Tariffs: Saving American Jobs Since...Wait, What?

[Hobbes]

I'm for no tariffs at all, but when they have 'em what are we supposed to do? Just suck it up and pay?

Convince the other countries.

We have just as many tariffs as they do.
We have a 25% tariff on pickps and SUV imported into the US and have for many years for example.

Trump seems to be obsessed with trade deficits and considers it akin to stealing.
But his tariffs are driving the dollar down and guess what that does?
Increases the trade deficit.

He really needs to fire Peter Navarro, hire a top notch economist and follow his advice.
We're flying by the seat of our pants here and making trade policy ad hoc.

 

[Hobbes]

you mean with things like 'free trade agreements'? Perhaps with regional partners?

and keep in mind that 'paying' in one area might mean 'saving' in another. Really just depends on your relationship to the product in question, i guess.

Exactly!

We bailed out of the TPP treaty but TPP is alive and well, it's just that we aren't in.
The idea of TPP in the first place was to isolate China by eliminating tariffs and duties among member nations.

The EU just reached a new long term trade deal with Japan.
http://ec.europa.eu/trade/policy/in-focus/eu-japan-economic-partnership-agreement/

Meanwhile, we haven't reached any trade deals at all.
NAFTA talks are floundering, new tariffs on the horizon.

 

[ignerntbend]

Farm state Republicans are putting themselves on the record in opposition to Trump's policies in this area. Not just guys like Sasse, but also Cornyn and Grassley of all people. Day Of The Swamp People.

 

[MacFromOK]

and keep in mind that 'paying' in one area might mean 'saving' in another. Really just depends on your relationship to the product in question, i guess.

Why have tariffs at all then?

"Free Trade" should mean that no one is charged extra to participate in any area of international commerce.

Otherwise it ain't free.

 

[Shadowrider]

Sorry to bash y'alls Trump bashing thread but it seems he's started winning? #MAGA!

Dow surges more than 150 points in sudden move after Trump reportedly gets concessions from EU to avoid a trade war

Stocks closed sharply higher on Wednesday after President Donald Trump reportedly obtained concessions from the European Union to avoid a trade war.

The Dow Jones Industrial Average rose 172.16 points to close at 25,414.10 after falling more than 100 points earlier in the session. The Nasdaq Composite jumped 1.2 percent to an all-time high of 7,932.24 as Google-parent Alphabet, Facebook and Amazon all jumped. The S&P 500 gained 0.9 percent to 2,846.07, closing less than 1 percent from its record high, as tech rose 1.5 percent.

Dow Jones reported, citing an EU official, that the EU has agreed to import more U.S. soybeans. Dow Jones also said the EU agreed to lowering tariffs on industrial goods.


Caterpillar jumped to close 1.8 percent higher on heavy volume following the report. Ford shares nearly went positive after falling as much as 4 percent earlier in the day.

https://www.cnbc.com/2018/07/25/us-stock-index-futures-bumper-earnings-in-focus.html

That part in red? He's using these tariffs as leverage y'all. Nothing says they have to stay or can't be made up for somewhere else. Give the man some time, he's just getting going.

 

[ignerntbend]

We suspend all new tariffs, they suspend all new tariffs. So we're back where we were before the noise started? VICTORY!

 

[dennishoddy]

Blog post with a personal opinion.

Sorry to bash y'alls Trump bashing thread but it seems he's started winning? #MAGA!



That part in red? He's using these tariffs as leverage y'all. Nothing says they have to stay or can't be made up for somewhere else. Give the man some time, he's just getting going.

All the whining by the rhino's can stop now.
Once again we are winning. I like winning.

 

[Dave70968]

Blog post with a personal opinion.


All the whining by the rhino's can stop now.
Once again we are winning. I like winning.

Do you disagree that China raised its tariffs on pork? Do you disagree that the quantity of pork imported (or ordered for import) has declined? Do you disagree that the administration is talking about using Treasury funds to reimburse the farmers for their losses? Do you disagree that a significant portion of our national debt is held by foreigners, including China?

Pray, tell us which part is factually inaccurate.

 

[Hobbes]

Ford Motor Co. on Wednesday reported a 48% drop in second-quarter net income and lowered its 2018 profit outlook, citing tariff-related commodity cost pressures and trouble in Asia and Europe. It also outlined plans for a broad, multiyear restructuring that could result in $11 billion in charges.

Ford’s F, -0.47% net income of $1.1 billion was hampered by about $300 million in higher commodity costs compared with a year earlier, nearly half of which stemmed from U.S. tariffs on steel and aluminum, Chief Financial Officer Bob Shanks said during a roundtable discussion with reporters. The company expects the effect of the tariffs to shave as much as $600 million from the bottom line this year, Shanks said.

https://www.marketwatch.com/story/ford-lowers-full-year-outlook-2018-07-25-171033048

 

[Hobbes]

Remember when Trump imposed a 15% tariff on imported washing machines a few months ago?
Good news for Whirlpool right?


(Reuters) - Home appliance manufacturer Whirlpool Corp (WHR.N), an early supporter of tariffs to protect U.S. washing machines, said on Tuesday that U.S. tariffs on steel and aluminum were raising sharply the costs of raw materials, contributing to a slump in second-quarter earnings, and shares fell 15 percent to a two-year low.

The Benton Harbor, Michigan-based washing machine maker could be forced to modify its current business practices, it said in a quarterly filing, without giving details.

Chief Executive Marc Bitzer told investors on a call on Tuesday that rising costs in raw materials, unit volume decline and foreign currency volatility were factors in a slump in second-quarter earnings.

On Monday, Whirlpool reported second-quarter profit after market close that fell short of Wall Street estimates. The company posted a net earnings loss of $657 million, or $9.50 cents per diluted share, in the quarter that ended in June, compared with $189 million, or $2.52 per share, a year earlier.

The Trump administration slapped tariffs on imported washing machines earlier this year, which was expected to give Whirlpool a boost.

https://www.reuters.com/article/us-...-driven-steel-costs-shares-sink-idUSKBN1KE2HY