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Thread: Trump Tariffs will 'kill retail', Trump's steel tariffs cost US consumers $900,000 per job

  1. #1

    Trump Tariffs will 'kill retail', Trump's steel tariffs cost US consumers $900,000 per job

    Read with few grains of salt, Foxnews is a notorious leftwing neo-conservatives owned & run media outlet and in the past has paddled lot of fakenews also:


    Trump's steel tariffs cost US consumers close to $900,000 per job, analysis finds

    By Megan Henney
    Published May 09, 2019 Trade War FOXBusiness

    When President Trump first imposed steel tariffs more than a year ago, he billed them as a means of job creation and a way to revitalize a sluggish but once-thriving industry.
    While the 25 percent tariff on imported steel did provide a boon to the manufacturers – raw steel prices surged last year after the announcement – it’s come at a steep cost to the American consumer, according to new calculations from the Peterson Institute of Economics.
    For each new steel job created, the average U.S. consumer pays a staggering $900,000, said Gary Hufbauer, a senior fellow at the Peterson Institute; at best, that could create 8,700 jobs across six to eight steel firms.



    Trump's new China tariffs will kill retail industry: American Apparel and Footwear Assn. CEO

    By Elise Oggioni
    Published May 07, 2019 Retail FOXBusiness

    The costly impact on retail if Trump imposes the new China tariffs

    American Apparel & Footwear Association CEO Rick Helfenbein told FOX Business that President Trump Opens a New Window. ’s plan to increase tariffs on Chinese goods would hurt U.S. retailers Opens a New Window. .
    “Businesses have barely been able to survive the 10 percent tariff. 25 percent is not survivable," he said during an interview on “Cavuto: Coast-to-Coast” on Tuesday.

    https://www.foxbusiness.com/economy/...twear-assn-ceo

    https://www.foxbusiness.com/economy/...t-us-consumers



    Related

    Foxnews owner Rupert Murdoch reportedly called Trump a 'f---ing idiot' after explaining to him that Silicon Valley didn't need his help

    "Oh, great, just great," Trump said. "These guys really need my help. Obama was not very favorable to them, too much regulation. This is really an opportunity for me to help them."
    "Donald," Murdoch responded. "For eight years these guys had Obama in their pocket. They practically ran the administration. They don't need your help."

    Murdoch suggested to Trump that taking a more liberal approach to the handling of H-1B visas, a program highly utilized by the tech industry and one it hoped Trump would not curtail, would be difficult to pull off while maintaining authenticity on his hardline immigration rhetoric.

    "We'll figure it out," Trump told Murdoch.
    "What a $#@!ing idiot," Murdoch said, shrugging as he hung up the call.
    https://www.businessinsider.com/rupe...n-idiot-2018-1



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  3. #2
    Other leftwing media outlets also seem to be pushing similar gloom n doom view:


    It’s time for markets to end their illusions about a US-China trade deal

    Published 5 hours ago
    Fred Kempe

    Key Points

    • To earn their pay, market analysts will have to get a lot better at pricing in geopolitical risk when it comes to the U.S.-China trade talks, according to Atlantic Council CEO Fred Kempe.
    • How the talks unfold is more significant than ever because now they are about so much more. They are a prism through which we can judge whether and how our era’s two most significant powers can manage their differences.


    Financial markets should abandon any remaining illusion that U.S.-China trade talks are a time-constrained, tradable event that ultimately will result in a deal reassuring investors. Near dead is the notion that both sides would inevitably compromise because they so badly need agreement for their own political and economic purposes.
    What markets have misunderstood since the negotiations resumed last December – but U.S. and Chinese officials have grasped – is that the talks had become just one of many events of a new era of geopolitical and systemic competition that will define our times. To earn their pay, market analysts will have to get a lot better at pricing in geopolitical risk.
    Trump’s decision to more than double tariffs on $200 billion in Chinese goods, from 10% to 25%, received the most global attention this week. His move, which was fueled by the argument that China was backing out of already-negotiated terms of a draft agreement, has the potential to be the most significant of the many trade moves of his administration.
    Escalated tensions of other sorts went less noticed. On Monday, two U.S. warships sailed within 12 nautical miles of disputed islands in the South China Sea, the third time this year Washington has challenged China’s maritime claims. At a 5G security conference in Prague a few days earlier, the U.S. and its allies drilled down on the dangers posed by the Chinese telecom giant Huawei – even as its CFO remains in Canadian custody.
    Make no mistake. Even if the U.S. and China seek out a trade agreement in coming weeks, it would do very little to change the relationship, which has been fundamentally altered over the past months, from one of strategic engagement to one of sharper competition. Expect economic, political and even military risks to rise until skilled strategists and diplomats from both sides establish principles and rules of the road to govern the world’s most decisive bilateral relationship.

