Economy Trump's April 2nd Tariffs

[Seano]

The next sentence continues "As tariffs are eliminated or reduced under the U.S.-South Korea trade agreement..."
that article seems to be about the introduction of a free trade agreement that lowered Korea's tariffs, so its "right now" was outdated even as it was written; here's Korean reporting on this year's US tariffs:
Since the 2007 Korea-U.S. FTA is applied first, the real tariff rate on U.S. goods is under 1%. That on American industrial products is 0% and the average on U.S. imports was 0.79% as of last year, with the real rate lower if refunds are considered.

Most goods are imported and exported tariff-free with the exception of select American agricultural goods such as rice and oranges.

"In fact, both countries have hardly any tariffs between each other, so we need to discuss this more," National Security Adviser Shin Won-sik said on the issue. "I've confirmed the willingness of both sides to strive for a win-win result."

The numbers Trump pulled out for the speech seem to be hogwash calculated from trade imbalances rather than actual tariffs

Also, that article that appears to be from the Obama era mentions coming prosperity for American farmers under this agreement. I haven't kept up... how are farmers doing right now?

 

[Brampton_Boy]

It's like the left has stockholm syndrome. It's either that or they truly want to see America continue to collapse just to own the chuds.

I love how you just completely ducked where you called someone else a retard without understanding what the futures market was.

That is a guaranteed tell that you have virtually no financial literacy when it comes to economics or markets.

 

[lowlife]

pretty soon he will only have Maga left, I can't see true conservatives continuing to support this nonsense.

 

[Rob Battisti]

This is what happens when the under-average-intelligence people get motivated to vote.

Perhaps we can run Joe or Kamala again next time to really have a shot

 

[aerius]

And also, from an America first perspective, why wouldn’t we want to buy cheap stuff off the backs of cheap labor from other nations to support our lavish consumerism lifestyle?

Why should we go backwards to low paying factory jobs to make expensive goods for ourselves?

We're now talking about societal values as much as economics. IF what your nation values above all else is an abundance of cheap consumer shit that'll be used a few times before being tossed away in a couple months to buy the next shiny piece of consumer shit, then you should be all for free trade and taking advantage of cheap slave labour in foreign countries. Personally I find that repulsive but if that's what the people of America want, well, so be it.

Me? I'm typing this post on a 10 year old computer and I don't even have a TV in my house so I'm definitely not a fan of modern consumer culture. I don't care if my stuff costs 3-5 times as much since I generally buy the good quality stuff and run it into the ground so the yearly cost ends up being cheaper in the long run. The US has the ability to make quality consumer goods which last way longer than the cheap imported crap that fills most stores, yes it'll cost more, yes we'll have to raise factory wages, but over the long run everyone benefits from it.

 

[HOLA]

For Madagascar, they export 733.2M to the US while only importing 53.4M. The trade deficit is 679.8M.

679.8 / 733.2 x 100 = 92.717%

Madagascar's blue number in the chart: 93%

There are conservatives online acting like the blue numbers in Trump's chart are real. They're not real. The whole thing is made up, and in the lowest IQ way possible. Like they're making it crystal clear to us that the whole thing is nonsensical.

Nobody has ever heard of this formula. Trump literally just pulled it outta his ass.

The more time we all have to digest exactly what’s going on, the dumber it all appears.

Parts of this debate -tariffs- were settled nearly 100 years ago. The Great Depression is one of the most widely studied economic events ever, if not #1. Other parts of the debate, like trade deficits and their impact, were already settled hundreds of years earlier.

 

[CubicleGangster]

We're now talking about societal values as much as economics. IF what your nation values above all else is an abundance of cheap consumer shit that'll be used a few times before being tossed away in a couple months to buy the next shiny piece of consumer shit, then you should be all for free trade and taking advantage of cheap slave labour in foreign countries. Personally I find that repulsive but if that's what the people of America want, well, so be it.

Me? I'm typing this post on a 10 year old computer and I don't even have a TV in my house so I'm definitely not a fan of modern consumer culture. I don't care if my stuff costs 3-5 times as much since I generally buy the good quality stuff and run it into the ground so the yearly cost ends up being cheaper in the long run. The US has the ability to make quality consumer goods which last way longer than the cheap imported crap that fills most stores, yes it'll cost more, yes we'll have to raise factory wages, but over the long run everyone benefits from it.

I don't own a TV so blanket tariffs are good is certainly an opinion, I will give you that

 

[BEAST]

Nobody has ever heard of this formula. Trump literally just pulled it outta his ass.

