Trump knows nothing about economics

[Saylors_Tiny_Willie]

https://www.axios.com/2024/09/25/trump-tariffs-economic-policies-harris

[Scouts Honor]

now this i agree with

the tariffs will only really hurt american consumers.

in the john deere case, they may hurt JD initially.(the idea is that people won't buy the product b/c of the higher price).. but would it be enough to keep them in the US.

btw. why is JD leaving the US.. our economy is so good.

[ionel]

21 minutes ago, Scouts Honor said:

now this i agree with

the tariffs will only really hurt american consumers.

in the john deere case, they may hurt JD initially.(the idea is that people won't buy the product b/c of the higher price).. but would it be enough to keep them in the US.

btw. why is JD leaving the US.. our economy is so good.

It won't happen at that level but if I understand the proposed move the tariffs would only be in skid loaders and such moved to Mexico not Ag or lawn products.  

[mspart]

What was the result of his tariffs during his term as Presdident?

mspart

[Wrestleknownothing]

3 minutes ago, mspart said:

What was the result of his tariffs during his term as Presdident?

mspart

Of course the devil is in the assumptions, but...

Key Finding

• The Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products valued at approximately $380 billion in 2018 and 2019, amounting to one of the largest tax increases in decades.
• The Biden administration has kept most of the Trump administration tariffs in place, and in May 2024, announced tariff hikes on an additional $18 billion of Chinese goods, including semiconductors and electric vehicles, for an additional tax increase of $3.6 billion.
• We estimate the Trump-Biden tariffs will reduce long-run GDP by 0.2 percent, the capital stock by 0.1 percent, and employment by 142,000 full-time equivalent jobs.
• Altogether, the trade war policies currently in place add up to $79 billion in tariffs based on trade levels at the time of tariff implementation and excluding behavioral and dynamic effects.
• Before accounting for behavioral effects, the $79 billion in higher tariffs amounts to an average annual tax increase on US households of $625. Based on actual revenue collections data, trade war tariffs have directly increased tax collections by $200 to $300 annually per US household, on average. Both estimates understate the cost to US households because they do not factor in the lost output, lower incomes, and loss in consumer choice the tariffs have caused.
• Candidate Trump has proposed significant tariff hikes as part of his presidential campaign; we estimate that if imposed, his proposed tariff increases would hike taxes by another $524 billion annually and shrink GDP by at least 0.8 percent, the capital stock by 0.7 percent, and employment by 684,000 full-time equivalent jobs. Our estimates do not capture the effects of retaliation, nor the additional harms that would stem from starting a global trade war.
• Academic and governmental studies find the Trump-Biden tariffs have raised prices and reduced output and employment, producing a net negative impact on the US economy.

https://taxfoundation.org/research/all/federal/trump-tariffs-biden-tariffs/

[ionel]

43 minutes ago, Wrestleknownothing said:

Of course the devil is in the assumptions, but...

 

Well if we assume (and it may be true) that China was dumping products at 30% under world market price (under our cost) then a 30% tariff might make it fair trade thus allowing US producers to compete and therfore not costing tax payers. 

[Offthemat]

Which would help domestic mfg. and employment. 

[Wrestleknownothing]

1 hour ago, ionel said:

Well if we assume (and it may be true) that China was dumping products at 30% under world market price (under our cost) then a 30% tariff might make it fair trade thus allowing US producers to compete and therfore not costing tax payers. 

If is doing a lot of work there, as that is not what was alleged at the time. The Chinese products tariff was because of theft of intellectual property. None of this has any bearing, though, on the question, which was really quite simple: "What was the result of his tariffs during his term as Presdident?"

[ionel]

1 minute ago, Wrestleknownothing said:

If is doing a lot of work there, as that is not what was alleged at the time. The Chinese products tariff was because of theft of intellectual property. None of this has any bearing, though, on the question, which was really quite simple: "What was the result of his tariffs during his term as Presdident?"

Similar/same thing, steal our IP allows you to produce say 30% under cost cause  no $s spent on R&D.

[mspart]

1 minute ago, Wrestleknownothing said:

If is doing a lot of work there, as that is not what was alleged at the time. The Chinese products tariff was because of theft of intellectual property. None of this has any bearing, though, on the question, which was really quite simple: "What was the result of his tariffs during his term as Presdident?"

thank you for quoting me, warts and all!!

I may be wrong, but I remember the economy being in much better shape from 2017-2020 than 2021 thru 2024.  

mspart

[Saylors_Tiny_Willie]

17 hours ago, mspart said:

thank you for quoting me, warts and all!!

I may be wrong, but I remember the economy being in much better shape from 2017-2020 than 2021 thru 2024.  

mspart

Free money is a helluva drug.