Trump imposes Tariffs on Steel and aluminum Imports

[Big Nasty Edison]

Boy I'm expecting the closed mills in my town to fire right back up.


Just kidding, no they won't.

 

[PolishHeadlock]

At this point im convinced Trump is indeed trying to destroy the country.

Oh well, no empire lasts forever.

Maybe he's trying to throw his base a bone after going after guns yesterday.

The one article I linked suggested that Porter was in charge of trying to find middle ground between the tariff people and actual conservatives. Now he's gone

 

[SammyPops]

You know who pays for tariffs? The end customer, dow down 500 MAGA!!!

Not sure why this would affect the US consumer- its not liek there massive infrastructure projects on the horizon ....... oh ...

 

[Rod1]

Maybe he's trying to throw his base a bone after going after guns yesterday.

The one article I linked suggested that Porter was in charge of trying to find middle ground between the tariff people and actual conservatives. Now he's gone

Well, he could had chosen an end user consumer product that wouldnt crash the entire industrial economy.

Putting tariffs on ALL steel? may as well put tariffs on oil imports and see how it goes.

 

[xcvbn]

That should probably be up to the consumers to decide, not some distant rich figure that will not be affected

Tell that to the free traders who brute forced us into full blown outsourcing in the first place.

Let's see how this plays out. In the meantime we can keep hammering it home that Trump literally suggested withholding due process from Americans.

 

[PolishHeadlock]

Not sure why this would affect the US consumer- its not liek there massive infrastructure projects on the horizon ....... oh ...

Also something to think about is the use of Aluminum in car manufacturing since Trump doesn't want car manufacturers to move to Mexico.

http://www.aluminum.org/news/unprec...num-multi-material-vehicles-ascend-new-survey

July 31, 2017

DETROIT, MI – Over the next decade, automakers will continue to increase the adoption of high-strength, low weight aluminum in new car and truck construction at a faster pace than any time in history. Total aluminum content is expected to grow from 397 pounds per vehicle (PPV) in 2015 to 565 PPV by 2028, representing 16 percent of total vehicle weight, according to a survey of automakers conducted by Ducker Worldwide reaffirming continued market share growth for aluminum into high-volume vehicles. This is consistent with the emerging trend of automakers transitioning to a multi-material vehicle (MMV) design approach, choosing aluminum for doors, hoods and trunk lids, body-in-white, bumpers and crash boxes.

 

[Satsui Ryu]

If I see formerly "conservative" posters (pre-Trump, all I care about is low taxes & capitalism types) endorse this I may have an aneurysm

Why is that? This is a campaign promise and Trump fans were on board from the start.

 

[HomerThompson]

Also something to think about is the use of Aluminum in car manufacturing since Trump doesn't want car manufacturers to move to Mexico.

http://www.aluminum.org/news/unprec...num-multi-material-vehicles-ascend-new-survey

July 31, 2017

DETROIT, MI – Over the next decade, automakers will continue to increase the adoption of high-strength, low weight aluminum in new car and truck construction at a faster pace than any time in history. Total aluminum content is expected to grow from 397 pounds per vehicle (PPV) in 2015 to 565 PPV by 2028, representing 16 percent of total vehicle weight, according to a survey of automakers conducted by Ducker Worldwide reaffirming continued market share growth for aluminum into high-volume vehicles. This is consistent with the emerging trend of automakers transitioning to a multi-material vehicle (MMV) design approach, choosing aluminum for doors, hoods and trunk lids, body-in-white, bumpers and crash boxes.

God Dammit, this is stupid.

 

[zebby23]

At this point im convinced Trump is indeed trying to destroy the country.

Oh well, no empire lasts forever.

lol dude...

 

[PolishHeadlock]

Tell that to the free traders who brute forced us into full blown outsourcing in the first place.

Let's see how this plays out. In the meantime we can keep hammering it home that Trump literally suggested withholding due process from Americans.

We tried this 15 years ago
https://en.wikipedia.org/wiki/2002_United_States_steel_tariff

Impact[edit]
According to a 2005 review of existing research, all studies on the tariffs "find that the costs of the Safeguard Measures outweighed their benefits in terms of aggregate GDP and employment as well as having an important redistributive impact."[1]

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]

 

[Black Helicopters]

Why is that? This is a campaign promise and Trump fans were on board from the start.

True but not all Trump fans belong to that group that I talked about. They're called alt-right for a reason. It's the hypocrisy that makes me mad.

 

[Cubo de Sangre]

Free market Republicans standing firm on principle. Warms the heart.