The more time we all have to digest exactly what’s going on, the dumber it all appears.

Parts of this debate -tariffs- were settled nearly 100 years ago. The Great Depression is one of the most widely studied economic events ever, if not #1. Other parts of the debate, like trade deficits and their impact, were already settled hundreds of years earlier.

They let Grok create it.

 

[LMP]

Make the 1930s Great Depression great again?

Back when America was great. This is what he went the whole time. Fucking genius.

 

[Limbo Pete]

What? Do you need me to simplify it?

We no tariff you, you tariff us.

Legit lol
Like, actual belly laugh

 

[LMP]

@Whippy McGee where you at?

 

[Corona]

Need bidgoat economics back

 

[hymn]

"Eliminated or reduced...." Reduced how much?

"The agreement lifts tariffs on 95 percent of goods between the countries within five years, in what would be the largest US trade pact since the North American Free Trade Agreement with Canada and Mexico in 1994.
...
Under the renegotiated agreement, the US will be allowed to keep its 2.5 percent tariff for five years, while South Korea would immediately cut its tariff in half to 4 percent. Both sides would eliminate tariffs after five years."

Your article had Korea's average tariff prior to the agreement at 6.6% so even then it was nowhere close to Trump's claim; the Korean article from this year said they're sub-1% now

 

[AWilder]

I love how you just completely ducked where you called someone else a retard without understanding what the futures market was.

That is a guaranteed tell that you have virtually no financial literacy when it comes to economics or markets.

yeah he's one of, if not, the dumbest posters in the war room. even his "side" tends to ignore his dumb ass.

 

[Rational Poster]

For people pro tariffs, I am going to try and break this down as simply as I can for you:

The American manufacturing industry was exported overseas to take advantage of cheap labor (when you want to consider that bad or good is a matter of perspective, as it lead to the greatest economic expansion in global history, but at the expense of certain industries).

Let's assume you bring those industries back - there is a time cost, & infrastructural cost to bringing those sectors back online. Does it create jobs for Americans? Yes, but not without severely hurting the American consumer.

The age of consumerism and accessible goods proliferated precisely because we could produce those goods with cheap labor. If you pay "fair wage", you are going to double or triple the cost of these goods. Inflated wage rates is what ultimately killed domestic automotive manufacturing.

ALL of these extra costs will be passed onto the consumer. Some may argue that with more jobs and better wages, it will allow for increased affordability, but history shows us that simply paying people more can do more harm than good. Increasing minimum wage as an example has actually shown to have a *negative* impact on people, as the price of goods goes up at a disproportionate rate relative to the increase in wage.

Unless you plan to pay people slave wages, in a best case scenario, Americans are paying significantly more to bring manufacturing industries domestically.

Whether or not you agree with tariff practices to protect industries (I don't)

You certainly can't get around the fact that it is flat out retarded to impose tariffs prior to constructing the industry to protect with them.

Now companies will have to pay tariffs on the inputs to build manufacturing and produce goods here. It makes no sense at all.

 

[lsa]

"US President Donald Trump has imposed tariffs of 50% on all imports from Lesotho, the second highest rate of any country in the world after China.

The tiny southern African country has a large trade surplus with the US, mostly from diamonds and textiles, including jeans."

How Lesotho, South Africa, Nigeria and Kenya are hit by Donald Trump's tariffs

Only Chinese goods are facing higher US tariffs than exports from Lesotho, which will be charged at 50%.

www.bbc.com

 

[Limbo Pete]

"US President Donald Trump has imposed tariffs of 50% on all imports from Lesotho, the second highest rate of any country in the world after China.

The tiny southern African country has a large trade surplus with the US, mostly from diamonds and textiles, including jeans."

How Lesotho, South Africa, Nigeria and Kenya are hit by Donald Trump's tariffs

Only Chinese goods are facing higher US tariffs than exports from Lesotho, which will be charged at 50%.

www.bbc.com

Suck on that, Lesotho! You've been eating America's lunch for too long and we're finally standing up to you!

 

[AWilder]

Legit lol
Like, actual belly laugh

its funny because it's not simplified enough for him

 

[Rational Poster]

How are we going to build industry to replace our trade partners with tariffs on steel, aluminum, and lumber.

Hello?

 

[44nutman]

Just looked #TrumpPuts up 30% today.
I could have made all you MAGA doggers an ass ton of money but your confirmation bias media has somehow convinced you Trumps Tariffs was a good thing when every economist, economic course and real world historic data tells you differently. If you have a 401k, confirmation bias media proper fucked your future. So much winning