Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting

[Denizen]

Donald Trump's trade war is causing some friendly fire victims among American industry.

There is no doubt American agricultural businesses will suffer seriously because Chinese were not buying American based on lowest price, they were buying American to offset some of the trade imbalance. Now there is no consideration of such buying strategy as war intensifies.

This will have very serious consequences for rural economies and businesses which will see severe decline which may be difficult to recover from. At best more low scale farmers will be forced off the land in favor of large agriculture corporations which will mean growth in unemployment.

Other manufacturers are hurting from steel and aluminum tariffs which have eroded their profit margins and made them more susceptible to losses and bankruptcy.

Meanwhile Trump is trashing brand America as foreign consumers develop negative attitudes to American goods. The damage to brand America may take decades to repair.

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America
Will Martin 15m

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

Business Insider took a look at some of the companies and industries blaming a downturn on the president's trade policy.

The world's largest shipping company, American farmers, and small manufacturers are among those who have explicitly blamed tariffs for issues in their businesses.

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

The US — which the trade war was ostensibly launched to protect — looks like it is likely to be the worst impacted, with some forecasters suggesting that as much as 1% could be knocked off economic growth in the coming years.

On a smaller scale, companies and whole industries are already starting to feel the pinch from the US imposed tariffs, which have raised the price of importing a whole range of goods to the US, increasing costs for the very companies they were designed to protect.

Business Insider decided to take a look at some of the major businesses and industries that have explicitly blamed the president's trade war for a negative impact on their situation.

Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the US and China.

In its third-quarter results announcement earlier in November, the Danish giant said that global trade is already feeling the effect.

Global container trade continued to lose momentum in the quarter. And so far this year it has suffered "a much slower pace of growth," rising by 4.2% compared with the 5.8% recorded over the same period in 2017, Maersk said.

Trade tariffs may end up stifling global container shipping by as much as 2% in the next two years. The company estimates that those tariffs make up about 2.6% of the global value of traded goods.

Maersk's warning was not the first time the shipping giant has weighed in on the trade war. CEO Soren Skou said in August, before Trump hit swathes of consumer goods with levies, that the fallout from the tariffs "could easily end up being bigger in the US."

Perhaps one of the most striking consequences of the trade war is what is happening to some farmers in the US.

For many agricultural goods, particularly soybeans, China is the largest export market for US farmers. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

China last year accounted for around 60% of US soybean exports, but such is the lack of demand this year that many farmers are being forced to leave crops.

Farmers in some US states are being forced into plowing their crops under— effectively burying them under soil in fields — as there is not enough room to store them in storage facilities, and they are unable to sell their products thanks to Chinese tariffs, Reuters reported last week.

All grain depots and silos are almost full, meaning farmers have to find their own storage solutions or allow their crops to rot. Neither option is particularly palatable.

In Louisiana, as much as 15% of this year's soybean crop has been plowed under or is too damaged to sell, according to data analyzed by Louisiana State University staff and cited by Reuters.

Much of Trump's reasoning behind the trade war is to reinvigorate the US manufacturing sector, which he said has been ground down by decades of cheap goods production in the Far East, particularly in China. Signs are, however, that the tariffs are doing the opposite, and are actively hurting manufacturers.

Manufacturing activity in the US slowed to a six-month low in October, with industry figures citing future protectionism and widespread uncertainty as major reasons for the slowdown.

"For the consumer, the tariffs are for the most part still an abstract idea, but for manufacturers they are real, and a big problem," said Ian Sheperdson, chief economist at Pantheon Macroeconomics wrote at the start of November when data from the Institute for Supply Management (ISM) showed just that.

The ISM, a trade group of purchasing executives, said that its index of national factory activity dropped 2.1 percentage points to 57.7 in October from a month earlier. The decline was largely thanks to uncertainty related to tariffs, according to survey respondents.
"Mounting pressure due to pending tariffs," observed one respondent in the ISM survey. "Bracing for delays in material from China — a rush of orders trying to race tariff implementation is flooding shipping and customs."
Such a view is corroborated by analysis from Swiss banking giant UBS, which argued that many new and smaller manufacturers could end up being forced into bankruptcy.

"Brand new firms notoriously have very thin margins and a lack of ability to pass on costs. Small cost shocks tend to cause large disruptions to new firms. We see some of these new firms failing," Seth Carpenter, UBS' top US-focused economist said earlier this month.

Many small firms have explicitly blamed the trade war for layoffs this year.

For instance, Element Electronics, a TV manufacturer, plans to lay off 127 workers from its South Carolina factory as "a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China."

One of America's most iconic brands is slashing 14,000 jobs

The most recent, and perhaps most acute, example of this is General Motors' announcement on Monday that it will close plants and ax about 14,000 jobs, having previously warned that Trump's tariffs may force it to do so.
The automaker, which employs approximately 110,000 workers, said on Monday that it plans to cut costs by shutting plants in Ohio and elsewhere in North America.

Tariffs were not specifically mentioned by the company — at least not this time. (GM cited "changing market conditions and customer preferences" among the reasons.) But earlier this year GM lowered its profit forecasts for 2018, citing higher steel and aluminium prices caused by new US tariffs. And in June, GM warned that trade tariffs could lead to job losses and lower wages, telling the Commerce Department that higher steel tariffs would impact competitiveness. ...

 

[kyzr]

If your gloom and doom scenario is happening, then why is the US GDP doing much better than before Trump, knowing that it takes years to move or build factories in the US. I applaud Trump's efforts to improve the job market here in the USA.

 

[Norman]

Yet a other person that is butthurt that America is doing better.

In Venezuela they have socialism, that would suit you better.

 

[Denizen]

If your gloom and doom scenario is happening, then why is the US GDP doing much better than before Trump, knowing that it takes years to move or build factories in the US. I applaud Trump's efforts to improve the job market here in the USA.

Donald Trump didn't believe official GDP data before he was POTUS. Nothing has changed. GDP per employed person is a truer measure than total GDP.

Donald Trump has done nothing specifically to create jobs.

Donald Trump is a lip-service patriot militarily and economically.

 

[kyzr]

If your gloom and doom scenario is happening, then why is the US GDP doing much better than before Trump, knowing that it takes years to move or build factories in the US. I applaud Trump's efforts to improve the job market here in the USA.

