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

[basquebromance]

he just fullfilled another campaign promise!

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

 

[BULLDOG]

Great. We've been needing a good trade war. MAGA!!!!

 

[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.

 

[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.

 

[Lastamender]

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.

You are right there, give Trump a call.

 

[TheOldSchool]

Massive tariffs and subsidies! The GOP’s new theory for capitalism’s success!

 

[BluesLegend]

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.

 

[Harpy Eagle]

So much for the free market conservatives.


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[CrusaderFrank]

How about a tariff on Illegals?

 

[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.

Wow who knew you were a socialist liberal?

 

[Thinker101]

So much for the free market conservatives.


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So much for free everything liberals.

 

[TheOldSchool]

So much for the free market conservatives.


Sent from my iPhone using USMessageBoard.com

So much for free everything liberals.

What the...

 

[BluesLegend]

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.

Wow who knew you were a socialist liberal?

Wow you are dumb.

 

[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.

Wow who knew you were a socialist liberal?

Wow you are dumb.

Oh did you think mass tariffs are a fiscally conservative concept?

 

[Thinker101]

So much for the free market conservatives.


Sent from my iPhone using USMessageBoard.com

So much for free everything liberals.

What the...

Not to worry, I'm sure most things are above your head.

 

[Brain357]

he just fullfilled another campaign promise!

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

Now there is some bad economic policy. Now every product we make with steel or aluminum will be less competitive in the world market.

 

[Brain357]

So much for the free market conservatives.


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Conservatives think big government should dictate pricing. Sounds kinda socialist...

 

[Brain357]

In the case of Mr Bush’s 2002 move to impose tariffs on steel imports, one estimate found that the resulting higher costs led to the loss of about 200,000 jobs — more people than were employed in the US steel industry as a whole — and $4bn in lost wages at smaller manufacturers that used steel.

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[eddiew37]

In the case of Mr Bush’s 2002 move to impose tariffs on steel imports, one estimate found that the resulting higher costs led to the loss of about 200,000 jobs — more people than were employed in the US steel industry as a whole — and $4bn in lost wages at smaller manufacturers that used steel.

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NAS off 120 DOW off 470 as of this post Thank you Drumpf Tariffs?

 

[Brain357]

In greater detail, let’s summarize the outcomes from protectionist trade policy in the form of steel tariffs: 1) Domestic steelmakers will win with higher steel prices, higher profits and share prices (U.S. Steel’s stock has nearly doubled since January 1), and greater market share, but 2) Domestic steel-using manufacturers will lose because of higher input prices, lower profits, and possibly reduced sales and market share) and 3) Millions of American consumers and businesses will lose when they now pay higher prices for everything that contains steel, including cars, appliances, tractors, tools, construction materials, wind turbines, forklifts, pipelines, and airplanes.


US steel tariffs: A case study in protectionism, economic losses on net, and 'legal plunder' - AEI