Trump signs tariffs

[vegasone]

Originally Posted by delayjf

What are the alternatives regarding how to deal with China?

Just keep doing the same things the way they have been done. What most of those know it alls want.

Trying something different is not in their methodology.

Check with Einstein on that one.

[Clocker]

Originally Posted by vegasone

Trying something different is not in their methodology.

Well we tried protective tariffs before, and we know they don't work. Tariffs certainly made the Great Depression worse than it would have been. From Wiki:

The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff,[1] was an Act implementing protectionist trade policies sponsored by Senator Reed Smoot and Representative Willis C. Hawley and was signed into law on June 17, 1930. The act raised U.S. tariffs on over 20,000 imported goods.[2]

The tariffs (this does not include duty-free imports – see Tariff levels below) under the act were the second-highest in the U.S. in 100 years, exceeded by a small margin by the Tariff of 1828.[3] The Act and following retaliatory tariffs by America's trading partners were major factors of the reduction of American exports and imports by more than half during the Depression.[4] Although economists disagree by how much, the consensus view among economists and economic historians is that "The passage of the Smoot–Hawley Tariff exacerbated the Great Depression."[5]

https://en.wikipedia.org/wiki/Smoot%...ley_Tariff_Act

And there is strong evidence that selling off stock in anticipation of the tariffs as they went through Congress was one of the causes of the Great Depression:

http://fortune.com/2018/03/04/did-ta...at-depression/


More on the ill effects of tariffs, including the failure of George W. Bush's steel tariffs, here:


https://www.aier.org/article/tariffs...peated-failure

[fast4522]

Sure, Joseph P. Kennedy Sr. sold off stocks prior to the crash, and during the Great Depression hires extra servants.

[Clocker]

Originally Posted by fast4522

Sure, Joseph P. Kennedy Sr. sold off stocks prior to the crash, and during the Great Depression hires extra servants.

News flash. Joe Kennedy caused the Great Depression. Hard to argue with that kind of detailed historical evidence and analysis.

[woodtoo]

Eastern Europe is the future and is leading GDP by a mile over western Europe
who are destroying their culture and people.
Top GDP Countries 3Q:

Poland 5.7
Latvia 5.5
Hungary 5
Slovakia 4.5
Romania 4.1
Cyprus 3.6
Bulgaria 3
Lithuania 2.7
Austria 2.6
Spain 2.5
Netherlands 2.4
Czechia 2.3
Finland 2.3
Denmark 2.2
Portugal 2.1
Belgium 1.7
U.K. 1.5
France 1.5
Germany 1.2
Italy 0.8

[fast4522]

Originally Posted by Clocker

News flash. Joe Kennedy caused the Great Depression. Hard to argue with that kind of detailed historical evidence and analysis.

No he did not, but recieved infomation what was to happen.

[woodtoo]

A new Econpol Policy Brief shows 4.5% of the 25% Chinese tariffs are being paid by American consumers with Chinese producers absorbing the remaining 20.5%.
According to the authors Benedikt Zollar-Rydzek.
#winning

[chadk66]

Originally Posted by woodtoo

A new Econpol Policy Brief shows 4.5% of the 25% Chinese tariffs are being paid by American consumers with Chinese producers absorbing the remaining 20.5%.
According to the authors Benedikt Zollar-Rydzek.
#winning

looks like winning to me

[Clocker]

Originally Posted by chadk66

looks like winning to me

To repeat, if American consumers aren't paying the tariffs, then the Chinese products remain price competitive, and American consumers will tend to buy the less expensive Chinese products rather than switch to more expensive American made goods.

Therefore the tariffs are not doing what Trump wanted them to do, which was to make Chinese products more expensive than American products. That is hardly winning for The Donald.

And I suspect that the Chinese government is subsidizing the Chinese firms that are "absorbing" the larger part of the tariffs. To further repeat, Trump's tariffs are taxes on American consumers. By absorbing the greater part of the tariffs, the Chinese are reducing the taxes paid by Americans in return for them buying Chinese imports.

Look for nasty tweets from Trump on this once someone explains it to him.

[fast4522]

Wrong, companys are forced into zero profit to keep jobs for workers. This is really bad for China, they can change or burn. This is no exaggeration, things are not good for them.

[Clocker]

Originally Posted by fast4522

Wrong, companys are forced into zero profit to keep jobs for workers. This is really bad for China, they can change or burn. This is no exaggeration, things are not good for them.

You can't learn what is going on in the world from reading Trump's tweets. China is giving tax breaks and other incentives to companies hit by Trump's tariffs.

Less than a week after the United States and China struck each other with steep tariffs, Beijing has unveiled a basic outline to help Chinese companies absorb the blows, pledging to funnel money collected from levies to firms and workers tangled in the escalating trade war.

Officials also encouraged businesses here to roll back their reliance on U.S. goods, urging them to shift orders for products such as soybeans and automobiles to suppliers in China or countries other than the United States.

https://www.washingtonpost.com/world...=.049f83c53fb9

China announced measures to support some of the exporters targeted by U.S. President Donald Trump’s barrage of higher tariffs.

The Ministry of Finance said it will raise export rebate rates for 397 goods, ranging from lubricants to children’s books, meaning that firms shipping such products abroad will pay less value-added tax. The new rates will be effective from Sept. 15, the ministry said Friday in a statement on its website.

About a sixth of the items were among the products already hit by U.S. tariffs recently imposed on $50 billion in Chinese goods, such as pressure-reducing valves or lubricants. Bloomberg identified these items by comparing the products on the VAT list to items on the lists of goods hit by higher levies. At least another 67 items getting a rebate may soon be hit by the next round of tariffs.

https://www.bloomberg.com/news/artic...-trump-tariffs

[fast4522]

I do not have a twitter, facebook, or any of the names I know nothing about. I am really oldschool and do not want to sign up for any of it. I do know China can lose trillons on just one day, that ain't so bad.

[Clocker]

Originally Posted by fast4522

I do not have a twitter, facebook, or any of the names I know nothing about. I am really oldschool and do not want to sign up for any of it. I do know China can lose trillons on just one day, that ain't so bad.

All you need is Google, which you have if you are on the internet. You have no facts or sources to support statements like Chinese firms have zero profits.

How is China going to lose trillions if it is still selling its goods to American consumers and it has stopped buying American products like soy beans, previously a big deal for American farmers? This is just making our trade deficit with China even worse than it was before the tariffs.

[fast4522]

Originally Posted by Clocker

All you need is Google, which you have if you are on the internet. You have no facts or sources to support statements like Chinese firms have zero profits.

How is China going to lose trillions if it is still selling its goods to American consumers and it has stopped buying American products like soy beans, previously a big deal for American farmers? This is just making our trade deficit with China even worse than it was before the tariffs.

The American farmer was doing so well with soy products that it cut planting carrots. Now shifting more a percentage of carrots there will not be the shortage in carrots in 2019 that there was 2018. Hey I read, just let you know I don't need the phone for anything other than making calls. Let me spell it out for you, F%$&k China.

[FantasticDan]

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