Donald Trump didn't believe official GDP data before he was POTUS. Nothing has changed. GDP per employed person is a truer measure than total GDP.

Donald Trump has done nothing specifically to create jobs.

Donald Trump is a lip-service patriot militarily and economically.

Take a look at Trump's "promises kept" to see some of the ways he is improving the US economy and military:

JOBS
Signed the first major tax reform in 30 years.
Federal revenues are increasing as the economy grows. April 2018 had a record surplus of $214 billion.
Over 500 companies (507) have announced bonuses, wage increases, and new investments.
Businesses have invested $482 billion in new American projects and employees.
More than 4.8 million workers received increased wages or bonuses (3.7% of all private workers).
Provided $1.5 trillion in tax cuts to individuals.
American families received $3.2 trillion in gross tax cuts and saw the child tax credit double.
A family of four making $73,000 will get a cut of over $2,000-cutting their taxes in half.
Nearly doubled the standard deduction.
Repealed Obamacare’s burdensome individual mandate.
The bill provides a 20% deduction for small business income, which means $415 billion tax cut.
Lowered the corporate tax rate from the highest in the industrialized world (35%) to 21%.
Since President Trump was elected, the American economy has added 3.7 million jobs. One in every 10 of those jobs has been in manufacturing.
Executive Order to create apprenticeship programs, providing many more Americans access to an affordable education that leads to a well-paying job.


ECONOMY
Eliminated regulations at a two-to-one ratio, issuing 2 deregulatory actions for every new regulatory action.
Rolled back rules and regulations harming farmers and energy producers, such as the Waters of the United States Rule and the Clean Power Plan.
Regional and community banks and credit unions got relief after President Trump signed legislation reducing harmful requirements imposed by the Dodd-Frank Act.
Since President Trump’s election, more than $5 trillion in wealth has been created for the U.S. economy.
1Q18 economy grew 2.3%
2Q18 economy grew 4.2%
3Q18 economy grew 3.5%


TRADE
Withdrew the United States from the Trans-Pacific Partnership agreement.
Working to defend American intellectual property from China's unfair practices through a range of actions.
Improved the KORUS trade agreement, which allows more U.S. automobile exports with lower tariffs and increases U.S. pharmaceutical access to South Korea.
American agriculture has gained access to new markets under President Trump.


FOREIGN POLICY
Addressed global overcapacity and unfair trade practices in the steel and aluminum industries by announcing a 25 percent tariff on steel imports and 10 percent tariff on aluminum imports.
Worked to bring foreign investment back to the United States so more goods are made in America by American workers.
South Korean companies announced 64 projects that will invest more than $17 billion in the U.S. over four years and will purchase $58 billion in goods and services.
Foxconn announced its investment of $10 billion in Wisconsin to build a factory that will employ thousands of workers directly, and up to 22,000 workers indirectly.
Toyota and Mazda announced a $1.6 billion investment that will go toward a new manufacturing plant in the U.S., creating an estimated 4,000 jobs.
Broadcom Limited announced they were moving their headquarters back to the United States, bringing potentially $20 billion in annual revenue.
President Trump and King Salman of Saudi Arabia oversaw the signing of a historic $400 billion in deals between U.S. and Saudi companies.
To defend U.S. national security interests, President Trump blocked a foreign company from acquiring a U.S. business for only the fourth time in history.
Department of Commerce has initiated 79 antidumping and countervailing duties (AD/CVD) investigations.
USTR initiated a Section 301 investigation into Chinese policies, acts, and practices related to technology transfer, licensing, and intellectual property are discriminatory.
The Treasury and State put new sanction rules to channel economic activity away from the Cuban government, particularly the military, and towards the people of Cuba.
Considering a range of actions to respond to China’s acts, policies, and practices involving the unfair and harmful acquisition of U.S. technology.
China imposes contractual restrictions on the licensing of intellectual property and foreign technology into their country.
In 2014, the U.S charged five Chinese military hackers for cyber-esponiage committed against U.S. corporations and a labor organization for commercial advantage.
An interagency analysis estimated that China's unfair acts, policies, and practices caused tens of billions in dollars in damages to the US each year.
Conducted 82 antidumping and countervailing duty investigations in 2017. This was a 58 percent increase in investigations over 2016.
USTR won a WTO compliance challenge against China’s unfair antidumping and countervailing duties on U.S. poultry exports, China terminated those duties.
The US won a WTO dispute regarding Indonesia’s unfair import licensing regime restricting U.S. agricultural exports.
A WTO compliance panel found that U.S. tuna labeling rules designed to inform consumers about safe fishing practices were consistent with WTO standards.
The WTO rejected allegations by the European Union that Boeing was receiving prohibited subsidies.
A WTO panel rejected claims by the EU that alleged U.S. subsidies to Boeing were causing serious prejudice to Airbus, instead finding that 28 of 29 challenged programs were consistent with WTO rules.
South Korea and Japan pledged to build closer defense collaboration with the United States, and the President underscored the commitment of the US to provide advanced military equipment.
Cooperation was boosted between the Quad countries (the United States, Japan, India and Australia) on the sidelines of ASEAN in Manila.
The US to promote prosperity and security in the region by modernizing America’s development finance institutions and increasing their coordination with Japanese counterparts.
Persuaded allies to develop national plans to boost defense spending up to 2 percent of GDP by 2024, and for NATO to formally join the coalition to defeat ISIS at the 2017 NATO Leaders’ meeting.
UN Security Council unanimously passed new sanctions on North Korea.
Secured new commitments from Vietnam and China to increase pressure on NK.
China affirmed it would fully implement UN Security Council resolutions to pressure North Korea.


