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Insert something about taking jobs away from the US blah blah blah. Reality is that the US doesn't have the production capabilities. Nor is anyone going to buy $2000 iPhones which will cause Apple's stock to tank. Etc.
What suddenly happened to all that automation and robots that are going to take all the jobs in America away?
People always have a choice to buy more a expensive item and they still choose to buy the Walmart crap as you call it. Who are you to call for a tax on them?
Sovereignty has always been a matter of will.
In other words, the United States is an independent nation because the Founders said it was.
A critical element of our sovereignty is the ability, and will, to control who is allowed to import products into the United States and under what circumstances they may do so.
So, to answer your question, it's me and it's me because I say so.
If many Americans take a big blow in a trade war, then we should simply step up to the plate and help take care of those that are adversely affected. That’s what strong nations are supposed to do.
Yeah...right. Let me write this down so we can refer to it later. I'll just show it to the bank and my creditors.
The global economy has screwed America for the last 60+ years so it’s about time we cut bait.
Wait, what? We have reaped huge economic benefits? You dont say...
I'm way better off this century than last. Way better off. Just read the investing and retirement forums on the sizes of the IRAs/401Ks and other monies. It is truly amazing the numbers of people with huge retirement accounts, paid for houses - often more than one, more money in retirement than when they worked, retirement incomes of well over $150k/year for many couples. Globalism has definitely raised the boats of many. That said, it has also impoverished the less advantaged, which makes our social safety nets ever more important.
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Originally Posted by NekoLogic
A full out trade war will decimate multinational corporations.
Not to mention the stock market which will decimate the pension funds. Everyone will be hurt.
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Originally Posted by juppiter
If Trump does X the world will end.
We have heard this so many times now. And the world doesn’t end.
I actually voted for Hillary but the million cries of wolf have pushed me to support Trump. Let him try this, he hasn’t steered us wrong yet.
Give it time. It's only been 14 months. He's just now getting up to his full buffoonery/know-nothing speed.
The farcical tax bill was just enacted. Just wait a year. Reduced tax revenues from that brilliant piece of legislation along with higher prices for the consumer because of the tariffs - which will then lead to reduced sales and profits and unemployment - should really put the nail in the coffin.
The tariffs are the result of a temper tantrum because he's so angry Hope Hicks is leaving the White House. Honest to God. So, he decided to throw a punch. He doesn't give a darn - much less begin to comprehend - the unintended consequences worldwide of this tomfoolery. You've got the corner grocer running the country - except this fool doesn't have the common sense of the grocer.
I predict a serious recession beginning next year - with huge financial broad-spectrum financial ramifications - and, as usual, hurting those who can least withstand it the most. The rich, of course, will just go on with their lives - while everyone else pays the price.
The roiling of the financial markets is a huge tell. The market always knows.
Just get ready for everything you use that has steel or aluminum in it to cost more. Who's going to pay for the trade war? We are! Are you going to stop buying cars because the steel in it costs more? Nope. You'll just pay more. Soda pop and beer? Aluminum cans. They'll cost more.
Why? Because that's what happens when tarriffs get put on. You won't magically have cheap steel products from the USA; the tarriffs will just raise the prices to whatever price the US can produce steel for; that's what a tarriff does to the consumer. It's the consumer who gets hurt; don't forget that.
Throughout the 1960s, US imports remained less than 5% of GDP (roughly a quarter of what they are now).
The stores were filled with US manufactured products.
"This is just straight up stupid," Adam Posen, president of the Peterson Institution for International Economics, said Friday. "This is fundamentally incompetent, corrupt or misguided." Posen, who served at the Federal Reserve Bank of New York in the mid-1990s, currently sits on the panel of economic advisors to the U.S. Congressional Budget Office.
"Steel is just a tiny input in the U.S. gross domestic product (GDP) — which is why it's so crazy. You mess up your entire trading system for an industry that has a total of 80,000 jobs," Posen argued. 2015 census data showed roughly 140,000 Americans employed in steel mills, contributing $36 billion to the national economy.
By comparison, steel-consuming industries, which experts believe will be hardest hit by the tariffs, employ 6.5 million Americans and add about $1 trillion to U.S. GDP, according to the census.
Trump has tweeted that he might impose stiff tariffs on European cars Imported into the US.
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