Trump Tariffs

If the table is a RED X, click here to take a look.
https://www.aei.org/carpe-diem/yes-...al-evidence-suggests-its-very-very-expensive/



Tariff Tracker: Tracking the Economic Impact of Tariffs

• We estimate the Trump-Biden tariffs will reduce long-run GDP by 0.2 percent, the capital stock by 0.1 percent, and employment by 142,000 full-time equivalent jobs.
• Altogether, the trade war policies currently in place add up to $79 billion in tariffs based on trade levels at the time of tariff implementation and excluding behavioral and dynamic effects.
• Before accounting for behavioral effects, the $79 billion in higher tariffs amounts to an average annual tax increase on US households of $625. Based on actual revenue collections data, trade war tariffs have directly increased tax collections by $200 to $300 annually per US household, on average. Both estimates understate the cost to US households because they do not factor in the lost output, lower incomes, and loss in consumer choice the tariffs have caused.
• • President-elect Trump has promised to impose tariffs of 25 percent on all imports from Canada and Mexico and an additional 10 percent tariff on all imports from China when he takes office. If imposed permanently, we estimate these tariffs would generate $1.2 trillion in tax revenue from 2025 through 2034 on a conventional basis. In the long run, we estimate the tariffs would reduce GDP by 0.4 percent and employment by 344,900 jobs. Our estimates do not capture the effects of retaliation, nor the additional harms that would stem from starting a global trade war.
  • Academic and governmental studies find the Trump-Biden tariffs have raised prices and reduced output and employment, producing a net negative impact on the US economy.

 

doing nothing would be better. 1. tariffs raise prices, cost jobs & reduce US competitiveness & will not reduce drug deaths.

 

A tariff is a tool and a toolbox. Do you use just one tool to build a house which is what he's trying to do, but you already know that. Feel free to tell us the reason for the tears so that next week we can talk about his new reason for imposing those same tariffs

 

No parts for Ford, lmao,

 

From all American made vehicles as well as Tesla

 

I disagree, Doc. Who needs free trade? Tariffs have never caused America problems. Never ever in our entire history.

 

Actually across-the-board tariffs would likely cause more drug deaths. When the economy gets worse, so called 'deaths of despair' typically increase.

I do however think there is good reason for tariffs on many Chinese products. We disagree there.

 

I prob would agree on some. In the late 1800s the US was allegedly following Adam Smith's advice & only implementing tariffs to help nascent industries & industries with national security concerns. A British economist (Alfred Marshall) came over to check it out as he was interested in its success. What he found were tariffs on well connected industries. AM:“I found that, however simple the plan on which a protective policy started, it was drawn on irresistibly to become intricate; and to lend its chief aid to those industries which were already strong enough to do without it.” In today's climate it seems they would be almost wholly political. This is 1 of many reasons why I don't get that this power is so easy for a prez to wield. It screams for corruption.

 

Paul Krugman just had a piece about crony capitalism in which he talks about that very thing.

https://www.nytimes.com/2024/11/25/opinion/trump-tariffs-deportations.html

Why do tariffs create more potential for cronyism than other taxes? Because the way they operate under our laws offers so much room for discretionary enforcement. The Treasury secretary can’t simply exempt his friends from income taxes (although Andrew Mellon handed out highly questionable rebates in the 1920s). The president can, however, exempt allies from tariffs. And does anyone really believe that the Trump administration will be too ethical to do so? Trump himself has bragged about his ability to game the system; he has bragged that not paying his fair share of taxes makes him “smart.”

 

Further, China, MX & Canada have an EZ move. Come out & say these tariffs would cause great hardship for your industries & people. We will devote all our efforts & resources to crushing the scourge of fentanyl. We have no choice but to yield to Trump's powerful move. & do nothing. The sound bite is all that matters.