President Musk demands that President Trump drop the tariffs on products from Europe. This could lead to a constitutional crisis. Which president will prevail? Musk calls for 'zero tariff situation' between US and Europe, slams Trump trade adviser
so the matheticians dug into the formula every tariff percentage was based on a bad input factor they used elasticity of retail prices factor of 0.25 in lieu of the elasticity of import prices, which is what is in the formula, which is closer to 1.0 bottom line..clowns running a clown show made a stupid math error and nobody checked it...oooopsiees...announce the error, reset the tariffs, algorithms make trillions...hmmm The tariffs that led to the biggest stock-market drop since COVID may have been the result of an error As pointed out by MarketWatch earlier, the White House, in addition to looking at each country’s trade deficit and exports to the U.S., also used two additional items to determine tariff rates: the elasticity of import demand with respect to import prices, and the elasticity of import prices with respect to tariffs. “The idea is that as tariffs rise, the change in the trade deficit will depend on the responsiveness of import demand to tariffs, which depends on how import demand responds to import prices and how import prices respond to tariffs,” AEI senior fellows Kevin Corinth and Stan Veuger pointed out. The problem is the White House used 0.25 as the elasticity of import prices. Per the research paper the USTR cited in the tariff determination, the elasticity is actually closer to 1, or 0.945 to be precise. The AEI authors say the White House may have used the elasticity of retail prices instead of import prices. The AEI team went and recalculated tariffs based on using correct numbers — and found no tariff rate would exceed 14%, and most would be at the 10% floor the Trump administration set.
The concept of tariffing based on trade deficits is asinine even before you get to the formulaic error. But if true, making errors like this just reveals the embarrassing incompetence and haphazard way they went about this.
Lol... the "Nation" of California is NOT "president" Newsome's to dictate to... Newsome is just a two-bit wannabee commie dictator.
ready, shoot, aim again and again and again the formula is published, the terms defined. the numbers calculated questions did we use wrong term or wrong factor? will we admit we did anything wrong? what do you think the WTO will say about that?
Trump official says that the tariffs will not add any American jobs, since most of the new jobs will be done by robots. In other words, Trump is upending the apple cart to protect and create American manufacturing jobs . . . done by robots. Trump official admits US workers won’t get jobs in new factories spurred by tariff strategy
hmmm.. who makes robots and would stand to profit? snatchmagnet is feeling redeemed on his tesla valuation, jsut have to keep them chicom robots out
I'd rather have Roaring Kitty calling the shots. "HANG TOUGH, it won’t be easy, but the end result will be historic," Sincerely, Donald J. Trump
I think we end up green and fairly big today. I bought tqqq calls 15 minutes ago and they are up 28% already. Wish it was not tax time for me as OXLC went under $4 this morning...Would have loaded up. Already back. That said...it could head straight back down.
Trump supporters like Rick and Bill won’t even care that the entire theory is made up by one crackpot.
Only if the rumor of Hassett's claim of a potential 90 day pause in the tariffs (which appears to be currently unsourced except from some Twitter account) isn't denied by the idiots like Lutnick and Trump. If there is a denial, it will re-tank.
Does that mean those free loader penguins from Heard and McDonald Islands can continue to treat us unfairly? The humanity!
