The effect of tariffs on the US

Apr 2013
34,216
23,109
Left coast
#1
From the Axios AM Newsletter. And I profusely thank chip for the new feature of links being imbedded in posts where a story with embedded links are C&P'd.

More than 90% of 251 U.S. economists
surveyed by the National Association for Business Economics "said they think the Trump administration's current and threatened tariffs will harm the economy," AP reports.

  • 80% said "the administration’s efforts to ease regulations would boost growth in the short run. ... [N]early half said they felt deregulation would have negative consequences over the long term."
Coming attractions ... On Wednesday, the bull market will become the largest in history — 9 years, 5 months and 13 days old, passing the record from the tech-and-dotcom boom of the 1990s, Axios future editor Steve LeVine reports.

  • This bull run has returned about 320% through Friday's close, compared with 417% for the dotcom boom — making it almost 25% smaller at the same point in its life, according to LPL Financial.
 
Oct 2009
455
74
Cliffside Park, NJ
#3
RNG, annual Trade deficits are always net detrimental to their nation's GDP and drag upon their numbers of jobs.
I’m a proponent of the policy described within Wikipedia’s “Import Certificates” article.

Excluding values of materials that are explicit items within the list of scarce or precious minerals, the values of all goods passing through the Import certificate nation’s borders are subject to the nation’s Import Certificate regulations.

Tariffs are generally drafted to be applicable to fewer specific rather than to almost all imported goods. Within nations that have adopted a tariff policy, political entities usually jokey for their goods advantages over others; and usually some of those political schemes are successful. Among Import Certificate advantages over tariff policy is its drafted to (hopefully) remain general rather than applicable to specific goods.

It’s illogical to attempt protecting the nation’s steel industry from lower wage imports, unless you similarly protect the nation’s steel purchasing industries from such imports. Otherwise we’ve undermined our nation’s steel purchasers. If we’re going to protect domestic steel, we should protect it from imported substitutes for steel. Import Certificate policy does not discriminate among types of goods, enterprises, industries, or foreign nations. It doesn’t discriminate between agricultural or manufactured products but rather treats all products in an equitable manner.

Both tariffs and Import Certificate policy are dependent upon guide lines for goods’ assessed values. I’m among proponents that those assessment guide lines be determined and updated by civil servant statisticians rather than by politicians. Doing otherwise is a path to disaster. The three branches of our federal government do of course retain their full monitoring and oversite duties and jurisdictional powers.

Regardless of the variable free market prices of the nation’s Import certificates, (ICs) passed on to their purchasers of imported goods, the nation’s annual trade deficits of goods will be significantly reduced or eliminated.
Even if tariff rates reflected upon import prices passed on to their purchasers of imported goods are drastically high, imported goods price increases cannot assure reductions of annual trade deficits similar to the great reductions that Import Certificate policy would accomplish.

Respectfully, Supposn
 
Nov 2012
38,522
11,332
Lebanon, TN
#4
Isn't it strange that Trumponomics is correcting this problem. Since the US and China and Canada and Mexico and EU and UK are coming to a decreased or no tariff trade agreements.

I DIDN'T KNOW THAT YOU WERE A TRUMP SUPPORTER..
 
Nov 2012
38,522
11,332
Lebanon, TN
#6
TNVolunteer73, I'm opposed both to Predsident Trump and to USA's chronic annual trade deficits of goods. Respectfully, Supposn
Trump has done very few things wrong.. IMO he should have vetoed the 2018 OBS... and said NO send me a defense spending bill, a Domestic Spending bill and an entitlement spending bill... and Zero base budget.. other than that he has been spot on.

he is playing the long game, and the liberals are short sighted.
 
Apr 2013
34,216
23,109
Left coast
#7
And Idiot Trump keeps harping about how the tariffs are causing billions to flow into the country's coffers. Is he really too stupid to know where that money is coming from or is he smart enough to know that his base is too stupid to know where the money comes from.

Most likely both.
 
Nov 2012
38,522
11,332
Lebanon, TN
#8
And Idiot Trump keeps harping about how the tariffs are causing billions to flow into the country's coffers. Is he really too stupid to know where that money is coming from or is he smart enough to know that his base is too stupid to know where the money comes from.

Most likely both.

OH so you are saying CORPORATE TAXES are paid by the Consumer.. THEN WE NEED TO END ALL CORPORATE TAXES.

Welcome to in site to what I have been saying for decades.

what a tariff is, is a tax on offshore corporations.
 
Oct 2009
455
74
Cliffside Park, NJ
#9
TNVolunteer73, until we no longer levy income taxes upon individuals, I’m a proponent of retaining income taxes upon enterprises. Eliminating the taxes upon enterprises would require some increasing of individual rates and severely reduce government’s ability to monitor and enforce those taxes upon individuals.

Early in USA’S history, we levied tariffs to provide government tax revenue and promote our industries. After the enactment of federal income tax laws, our tariffs’ purposes evolved to more be for defending USA industries and their jobs, rather than federal tax revenue purposes.

Respectfully, Supposn
 
Oct 2009
455
74
Cliffside Park, NJ
#10
RNG and TNVolunteer, I’m a proponent of an Import certificate rather than a tariff trade policy.
To the extent President Trump’s policy are more product and nation specific, they less achieve their purposes and are economically more detrimental. The 2020 elections will demonstrate to any extent USA voters opinions may be similar to mine.
Respectfully, Supposn
 
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