The Trump Economy

[row_33]

Stock market fluctuates, must be the start of the worst crash ever.

 

[plenzmd1]

1 hour ago, row_33 said:

Stock market fluctuates, must be the start of the worst crash ever.

 

Maybe not, but even the Mooch opined over the weekend smart money has started moving to the sidelines. I know I made a fairly substantial hedge bet in March on a 15% drop in the Dow when he first announced these tariffs. The tax cut and resultant pop in earnings coupled with Trump's approach to tariffs put a scare in me. I am still long with the majority of my money but wanted some downside protection in the face of a major selloff. Let's hope we don't get there, but I am getting scared.  

 

 

Edited July 2, 2018 by plenzmd1

[ALF]

The EU Is Preparing Enormous New Tariffs on U.S. Goods if Trump Follows Through on His Cars Threat

 

The European Union is reportedly preparing to slap tariffs on up to $300 billion of U.S. products, if the White House goes ahead with its threatened tariffs on auto imports from the EU.

 

This is based on a letter, reported by the Financial Times, from the European Commission to the U.S. Commerce Department.

 

So far, the EU has only imposed duties on $3.2 billion of U.S. products such as whiskey and peanut butter, as retaliation for President Trump’s tariffs on imported European steel and aluminum. China is preparing to hit the U.S. with tariffs on products worth $34 billion, and Canada is throwing duties on U.S. products of around $12.5 billion.

 

http://fortune.com/2018/07/02/eu-300-billion-tariffs-trump-auto-threat/

[plenzmd1]

2 minutes ago, ALF said:

The EU Is Preparing Enormous New Tariffs on U.S. Goods if Trump Follows Through on His Cars Threat

 

The European Union is reportedly preparing to slap tariffs on up to $300 billion of U.S. products, if the White House goes ahead with its threatened tariffs on auto imports from the EU.

 

This is based on a letter, reported by the Financial Times, from the European Commission to the U.S. Commerce Department.

 

So far, the EU has only imposed duties on $3.2 billion of U.S. products such as whiskey and peanut butter, as retaliation for President Trump’s tariffs on imported European steel and aluminum. China is preparing to hit the U.S. with tariffs on products worth $34 billion, and Canada is throwing duties on U.S. products of around $12.5 billion.

 

http://fortune.com/2018/07/02/eu-300-billion-tariffs-trump-auto-threat/

 

you missed the best part of the article

 

The name of this reported bill is the “United States Fair and Reciprocal Tariff Act”—or “FART.”

[/dev/null]

22 minutes ago, plenzmd1 said:

you missed the best part of the article

 

The name of this reported bill is the “United States Fair and Reciprocal Tariff Act”—or “FART.”

The EU is full of sh*t and hot air

[outsidethebox]

28 minutes ago, ALF said:

The EU Is Preparing Enormous New Tariffs on U.S. Goods if Trump Follows Through on His Cars Threat

 

The European Union is reportedly preparing to slap tariffs on up to $300 billion of U.S. products, if the White House goes ahead with its threatened tariffs on auto imports from the EU.

 

This is based on a letter, reported by the Financial Times, from the European Commission to the U.S. Commerce Department.

 

So far, the EU has only imposed duties on $3.2 billion of U.S. products such as whiskey and peanut butter, as retaliation for President Trump’s tariffs on imported European steel and aluminum. China is preparing to hit the U.S. with tariffs on products worth $34 billion, and Canada is throwing duties on U.S. products of around $12.5 billion.

 

http://fortune.com/2018/07/02/eu-300-billion-tariffs-trump-auto-threat/

How many years have we been practicing unfair trade agreements with these piss ant countries!! Go tell them to go pound sand and protect themselves instead of leaning on the US.

Ungrateful little bitches they are!!

[ALF]

GM warns on car tariffs: Customers will feel impact

 

German automakers are said to be urging the Trump administration and the EU to set car tariffs to 0%. The U.S. currently charges a 2.5% tariff on EU cars, while the EU’s tariff on American vehicles is 10%.

 

“Moreover, it is likely that some of the vehicles that will be hardest hit by tariff-driven price increases—in the thousands of dollars—are often purchased by customers who can least afford to absorb a higher vehicle price point.”

