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So with the steel and aluminum tariffs being extended to Canada, Mexico and the EU, what impact to our manufacturing can we expect?
Is there any possible benefits to these tariffs in a modern globalized economy or is it just a backdoor method to tax businesses and consumers in this nation?
It appears simply to be a personal vendetta. There is no benefit to world trade and especially none to the US economy, once you consider that the other countries will now need to create their own tariffs on US stuff. And the money that is the tariff fee does not benefit any industry, just whoever pockets the fees. It is all wasted money that does not get used to produce goods.
Adding to my earlier comment--tariffs are like hidden taxes. As a buyer, you need to pay extra beyond what it takes to produce something. That extra is collected by the government. I guess if you reduce income taxes too much then you need to make up the deficit somehow. This extra "tax" is more like a sales tax though, since it only affects whoever buys the final product. Whereas income tax affects everyone according to the same formulas, the tariff effect only hits specific consumers. In the case of aluminum it is beer and beverage drinkers, auto buyers, maybe gasoline cost because of oil pipeline costs. But you will never see this hidden "tax", our stuff will just cost more.
In the case of aluminum it is beer and beverage drinkers, auto buyers, maybe gasoline cost because of oil pipeline costs. But you will never see this hidden "tax", our stuff will just cost more.
Hmmm, maybe a positive externality that can come out of this is that Americans will become more eco-friendly, buy beer and soda pop in glass bottles, drive less, etc. Still the negative repercussions are sure to hit hard working Americans hard as some businesses are sure to suffer and not everyone has access to alternative transportation.
There is no doubt that the US has gotten a bad deal in international trade over the years in most situations. The current administration is struggling to find a way to change the trend but the moves taken by themselves will not always be a long term solution... consider this a process that may or may not end in a success.
There is no doubt that the US has gotten a bad deal in international trade over the years in most situations. The current administration is struggling to find a way to change the trend but the moves taken by themselves will not always be a long term solution... consider this a process that may or may not end in a success.
What bad deal? Americans want cheaper goods... they choose to buy cheap instead of local and more expensive everytime they shop
The idea is to revive Domestic Steel, Aluminium production in the United States. Cheap imports without Tariffs have closed down our factories and job opportunities.
The idea is to revive Domestic Steel, Aluminium production in the United States. Cheap imports without Tariffs have closed down our factories and job opportunities.
Decades of sitting in front of a computer in an air conditioned room made the current young people unlikely to work in those factory jobs even if they were offered it...
Spent 37 years in the "metals business" these tariffs/duties will raise the price of metals in the US and create no new jobs. Now other countries will have access to lower cost metal which they will fabricate and sell in the US. The fabrication market is where the jobs are.
Trump doesn't have a clue on this issue. He is acting like a "bully", strategy won't work.
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