President Trump announces new tariffs: 25% for steel, 10% for aluminum

[Correll]

Well the DOW is down more than 400 points, and for the next few days, as the economy goes to hell, the Trumpettes will explain to us why that is a GOOD thing.

What's the problem?

If trade deficits don't matter, than why fight US?

Just give US what we want, and when it doesn't change anything you can tell US you told US so.

 

[Vandalshandle]

Does anyone remember before nafta? We had the highest period of economic growth under Reagan without it

Do you mean, this Reagan?

Ronald Reagan on AK-47s

 

[bripat9643]

Estimates of job losses in steel-using industries as a consequence of the safeguard tariffs imposed in the early 2000s are few but range from 26,000 to 200,000 jobs. It is difficult to know how many steel-producing jobs were saved, but a Peterson Institute report assessing various policy proposals floated before the Bush safeguards went into force suggests that it was between 3,000 and 10,000 jobs.

Will Steel Tariffs put U.S. Jobs at Risk? | Econofact

I doubt it. Steel just doesn't constitute that big a percentage of the cost of most products. You turds had no problem with Obama imposing massive costs on industry with his so-called "Clean Power Plan," but now we're supposed to believe you are worried about tariffs on a couple of minor products? How much do you imagine tripling the cost of energy would raise the price of steel and aluminum?

Are you aware of sometime that tariffs weren’t a disaster? Please share.

South Korea, Japan, Taiwan, the United States in the 19th century.

 

[Correll]

Does anyone remember before nafta? We had the highest period of economic growth under Reagan without it

Do you mean, this Reagan?

Ronald Reagan on AK-47s

It is not right for you to sully his name by using it.

 

[TomParks]

Does anyone remember before nafta? We had the highest period of economic growth under Reagan without it

Do you mean, this Reagan?

Ronald Reagan on AK-47s

It is not right for you to sully his name by using it.

Well they lost the argument so they deflect to guns

 

[dudmuck]

Worked great back in 2002:
The protection of the steel industry in the United States had unintended consequences and perverse effects: it reduced production of steel in the United States,[how?] increased costs to users, and increased unemployment in associated industries. A study from 2003 found that around 200,000 jobs were lost as a result.[6][7]
I wonder what Trump tower is built from?

And Obama's chinese tires.

You gotta say "Obama" something and then provide a link from 2002?

Makes no sense.

This is two separate tariff actions:
Bush: Steel in 2002
Obama: Tires in 2009.
Tariff actions like these hurt the consumer more than helping the supplier.

 

[usmbguest5318]

President Trump announces new tariffs: 25% for steel, 10% for aluminum

Good, lord. So rather than putting a tariff on value-added products, finished goods, he taxes raw materials, thus ensuring that the economic impacts of the tariff flows through the entire supply chain. That's brilliant. NOT!!! It's flat-out stupid.

Effects of a Tariff: Large Country

​

When a large importing country implements a tariff it will cause an increase in the price of the good on the domestic market and a decrease in the price in the rest of the world. But since Trump wants to impose the tariff on raw materials, it'll raise not only the price of steel and aluminum in the U.S., but also the price of everything made from that steel and aluminum.

As for who will bear the incidence of the tax/tariff, well, that depends on the elasticity of demand and the elasticity of supply for each given product class, and in some instances, each differentiable product.

But this won't raise the cost of my next Lexus will it?

Was what I wrote and what is written at the linked sites not clear enough for you to figure that out on your own?

I can't tell whether you're being serious or sarcastic. Just in case you're actually being serious, here are the "puzzle pieces" you need to answer that question with regard to the tariff's contribution to the price of your next Lexus. I have emboldened the key principles and facts that one must consider (place in a "decision tree," if you will) to arrive at an answer for any given product. I didn't nor will I walk through an enumeration of the impact on any specific product.

rather than putting a tariff on value-added products, finished goods, he taxes raw materials, thus ensuring that the economic impacts of the tariff flows through the entire supply chain

since Trump wants to impose the tariff on raw materials, it'll raise not only the price of steel and aluminum in the U.S., but also the price of everything made from that steel and aluminum.

As for who will bear the incidence of the tax/tariff, well, that depends on the elasticity of demand and the elasticity of supply for each given product class, and in some instances, each differentiable product.

Effects of a Tariff: Large Country.....When a large importing country implements a tariff it will cause an increase in the price of the good on the domestic market and a decrease in the price in the rest of the world.

FWIW, the only thing I didn't note in my prior post is the one economic consideration that I figured folks would suss on their own, that being that insofar as consumers see myriad other vehicles as substitutes for a Lexus, the elasticity of demand for any Lexus is sure to be predominantly elastic, though not perfectly elastic, rather than predominantly inelastic.

It's important to note that product price increases are functions of a number of things, a tariff being but one. As noted, you can use the information above, along with some additional research if you desire to perform a more precise calculation [1], to determine what qualitative impact the tariff will have.


Note:

1. Other germane data you'll need and that is not implied in the emboldened text above, are, among other things, the specific provisions of the tariff.

 

[Missourian]

not if they change sources to American manufacturers.

Moron, that's not how it works.

Why not?

 

[debbiedowner]

Interesting way you describe them practically giving us their resources. You must hate Christmas.

Jobs are better to have than resources.

You think we will sell a lot of cars when we are paying artificially higher steel prices? Last steel tariffs we lost jobs.

I think that we will not improve our trade balance until we show the rest of the world that we will not be their bitch anymore.

