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

[JD8]

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

You might want to read the earnings call.

https://www.marketwatch.com/story/t...-the-reasons-for-its-earnings-miss-2018-07-24

Thanks for posting this though..... Whirlpool looks undervalued with a nice dividend.

Sorry your girl lost.....

 

[JD8]

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

What I find fascinating is that the left is now obsessed with companies not making enough now. Previously during the Obama administration.... it was too much.... now they have all this empathy for large corporations. Tough to keep up with the changing winds.

 

[Dale00]

The more sucessful Trump is, the worse Obama looks...we can't have that now, can we?.....Oh look a rabbit over there! Keep shifting the narrative. Always dark clouds on the horizon....

 

[Hobbes]

What I find fascinating is that the left is now obsessed with companies not making enough now. Previously during the Obama administration.... it was too much.... now they have all this empathy for large corporations. Tough to keep up with the changing winds.

And what I find fascinating is how many republicans have adopted leftist economic tactics like tariffs.
This is something Bernie Sanders would have done.
Chuck Schumer praised Trump's tariffs on the floor of the Senate.
AFL-CIO is enthusiastic about the steel and aluminum tariffs.

A carnival barker came along with a tall tale and republicans abandoned decades of economic policy and followed the carnival guy.

And remember, this is the guy who drove the USFL out of business when he convinced other owners to switch from Spring games to Fall to compete against the NFL because "if God had wanted Spring football he wouldn't have invented baseball".
Only problem was they didn't have FallTV contracts.

 

[JD8]

And what I find fascinating is how many republicans have adopted leftist economic tactics like tariffs.
This is something Bernie Sanders would have done.
Chuck Schumer praised Trump's tariffs on the floor of the Senate.
AFL-CIO is enthusiastic about the steel and aluminum tariffs.

A carnival barker came along with a tall tale and republicans abandoned decades of economic policy and followed the carnival guy.

And remember, this is the guy who drove the USFL out of business when he convinced other owners to switch from Spring games to Fall to compete against the NFL because "if God had wanted Spring football he wouldn't have invented baseball".
Only problem was they didn't have FallTV contracts.

Bernie Sanders tough on trade? That's cute.

Tariffs are negotiating tactic, in which some disagree to their validity or efficacy, but it's not married to a political theory. Nice try though.

 

[TerryMiller]

And what I find fascinating is how many republicans have adopted leftist economic tactics like tariffs.
This is something Bernie Sanders would have done.
Chuck Schumer praised Trump's tariffs on the floor of the Senate.
AFL-CIO is enthusiastic about the steel and aluminum tariffs.

A carnival barker came along with a tall tale and republicans abandoned decades of economic policy and followed the carnival guy.

And remember, this is the guy who drove the USFL out of business when he convinced other owners to switch from Spring games to Fall to compete against the NFL because "if God had wanted Spring football he wouldn't have invented baseball".
Only problem was they didn't have FallTV contracts.

Who is to say that those decades of economic policy couldn't stand to be "updated?" After all, Carter reigned over the "Malaise," and Reagan came along and started several years of economic improvement, enough so that even Clinton benefited from it.

 

[Hobbes]

Bernie Sanders tough on trade? That's cute.

Tariffs are negotiating tactic, in which some disagree to their validity or efficacy, but it's not married to a political theory. Nice try though.

In 2016 Trump said "Bernie Sanders and I are very similar on trade".

 

[JD8]

In 2016 Trump said "Bernie Sanders and I are very similar on trade".

That may be, actually a LOT of individuals have come forward and agreed that we have engaged in unfair trade agreements. However, saying and doing are two different things. Given Sanders bent over for the DNC and Hillary at the drop of a hat, I'm not convinced of his intestinal fortitude. Thank god we will never know. I DO respect him for saying the same things all these years, unlike Hillary, but he's just out of touch with reality.

 

[Hobbes]

That may be, actually a LOT of individuals have come forward and agreed that we have engaged in unfair trade agreements. However, saying and doing are two different things. Given Sanders bent over for the DNC and Hillary at the drop of a hat, I'm not convinced of his intestinal fortitude. Thank god we will never know. I DO respect him for saying the same things all these years, unlike Hillary, but he's just out of touch with reality.

So, Sanders and Trump are "very similar" on trade but Trump is a more enthusiastic protectionist.
See there, we can agree on some things.

 

[JD8]

So, Sanders and Trump are "very similar" on trade but Trump is a more effective protectionist.
See there, we can agree on some things.

Trump is trying to even the playing field and the left is throwing a hissy fit and contradicting themselves in the process. This pretty much happens on a daily basis now with a wide range of topics. I guess we could agree that they have the same philosophy on trade, but you're not going to get me to agree that Bernie would ever have the courage to do what Trump is doing right now. Again, couldn't even stand up to his own party.