Trump's tariffs are a solution in search of a problem

Discussion in 'Politics' started by Sandy Shanks, May 13, 2019.

  1. Sandy Shanks
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    Sandy Shanks VIP Member

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    We have, by far, the largest economy in the world. In GDP terms, our economy is $7 trillion more than our nearest competitor, China. The World's Top 20 Economies

    Prior to the beginning of last week our economy was on fire, and the stock market was setting records nearly every week. Essentially, we have full employment. Wages are up. GDP is up. Our economy has been on a tear for nine years.

    So, what seems to be the problem?

    To be more specific, what exactly is the problem Trump is trying to solve with his harsh tariffs? Why in the world start a trade war with the second largest economy in the world and the one economy American consumers rely upon most? Why drive up prices? Why place inflationary pressures on our economy and, perhaps, cause a recession?

    Sure, there are inequities in the trading relationship between the U.S. and China, but there are always inequities in every trading relationship with every country, even Canada. And, yes, China is stealing a portion of our I.T.

    But, Trump's tariffs are like taking a blowtorch to light a birthday candle.

    What has been the result? The stock market is the canary in the coal mine. How has it done since Trump's tweet signaling trouble ahead? Large cap stocks, or those in the S&P 500, have now lost $1.1 trillion since Trump surprised markets with his May 5 weekend tweets.

    Today the Dow Jones Industrial Average dropped 617.38 points, or 2.4%, to 25,324.99 and posted its worst session since Jan. 3. The S&P 500 also had its worst day since early January, falling 2.4% to 2,811.87. The Nasdaq Composite dropped 3.4% — its biggest one-day loss of the year — to 7,647.02.

    Instead of cooperating and fulfilling Trump's fantasies concerning the outcome, China retaliated by raising tariffs on $60 billion in goods. There are no talks scheduled.

    Beginning with Monday of last week millions of Americans have lost millions of dollars in retirement savings, and it is likely to get worst.

    “I think this is a prelude of things to come,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management. “We should expect more volatility for the foreseeable future.”

    All of this is the responsibility of Donald J. Trump. Thank you, Mr. President. No doubt Vladimir Putin is proud of your performance.
     
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  2. Jitss617
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    Jitss617 Gold Member

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    Another democrat anti American thread
     
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  3. Grampa Murked U
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    Grampa Murked U Diamond Member

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    Leave it to a simpleton to COMPLETELY ignore a MASSIVE trade imbalance
     
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  4. ThisIsMe
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    ThisIsMe Gold Member

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    I'll give you my uneducated guess, and I say that up front, because I'm not stock market savvy. Here's what my take on it is, from what I've been hearing in the news over the last few years.

    China has been known for placing tariffs on our exports for a very long time, at the same time, they are stealing our patents, our intellectual property and our technology.

    How many billions...or trillions has America lost over the last 15 or more years due to loss of revenue because rather than China buying our technology, and our goods, they steal the designs and just produce it for themselves? All the while placing tariffs on our exports.

    At some point, this has to stop, and if we keep humming along and letting it happen, it never will. Maybe it's time someone rocked the boat, and made a stand to protect our interests.

    Perhaps we may be in for rough times ahead, but if we stick to it, isnt it possible that we will be better off once we get to the other side? Maybe China is just saber rattling right now, trying to get us to back off, but if they see we are committed, maybe they will concede and we can actually have fair trade in the end.
     
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  5. Missouri_Mike
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    Missouri_Mike Gold Member

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    China is basically fucked if they can't import to us at such a cheap rate. Will you need to pay more for a shirt? Yes. But they can't survive without selling that shirt. Trump is kicking them into a corner and it's great to see. You don't win fights without getting hit here and there. You win when they can't take anymore punches. Suck it up.
     
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  6. Golfing Gator
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    Golfing Gator Platinum Member

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    What damage does a trade imbalance cause?
     
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  7. Clipper
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    Clipper VIP Member

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    Anyone who thinks we can win a trade war with China is out of their fucking mind, including that assclown Trump who started it. Wait till the Chinese start dumping T-bills & then we'll see how smart Trump is & who he blames for another fucked up circus that he's creating with his big mouth. I have a feeling Trump will change his mind real quick when that happens.

    Trump blew $1 billion dollars & he thinks he can outsmart the Chinese? He couldn't even keep casinos afloat & anyone who thinks he can is a bigger moron then he is for falling for his self aggrandizing bullshit. Wake up, it's all about stroker Trumps fucking ego & his juvenille need for attention.
     
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  8. MarathonMike
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    MarathonMike Platinum Member

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    I take it you are in the Biden camp of "Hey there's some nice folks over there in China.They aren't a threat! " Well you, Biden and the rest of the Globalists are dead wrong. Rather than take Obama's strategy of incubating a budding enemy a la ISIS, Trump is doing what the Presidents before him should have done. They would have been much easier to deal with before they got to this level of strength.

    So he needs to put the hammer down on their illegal trade practices, their criminal activities with US technology, and their blatant currency manipulation. There are many more reasons why it is imperative Trump bring China back in line before it is too late. They will not be satisfied being number 2 and if they were to become the number one super power, the mask will come off.
     
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  9. ThisIsMe
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    ThisIsMe Gold Member

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    You have a point. There has ready been murmurings of countries getting away from the u.s. dollar, and if that happens, we will be the ones on the losing end. What are we supposed to do though? It certainly isnt doing us any good allowing other countries to keep on taking advantage of us. At some point, enough is enough.
     
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  10. kyzr
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    kyzr Gold Member

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    Eventually the US would have no manufacturing sector and lose all those jobs.
    What harm is there having free and fair trade?

    One of my friends sells Harleys. He had a sale to a German, until it got hit with a 100% tariff. We have 0% tariffs on German motorcycles. Can you see how stupid US tariff policy was before Trump?
     
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