- Bargains with other people’s money – the ultimate financiers of this deal
- Collection of differing articles / quotes
- If other countries are manipulating prices then what do those countries expect?
- Consumers expect lowest prices
3 Reasons Why Trump’s Tariffs Would Hurt American Workers (Daily Signal)
On Thursday, President Donald Trump stated that he would be announcing tariffs on steel and aluminum imports in the coming week. This move follows reports from the Department of Commerce that investigated the impact of these imports.
The president is expected to impose tariffs of 25 percent on steel and 10 percent on aluminum. This will lead to increased prices for these commodities in the U.S.
Here are three reasons why tariffs on steel and aluminum would be bad for American workers:
Steel-using industries employ 17 million Americans in sectors ranging from automotive manufacturing to construction. An increase in the price of imported steel and aluminum would put these jobs at risk. This already happened in the recent past. Steel tariffs imposed in 2002 cost 200,000 hardworking Americans their jobs.
Trade restrictions, by their nature, result in price increases for the goods in question. If the price of steel and aluminum goes up, manufacturers will be forced to pass those costs onto American consumers.
In 2002, the United States faced threats of retaliatory tariffs from major trading partners. Oftentimes, agriculture products are the first target, and in the past, the European Union targeted Florida orange juice. Canada has already threatened retaliation should the U.S. move forward. Tariffs on U.S. exports in retaliation, in the agriculture sector for example, could lead to lower sales abroad for U.S. businesses, putting the jobs of additional American workers at risk.
These potential tariffs may put small groups of manufacturers on life support, but they will jeopardize the jobs of millions. The president has a responsibility to protect all American workers rather than a select few, and he should refrain from imposing tariffs on steel and aluminum.
Trump’s tariff war nudges Cohn toward White House exit Politico
. . . A second person close to Cohn described it as a brutal blow that violated one of the NEC director’s core beliefs—that protectionism is economically backward and won’t lead to increased prosperity.
“It’s just something he feels very passionate about and he is incredibly good at making the case,” this person said, adding that it still isn’t clear if Trump’s decision would be enough to drive out Cohn.
By David Martosko, Us Political Editor (excerpts)
‘Trade wars are good’: Trump defends new steel and aluminum tariffs as he defends taxing foreign countries when they ‘get cute’ – but markets are spooked all over the world
President Trump said Thursday that he would impose 25 per cent tariffs on imported steel and 10 per cent on aluminum . . .
‘When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,’ the president tweeted.
‘Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!’
Trump added in a second tweet that ‘[w]e must protect our country and our workers. Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!’
The president has long complained about tariffs that American products face overseas, saying that it would be fair to play a tit-for-tat game.
‘When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart,’ he tweeted Friday.
‘We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!’
Donald Trump will sign off on new tariffs – 25 per cent on steel imports and 10 per cent on aluminum – next week, covering every country that sends those metals to the U.S.
The president defended his plan against fears of a global trade war, saying it would be ‘good’ for the U.S. and ‘easy to win’
The president defended his plan against fears of a global trade war, saying it would be ‘good’ for the U.S. and ‘easy to win’
White House Press Secretary Sarah Huckabee Sanders told reporters at the White House on Friday morning that the tariffs are something Trump has ‘wanted to do for awhile’
. . .
White House Press Secretary Sarah Huckabee Sanders told reporters at the White House on Friday morning that the tariffs are something Trump has ‘wanted to do for awhile’
While some of America’s trade imbalances could inch closer to parity if nations like China and Russia export less to the U.S., the resulting shortage of raw materials would likely have a negative impact on consumers’ checkbooks.
MillerCoors and Toyota predicted on Thursday that producing beer cans and automobiles will become more expensive – meaning price hikes.
‘We buy as much domestic can sheet aluminum as is available, however, there simply isn’t enough supply to satisfy the demands of American beverage makers like us,’ MillerCoors said in a tweet.
‘American workers and American consumers will suffer as a result of this misguided tariff.’
V’pac