We bought up the rest of the world. That’s why there’s a trade imbalance. They’ve been our bitch for decades.

I live in the Rust Belt. We have not bought up the rest of the world.


THey have fucked US.

This is just a tax increase bud whether you live in the rust belt or east coast.

'The president is proposing a massive tax increase': Conservatives tee off on Trump for tariff move

 

[Correll]

Jobs are better to have than resources.

You think we will sell a lot of cars when we are paying artificially higher steel prices? Last steel tariffs we lost jobs.

I think that we will not improve our trade balance until we show the rest of the world that we will not be their bitch anymore.

We bought up the rest of the world. That’s why there’s a trade imbalance. They’ve been our bitch for decades.

I live in the Rust Belt. We have not bought up the rest of the world.


THey have fucked US.

This is just a tax increase bud whether you live in the rust belt or east coast.

'The president is proposing a massive tax increase': Conservatives tee off on Trump for tariff move

The Free Traders conservative have been proven wrong by the history of the last 30 years.

 

[busybee01]

Should we allow other countries like communist China to dump steel in the U.S. killing jobs for American workers? That's what liberals in this thread are saying. If China dumping steel into the U.S. was hurting illegals the liberals would be in an uproar.

There is no evidence of that. Actually you are taking the liberal position. You are saying what liberals are saying.

 

[Correll]

Should we allow other countries like communist China to dump steel in the U.S. killing jobs for American workers? That's what liberals in this thread are saying. If China dumping steel into the U.S. was hurting illegals the liberals would be in an uproar.

There is no evidence of that. Actually you are taking the liberal position. You are saying what liberals are saying.

Why is the US constantly having massive trade deficits, with nearly all of our partners?

 

[undertherqadar]

he just fullfilled another campaign promise!

https://www.washingtonpost.com/news...num-imports/?tid=ss_tw&utm_term=.901513c38611

Bend over rubes, the US doesn't have the capacity right now to produce steel, prices will be going up on consumer goods, the steel plants that were closed don't have working coke furnaces, you can't restart them


Market Realist

 

[debbiedowner]

You think we will sell a lot of cars when we are paying artificially higher steel prices? Last steel tariffs we lost jobs.

I think that we will not improve our trade balance until we show the rest of the world that we will not be their bitch anymore.

We bought up the rest of the world. That’s why there’s a trade imbalance. They’ve been our bitch for decades.

I live in the Rust Belt. We have not bought up the rest of the world.


THey have fucked US.

This is just a tax increase bud whether you live in the rust belt or east coast.

'The president is proposing a massive tax increase': Conservatives tee off on Trump for tariff move

The Free Traders conservative have been proven wrong by the history of the last 30 years.

You know I am 70 years old and I do not live in the past, I live for the future and right now the future does not look to bright if I am to higher prices for just about everything. To many of you oldster's like trump live in the 50's and 60's except for the tweeting. It's 2018 things have changed.

 

[debbiedowner]

he just fullfilled another campaign promise!

https://www.washingtonpost.com/news...num-imports/?tid=ss_tw&utm_term=.901513c38611

Bend over rubes, the US doesn't have the capacity right now to produce steel, prices will be going up on consumer goods, the steel plants that were closed don't have working coke furnaces, you can't restart them

Who the hell would they hire anyway? Most of those that did work in the steel industry are old and retired or dead not to mention we're considered at full employment in the U.S.

 

[Correll]

he just fullfilled another campaign promise!

https://www.washingtonpost.com/news...num-imports/?tid=ss_tw&utm_term=.901513c38611

Bend over rubes, the US doesn't have the capacity right now to produce steel, prices will be going up on consumer goods, the steel plants that were closed don't have working coke furnaces, you can't restart them

We've lost the ability and know how to make steel? Geez, who's idea was that?

 

[busybee01]

not if they change sources to American manufacturers.

Moron, that's not how it works.

Sure it is. Tariffs are on IMPORTS.


American steel is not IMPORTED.

American steel producers will raise their prices. That always happens when tariffs are imposed. DUMBASS!!

 

[TheOldSchool]

Should we allow other countries like communist China to dump steel in the U.S. killing jobs for American workers? That's what liberals in this thread are saying. If China dumping steel into the U.S. was hurting illegals the liberals would be in an uproar.

There is no evidence of that. Actually you are taking the liberal position. You are saying what liberals are saying.

Why is the US constantly having massive trade deficits, with nearly all of our partners?

Because we’re crazy rich and we want the rest of the world’s stuff

 

[debbiedowner]

I'm done here if trumpies want to pay higher prices so be it and he won't be reelected if he's still around in 2020.

 

[Correll]

I think that we will not improve our trade balance until we show the rest of the world that we will not be their bitch anymore.

We bought up the rest of the world. That’s why there’s a trade imbalance. They’ve been our bitch for decades.

I live in the Rust Belt. We have not bought up the rest of the world.


THey have fucked US.

This is just a tax increase bud whether you live in the rust belt or east coast.

'The president is proposing a massive tax increase': Conservatives tee off on Trump for tariff move

The Free Traders conservative have been proven wrong by the history of the last 30 years.

You know I am 70 years old and I do not live in the past, I live for the future and right now the future does not look to bright if I am to higher prices for just about everything. To many of you oldster's like trump live in the 50's and 60's except for the tweeting. It's 2018 things have changed.

If you are that old, then you remember.

Was this the way Free Trade was supposed to work, ie we would always lose, and the working poor and middle class would never again advance economically?