate cores, we import from China and Turkey.
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Hall of Famer [24809]
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Do you think that's why that Japanese company is buying US Steel...?***
Apr 15, 2019, 9:41 PM
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All-In [31907]
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No idea***
Mar 15, 2019, 9:46 PM
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CU Medallion [64837]
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The company US Steel? or generic steel made in the united states?
Mar 19, 2024, 10:14 AM
[ in reply to Do you think that's why that Japanese company is buying US Steel...?*** ] |
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I assume you are talking about US Steel Corporation...
I don't know all the particulars, but I don't think they were in great financial shape. Mostly union work forces ($$$) quite a bit of old technology has shuttered many of their old mills. Nippon is a juggernaut.
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Oculus Spirit [81078]
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nottheanswerhewanted.com***
Mar 19, 2024, 12:02 PM
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CU Medallion [64837]
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not worried about that. just provided my insight
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Mar 19, 2024, 12:07 PM
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My impression is that they were based on the big integrated mills that have gone the way of the dodo recently.
They made some moves in the past few years to try and go green, and shut down a lot of their old dinosaur mills. They dropped off the S&P 500 years back. I don't think anybody considers them a strong company - more of a legacy company. Nippon probably should have left it alone. There's a reason that the big players in the US steel market didn't touch it. They're building new plants left and right... nobody wants their old crap.
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All-In [42196]
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Hall of Famer [24809]
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All-In [31907]
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No...that's why in the OP it was mentioned that Biden...
Mar 19, 2024, 10:17 AM
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is too scared to remove the tariffs for risk of being labeled as soft on China.
I think Biden is foolish for not trying to sell the tariffs as inflationary...the problem is that his party more likely agrees with a more protectionist stance than the GOP does...or at least used to before they started just believing whatever Trump told them to.
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Hall of Famer [24809]
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First off, it's not Biden making the 'calls'... fundamental to any discussion.***
Mar 19, 2024, 10:27 AM
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All-TigerNet [11961]
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Trivia question for you:
Mar 19, 2024, 10:07 AM
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Which were not mentioned in the Constitution, income taxes or tariffs?
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Oculus Spirit [97737]
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Both are. Amendments are part of the Constitution last I checked.***
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Mar 19, 2024, 10:12 AM
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All-In [42196]
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And technically, only Congress should be allowed to impose tariffs
Mar 19, 2024, 10:18 AM
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But they ceded some of that power during the Depression, and FDR jumped all over it.
And Trumpists want... to do it as well?
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All-TigerNet [11961]
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I should have said the original text.
Mar 19, 2024, 10:20 AM
[ in reply to Both are. Amendments are part of the Constitution last I checked.*** ] |
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But you are right.
And tariffs and excise taxes are "regressive," meaning equal in application to all types of earners.
But I think most people aren't feeling too sanguine about income taxes, or politicians' use of the tax code to curry favor with voter groups.
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Orange Blooded [4789]
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Re: The idiocy of the Trump tariffs, past and future:
Mar 19, 2024, 11:09 AM
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So Biden couldn't care less about the political fallout from allowing in millions of illegals but he's hypersensitive to the perceived political impact of appearing weak on China? One of these issues will be a huge topic in the election and one won't matter at all, at least not to the average voter who probably doesn't know anything about tariffs, nor care.
Maybe you're right and Biden is just a terrible out of touch politician who thinks China tariffs (instead of illegal immigration) will be what determines how independents break in November. Or maybe there's another reason he's left them in place.
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Oculus Spirit [81078]
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I don't remember much from Money and Banking 31something
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Mar 19, 2024, 12:04 PM
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I took in one of my summers at Clemson, but I do recall that tariffs=a tax on the consumer, which = inflation.
Who knew all my econ professors were all wrong?
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All-In [27149]
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Re: I don't remember much from Money and Banking 31something
Mar 19, 2024, 1:01 PM
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