 

https://www.foxbusiness.com/markets/gm-warns-on-car-tariffs-customers-will-feel-impact

[Tiberius]

On 7/2/2018 at 3:00 PM, ALF said:

GM warns on car tariffs: Customers will feel impact

 

German automakers are said to be urging the Trump administration and the EU to set car tariffs to 0%. The U.S. currently charges a 2.5% tariff on EU cars, while the EU’s tariff on American vehicles is 10%.

 

“Moreover, it is likely that some of the vehicles that will be hardest hit by tariff-driven price increases—in the thousands of dollars—are often purchased by customers who can least afford to absorb a higher vehicle price point.”

 

https://www.foxbusiness.com/markets/gm-warns-on-car-tariffs-customers-will-feel-impact

Why is this happening? We are having a trade war to help the USA? That seems pretty far fetched. 

 

Is Trump just trying to hurt our relationships with other countries? While he is wagging his tail to meet Putin? 

 

Its pretty difficult not to at least consider a treasonous intent here. 

[Pine Barrens Mafia]

On 7/2/2018 at 3:00 PM, ALF said:

GM warns on car tariffs: Customers will feel impact

 

German automakers are said to be urging the Trump administration and the EU to set car tariffs to 0%. The U.S. currently charges a 2.5% tariff on EU cars, while the EU’s tariff on American vehicles is 10%.

 

“Moreover, it is likely that some of the vehicles that will be hardest hit by tariff-driven price increases—in the thousands of dollars—are often purchased by customers who can least afford to absorb a higher vehicle price point.”

 

https://www.foxbusiness.com/markets/gm-warns-on-car-tariffs-customers-will-feel-impact

 

So the EU charges 4x the tariff we do.

 

So we could conceivably raise the tariff on their vehicles to 10% to ensure competitive balance. Nice!

 

This is what I mean by "getting fat off us." This isn't free trade.

 

Edited July 5, 2018 by joesixpack

[Koko78]

Trump should just announce that the US will enact tariffs on all goods from each country to match the highest tariff imposed on US goods by that country. That way, each individual country controls its trade destiny with the US. They can't claim it's unfair if the US is simply imposing the same tariff rate on their goods that they are on our goods.

 

!@#$ free trade, each country tries to game the system, then proclaim themselves victims when called out on their crap. There's a reason the US almost always wins in WTO court (and it's not because we control the WTO court - we don't.)

 

Fair trade is the only way to go.

[DC Tom]

1 hour ago, Tiberius said:

Why is this happening? We are having a trade war to help the USA? That seems pretty far fetched. 

 

Is Trump just trying to hurt our relationships with other countries? While he is wagging his tail to meet Putin? 

 

Its pretty difficult not to at least consider a treasonous intent here. 

 

You're an idiot.

[Tiberius]

21 minutes ago, DC Tom said:

 

You're an idiot.

Yes, he just likes Putin. I mean who doesn't? 

[plenzmd1]

15 hours ago, joesixpack said:

 

So the EU charges 4x the tariff we do.

 

So we could conceivably raise the tariff on their vehicles to 10% to ensure competitive balance. Nice!

 

This is what I mean by "getting fat off us." This isn't free trade.

 

 

15 hours ago, Koko78 said:

Trump should just announce that the US will enact tariffs on all goods from each country to match the highest tariff imposed on US goods by that country. That way, each individual country controls its trade destiny with the US. They can't claim it's unfair if the US is simply imposing the same tariff rate on their goods that they are on our goods.

 

!@#$ free trade, each country tries to game the system, then proclaim themselves victims when called out on their crap. There's a reason the US almost always wins in WTO court (and it's not because we control the WTO court - we don't.)

 

Fair trade is the only way to go.

These are both very simplistic points of view. Trade is a very complex subject, one I freely admit to not even be close to understanding. I know this though..One must take a look at the overall tariff rates ( i am not even sure that is the correct term) , not individual items. I am fairly certain the tariff on clothes imported into the US can reach close to 20%, tariffs on certain tobacco products are closer to 200%. So Koko78 , you want to start that system, go ahead!

