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Very Hot Topic (More than 25 Replies) Do you Support Trade War Trump? (Read 2,093 times)
Demos
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Re: Do you Support Trade War Trump?
Reply #50 - Mar 4th, 2018 at 10:51am
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Quote:
Optimism for Manufacturers Upended With Trump’s Tariff Pledge

...Many U.S. parts-makers fret that the plans could send business to overseas competitors, if tariffs drive up domestic prices and fuel inflation on top of what manufacturers have already been paying. They also fear tariffs could have unintended consequences, eventually diverting business away from U.S. steel makers and shifting manufacturing abroad....

U.S. manufacturers for more than a year have ramped up hiring and production as they cheered Mr. Trump’s moves to roll back regulations and overhaul a tax code they saw as onerous.

“This is going to unfortunately throw some cold water on that momentum,” said Jason Andringa, chief executive of Vermeer Corp., an Iowa maker of construction and agricultural equipment. “It’s going to bring a dynamic of risk and volatility that we haven’t had to deal with in a while"...

Following the tariff announcement, home-appliance maker Electrolux AB, of Sweden, said it was putting on hold a planned $250 million investment to modernize and expand a plant in Springfield, Tenn. It said it won’t make a decision on the Tennessee investment until it hears more details about the tariffs.

Auto-supplier executives were concerned their costs could rise sharply if tariffs prompt domestic steel producers to boost prices, said Detroit-area attorney Dan Sharkey, who counts some of them as clients. Mr. Sharkey said the supplier executives wanted to know whether they could expect customers such as General Motors Co. or Ford Motor Co. to revise their purchase contracts to absorb some of the increased cost...

Mr. Smith worries about a repeat of 2002, when steel tariffs sent his costs spiking 30% within weeks. His customers—auto makers and other large auto suppliers—were reluctant to absorb any of the cost increase or pass it on to customers, and he worries some could look to Canada or Mexico for cheaper options. “Until we see the particulars, nobody knows,” he said.

Source

Some other tidbits in this story. The administration declared a 25% tariff on steel and 10% on aluminum without any apparent interagency process (e.g., an earlier story raised concerns by DOD about them not being targeted), and there is a lack of detail about who/what it applies to, causing increased concern among manufacturers (who have to worry about supply and how this will impact their plans).

But hey, make America great again by propping up one industry at the expense of others.
  
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Demos
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Re: Do you Support Trade War Trump?
Reply #51 - Mar 4th, 2018 at 12:52pm
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Trump trade adviser says no exceptions for allies on new aluminum and steel tariffs

The Trump administration will not grant exemptions from its new aluminum and steel tariffs for allies such as Canada, White House trade adviser Peter Navarro said Sunday, as he defended President Trump's sudden imposition of new trade premiums that are likely to hit Canada and Europe hardest...

In a contentious interview with “Fox News Sunday” host Chris Wallace, Navarro insisted that other countries won't retaliate in a way that hurts U.S. consumers, something disputed by many economists and some Republican lawmakers.

There are no downstream price effects on our industries that are significant,” Navarro said on Fox, one of several interviews he did Sunday as the administration sought to promote and defend a decision that appears likely to start a global trade war...

Navarro said on Fox that the national security and economic security provision Trump cited in announcing the 25 percent tariffs on steel and 10 percent on aluminum is “country-agnostic,” meaning that it applies across the board.

But speaking on CNN, Navarro suggested that there could be exemptions in “particular cases where we need to have exemptions so that business can move forward.”

However, in the same interview, he also pushed back on the Pentagon’s argument that the new trade policy could have an adverse effect on national security, arguing against giving allies a pass on the tariffs because “as soon as you exempt one country, then you have to exempt another country"...

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Lulz.
  
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Mojo-Jojo
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Re: Do you Support Trade War Trump?
Reply #52 - Mar 4th, 2018 at 1:01pm
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Well, this is one way to bring the bears back to Wall Street. No doubt Obama's fault in a tweet to follow, lol.
  

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Demos
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Re: Do you Support Trade War Trump?
Reply #53 - Mar 5th, 2018 at 12:23pm
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Quote:
i@ianbremmer

If I had to bet, I’d say Trump’s  promised tariffs don’t happen.

Big pushback from almost everyone that matters to him. And he does watch the markets.

https://twitter.com/ianbremmer/status/970701506453393408

One can hope.
  
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Greg55_99
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Re: Do you Support Trade War Trump?
Reply #54 - Mar 5th, 2018 at 12:29pm
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"What the tax cuts giveth, the tariffs taketh away!"

Greg
  

"You want the TRUTH? You can't handle THE TRUTH!!"
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Ulysses
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Re: Do you Support Trade War Trump?
Reply #55 - Mar 5th, 2018 at 2:44pm
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Lomelis wrote on Mar 2nd, 2018 at 12:21pm:
Gun control and tariffs, what's next?  I wouldn't be surprised if his next proposal is medicare for all.


I hope not.

Single payer is too important to leave to Trump to f*ck up.
  

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Re: Do you Support Trade War Trump?
Reply #56 - Mar 5th, 2018 at 3:11pm
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No.
  


"Without morals a republic cannot subsist any length of time; they therefore who are decrying the Christian religion, whose morality is so sublime and pure (and) which insures to the good eternal happiness, are undermining the solid foundation of morals, the best security for the duration of free governments."

Charles Carroll, signer of the DOI
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Re: Do you Support Trade War Trump?
Reply #57 - Mar 5th, 2018 at 3:15pm
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Greg55_99 wrote on Mar 5th, 2018 at 12:29pm:
"What the tax cuts giveth, the tariffs taketh away!"

Greg

Indeed.
  

Open Trade, Open Borders, Taco Trucks on Every Corner
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Demos
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Re: Do you Support Trade War Trump?
Reply #58 - Mar 6th, 2018 at 5:41pm
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Quote:
Gary Cohn to Resign as Trump’s Top Economic Adviser

Gary D. Cohn, President Trump’s top economic adviser, plans to resign, becoming the latest in a series of high-profile departures from the Trump administration, White House officials said on Tuesday.

The officials insisted there was no single factor behind the departure of Mr. Cohn, who heads the National Economic Council. But his decision to leave came after he seemed poised to lose an internal struggle amid a Wild West-style process over Mr. Trump’s plan to impose large tariffs on steel and aluminum imports...

Mr. Trump’s announcement last week that he would levy tariffs on aluminum and steel imports was the most immediate catalyst for Mr. Cohn’s departure, according to people familiar with his thinking. Mr. Cohn, a longtime proponent of free trade, believed the decision could jeopardize economic growth...

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Re: Do you Support Trade War Trump?
Reply #59 - Mar 6th, 2018 at 5:57pm
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This would be one of Trump's biggest mistakes of his presidency so far, if not the biggest. Protectionist policies are simply dead wrong and go against the spirit of free-enterprise competition. Of course, the unions will love it, but they're worthless anyway.
  


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