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Tariffs Part V

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  • Tariffs Part V

    Now this is a shocker. Trump's grasp of both history and economics is sub-standard.

    https://www.msn.com/en-us/money/mark...cid=spartandhp

    President Trump's tariffs on imports - meant to boost the economy - ultimately led to job losses and higher prices, a new study from the
    Federal Reserve has found.

    "We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices," the report by Fed economists Aaron Flaaen and Justin Pierce reads.

    MarketWatch first reported the study, noting that 10 primary industries were hit by retaliatory tariffs and higher prices, including producers of magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.

    The Trump administration first implemented steel and aluminum tariffs in March of 2018, with the president declaring at the time that "aggressive foreign trade practices" related to the trade goods amounted to an "assault on our country" and the U.S. steel industry.

    Since then, Trump has announced new rounds of tariffs on billions of Chinese goods in a retaliatory back-and-forth with the country.

  • #2
    Is this like the reports the CBO and the like make? Because if it is

    Comment


    • #3
      Where was the outrage over the ridiculously high tariffs Canada placed on US dairy products since the passing of NAFTA decades ago?
      Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
      Russ Travers, CIA analyst, 2001

      Comment


      • #4
        https://www.msn.com/en-us/money/mark...cid=spartandhp

        President Donald Trump has promised throughout his presidency to revive American manufacturing by slapping punishing tariffs on foreign competition.




        But a new study from the US Federal Reserve suggests that his efforts have backfired — and that the manufacturing sector is worse off than it was before the president began his protectionist trade policy.

        Economists Aaron Flaaen and Justin Pierce, who describe their study as “as the first comprehensive estimates of the effect of recent tariffs on the US manufacturing sector,” argue that the data shows that any benefits from protection from foreign competition have been more than canceled out by retaliatory tariffs from trading partners and an increase in the rise the need for US manufacturers to source components abroad.

        As a result, US manufacturing has seen job losses and higher prices for consumers.

        “We find the impact from the traditional import protection channel is completely offset in the short-run by reduced competitiveness from retaliation and higher costs in downstream industries,” the authors say.

        The findings affirm predictions from trade economists across the political spectrum who have warned that Trump’s tariffs were more likely to damage the US economy than help it — particularly in a globalized economy, where any major departure from free trade norms comes with an array of costs.

        The findings also directly contradict what Trump says the effects of the tariffs have been. Trump has argued that “the U.S. is taking in massive amounts of money” and has claimed “Billions of Dollars are pouring into the coffers of the U.S.A. because of the Tariffs.”

        The study finds the tariffs he has imposed on things like steel, aluminum, and Chinese goods have not done this at all. Given Trump’s adversarial relationship with the Federal Reserve, though, it seems unlikely the president will be swayed by the work of his experts, meaning the study probably will not alter his calculus on trade policy. Tariffs punish foreign competition — but also hurt the US

        The new Federal Reserve study compared how manufacturing industries benefited from tariffs (border taxes on imports) to how much of a hit they took from a rise in input cost (the cost US manufacturers pay for foreign-made components and materials) and retaliatory tariffs.

        An example of a more expensive input cost for a US manufacturer would be a steel part for an American-made car sourced from China that has been made more expensive by tariffs on steel.

        This dynamic cuts the other way as well: China is one of the many countries that have slapped tariffs on US products in retaliation for American tariffs on foreign products. That tit-for-tat process — which can escalate continuously — is the central dynamic of a trade war.

        The new study found that the industries that were hardest hit and made less competitive by retaliatory tariffs include automakers and producers of iron and steel; aluminum sheet; leather goods; and magnetic and optical media.

        Comment


        • #5
          Originally posted by Urban hermit View Post
          Where was the outrage over the ridiculously high tariffs Canada placed on US dairy products since the passing of NAFTA decades ago?
          You're doing nothing here but pursuing the false trail of 'whataboutism.'

          Comment


          • #6
            Originally posted by Urban hermit View Post
            Where was the outrage over the ridiculously high tariffs Canada placed on US dairy products since the passing of NAFTA decades ago?
            This of course was after the US attempted to force us < Canada< to buy American milk, which I avoid buying at any time....t

            Comment


            • #7
              Originally posted by Bow View Post

              This of course was after the US attempted to force us < Canada< to buy American milk, which I avoid buying at any time....t
              So you support tariffs.
              Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
              Russ Travers, CIA analyst, 2001

              Comment


              • #8
                Originally posted by Massena View Post

                You're doing nothing here but pursuing the false trail of 'whataboutism.'
                You're doing nothing but deflectonism
                Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
                Russ Travers, CIA analyst, 2001

                Comment


                • #9
                  Originally posted by Urban hermit View Post

                  You're doing nothing but deflectonism
                  Deflecting from what?