 

Here is the best I can find on overall tariff rates

 

https://data.worldbank.org/indicator/TM.TAX.MRCH.WM.AR.ZS

Forget the trade deficit..I can't wait until  @joesixpack  who just proclaimed his love for Walmart due to low prices, sees his weekly bill at Walmart go up cause everything in Walmart is somehow made cheaper based of that trade deficit. The trade deficit $$$$ means NOTHING. And Trump is missing the fact those guys can wait him/us out like a champ. They will lose the short term battle to win the long-term war. They ain't got elections to win...when their people get put in a year or two or three of economic pain, they will live with and even subsidize it. Although Trump subsidizing pain in his base also scares the poop out of me.

 

 

The real problem in trade is not with our allies , it is with China..and it is not with the $ value of goods exchanged, it with the theft of IP and the absolutely brutal regulations and processes one deals with to do business there on technology-IP based businesses.. Within the last two years, I have gone through that process of introducing a new SaaS technology..and it was truly unbelievable. Trump is doing ZERO to address that.

 

But i am also torn on these tariffs. I believe it is the beginning of the end of Trump with his base( outside the 1%, they will forever love him for that tax cut). This is gunna hit, and hit hard, where Trump won,. I never want to see people get hurt like that, as I think it is gonna cause real pain in his base. But if that leads to him being out in 2020..maybe its a hurts so good situation.

Edited July 6, 2018 by plenzmd1

[ALF]

The problem is outsourcing good paying jobs with benefits to low wage countries. Those good paying jobs were traded for part time min wage jobs who no longer pay income tax. The 1000s of closed factories who paid property taxes and school taxes are gone'

 

If you are ok with a massive national debt unfair trade is the way to go.   jmo

[plenzmd1]

4 minutes ago, ALF said:

The problem is outsourcing good paying jobs with benefits to low wage countries. Those good paying jobs were traded for part time min wage jobs who no longer pay income tax. The 1000s of closed factories who paid property taxes and school taxes are gone'

 

If you are ok with a massive national debt unfair trade is the way to go.   jmo

i am not quite sure I understand your point..are you saying trade has caused the US tax revenue to decrease hence the deficit?

[ALF]

3 minutes ago, plenzmd1 said:

i am not quite sure I understand your point..are you saying trade has caused the US tax revenue to decrease hence the deficit?

 

I would think tax revenue is increasing just not near enough to reduce deficit. 

[Pine Barrens Mafia]

15 minutes ago, plenzmd1 said:

i am not quite sure I understand your point..are you saying trade has caused the US tax revenue to decrease hence the deficit?

 

Trade with China destroyed this country's industry, and has paved the way for China to surpass us economically, militarily and even culturally.

 

Allowing them into the WTO has been a catastrophe for us. We should have left them isolated.

 

Edited July 6, 2018 by joesixpack

[plenzmd1]

1 minute ago, joesixpack said:

 

Trade with China destroyed this country's industry, and has paved the way for China to surpass us economically, militarily and even culturally.

 

Cmon dude, why you take the "irrefutable" away? And also, thought you and KOKO were arguing trade with EVERYONE, not just China. So what are we arguing here?

 

China is still the # 2 economy in the world, with 4x the amount of people. And guess what every 5-year strategic plan for every freaking US based company includes...expanding business in APAC cause there is so much room for growth. Again, trade with China needs to be addressed..but its not cheap goods we need to worry about..(you yourself claimed your love for cheap goods and Walmart just the other day)..it is how do we get to sell our real advantage over China..our services based on our brain power..how do we get THAT to be on an equal playing field. Tell me how a tariff war impacts that!!!! Yall forget that country and regime can live with some real pain..US cannot.

 

And what the hell does surpassing us culturally even mean? 

 

[Nanker]

The Labor participation rate increased in June as over 600,000 people REJOINED the workforce. MAGA. Of course that bumped up the overall unemployment rate to 4.0%. 

 

[ALF]

plenzmd1     Fair trade agreements need to be negotiated . I do not want a trade war.

 

How would you bring down the deficit without gutting medicare, SS , medicaid  

 

Living wage jobs with medical coverage are still a reasonable goal to me.