MILITARY
Signed $700 billion in DoD funding to rebuild our military in 2018, the largest amount in history.
Gave the military a 2.4% pay raise, the biggest since 2010
Released a new National Security Strategy that makes clear that Russia is undertaking actions that threaten the security of the US and our allies, and outlines steps to stop Russia’s malign interference.
Increased funding for the Euro Deterrence Initiative, providing billions to increase U.S. troop readiness in Europe, deter Russian aggression, and defend our NATO allies.
Enhanced its support for Ukraine’s Armed Forces to help Ukraine improve its ability to defend itself.
Working to pressure Russia back into compliance with the INF Treaty to ensure that Russia does not gain strategic advantage from its treaty violations.
Announced the closure of a Russian consulate and two diplomatic annexes in response to Russia’s cutting of the number of U.S. diplomatic personnel in Russia.
Attributed the worldwide NotPetya cyber-attack to the Russian military.
Banned the use of Kaspersky Labs software on U.S. government computers due to Kaspersky ties to Russian intelligence.
Charged three Russians, including two officers of the Russian Federal Security Service (FSB), with criminal charges for the 2014 Yahoo hack.
Maintained the closure of two Russian compounds and the expulsion of 35 diplomats in response to Russian interference in the 2016 election.
New the Election Infrastructure Councils to increase information sharing across all levels of government and with private sector providers of voting and registration systems.
During the 2017 elections, provided onsite cybersecurity support to States, to ensure that their electoral infrastructure is secure, will continue to provide assistance in 2018
Proposed a new rule under the Patriot Act that would prohibit Latvia’s ABLV bank, which has been laundering illicit Russian funds, from opening or maintaining correspondent accounts in the US.
Announced Russia Magnitsky Sanctions and Global Magnitsky Sanctions respectively.
Imposed export controls against two Russian companies that were helping Russia to develop missiles that violate the INF Treaty.
Response to Russia’s occupation of Crimea and aggression in Eastern Ukraine, the Trump Administration sanctioned 58 targets on June 20, 2017, and 42 targets on 1/26/18
Continues to take a direct approach to confront Russia where it threatens our institutions, our interests, or our allies.
Imposed sanctions against 16 Russian entities and individuals that were previously indicted for their roles in Russian interference in the 2016 presidential election.
Imposed sanctions against two Russian intelligence agencies and six senior Russian intelligence officials for their significant efforts to undermine U.S. cyber security.
Two of the officials are newly sanctioned. The remaining two agencies and four individuals were previously sanctioned and are being re-designated under the Countering America’s Adversaries Through Sanctions Act (CAATSA).
Called out the Russian government for its malicious cyber activity targeting U.S. critical infrastructure, including failed attempts on the energy sector.
Released a separate DHS/FBI Joint Analytic Report that shares technical threat information to improve the network defenses of American infrastructure and raises the cost on the Russian government.
Ordered missile strikes against a Syrian airbase after the Assad regime used it to launch chemical weapons attacks against civilians.
Prevented further chemical weapons attacks by announcing detection of their preparation and warning Syria that they would be struck again if the attacks were carried out.
Imposed new sanctions on the Maduro dictatorship in Venezuela, targeting the regime itself, and not just individuals, for the first time.
Putting maximum pressure on North Korea to denuclearize.
Revived the National Space Council to develop and implement a new national space policy and strategy.
Elevated the U.S. Cyber Command into a major warfighting command, to advance U.S. efforts in cyberspace
Withdrew from the U.N. Global Compact on Migration to reassert American sovereignty over our borders.
Signed Executive Order 13780, which restricted travel from certain countries that do not have sufficient security or share enough information.
Worked tirelessly to defeat ISIS and terrorism around the world.
Announced the National Guard Would Be Deployed to the Southwest Border
NATO Member Poland Agrees to Buy and Deploy the U.S. Patriot Missile Defense System

 

[Windparadox]

`
The farmers up here in Wisconsin, loyal republicans who voted for trump, now have absolutely nothing good to say about him. Same for the people employed by small manufacturers.

 

[kiwiman127]

If your gloom and doom scenario is happening, then why is the US GDP doing much better than before Trump, knowing that it takes years to move or build factories in the US. I applaud Trump's efforts to improve the job market here in the USA.

Both the CBO and Goldman Sachs are predicting a slowdown in America's economic growth. As you can see the most recent quarter slowed down from the previous quarter in your graph.
https://www.cbo.gov/system/files?file=2018-08/54318-EconomicOutlook-Aug2018-update.pdf
Goldman Sachs believes the US economy will slow to a crawl next year

 

[BluesLegend]

Right, Trump should have just let China and Mexico continue to screw us over and destroy our jobs here in the USA I swear you bunch of dumb asses on the left are Chinese plants.

 

[kyzr]

If your gloom and doom scenario is happening, then why is the US GDP doing much better than before Trump, knowing that it takes years to move or build factories in the US. I applaud Trump's efforts to improve the job market here in the USA.

Both the CBO and Goldman Sachs are predicting a slowdown in America's economic growth. As you can see the most recent quarter slowed down from the previous quarter in your graph.
https://www.cbo.gov/system/files?file=2018-08/54318-EconomicOutlook-Aug2018-update.pdf
Goldman Sachs believes the US economy will slow to a crawl next year

The current projections for GDP are 2.9% for 2018 and 2.7% for 2019, so we agree its a slowdown. BUT, those are very good numbers compared to the prior admins ~1.8%. Realize that it takes time to affect an economy the size of the US. Benefits like the new repatriation tax will take time to accrue, let alone plan, design, build, then operate new facilities.

Early Numbers Show Repatriation Tax Haul Likely to Miss Estimates (1)
"Under new tax code Section 965, U.S. multinationals are required to pay a one-time “transition tax” on income accumulated overseas since 1986. The law treats the income as repatriated and imposes a 15.5 percent tax on cash or cash equivalents, and an 8 percent tax on illiquid assets, such as factories and equipment. Under the prior tax system, companies could defer U.S. income taxes on foreign earnings until they returned the income to the U.S., which incentivized companies to shift earnings to low-tax jurisdictions overseas. This is sometimes referred to as the “lock-out effect.”

 

[Maxdeath]

`
The farmers up here in Wisconsin, loyal republicans who voted for trump, now have absolutely nothing good to say about him. Same for the people employed by small manufacturers.

So you have of course talked to everyone of those farmers and small manufacturing employees personally? We have your sworn affidavit that you did not miss a one?

Or is this you just spouting bull.

I think that it is you just making a big deal out of little knowledge and a lot of hate.

 

[Mikeoxenormous]

Donald Trump's trade war is causing some friendly fire victims among American industry.

There is no doubt American agricultural businesses will suffer seriously because Chinese were not buying American based on lowest price, they were buying American to offset some of the trade imbalance. Now there is no consideration of such buying strategy as war intensifies.

This will have very serious consequences for rural economies and businesses which will see severe decline which may be difficult to recover from. At best more low scale farmers will be forced off the land in favor of large agriculture corporations which will mean growth in unemployment.