                  Comment


                  • #10
                    Originally posted by Massena View Post

                    Deflecting from what?
                    My point that Canada has practiced tariffs on our goods for decades and nobody gave it a second thought. China has had tariffs on some of our products nobody gave it a second thought,
                    Australia also has tariffs in the way of taxes on US imported goods, did you or anyone else notice? Nope....
                    The EU has placed tariffs on some US goods....Did you care?
                    Not for one moment …
                    But when an American president uses the same tool other nations have used against our goods he is the bad guy.
                    Pure partisanship, because here is the clincher
                    Obama place tariffs on solar panels , tires, and steel , here is a quote from Pres. Obama,

                    President Obama stated on Jan. 24, 2012
                    : “I will not stand by when our competitors don’t play by the rules. We’ve brought trade cases against China at nearly twice the rate as the last administration – and it’s made a difference. Over a thousand Americans are working today because we stopped a surge in Chinese tires. But we need to do more. It’s not right when another country lets our movies, music, and software be pirated. It’s not fair when foreign manufacturers have a leg up on ours only because they’re heavily subsidized.”
                    https://www.prosperousamerica.org/ob..._trump_tariffs
                    Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
                    Russ Travers, CIA analyst, 2001

                    Comment


                    • #11
                      Originally posted by Bow View Post

                      This of course was after the US attempted to force us < Canada< to buy American milk, which I avoid buying at any time....t
                      How many other products does the US force Canadians to purchase?
                      I'm curious because it is nearly impossible to purchase wood products here that are not from Canada,. I doubt seriously you mind.
                      Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
                      Russ Travers, CIA analyst, 2001

                      Comment


                      • #12
                        Originally posted by Urban hermit View Post

                        How many other products does the US force Canadians to purchase?
                        I'm curious because it is nearly impossible to purchase wood products here that are not from Canada,. I doubt seriously you mind.
                        Canada doesn’t force the US to buy our softwood lumber you've been buying it since we first became a country you guys buy it because it’s the best wood it grows in a frigid climate that makes it stronger than any other softwood lumber

                        Comment


                        • #13
                          Originally posted by Massena View Post
                          Now this is a shocker. Trump's grasp of both history and economics is sub-standard.

                          https://www.msn.com/en-us/money/mark...cid=spartandhp
                          President Trump's tariffs on imports - meant to boost the economy - ultimately led to job losses and higher prices, a new study from the

                          Federal Reserve has found.
                          "We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices," the report by Fed economists Aaron Flaaen and Justin Pierce reads.



                          MarketWatch first reported the study, noting that 10 primary industries were hit by retaliatory tariffs and higher prices, including producers of magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.

                          The Trump administration first implemented steel and aluminum tariffs in March of 2018, with the president declaring at the time that "aggressive foreign trade practices" related to the trade goods amounted to an "assault on our country" and the U.S. steel industry.

                          Since then, Trump has announced new rounds of tariffs on billions of Chinese goods in a retaliatory back-and-forth with the country.
                          Unfortunately, the Yobbos who came up with the border war on Aluminum and Steel forgot that there is a joint, integrated market in Steel and Aluminum alloys - which any welder or fabricator could have told them..

                          The trout who swims against the current gets the most oxygen..

                          Comment


                          • #14
                            Originally posted by Urban hermit View Post

                            So you support tariffs.
                            Tariffs never solved a damn thing..........the end game users (consumers) paid the price for this but some of you guys are so thick you could not understand and figure the producers of an item pick up the charge on a unit.....for get it pal ...the cost no matter wjat country you live in pays a price

                            Comment


                            • #15
                              Originally posted by Snowshoveler View Post

                              Canada doesn’t force the US to buy our softwood lumber you've been buying it since we first became a country you guys buy it because it’s the best wood it grows in a frigid climate that makes it stronger than any other softwood lumber
                              I never said Canada forced us to buy lumber,
                              Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
                              Russ Travers, CIA analyst, 2001

                              Comment

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