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"Since Mr. Trump took office, the price for American hot-rolled steel coil has increased by more than 35%, rising about $222 a ton, according to price data from S&P Global Platts. When the President signed orders imposing the tariffs on March 8, prices increased by more than 4% in a day."
If you can't figure it out that tariffs on foreign steel allowed US steel companies to raise prices then I can't help you.
As has been noted already in this thread, steel prices have already gone up in response to the tariffs. The market bid up the price of steel in anticipation of the tariffs, which is the kind of thing markets are supposed to do anyway.
As soon as I posted that I realized that was probably the case.
Nobody has explained yet why if unemployment is at a historic low, tax cuts were needed to stimulate hiring and create jobs (which will never work through the end of time, BTW).
Looks like a GOP giveaway to the 1% to me and tens of millions more Americans.
Exactly what I, as well as others herein (and, of course, professional economists) have been saying. Cutting taxes is a tool to be used wisely, and sparingly, when the economy requires stimulation. That tool has effectively been removed from the quiver.
Many seem to forget that some of the highest income taxes this country has ever seen were in response to World War II. Yet, the 1950s were truly a 'boom' time, for your average American, with the Government using the tax revenue to lower the debt that necessarily rose from engagement in total war, as well as build the interstate highway system, fund the GI bills, etc. There was no need to cut the taxes at that time, as it would have been wasted.
Nobody has explained yet why if unemployment is at a historic low, tax cuts were needed to stimulate hiring and create jobs (which will never work through the end of time, BTW).
Looks like a GOP giveaway to the 1% to me and tens of millions more Americans.
the GOP tax cuts were ideological
they, in fact, raised taxes on a lot of people who are in traditionally Democratic Party-leaning industries and geographic areas.
As expected, businesses that cannot afford to pay higher prices have started to lay off workers.
This administration's motto: Protect a few and harm the many.
"American Keg Company is the only remaining U.S. manufacturer of stainless steel beer kegs. Despite competition from German and Chinese firms, American Keg has only used domestic steel. But now it’s being punished for this domestic sourcing as Donald Trump’s steel tariffs have forced the business to lay off a third of its workforce.
...
The Trump tariffs are supposed to protect the 140,000 workers employed by steel makers. But even if they do that for a while, until companies like American Keg suffer and stop buying steel, the tariffs punish the 6.5 million workers in steel-dependent industries. "
What happened to the minimum wage rage that liberals championed ? Didn't see the liberals crying about higher prices then.
perhaps they feel that if costs must rise, better to be on labor than on raw materials. Unless you feel a lot of people throughout the nation are going to be able pay off their bills because the price of steel went up?
Last edited by Metsfan53; 03-19-2018 at 03:10 PM..
It makes zero economic sense to not take advantage of the being the entity that can provide something cheaper than your competitors. For your logic to hold up, we'd have to assume monumental greed on the part of the domestic steel companies, which means we have no reason to care if they go out of business. They were handed a tool to beat the competition and they screwed it up. Why should we care about that? We shouldn't. And it certainly isn't Trump's fault.
You're still not getting it! American Keg has to buy their steel they use to make beer kegs. Now they're forced to pay higher prices for that steel from their domestic supplier BECAUSE the domestic supplier saw an opportunity to make more profit by raising their prices to just under the competitions new costs.
They do this in the same manner as a gass station who purchased and had a gasoline delivery of 20,000gals at rate "X" per gallon but in the meantime all the other stations on his corner had to pay a higher rate due to the price rise happening after his delivery was made......they are forced to raise their prices........does he continue to sell at his far lower price still making a profit upon his costs ...or does he raise his price to make additional profits to offset the cost of a future delivery of another 20,000gals at a higher price?
You snooze you lose in business. The Keg maker is a victim of a combination of costing he could not foresee and his supplier taking the opportunity to maximize profits....that's business.
That's also something Trump was warned would happen long before he enacted tariffs.
As a businessman Trump should have seen this coming. Nothing he would pay for in Hotel building, managing, marketing would be outside this influence.
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Quote:
Originally Posted by Rufus Clay Banger
Actually it's a simple-minded and overtly dumb response. It's almost as if you folks don't understand what competition is? It makes zero economic sense to not take advantage of the being the entity that can provide something cheaper than your competitors. For your logic to hold up, we'd have to assume monumental greed on the part of the domestic steel companies, which means we have no reason to care if they go out of business. They were handed a tool to beat the competition and they screwed it up. Why should we care about that? We shouldn't. And it certainly isn't Trump's fault.
For someone who supposedly understood all about how business works, Trump certainly hasn't shown much.
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American Keg has to buy their steel they use to make beer kegs. Now they're forced to pay higher prices for that steel from their domestic supplier BECAUSE the domestic supplier saw an opportunity to make more profit by raising their prices to just under the competitions new costs.