Other manufacturers are hurting from steel and aluminum tariffs which have eroded their profit margins and made them more susceptible to losses and bankruptcy.

Meanwhile Trump is trashing brand America as foreign consumers develop negative attitudes to American goods. The damage to brand America may take decades to repair.

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America
Will Martin 15m

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

Business Insider took a look at some of the companies and industries blaming a downturn on the president's trade policy.

The world's largest shipping company, American farmers, and small manufacturers are among those who have explicitly blamed tariffs for issues in their businesses.

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

The US — which the trade war was ostensibly launched to protect — looks like it is likely to be the worst impacted, with some forecasters suggesting that as much as 1% could be knocked off economic growth in the coming years.

On a smaller scale, companies and whole industries are already starting to feel the pinch from the US imposed tariffs, which have raised the price of importing a whole range of goods to the US, increasing costs for the very companies they were designed to protect.

Business Insider decided to take a look at some of the major businesses and industries that have explicitly blamed the president's trade war for a negative impact on their situation.

Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the US and China.

In its third-quarter results announcement earlier in November, the Danish giant said that global trade is already feeling the effect.

Global container trade continued to lose momentum in the quarter. And so far this year it has suffered "a much slower pace of growth," rising by 4.2% compared with the 5.8% recorded over the same period in 2017, Maersk said.

Trade tariffs may end up stifling global container shipping by as much as 2% in the next two years. The company estimates that those tariffs make up about 2.6% of the global value of traded goods.

Maersk's warning was not the first time the shipping giant has weighed in on the trade war. CEO Soren Skou said in August, before Trump hit swathes of consumer goods with levies, that the fallout from the tariffs "could easily end up being bigger in the US."

Perhaps one of the most striking consequences of the trade war is what is happening to some farmers in the US.

For many agricultural goods, particularly soybeans, China is the largest export market for US farmers. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

China last year accounted for around 60% of US soybean exports, but such is the lack of demand this year that many farmers are being forced to leave crops.

Farmers in some US states are being forced into plowing their crops under— effectively burying them under soil in fields — as there is not enough room to store them in storage facilities, and they are unable to sell their products thanks to Chinese tariffs, Reuters reported last week.

All grain depots and silos are almost full, meaning farmers have to find their own storage solutions or allow their crops to rot. Neither option is particularly palatable.

In Louisiana, as much as 15% of this year's soybean crop has been plowed under or is too damaged to sell, according to data analyzed by Louisiana State University staff and cited by Reuters.

Much of Trump's reasoning behind the trade war is to reinvigorate the US manufacturing sector, which he said has been ground down by decades of cheap goods production in the Far East, particularly in China. Signs are, however, that the tariffs are doing the opposite, and are actively hurting manufacturers.

Manufacturing activity in the US slowed to a six-month low in October, with industry figures citing future protectionism and widespread uncertainty as major reasons for the slowdown.

"For the consumer, the tariffs are for the most part still an abstract idea, but for manufacturers they are real, and a big problem," said Ian Sheperdson, chief economist at Pantheon Macroeconomics wrote at the start of November when data from the Institute for Supply Management (ISM) showed just that.

The ISM, a trade group of purchasing executives, said that its index of national factory activity dropped 2.1 percentage points to 57.7 in October from a month earlier. The decline was largely thanks to uncertainty related to tariffs, according to survey respondents.
"Mounting pressure due to pending tariffs," observed one respondent in the ISM survey. "Bracing for delays in material from China — a rush of orders trying to race tariff implementation is flooding shipping and customs."
Such a view is corroborated by analysis from Swiss banking giant UBS, which argued that many new and smaller manufacturers could end up being forced into bankruptcy.

"Brand new firms notoriously have very thin margins and a lack of ability to pass on costs. Small cost shocks tend to cause large disruptions to new firms. We see some of these new firms failing," Seth Carpenter, UBS' top US-focused economist said earlier this month.

Many small firms have explicitly blamed the trade war for layoffs this year.

For instance, Element Electronics, a TV manufacturer, plans to lay off 127 workers from its South Carolina factory as "a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China."

One of America's most iconic brands is slashing 14,000 jobs

The most recent, and perhaps most acute, example of this is General Motors' announcement on Monday that it will close plants and ax about 14,000 jobs, having previously warned that Trump's tariffs may force it to do so.
The automaker, which employs approximately 110,000 workers, said on Monday that it plans to cut costs by shutting plants in Ohio and elsewhere in North America.

Tariffs were not specifically mentioned by the company — at least not this time. (GM cited "changing market conditions and customer preferences" among the reasons.) But earlier this year GM lowered its profit forecasts for 2018, citing higher steel and aluminium prices caused by new US tariffs. And in June, GM warned that trade tariffs could lead to job losses and lower wages, telling the Commerce Department that higher steel tariffs would impact competitiveness. ...

So we are now set that the economy is all President Trumps? Just want to make sure, before the stock market goes up again, and the economy is roaring, because if you didnt notice Black Friday was well above expectations, and this Christmas season is going to see 1 trillion dollars....

US Christmas sales predicted to surpass $1 trillion for the first time this year

• Total retail sales in the U.S will hit $1.002 trillion during the Christmas holiday period, marking the "strongest growth since 2011," according to eMarketer.
• In-store sales are forecast to rise 4.4 percent year-on-year, while e-commerce sales are predicted to grow by 16.6 percent.
• The report comes amid concerns over the future of brick-and-mortar retailers, amid news of bankruptcy and store closures.
  

Old dinosaurs like GM, and Sears still have the old way of thinking, but the new technology is forcing their extinction, good riddance to those cesspools..

 

[Denizen]

The above information is from the Trump Ministry of Propaganda and Disinformation and is intended for the use of certified dupes.

Donald Trump is spending like a drunken sailor who expects to be dead soon.

The annual budget deficit will likely hit $ 1 trillion next year and the total government debt will spiral out of control when interest rates rise. The debt and interest will become so high it will be unpayable and onerous tax increases will have to be levied to get it under control.

This citation shows the true picture:

Deficits and the debt in 5 charts: A 2018 midterm report

 

[Denizen]

Donald Trump's trade war is causing some friendly fire victims among American industry.

There is no doubt American agricultural businesses will suffer seriously because Chinese were not buying American based on lowest price, they were buying American to offset some of the trade imbalance. Now there is no consideration of such buying strategy as war intensifies.

