U.S. companies blast Trump China tariff costs

Discussion in 'Economy' started by McRocket, Sep 1, 2018.

  1. McRocket
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    McRocket VIP Member

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    'Hundreds of American businesses have testified in hearings hosted by the Office of the U.S. Trade Representative, hoping to shed light on the damaging effect tariffs on Chinese goods will have on the average American consumer.

    The big picture: From "cradles to coffins," the 25% tariffs proposed by the Trump administration on $200 billion worth of Chinese goods will raise prices on a wide range of everyday items. And, many industry representatives argued, they will do little to curb China's unfair trade practices.

    The backdrop: The hearings were similar to those hosted by the USTR when it was considering tariffs on $50 billion worth of Chinese goods, which Trump ultimately chose to implement. But this latest round would affect a far greater cross section of consumer goods.

    • 23% of the U.S. imports that would be subject to this round of tariffs are consumer goods, according to the Peterson Institute for International Economics.
    • Among the hardest-hit would be furniture ($11 billion), chair seats ($10 billion), computers ($8 billion), lamps and lighting parts ($7 billion), and cooking appliances ($3.8 billion).
    What they're saying: The six days of hearings consisted mainly of representatives from a range of industries attempting to explain the logic-defying nature of the proposed tariffs, while committee members questioned them on their ability to source products from countries besides China, per World Trade Online.

    • American Chemistry Council: "Supply chains are not plug-and-play — they cannot easily be reconfigured to meet the whims of U.S. trade policy. Forcing companies to reconfigure their supply chains would threaten the viability of their businesses."
    • American Bridal Prom Industry Association: “China's dominance as an apparel maker means it will be virtually impossible to avoid importing Chinese made goods entirely...If a 25 percent or greater tariff were to be imposed in the future, the supplier, importer and direct consumer would likely share the higher cost, as retailers would try to pass along most or all the price increase.”
    • Graco Children's Products Inc: "We're very concerned that imposing these tariffs will force many families to make very difficult trade-offs between over-extending their budget or ensuring the safety of their children."
    • Quality Bicycle Products Inc.: "If you want to see the latest in bicycle technology, you can go to the Smithsonian Museum, the Air and Space Museum, and see a 1903 Wright Brothers bicycle that is in essence what is being produced in China today. The same technology. There aren’t any semiconductor chips in a bicycle imported from China.”
    The bottom line: Per the U.S. Chamber of Commerce, the Trump administration has attempted to assure Americans that it will resolve trade frictions with China without excessive collateral damage, but it lacks a coherent strategy for those assurances to be of any real comfort.'

    U.S. companies blast Trump China tariff costs

    NOBODY who properly understands macroeconomics is for massive tariffs in 2018. NOBODY.

    If you think these tariffs are good for America? Congratulations - you just proved what a macroeconomic ignoramus you are.
     
  2. SassyIrishLass
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    SassyIrishLass Diamond Member

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    Hundreds out of .....In 2010 there were 27.9 million small businesses, and 18,500 firms with 500 employees or more.

    Gosh
     
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  3. Tax Man
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    Tax Man Gold Member

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    This mornings paper had an article on the shipping dilemma now at the ports of entry. Seems there are too many drivers and not enough freight because of the tariffs.
     
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  4. DOTR
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    DOTR Gold Member

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    What a self serving bunch of corporatists.
     
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  5. McRocket
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    McRocket VIP Member

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    Jeez, does your reading comprehension suck or what?

    The U.S. Chamber of Commerce - which represents more than 3 MILLION U.S. businesses - are TOTALLY against the tariffs (it's in the first sentence of the link below - which was in the OP article).

    https://www.uschamber.com/sites/def...n_to_ustr_on_section_301_-_ustr-2018-0018.pdf


    No wonder I ignore you.

    Ta ta.
     
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    Last edited: Sep 1, 2018
  6. EGR one
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    EGR one VIP Member

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    Anyone with common sense is against tariffs. However, sometimes we have to eat the spinach, whether we like it, or not. The USA can afford to take the hit, while China is already suffering the consequences. They either start playing fair, or take their trade elsewhere. We can get along without China, but China cannot get along without us.
     
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  7. Tax Man
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    Tax Man Gold Member

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    At one time it might be true but in todays world we are third best in the world. Thank trump.
     
  8. flacaltenn
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    flacaltenn Senior Mod Staff Member Senior USMB Moderator Gold Supporting Member

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    Kinda the way I see it. High tariffs on US goods essentially are targeted market protection for some of our trading partners. OF COURSE tariffs are not "free trade".. But they are the "weapons of choice" for making deals. So sometimes they need re-negotiation.

    The result SHOULD be lower tariffs all around. A case of disarmament -- if you will. And the folks who are hysterical about the ugliness of fixing things and want to make it a political issue of "incompetence" or "endangerment" ARE the problem why the US has not gotten the world to "disarm" their native protectionism..

    Maybe Trump will. You just have to keep your head and not PANIC when offers and counter-offered are made, because FINAL DEALS are not yet in sight. If the result is NOT freer, fairer trade, THEN I'll get outraged..
     
  9. flacaltenn
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    flacaltenn Senior Mod Staff Member Senior USMB Moderator Gold Supporting Member

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    Kinda the way I see it. High tariffs on US goods essentially are targeted market protection for some of our trading partners. OF COURSE tariffs are not "free trade".. But they are the "weapons of choice" for making deals. So sometimes they need re-negotiation.

    The result SHOULD be lower tariffs all around. A case of disarmament -- if you will. And the folks who are hysterical about the ugliness of fixing things and want to make it a political issue of "incompetence" or "endangerment" ARE the problem why the US has not gotten the world to "disarm" their native protectionism..

    Maybe Trump will. You just have to keep your head and not PANIC when offers and counter-offered are made, because FINAL DEALS are not yet in sight. If the result is NOT freer, fairer trade, THEN I'll get outraged..
     
  10. Nosmo King
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    Nosmo King Gold Member

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    The steel mill in Midland, PA shut down and laid off all their employees. They process stainless steel there and the steel they process is imported.

    Make America great again. Thanks a lot!
     
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