I seriously can't think of any other examples in which a single person has caused this much economic damage this quickly.
yup… looked like a nice bounce back day in the morning … then in The afternoon Trump said some stuff….
I think he actually knows how it works, but his supporters are easily fooled so he just keeps on repeating it
I just spoke with a woman, a retired RN who I knew was a Trump supporter. Fine person. She said that Trump's tariff's are just trying to even the field, because other countries charge us 162 percent tariffs.
didn’t last long anyway. 4th negative day in a row. The only way I see this stabilizing is if there becomes evidence that widespread favorable deals get made. As long as they are in place, prices and/or earnings are going to take a hit, and once that starts filtering through that will have an additional impact. I don’t think a 10-15% correction begins to price in longer term tariffs, even if there are some “deals”. Just the tariffs on China will likely have a measurable effect.
I don’t think Trump wants “fair” deals. The EU offered 0% for 0% tariffs on major items weeks ago. Trump envisions all other nations dropping their tariffs and the US keeping theirs, Trump is used to bulldozing over weak and desperate people with his “Art of the deal” BS, where he’s the only winner …. It’s not going to work out like that with competent world leaders.
I think it is unfortunate for you and people like yourself. But ultimately something needs to happen to wake people up about the awfulness and incompetence of Trump - and that applies whether one is conservative or liberal. I’m in my early 60s and the impact is certainly there on paper, but I’m thinking longer term, for me and my kids.
there are countries that had no or low tariffs, like South Korea, but Trump tariffed them, due to trade deficits. Creating tariffs based upon trade deficits is absolutely moronic. The Beef With Tariffs (I): South Korea’s True Tariff on U.S. Goods Is Far Lower Than White House Claims - Korea Economic Institute of America As South Korean trade experts have noted, trade with the United States is largely dependent on the free trade agreement (KORUS FTA) implemented in 2012 and renegotiated six years later. The KORUS FTA’s tariff calculation for the U.S. is not subject to the MFN rate but to preferential treatment. The FTA has completely removed tariffs on U.S.-manufactured goods imported into South Korea. Measured in the value of imports, 95 percent of goods from the United States are completely exempt from South Korean import tariffs. To put it simply, MFN should not be the rate applied to U.S.-South Korea trade.
If Trump was so concerned about favorable trade terms for the US, he wouldn’t have shit canned the TPP 2016. The TPP lead to generally more favorable trade terms for the US across the Asian world and americas, and it would have further isolated China https://www.cato.org/blog/5-years-later-united-states-still-paying-tpp-blunder But Trump didn’t like it because he wants to make “deals”, even if the deals are suboptimal compared to what the TPP would have accomplished.
I gotta believe that congress has gotta start fearing their constituents more than Trump at some pt & stop the boy with a toy
The problem is that it only took simple majorities for Congress to cede it's Constitutional power of taxation to the President. Thanks to the veto it will take a 2/3 majority in both the Senate and House for Congress to claw back the authority that it should have never ceded to the President although I guess that no one ever anticipated that an unhinged narcissistic lunatic would end up with the power to unilaterally impose tariffs.
you’d have to have a different president. The value of having such a vote - for anti tariff republicans in swing districts, would be to put themselves on record as opposing this idiocy. The value for democrats is it would make supporting republicans put themselves on record supporting the idiocy. Do I think this happens? No.
No surprise. You may have noticed that the American-led, post-WWII world generally uses (used?) tariffs relatively sparingly, and in a targeted fashion when used by larger nations. You may have noticed that, generalizing but being accurate; the post-WWII world has seen an unprecedented amount of peace, prosperity, general accumulation of wealth, technological innovation, international cooperation, and, well, basically a lot of other good things. Coincidence? You actually believe that some bra-wearing, fake-tanned criminal knows more about this stuff than, well ..... close to everyone? Because he has experience defrauding banks, laundering money, bankrupting businesses, and ..... hosting a TV reality show? What's next, that convicted felon decrees that the best mode of ambulation is by doing the kick-worm and you agree?
This should answer your question. Smoot–Hawley Tariff Act - Wikipedia While targeted tariffs for national security and/or as a response to dumping, across the board tariffs are the equivalent of a circular firing squad. No one wins a trade war. Unfortunately we have most economically ignorant president in history. The following quote attributed to the philosopher George Santayana comes to mind and certainly applies to Trump.
Not if they fear a primary more. From a political perspective, many Republicans are in between a rock and a hard place. Many MAGA are foaming at the mouth to primary as much of the "RINO establishment" as possible. Musk is the chess piece that Trump didn't have in his first term. If a Republican in the House sticks with Trump, maybe they are vulnerable in the mid terms. But let's be realistic, the vast majority of seats in the U.S. are safe Republican or safe Democrat. So unless Trump truly becomes hated nationwide, they are safe. On the other hand, if a Republican goes against Trump, there is a very good chance Musk throws serious money at a challenger and the Republican gets Primaried. And in many districts, a primary is only way that Republican loses their seat. The only way a Republican goes against Trump is if they are in a swing district, preferably with more moderates. That way they have a better chance to fend off a primary MAGA challenger. And then by going against Trump, they can get a lot of moderates and probably even a few Democrats on their side to offset the amount of MAGA voters who stay home in protest. But there are only a handful of districts that are truly like this, truly toss up districts. Musk is really the enforcer Trump didn't have before. Trump could try to get a candidate primaried, but Musk, with his resources, can actually pull it off.