This will have very serious consequences for rural economies and businesses which will see severe decline which may be difficult to recover from. At best more low scale farmers will be forced off the land in favor of large agriculture corporations which will mean growth in unemployment.

Other manufacturers are hurting from steel and aluminum tariffs which have eroded their profit margins and made them more susceptible to losses and bankruptcy.

Meanwhile Trump is trashing brand America as foreign consumers develop negative attitudes to American goods. The damage to brand America may take decades to repair.

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America
Will Martin 15m

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

Business Insider took a look at some of the companies and industries blaming a downturn on the president's trade policy.

The world's largest shipping company, American farmers, and small manufacturers are among those who have explicitly blamed tariffs for issues in their businesses.

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

The US — which the trade war was ostensibly launched to protect — looks like it is likely to be the worst impacted, with some forecasters suggesting that as much as 1% could be knocked off economic growth in the coming years.

On a smaller scale, companies and whole industries are already starting to feel the pinch from the US imposed tariffs, which have raised the price of importing a whole range of goods to the US, increasing costs for the very companies they were designed to protect.

Business Insider decided to take a look at some of the major businesses and industries that have explicitly blamed the president's trade war for a negative impact on their situation.

Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the US and China.

In its third-quarter results announcement earlier in November, the Danish giant said that global trade is already feeling the effect.

Global container trade continued to lose momentum in the quarter. And so far this year it has suffered "a much slower pace of growth," rising by 4.2% compared with the 5.8% recorded over the same period in 2017, Maersk said.

Trade tariffs may end up stifling global container shipping by as much as 2% in the next two years. The company estimates that those tariffs make up about 2.6% of the global value of traded goods.

Maersk's warning was not the first time the shipping giant has weighed in on the trade war. CEO Soren Skou said in August, before Trump hit swathes of consumer goods with levies, that the fallout from the tariffs "could easily end up being bigger in the US."

Perhaps one of the most striking consequences of the trade war is what is happening to some farmers in the US.

For many agricultural goods, particularly soybeans, China is the largest export market for US farmers. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

China last year accounted for around 60% of US soybean exports, but such is the lack of demand this year that many farmers are being forced to leave crops.

Farmers in some US states are being forced into plowing their crops under— effectively burying them under soil in fields — as there is not enough room to store them in storage facilities, and they are unable to sell their products thanks to Chinese tariffs, Reuters reported last week.

All grain depots and silos are almost full, meaning farmers have to find their own storage solutions or allow their crops to rot. Neither option is particularly palatable.

In Louisiana, as much as 15% of this year's soybean crop has been plowed under or is too damaged to sell, according to data analyzed by Louisiana State University staff and cited by Reuters.

Much of Trump's reasoning behind the trade war is to reinvigorate the US manufacturing sector, which he said has been ground down by decades of cheap goods production in the Far East, particularly in China. Signs are, however, that the tariffs are doing the opposite, and are actively hurting manufacturers.

Manufacturing activity in the US slowed to a six-month low in October, with industry figures citing future protectionism and widespread uncertainty as major reasons for the slowdown.

"For the consumer, the tariffs are for the most part still an abstract idea, but for manufacturers they are real, and a big problem," said Ian Sheperdson, chief economist at Pantheon Macroeconomics wrote at the start of November when data from the Institute for Supply Management (ISM) showed just that.

The ISM, a trade group of purchasing executives, said that its index of national factory activity dropped 2.1 percentage points to 57.7 in October from a month earlier. The decline was largely thanks to uncertainty related to tariffs, according to survey respondents.
"Mounting pressure due to pending tariffs," observed one respondent in the ISM survey. "Bracing for delays in material from China — a rush of orders trying to race tariff implementation is flooding shipping and customs."
Such a view is corroborated by analysis from Swiss banking giant UBS, which argued that many new and smaller manufacturers could end up being forced into bankruptcy.

"Brand new firms notoriously have very thin margins and a lack of ability to pass on costs. Small cost shocks tend to cause large disruptions to new firms. We see some of these new firms failing," Seth Carpenter, UBS' top US-focused economist said earlier this month.

Many small firms have explicitly blamed the trade war for layoffs this year.

For instance, Element Electronics, a TV manufacturer, plans to lay off 127 workers from its South Carolina factory as "a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China."

One of America's most iconic brands is slashing 14,000 jobs

The most recent, and perhaps most acute, example of this is General Motors' announcement on Monday that it will close plants and ax about 14,000 jobs, having previously warned that Trump's tariffs may force it to do so.
The automaker, which employs approximately 110,000 workers, said on Monday that it plans to cut costs by shutting plants in Ohio and elsewhere in North America.

Tariffs were not specifically mentioned by the company — at least not this time. (GM cited "changing market conditions and customer preferences" among the reasons.) But earlier this year GM lowered its profit forecasts for 2018, citing higher steel and aluminium prices caused by new US tariffs. And in June, GM warned that trade tariffs could lead to job losses and lower wages, telling the Commerce Department that higher steel tariffs would impact competitiveness. ...

So we are now set that the economy is all President Trumps? Just want to make sure, before the stock market goes up again, and the economy is roaring, because if you didnt notice Black Friday was well above expectations, and this Christmas season is going to see 1 trillion dollars....

US Christmas sales predicted to surpass $1 trillion for the first time this year

• Total retail sales in the U.S will hit $1.002 trillion during the Christmas holiday period, marking the "strongest growth since 2011," according to eMarketer.
• In-store sales are forecast to rise 4.4 percent year-on-year, while e-commerce sales are predicted to grow by 16.6 percent.
• The report comes amid concerns over the future of brick-and-mortar retailers, amid news of bankruptcy and store closures.
  

Old dinosaurs like GM, and Sears still have the old way of thinking, but the new technology is forcing their extinction, good riddance to those cesspools..

The record sales are due to the effect of tariffs and will not affect the US economy.

Sales are going up 4% year on year while import from China has increased 10% year on year and the trade deficit has increased by 10%.

The Trump dupe index has risen by 200%.

 

[kyzr]

The above information is from the Trump Ministry of Propaganda and Disinformation and is intended for the use of certified dupes.

Donald Trump is spending like a drunken sailor who expects to be dead soon.

The annual budget deficit will likely hit $ 1 trillion next year and the total government debt will spiral out of control when interest rates rise. The debt and interest will become so high it will be unpayable and onerous tax increases will have to be levied to get it under control.