    https://www.cnbc.com/2019/05/10/its-...rade-deal.html


    Trump's China tariffs could slam American shoppers with an extra $800 in costs a year

    May 9, 2019


    • American shoppers could pay close to $800 more a year if President Trump's planned tariffs take effect on Friday.
    • "Tariffs...will impact thousands of products Americans buy every day, from phone chargers and cling wrap to toilet paper, toothbrushes and dog leashes," said one trade expert in an interview with The Washington Post.
    • Trump's tariffs last year translated into higher prices for consumers, according to two studies.
    • Prices of washing machines, clothes dryers, sewing machines, pet supplies, and bicycles have all risen in the past year.

    https://markets.businessinsider.com/...9-5-1028187256



    Trump tariffs costing Americans $1.4B every month: Study

    Published March 26, 2019 Trade War FOXBusiness

    Asia expert Gordon Chang on the U.S.-China trade negotiations and President Trump’s decision to keep tariffs on China.

    U.S. trade Opens a New Window. policies were costing U.S. consumers $1.4 billion per month by the end of 2018, according to researchers from the New York Federal Reserve Bank, Columbia and Princeton.

    “While the long-run effects are still to be seen, over the course of 2018, the U.S. experienced substantial increases in the prices of intermediates and final goods, large changes to its supply-chain network, reductions in availability of imported varieties, and complete passthrough of the tariffs into domestic prices of imported goods,” the researchers wrote.

    https://www.foxbusiness.com/economy/...g-us-consumers

  4. #3
    How about this... Ban all imported steel and fire up our own sources and mining again creating jobs and domestic wealth. Just the steel that is stockpiled right now as Scrap metal would keep us supplied for the next five years. But because of environmental regulations we are paying more for it than we will pay for domestic scrap metal. Steel scrap is right now going for $100 a ton. This whole thing is so skewed.

    The total cost of the raw iron, steel, aluminum, and plastic to build a 2,000 Lb car is about $2000. Wrap your head around that one folks... A 20% increase in tariffs is still only $2400 cost for the raw materials to make a car. In no way is it going to result in an additional cost of almost a million dollars per employee. This narrative is one of the biggest scams I have seen in my life. This is all about union labor. Just absolutely incredible that anyone is inept enough to believe it. They are banking on the fact that our educational system has successfully done it's job and made sure we cannot do addition.
    Last edited by ATruepatriot; 05-11-2019 at 12:44 PM.

  5. #4
    Quote Originally Posted by ATruepatriot View Post
    Steel scrap is right now going for $100 a ton.
    Know very little about metals but that seems like a steal.

    This narrative is one of the biggest scams I have seen in my life.
    Could be.
    Possible that since reports about MAGA Syria exit plans, even parts of neoconservative media may have started pushing anti-MAGA narratives.

  6. #5
    Steel will have little effect on american retail . American retail is based on cheap plastic chinese goods .
    Do something Danke

  7. #6
    Quote Originally Posted by oyarde View Post
    Steel will have little effect on american retail . American retail is based on cheap plastic chinese goods .
    Mutiple news here. Latest 25% Tariffs on $200B China imports are on many types of goods, not just steel though.

