Trump Started Trade War Because He Was Angry

[Chicks]

Steel industry begins to idle plants, shows signs of weakness — despite Donny’s support

https://www.washingtonpost.com/busin...rumps-support/

U.S. Steel announced it will temporarily halt production at two domestic plants despite the boost from the Trump administration’s tariffs, as a steel industry singled out for federal support shows signs of weakening.

On Tuesday, U.S. Steel said it would temporarily halt operations at a blast furnace near Detroit as well as one in Gary, Ind., on the shore of Lake Michigan. U.S. Steel will be idling a third plant in Europe, the company said.

The closure runs in sharp contrast to the narrative President Trump has offered about the steel industry. Tuesday night in Orlando, as he formally announced he was running for reelection, Trump boasted about helping the steel industry through the use of tariffs on imports.

“Thanks to our tariffs, American steel mills are roaring back to life, you know that,” he said.

The moves come amid broader concerns about a slowdown in the steel industry, which threatens to derail a key economic priority of the Trump administration. Despite initially surging under the tariffs, steel prices have fallen dramatically amid weakening demand from key consumers, including the auto industry, energy industry and agricultural industry, said Phil Gibbs, a steel industry analyst at KeyBanc Capital Markets.

Prices of hot-rolled coil — a key metric of steel prices — have fallen from their peak last year of $900 a short ton to less than $600 a short ton, said James Moss, a steel industry consultant at First River Consulting based in Pittsburgh.

So much winning! MAGA!

[Chicks]

The art of a bad deal: A negotiations expert breaks down the everyday lessons we can learn from Trump's messy trade war with China

https://www.businessinsider.com/nego...ade-war-2019-6

Negotiations expert Maurice Schweitzer, a professor at the Wharton School, disentangled what went wrong during President Donald Trump's negotiation with China on trade.

Schweitzer says all negotiations, including those in your personal and professional life, take patience and skill. Negotiations aren't about "winning" but more about fostering a deal that both parties feel good about.

Complex negotiations take a team of diverse opinions. One-to-one negotiations with your boss or vendor can be more about forming good relationships from the get-go.

Donny’s such a moron!

[Chicks]

‘I don’t know how we’re going to survive this.’ Some once-loyal farmers begin to doubt Trump.

https://www.washingtonpost.com/natio...9cc_story.html

Question is, why in the world did they trust such an obvious con man in the first place?

[donquixote99]

They are the descendants of the guys who elected Andrew Jackson. It's how they are.

[Dondilion]

Bah! Patience with China!

[Chicks]

FedEx CEO says trade war surprised him like a 'Mike Tyson' punch in the face

https://finance.yahoo.com/news/fed-e...134512570.html

FedEx’s (FDX) top executive assailed current U.S. trade policy as more protectionist measures threaten to upend the courier company’s business plans and take a bite out of its bottom line.

“It reminds me a bit about that old adage of Mike Tyson that everybody has got a plan until they get hit in the mouth,” FedEx CEO Fred Smith said. “So clearly, we’ve been very disappointed over the last few years with the assumptions that we made on the growth in international trade, particularly with the Trump administration.”

“The United States policy since 1934 with Roosevelt and Secretary of State Cordell Hull was to expand international trade,” Smith said. “And now we have a huge dispute where the United States is basically become protectionist defined as, ‘I’ll make everything I need in my own borders. I don't need to import things and quite frankly don't particularly need to export them.’”

So, corporate CEOs and farmers agree: Donny's pointless trade war is hurting everyone.

[donquixote99]

Forbes (notorious leftist fake-news outlet) has an explainer on tariffs:

Earlier this month, President Trump escalated his trade war with China by announcing 10 percent tariffs on an additional $200 billion in Chinese imports—which took effect yesterday. But he showed a troubling lack of understanding about how the levies work. Pointing to earlier import duties he imposed, Trump bragged that “China is paying us billions of dollars in tariffs.” Treasury, he added, is collecting “tremendous amounts of money, which is great for our country.”

That line "China is paying us billions of dollars in tariffs" is the big lie, whether or not Trump is ignorant and stupid enough to believe it. Forbes goes on to explain:

A tariff is a tax on imported goods. Despite what the president says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the U.S. imposes a tariff on Chinese televisions, the duty is paid to the U.S. Customs and Border Protection Service at the border by a U.S. broker representing a U.S. importer, say, Costco.

And then what happens is Costco raises the price of the Chinese TVs. And it's paid by consumers. The bigger the share of your income that goes for consumer goods, the bigger the tariff tax burden on YOU. So Trump has lowered income tax (esp on the high end), but, without a vote in Congress, imposed new regressive taxes on consumers instead.

All the hairy economic details are here, in Forbes: https://www.forbes.com/sites/howardg.../#1da0576137be

[Dondilion]

Originally Posted by donquixote99

Forbes (notorious leftist fake-news outlet) has an explainer on tariffs:



That line "China is paying us billions of dollars in tariffs" is the big lie, whether or not Trump is ignorant and stupid enough to believe it. Forbes goes on to explain:



And then what happens is Costco raises the price of the Chinese TVs. And it's paid by consumers. The bigger the share of your income that goes for consumer goods, the bigger the tariff tax burden on YOU. So Trump has lowered income tax (esp on the high end), but, without a vote in Congress, imposed new regressive taxes on consumers instead.

All the hairy economic details are here, in Forbes: https://www.forbes.com/sites/howardg.../#1da0576137be

And Trump does not know that tariff is a tax on US consumer?

The previous admins have left this one heavily handicapped in its dealings with China.

Tariff, although not the optimal tool, serves to dampen China's march.
Its major features:
1) Discourages buying Chinese products.
2) Encourages Business to move their production out of China.

[donquixote99]

Who knows what if anything Trump knows. He says "China pays." He either inhabits his own fantasyland, or is a dirty liar (or both).

The trade war is costing us big time. Why is it so vital for people across America to pay a high price to
1) Discourages buying Chinese products.
2) Encourages Business to move their production out of China.

[Dondilion]

Originally Posted by donquixote99

Who knows what if anything Trump knows. He says "China pays." He either inhabits his own fantasyland, or is a dirty liar (or both).

The trade war is costing us big time. Why is it so vital for people across America to pay a high price to
1) Discourages buying Chinese products.
2) Encourages Business to move their production out of China.

For the last 20 year's China has been waging a serious economic war against the US.