This citation shows the true picture:

Deficits and the debt in 5 charts: A 2018 midterm report

Totally agree with you on the Debt and deficit. My solution is to increase the top tax rate 7% above the 2016 level, an then add a 3% Federal sales tax to cover the spending and start paying down the Debt. The sales tax should raise about $900b a year, and the top rate increase another $100b. If savings could be realized from making SS solvent (raise retirement ages 1-year, add a small bump in tax, no upper limit, etc.) and more savings in Medicare and Medicaid (kick illegals off, raise co-pays, etc) there should be a surplus.
Who Really Pays Uncle Sam's Bills?

 

[Denizen]

If there is a Trump recession the debt could quickly swing wildly out of control.

 

[Windparadox]

So you have of course talked to everyone of those farmers and small manufacturing employees personally? We have your sworn affidavit that you did not miss a one?Or is this you just spouting bull.I think that it is you just making a big deal out of little knowledge and a lot of hate.

`
My reply, written in the colloquial syntax, was anecdotal or in other words based on casual observations or indications rather than rigorous or scientific analysis. English; learn it.

 

[easyt65]

Donald Trump's trade war is causing some friendly fire victims among American industry.

There is no doubt American agricultural businesses will suffer seriously because Chinese were not buying American based on lowest price, they were buying American to offset some of the trade imbalance. Now there is no consideration of such buying strategy as war intensifies.

This will have very serious consequences for rural economies and businesses which will see severe decline which may be difficult to recover from. At best more low scale farmers will be forced off the land in favor of large agriculture corporations which will mean growth in unemployment.

Other manufacturers are hurting from steel and aluminum tariffs which have eroded their profit margins and made them more susceptible to losses and bankruptcy.

Meanwhile Trump is trashing brand America as foreign consumers develop negative attitudes to American goods. The damage to brand America may take decades to repair.

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America
Will Martin 15m

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

Business Insider took a look at some of the companies and industries blaming a downturn on the president's trade policy.

The world's largest shipping company, American farmers, and small manufacturers are among those who have explicitly blamed tariffs for issues in their businesses.

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

The US — which the trade war was ostensibly launched to protect — looks like it is likely to be the worst impacted, with some forecasters suggesting that as much as 1% could be knocked off economic growth in the coming years.

On a smaller scale, companies and whole industries are already starting to feel the pinch from the US imposed tariffs, which have raised the price of importing a whole range of goods to the US, increasing costs for the very companies they were designed to protect.

Business Insider decided to take a look at some of the major businesses and industries that have explicitly blamed the president's trade war for a negative impact on their situation.

Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the US and China.

In its third-quarter results announcement earlier in November, the Danish giant said that global trade is already feeling the effect.

Global container trade continued to lose momentum in the quarter. And so far this year it has suffered "a much slower pace of growth," rising by 4.2% compared with the 5.8% recorded over the same period in 2017, Maersk said.

Trade tariffs may end up stifling global container shipping by as much as 2% in the next two years. The company estimates that those tariffs make up about 2.6% of the global value of traded goods.

Maersk's warning was not the first time the shipping giant has weighed in on the trade war. CEO Soren Skou said in August, before Trump hit swathes of consumer goods with levies, that the fallout from the tariffs "could easily end up being bigger in the US."

Perhaps one of the most striking consequences of the trade war is what is happening to some farmers in the US.

For many agricultural goods, particularly soybeans, China is the largest export market for US farmers. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

China last year accounted for around 60% of US soybean exports, but such is the lack of demand this year that many farmers are being forced to leave crops.

Farmers in some US states are being forced into plowing their crops under— effectively burying them under soil in fields — as there is not enough room to store them in storage facilities, and they are unable to sell their products thanks to Chinese tariffs, Reuters reported last week.

All grain depots and silos are almost full, meaning farmers have to find their own storage solutions or allow their crops to rot. Neither option is particularly palatable.

In Louisiana, as much as 15% of this year's soybean crop has been plowed under or is too damaged to sell, according to data analyzed by Louisiana State University staff and cited by Reuters.

Much of Trump's reasoning behind the trade war is to reinvigorate the US manufacturing sector, which he said has been ground down by decades of cheap goods production in the Far East, particularly in China. Signs are, however, that the tariffs are doing the opposite, and are actively hurting manufacturers.

Manufacturing activity in the US slowed to a six-month low in October, with industry figures citing future protectionism and widespread uncertainty as major reasons for the slowdown.

"For the consumer, the tariffs are for the most part still an abstract idea, but for manufacturers they are real, and a big problem," said Ian Sheperdson, chief economist at Pantheon Macroeconomics wrote at the start of November when data from the Institute for Supply Management (ISM) showed just that.

The ISM, a trade group of purchasing executives, said that its index of national factory activity dropped 2.1 percentage points to 57.7 in October from a month earlier. The decline was largely thanks to uncertainty related to tariffs, according to survey respondents.
"Mounting pressure due to pending tariffs," observed one respondent in the ISM survey. "Bracing for delays in material from China — a rush of orders trying to race tariff implementation is flooding shipping and customs."
Such a view is corroborated by analysis from Swiss banking giant UBS, which argued that many new and smaller manufacturers could end up being forced into bankruptcy.

"Brand new firms notoriously have very thin margins and a lack of ability to pass on costs. Small cost shocks tend to cause large disruptions to new firms. We see some of these new firms failing," Seth Carpenter, UBS' top US-focused economist said earlier this month.

Many small firms have explicitly blamed the trade war for layoffs this year.

For instance, Element Electronics, a TV manufacturer, plans to lay off 127 workers from its South Carolina factory as "a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China."

One of America's most iconic brands is slashing 14,000 jobs

The most recent, and perhaps most acute, example of this is General Motors' announcement on Monday that it will close plants and ax about 14,000 jobs, having previously warned that Trump's tariffs may force it to do so.
The automaker, which employs approximately 110,000 workers, said on Monday that it plans to cut costs by shutting plants in Ohio and elsewhere in North America.

Tariffs were not specifically mentioned by the company — at least not this time. (GM cited "changing market conditions and customer preferences" among the reasons.) But earlier this year GM lowered its profit forecasts for 2018, citing higher steel and aluminium prices caused by new US tariffs. And in June, GM warned that trade tariffs could lead to job losses and lower wages, telling the Commerce Department that higher steel tariffs would impact competitiveness. ...

