Thank you Donald Trump ... Fed study: Trump tariffs backfired, caused job losses and higher prices

[Denizen]

Donald Trump is a loser running the American economy with decisions based on how his gut feels after a McDonald's supersized meal. Which fuels a simultaneous release of hot air from Trump's mouth and rear end.

Trumpers, are you tired of winning as Federal debt rises at >2 x GDP growth and the stock market rises at >5x GDP growth rate. Both of these economic factors are unsustainable.

Donald Trump is losing the trade war. Farmers have become welfare recipients and manufacturers are likely to join them soon.

The problem with the USA is that the US$ is overvalued and US goods are too expensive for foreigners and conversely foreign goods are cheaper than US manufacturers can produce. The solution is to tax foreign capital entering the USA, not to engage in and lose a trade war.

Donald Trump said trade wars are easy to win, however, he has proved himself wrong. Donald Trump is a loser, a liar, a slanderer, and a Russian mob money recipient.

Fed study: Trump tariffs backfired, caused job losses and higher prices

Fed study: Trump tariffs backfired, caused job losses and higher prices
BY BROOKE SEIPEL - 12/27/19 09:18 PM EST 3,143

President Trump's tariffs on imports — meant to boost the economy — ultimately led to job losses and higher prices, a new study from the Federal Reserve has found.

"We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices," the report by Fed economists Aaron Flaaen and Justin Pierce reads.

MarketWatch first reported the study, noting that 10 primary industries were hit by retaliatory tariffs and higher prices, including producers of magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.

The Trump administration first implemented steel and aluminum tariffs in March of 2018, with the president declaring at the time that "aggressive foreign trade practices" related to the trade goods amounted to an "assault on our country" and the U.S. steel industry.

Since then, Trump has announced new rounds of tariffs on billions of Chinese goods in a retaliatory back-and-forth with the country.

U.S. and Chinese officials say they have neared a preliminary trade deal that would grant China relief from some tariffs in exchange for drastically increasing purchases of American farm exports.

The escalation of the U.S.-China trade war prompted a tumultuous market at some points throughout the year, amid fears of a possible global recession.

In September of this year, U.S. consumers and businesses paid a record $7.1 billion in tariffs. ...

 

[kyzr]

If the Fed likes the first round of tariffs, just wait until Trump starts adding tariffs to imported cars...

 

[ColonelAngus]

You would be more effective to argue based on facts and not use the pejoratives.

What was the goal of the tariffs in the short term? What about the long run? Has there been a substantial sum of money that has returned to the US and been subject to taxation? How much?

 

[shockedcanadian]

Wage increases and broader employment increases are FAR better than lower prices from goods made in China, while the unemployed drain tax resources. Without tariffs, all these businesses were doing is shipping jobs and getting massive govt. "bail outs" in the form of welfare and other expenses the people they forced into unemployment needed.

Wage increases for U.S citizens were in the thousands a year, while nobody is forcing them to purchase from "producers" who imported from China. If they increase prices, than just buy locally, no problem. Small price increases for someone who now has a job is exponentially better than someone being unemployed. Let's see the relative purchasing power, disposable income stats.

The only people hurt by tariffs against Communists are those hurting America by employing Communists. I'm all for global trade, as long as it is based on talented and innovation, not just a race to the bottom to prop up Commies.

 

[Likkmee]

tRump aint no loser ! He always wins !

 

[JustAnotherNut]

Farmers are struggling because of the late spring, heavy rains & flooding of last year when many of them risked planting later without sufficient growth time before harvest or didn't plant at all. But with or without a crop, farmers have been subsidized for years.


"We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices," the report by Fed economists Aaron Flaaen and Justin Pierce reads.


Relative??? Relative to what????? Too bad that article nor your OP includes any facts, but only speculations.....

 

[Dragonlady]

tRump aint no loser ! He always wins !
View attachment 297007 View attachment 297008

Yes Trump has always skated away from his messes with money in his pockets and everyone who trusted him is broke. That’s what con men do.

Not this time.

 

[easyt65]

'backfired'?

1st President to stand up to China, got a better deal than NAFTA, and snowflakes who prefer to be on their knees in front of China bitch and moan again about Trump / America winning...

Bwuhahahaha....

 

[toobfreak]

Thank you Donald Trump ... Fed study: Trump tariffs backfired, caused job losses and higher prices

With a little luck, you are among the first to lose your job and see the greatest price hikes! I can tell from reading your posts that you honestly deserve to be on welfare in government housing.