    Trump's China tariffs could slam American shoppers with an extra $800 in costs a year
    May 9, 2019


    • American shoppers could pay close to $800 more a year if President Trump's planned tariffs take effect on Friday.
    • "Tariffs...will impact thousands of products Americans buy every day, from phone chargers and cling wrap to toilet paper, toothbrushes and dog leashes," said one trade expert in an interview with The Washington Post.
    • Trump's tariffs last year translated into higher prices for consumers, according to two studies.
    • Prices of washing machines, clothes dryers, sewing machines, pet supplies, and bicycles have all risen in the past year.

  8. #7
    It is not going to cost me 800 or even 100 . It is good to be on top.
    Do something Danke

  9. #8
    being helplessly dependent on Chinese imports established a defacto state of colonialism, with the US being the colony. Easy way to avoid import tariffs, build the products in the USA!
    I just want objectivity on this forum and will point out flawed sources or points of view at my leisure.

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    Trump will win every single state primary by double digits.
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    The shooting of Gabrielle Gifford was blamed on putting a crosshair on a political map. I wonder what event we'll see justified with pictures like this.



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  11. #9
    Quote Originally Posted by enhanced_deficit View Post
    Know very little about metals but that seems like a steal.



    Could be.
    Possible that since reports about MAGA Syria exit plans, even parts of neoconservative media may have started pushing anti-MAGA narratives.
    Right now the going sell price for scrap steel and iron is .05 to .07 cents a pound. I'm sitting on at least four semi loads of steel and iron. And another semi load of aluminum, and three one ton truck loads of copper/brass waiting for the price to come up again. And this country is jam packed with folks doing the same thing. Right now it's not worth the cost to handle it and transport it because there is no demand. Want to clean up this country and make it green? Then create a demand for all this scrap. It's a no brainer win win... Impose tariffs and buy domestic.
    Last edited by ATruepatriot; 05-11-2019 at 01:20 PM.

  12. #10
    Quote Originally Posted by spudea View Post
    being helplessly dependent on Chinese imports established a defacto state of colonialism, with the US being the colony. Easy way to avoid import tariffs, build the products in the USA!
    Absolutely...

  13. #11
    Quote Originally Posted by enhanced_deficit View Post
    Mutiple news here. Latest 25% Tariffs on $200B China imports are on many types of goods, not just steel though.

    Trump's China tariffs could slam American shoppers with an extra $800 in costs a year
    May 9, 2019


    • American shoppers could pay close to $800 more a year if President Trump's planned tariffs take effect on Friday.
    • "Tariffs...will impact thousands of products Americans buy every day, from phone chargers and cling wrap to toilet paper, toothbrushes and dog leashes," said one trade expert in an interview with The Washington Post.
    • Trump's tariffs last year translated into higher prices for consumers, according to two studies.
    • Prices of washing machines, clothes dryers, sewing machines, pet supplies, and bicycles have all risen in the past year.
    Then use that tariff money to reduce taxes. Easy Peasy. Win Win.
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  14. #12
    Quote Originally Posted by Danke View Post
    Then use that tariff money to reduce taxes. Easy Peasy. Win Win.
    WAIT??? Pay down the debt??? Blasphemy! General prosperity??? Blasphemy!

  15. #13
    Imagine how much richer we'd be if we didn't trade at all. So much wealth!
    Quote Originally Posted by Swordsmyth View Post
    Pinochet is the model
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    Liberty preserving authoritarianism.
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    Enforced internal open borders was one of the worst elements of the Constitution.

  16. #14
    Quote Originally Posted by TheCount View Post
    Imagine how much richer we'd be if we didn't trade at all. So much wealth!
    No trade is not good and neither is predatory trade.
    Just like passively submitting to an invasion is not good but neither is warmongering.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  17. #15
    Click image for larger version. 

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    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  18. #16
    Quote Originally Posted by Danke View Post
    Click image for larger version. 

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    He could ask China to build and pay for the wall.



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  20. #17
    Supporting Member
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    Globalists tears.
    Equality is a false god.

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  21. #18
    Quote Originally Posted by Danke View Post
    Click image for larger version. 

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    Lol... That's absolutely hilarious... Not political just flat funny.



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