...sounds like D longs for the good ol' Obama days when the US just rolled over on its back, belly up, and was satisfied to be the world's bit@h, allowing others to take advantage of us, dictating the terms of the deals they entered into with the US to ensure the deals were lop-sided beneficial deals for them.

'Make American Great Again' / Nationalism' is NOT saying 'F* the rest of the world' - it's saying 'No more taking advantage of us'.

 

[basquebromance]

"The reason that the small truck business in the U.S. is such a go to favorite is that, for many years, Tariffs of 25% have been put on small trucks coming into our country. It is called the “chicken tax.” If we did that with cars coming in, many more cars would be built here and G.M. would not be closing their plants in Ohio, Michigan & Maryland. Get smart Congress. Also, the countries that send us cars have taken advantage of the U.S. for decades. The President has great power on this issue - Because of the G.M. event, it is being studied now!" - President Trump

 

[Denizen]

Donald Trump's trade war is causing some friendly fire victims among American industry.

There is no doubt American agricultural businesses will suffer seriously because Chinese were not buying American based on lowest price, they were buying American to offset some of the trade imbalance. Now there is no consideration of such buying strategy as war intensifies.

This will have very serious consequences for rural economies and businesses which will see severe decline which may be difficult to recover from. At best more low scale farmers will be forced off the land in favor of large agriculture corporations which will mean growth in unemployment.

Other manufacturers are hurting from steel and aluminum tariffs which have eroded their profit margins and made them more susceptible to losses and bankruptcy.

Meanwhile Trump is trashing brand America as foreign consumers develop negative attitudes to American goods. The damage to brand America may take decades to repair.

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America
Will Martin 15m

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

Business Insider took a look at some of the companies and industries blaming a downturn on the president's trade policy.

The world's largest shipping company, American farmers, and small manufacturers are among those who have explicitly blamed tariffs for issues in their businesses.

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

The US — which the trade war was ostensibly launched to protect — looks like it is likely to be the worst impacted, with some forecasters suggesting that as much as 1% could be knocked off economic growth in the coming years.

On a smaller scale, companies and whole industries are already starting to feel the pinch from the US imposed tariffs, which have raised the price of importing a whole range of goods to the US, increasing costs for the very companies they were designed to protect.

Business Insider decided to take a look at some of the major businesses and industries that have explicitly blamed the president's trade war for a negative impact on their situation.

Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the US and China.

In its third-quarter results announcement earlier in November, the Danish giant said that global trade is already feeling the effect.

Global container trade continued to lose momentum in the quarter. And so far this year it has suffered "a much slower pace of growth," rising by 4.2% compared with the 5.8% recorded over the same period in 2017, Maersk said.

Trade tariffs may end up stifling global container shipping by as much as 2% in the next two years. The company estimates that those tariffs make up about 2.6% of the global value of traded goods.

Maersk's warning was not the first time the shipping giant has weighed in on the trade war. CEO Soren Skou said in August, before Trump hit swathes of consumer goods with levies, that the fallout from the tariffs "could easily end up being bigger in the US."

Perhaps one of the most striking consequences of the trade war is what is happening to some farmers in the US.

For many agricultural goods, particularly soybeans, China is the largest export market for US farmers. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

China last year accounted for around 60% of US soybean exports, but such is the lack of demand this year that many farmers are being forced to leave crops.

Farmers in some US states are being forced into plowing their crops under— effectively burying them under soil in fields — as there is not enough room to store them in storage facilities, and they are unable to sell their products thanks to Chinese tariffs, Reuters reported last week.

All grain depots and silos are almost full, meaning farmers have to find their own storage solutions or allow their crops to rot. Neither option is particularly palatable.

In Louisiana, as much as 15% of this year's soybean crop has been plowed under or is too damaged to sell, according to data analyzed by Louisiana State University staff and cited by Reuters.

Much of Trump's reasoning behind the trade war is to reinvigorate the US manufacturing sector, which he said has been ground down by decades of cheap goods production in the Far East, particularly in China. Signs are, however, that the tariffs are doing the opposite, and are actively hurting manufacturers.

Manufacturing activity in the US slowed to a six-month low in October, with industry figures citing future protectionism and widespread uncertainty as major reasons for the slowdown.

"For the consumer, the tariffs are for the most part still an abstract idea, but for manufacturers they are real, and a big problem," said Ian Sheperdson, chief economist at Pantheon Macroeconomics wrote at the start of November when data from the Institute for Supply Management (ISM) showed just that.

The ISM, a trade group of purchasing executives, said that its index of national factory activity dropped 2.1 percentage points to 57.7 in October from a month earlier. The decline was largely thanks to uncertainty related to tariffs, according to survey respondents.
"Mounting pressure due to pending tariffs," observed one respondent in the ISM survey. "Bracing for delays in material from China — a rush of orders trying to race tariff implementation is flooding shipping and customs."
Such a view is corroborated by analysis from Swiss banking giant UBS, which argued that many new and smaller manufacturers could end up being forced into bankruptcy.

"Brand new firms notoriously have very thin margins and a lack of ability to pass on costs. Small cost shocks tend to cause large disruptions to new firms. We see some of these new firms failing," Seth Carpenter, UBS' top US-focused economist said earlier this month.

Many small firms have explicitly blamed the trade war for layoffs this year.

For instance, Element Electronics, a TV manufacturer, plans to lay off 127 workers from its South Carolina factory as "a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China."

One of America's most iconic brands is slashing 14,000 jobs

The most recent, and perhaps most acute, example of this is General Motors' announcement on Monday that it will close plants and ax about 14,000 jobs, having previously warned that Trump's tariffs may force it to do so.
The automaker, which employs approximately 110,000 workers, said on Monday that it plans to cut costs by shutting plants in Ohio and elsewhere in North America.

Tariffs were not specifically mentioned by the company — at least not this time. (GM cited "changing market conditions and customer preferences" among the reasons.) But earlier this year GM lowered its profit forecasts for 2018, citing higher steel and aluminium prices caused by new US tariffs. And in June, GM warned that trade tariffs could lead to job losses and lower wages, telling the Commerce Department that higher steel tariffs would impact competitiveness. ...