 

[ultramanhyata]

He promised a trade war and he's trying deliver.


https://www.reuters.com/article/us-...-trump-announces-import-tariffs-idUSKCN1GD4YY

(Reuters) - Wall Street’s main indexes fell on Thursday after President Donald Trump said the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum next week.

http://money.cnn.com/2018/03/01/news/economy/new-york-fed-dudley-protectionism/index.html

New York Federal Reserve President William Dudley lambasted tariffs and other protectionist trade policies on Thursday.
"Raising trade barriers would risk setting off a trade war, which could damage economic growth prospects around the world," Dudley said in a speech at the Central Bank of Brazil in São Paulo. Although short-term gains are appealing, "in the longer term it would almost certainly be destructive."


The speech comes the same day that President Trump announced that he would impose a 10% tariff on imported aluminum and a 25% tariff on imported steel. It was unclear if Trump would exempt any countries from the measure. Brazil, where Dudley spoke, is one of the top steel exporters to the United States. Trump said the tariff would be made official next week.

Trade economists say Trump's actions could spark retaliation from China and other nations. That would be a trade war.

Dudley, currently the No. 2 in rank on the Fed's powerful policy committee, did not name Trump, nor did he address the specific measures on steel and aluminum. But his views clearly conflict with Trump's view on trade.

Dudley, not known for gloomy remarks, said trade restrictions, such as tariffs or quotas, won't save jobs as Trump believes. Dudley added that higher trade barriers "often backfire," and create long-term costs in the form of retaliation, higher consumer costs, higher production costs and less competitive industries in the United States.

"The expectation that higher trade barriers would save jobs ignores these critical second-round effects," Dudley said.

Dudley noted that free trade hasn't benefited everyone, and that countries must pursue policies that better distribute the economic and social gains of globalization. He advocated for more job training, job search assistance and unemployment aid.

Dudley also dismissed the US trade deficit as a major concern. Trump's trade team is renegotiating NAFTA, the pact with Canada and Mexico, and his stated, top goal is to slash the US trade deficit with Mexico. He says the $71 billion trade deficit shows America is losing companies, money and jobs to Mexico.

Dudley says foreign investment in the United States fills in the gap of the trade deficit.

"There are many approaches to dealing with the costs of globalization, but protectionism is a dead end," Dudley said.

This is the first tariff-related campaign promise that Trump is attempting to keep. Props to him for that. Credit where due.

But would much rather see him keeping the promise concerning tariffs on goods manufactured overseas by US owned companies.

As well as striking out against the primary "enemy" relative to globalism's adverse effects on this country it would not cause potential trade war ramifications with other nations.

 

[Black Helicopters]

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]

It's like we have to re-introduce Milton Friedman to these guys at this point

 

[Big Nasty Edison]

I'm no economic expert but I fail to see how this will help town's like mine. The idea of "let's make Chinese steel so expensive, other US manufacturers will.be forced to buy American steel" will just drive up the costs of other US manufacturers who will pass the cost to consumers. When consumers pay more, they buy less. They buy less, then those other manufactures slow down, thus they lay people off. So now you've not only failed to fix US steel jobs, but hurt everyone else.

 

[ultramanhyata]

At this point im convinced Trump is indeed trying to destroy the country.

Yeah, tariffs are the deal-breaker with Trump. lol

 

[JonesBones]

Inflation. Rising interest rates. Tariffs. How will anybody be able to buy anything? And what is the procedure here? Even Orrin Hatch called it an attack on the American people. How can such a major policy change without congress? Couldnt this be seen as breaking a treaty? Which congress decides.

 

[Trotsky]

LOL @ Sasse trying to resurrect the delusion that Republican policies have been better, and not monumentally worse, than the Democrats' for the past four decades.

This policy still isn't as bad and completely nonsensical as the tax or healthcare bills that he voted for. Fucking stooge.

 

[HIMBOB]

We want free, fair and SMART TRADE.

Opposite of free trade
Fair is arbitrary concept
Smart I don't think anyone would call it that.

Terrible idea.

 

[Black Helicopters]

It's like we have to re-introduce Milton Friedman to these guys at this point

Hilariously, I googled “Milton Friedman” just now, and saw “Milton Friedman Sahara desert” and I clicked the suggestion out of curiousity - what could Milton have to do with the Sahara desert? Turns out it’s a quote and po and behold - Guess who has a tweet about it?



LITERALLY. A TWEET. FOR EVERYTHING.