 

[basquebromance]

brothers and sisters: by reflexively opposing Trump, the Demonrats are making it harder for him to be bipartisan.

that's not a winning strategy, my friends!

 

[BluesLegend]

'backfired'?

1st President to stand up to China, got a better deal than NAFTA, and snowflakes who prefer to be on their knees in front of China bitch and moan again about Trump / America winning...

Bwuhahahaha....

Democrats take the side of China and throw American workers under the bus. The reason they are squealing like stuck pigs is Trump has exposed them as traitors.

 

[Denizen]

The whole Trump trade scenario is a charade designed to arouse his howling mob.

It is a sucker play with Trumpers as the suckers. Impose tariffs and claim hero-worship when the tariffs are imposed and then again when the tariffs are removed.

Suckers, Trumpers, and the mentally retarded can donate on the Trump web site.

 

[Synthaholic]

This is what happens when you put a clueless failed businessman in charge.

https://www.marketwatch.com/story/fed-study-finds-trump-tariffs-backfired-2019-12-27?siteid=bullytweet

President Donald Trump’s strategy to use import tariffs to protect and boost U.S. manufacturers backfired and led to job losses and higher prices, according to a Federal Reserve study released this week.

“We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices,” concluded Fed economists Aaron Flaaen and Justin Pierce, in an academic paper.

While the tariffs did reduce competition for some industries in the domestic U.S. market, this was more than offset by the effects of rising input costs and retaliatory tariffs, the study found.

“While the longer-term effects of the tariffs may differ from those that we estimate here, the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector,” the study said.

Tit-for-tat trade retaliation is an idea best relegated to the past, given the presence of globally interconnected supply chains, the Fed researchers found.

The top ten manufacturing industries hit by foreign retaliatory tariffs were producers of: magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.

 

[Dogmaphobe]

Let's see here. The current Dow is the highest it has ever been and the unemployment rate is the lowest it has eve been.

Let's hope we continue to fail so miserably in the future.

 

[Billy_Kinetta]

This is what happens when you put a clueless failed businessman in charge.

View attachment 297025

https://www.marketwatch.com/story/fed-study-finds-trump-tariffs-backfired-2019-12-27?siteid=bullytweet

President Donald Trump’s strategy to use import tariffs to protect and boost U.S. manufacturers backfired and led to job losses and higher prices, according to a Federal Reserve study released this week.

“We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices,” concluded Fed economists Aaron Flaaen and Justin Pierce, in an academic paper.

While the tariffs did reduce competition for some industries in the domestic U.S. market, this was more than offset by the effects of rising input costs and retaliatory tariffs, the study found.

“While the longer-term effects of the tariffs may differ from those that we estimate here, the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector,” the study said.

Tit-for-tat trade retaliation is an idea best relegated to the past, given the presence of globally interconnected supply chains, the Fed researchers found.

The top ten manufacturing industries hit by foreign retaliatory tariffs were producers of: magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.

 

[Crepitus]

This is what happens when you put a clueless failed businessman in charge.

View attachment 297025

https://www.marketwatch.com/story/fed-study-finds-trump-tariffs-backfired-2019-12-27?siteid=bullytweet

President Donald Trump’s strategy to use import tariffs to protect and boost U.S. manufacturers backfired and led to job losses and higher prices, according to a Federal Reserve study released this week.

“We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices,” concluded Fed economists Aaron Flaaen and Justin Pierce, in an academic paper.

While the tariffs did reduce competition for some industries in the domestic U.S. market, this was more than offset by the effects of rising input costs and retaliatory tariffs, the study found.

“While the longer-term effects of the tariffs may differ from those that we estimate here, the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector,” the study said.

Tit-for-tat trade retaliation is an idea best relegated to the past, given the presence of globally interconnected supply chains, the Fed researchers found.

The top ten manufacturing industries hit by foreign retaliatory tariffs were producers of: magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.

We all knew that would happen.

Well, those of us with any sense did at least.

 

[Crepitus]

Let's see here. The current Dow is the highest it has ever been and the unemployment rate is the lowest it has eve been.

Let's hope we continue to fail so miserably in the future.

Just think how good it could have been if tRump hadn't started this silly trade war.

 

[depotoo]

It wasn’t a study done by the Federal Reserve. And it was a discussion series.
First page-

NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.

.......
∗We are grateful to Vivi Gregorich for superb research assistance. We thank Ryan Monarch and partici- pants at the 2018 Mid-Atlantic Trade Workshop at Duke for useful comments. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the Board of Governors or its research staff.

 

[Toro]

Higher taxes usually do that.

 

[Synthaholic]