...sounds like D longs for the good ol' Obama days when the US just rolled over on its back, belly up, and was satisfied to be the world's bit@h, allowing others to take advantage of us, dictating the terms of the deals they entered into with the US to ensure the deals were lop-sided beneficial deals for them.

'Make American Great Again' / Nationalism' is NOT saying 'F* the rest of the world' - it's saying 'No more taking advantage of us'.

It's saying to the rest of the world no more taking advantage of us while Saudi Arabia has first dibs at Donald Trump's anus.

The rst of the world has to wait until Saudi Arabia is done with Trump's anus and shown Trump's pimp Kushner the door.

 

[12icer]

Donald Trump's trade war is causing some friendly fire victims among American industry.

There is no doubt American agricultural businesses will suffer seriously because Chinese were not buying American based on lowest price, they were buying American to offset some of the trade imbalance. Now there is no consideration of such buying strategy as war intensifies.

This will have very serious consequences for rural economies and businesses which will see severe decline which may be difficult to recover from. At best more low scale farmers will be forced off the land in favor of large agriculture corporations which will mean growth in unemployment.

Other manufacturers are hurting from steel and aluminum tariffs which have eroded their profit margins and made them more susceptible to losses and bankruptcy.

Meanwhile Trump is trashing brand America as foreign consumers develop negative attitudes to American goods. The damage to brand America may take decades to repair.

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America

Lost jobs, shrinking growth, and rotting crops — here are all the ways Trump's trade war is hurting America
Will Martin 15m

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

Business Insider took a look at some of the companies and industries blaming a downturn on the president's trade policy.

The world's largest shipping company, American farmers, and small manufacturers are among those who have explicitly blamed tariffs for issues in their businesses.

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

The US — which the trade war was ostensibly launched to protect — looks like it is likely to be the worst impacted, with some forecasters suggesting that as much as 1% could be knocked off economic growth in the coming years.

On a smaller scale, companies and whole industries are already starting to feel the pinch from the US imposed tariffs, which have raised the price of importing a whole range of goods to the US, increasing costs for the very companies they were designed to protect.

Business Insider decided to take a look at some of the major businesses and industries that have explicitly blamed the president's trade war for a negative impact on their situation.

Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the US and China.

In its third-quarter results announcement earlier in November, the Danish giant said that global trade is already feeling the effect.

Global container trade continued to lose momentum in the quarter. And so far this year it has suffered "a much slower pace of growth," rising by 4.2% compared with the 5.8% recorded over the same period in 2017, Maersk said.

Trade tariffs may end up stifling global container shipping by as much as 2% in the next two years. The company estimates that those tariffs make up about 2.6% of the global value of traded goods.

Maersk's warning was not the first time the shipping giant has weighed in on the trade war. CEO Soren Skou said in August, before Trump hit swathes of consumer goods with levies, that the fallout from the tariffs "could easily end up being bigger in the US."

Perhaps one of the most striking consequences of the trade war is what is happening to some farmers in the US.

For many agricultural goods, particularly soybeans, China is the largest export market for US farmers. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

China last year accounted for around 60% of US soybean exports, but such is the lack of demand this year that many farmers are being forced to leave crops.

Farmers in some US states are being forced into plowing their crops under— effectively burying them under soil in fields — as there is not enough room to store them in storage facilities, and they are unable to sell their products thanks to Chinese tariffs, Reuters reported last week.

All grain depots and silos are almost full, meaning farmers have to find their own storage solutions or allow their crops to rot. Neither option is particularly palatable.

In Louisiana, as much as 15% of this year's soybean crop has been plowed under or is too damaged to sell, according to data analyzed by Louisiana State University staff and cited by Reuters.

Much of Trump's reasoning behind the trade war is to reinvigorate the US manufacturing sector, which he said has been ground down by decades of cheap goods production in the Far East, particularly in China. Signs are, however, that the tariffs are doing the opposite, and are actively hurting manufacturers.

Manufacturing activity in the US slowed to a six-month low in October, with industry figures citing future protectionism and widespread uncertainty as major reasons for the slowdown.

"For the consumer, the tariffs are for the most part still an abstract idea, but for manufacturers they are real, and a big problem," said Ian Sheperdson, chief economist at Pantheon Macroeconomics wrote at the start of November when data from the Institute for Supply Management (ISM) showed just that.

The ISM, a trade group of purchasing executives, said that its index of national factory activity dropped 2.1 percentage points to 57.7 in October from a month earlier. The decline was largely thanks to uncertainty related to tariffs, according to survey respondents.
"Mounting pressure due to pending tariffs," observed one respondent in the ISM survey. "Bracing for delays in material from China — a rush of orders trying to race tariff implementation is flooding shipping and customs."
Such a view is corroborated by analysis from Swiss banking giant UBS, which argued that many new and smaller manufacturers could end up being forced into bankruptcy.

"Brand new firms notoriously have very thin margins and a lack of ability to pass on costs. Small cost shocks tend to cause large disruptions to new firms. We see some of these new firms failing," Seth Carpenter, UBS' top US-focused economist said earlier this month.

Many small firms have explicitly blamed the trade war for layoffs this year.

For instance, Element Electronics, a TV manufacturer, plans to lay off 127 workers from its South Carolina factory as "a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China."

One of America's most iconic brands is slashing 14,000 jobs

The most recent, and perhaps most acute, example of this is General Motors' announcement on Monday that it will close plants and ax about 14,000 jobs, having previously warned that Trump's tariffs may force it to do so.
The automaker, which employs approximately 110,000 workers, said on Monday that it plans to cut costs by shutting plants in Ohio and elsewhere in North America.

Tariffs were not specifically mentioned by the company — at least not this time. (GM cited "changing market conditions and customer preferences" among the reasons.) But earlier this year GM lowered its profit forecasts for 2018, citing higher steel and aluminium prices caused by new US tariffs. And in June, GM warned that trade tariffs could lead to job losses and lower wages, telling the Commerce Department that higher steel tariffs would impact competitiveness. ...

I really like the lies that seem to permiate the dimshit posts here it shows how desperate they are to try to save their dissolving narrative and their gods legacy. Trump is doing well and they must somehow make the American people believe that his massive expansion of wealth and prosperity are not happening before their very eyes. Hard to eat eyewitness testimony, more people becoming millionaires than ever before. More jobs, more workforce participation, more mom n pops staying open. Yeah hah dream on dimshit.