Trump Just Raised Everybody's Taxes With Tariffs

[nikcers]

If we shift from income taxes to tariffs is that a bad thing?

The two best selling, most reliable, highest quality "Japanese" cars, the Toyota Camry and Honda Accord, are made in America.

Kentucky and Ohio, respectively.

Why?

Because of tariffs that made it more economically viable to produce them here.

I'm all in favor of tariffs, and I'd like to see a dollar for dollar reduction in corporate and personal income taxation for every tariff dollar collected.

No I don't because it isn't and I never said it was, I said it was better to have tariffs than income taxes or inflation.

Spending didn't change and isn't the subject, for a given level of spending we will be better off with tariffs than with income tax or inflation.

Maybe no monetary inflation, your bad investments create price inflation which may not be a big deal for millionaires like you who don't live paycheck to paycheck. Maybe it doesnt bother you when prices go up but to real Americans they have to pick between food and rent.

[juleswin]

Our economy has been hollowed out while China and Europe and others get rich, and all the while we pay for Europe's defense and the cost of attacking Europe's enemies.
It is about time we fought back.

Hollowed out how? and if Europe is coasting by the US subsidizing their defense needs, then the US should stop subsidizing their defense needs. It is completely insane to get around that by imposing tariffs which American consumers are going to pay. I am not opposed to fighting back, but fight the right way.

[Swordsmyth]

Maybe no monetary inflation, your bad investments create price inflation which may not be a big deal for millionaires like you who don't live paycheck to paycheck. Maybe it doesnt bother you when prices go up but to real Americans they have to pick between food and rent.

You are nuts, I am not rich and tariffs will not have the effect you claim, tariffs will improve the job market instead of killing it the way income taxes do and will reduce inflation compared to printing money.

[Krugminator2]

You are nuts, I am not rich and tariffs will not have the effect you claim, tariffs will improve the job market instead of killing it the way income taxes do and will reduce inflation compared to printing money.

"A new study says the American automobile industry will lose 195,000 jobs over the next three years if President Donald Trump presses forward with a plan to impose 25 percent tariffs on imported cars and auto parts."

"According to the study, which was released by the D.C.-based Peterson Institute for International Economics (PIIE), a 25 percent tariff on automobiles and auto parts would cause production in those industries to fall by about 1.5 percent and would force the industry to shed around 1.9 percent of its American workforce. The resulting slowdown would affect more than $200 billion in U.S. exports, PIIE projects.

I am not rich either. Tariffs would have directly affected me. I just bought a car made in Japan yesterday. It would have been unaffordable for me had there been a 25% tariff on it. I would have had to drive an unreliable pile of $#@!, union made, bailed out American car if Trump got his way.

I basically do all of my shopping at Wal-Mart. Tariffs would be like $10,000 tax on me.

[spudea]

But leave it to whinny Trump to find a way to make himself the victim.

Complete disregard for your fellow countrymen who have been devastated at the altar of foreign taxes and mercantilism nations, just so you can feed your bias and dislike of a politician. Wow, so embarrassing.

[Swordsmyth]

"A new study says the American automobile industry will lose 195,000 jobs over the next three years if President Donald Trump presses forward with a plan to impose 25 percent tariffs on imported cars and auto parts."

"According to the study, which was released by the D.C.-based Peterson Institute for International Economics (PIIE), a 25 percent tariff on automobiles and auto parts would cause production in those industries to fall by about 1.5 percent and would force the industry to shed around 1.9 percent of its American workforce. The resulting slowdown would affect more than $200 billion in U.S. exports, PIIE projects.

I am not rich either. Tariffs would have directly affected me. I just bought a car made in Japan yesterday. It would have been unaffordable for me had there been a 25% tariff on it. I would have had to drive an unreliable pile of $#@!, union made, bailed out American car if Trump got his way.

I basically do all of my shopping at Wal-Mart. Tariffs would be like $10,000 tax on me.

Is that anything like the studies that said the US wouldn't lose jobs from NAFTA or giving China MFN status?

[Swordsmyth]

"A new study says the American automobile industry will lose 195,000 jobs over the next three years if President Donald Trump presses forward with a plan to impose 25 percent tariffs on imported cars and auto parts."

"According to the study, which was released by the D.C.-based Peterson Institute for International Economics (PIIE), a 25 percent tariff on automobiles and auto parts would cause production in those industries to fall by about 1.5 percent and would force the industry to shed around 1.9 percent of its American workforce. The resulting slowdown would affect more than $200 billion in U.S. exports, PIIE projects.

I am not rich either. Tariffs would have directly affected me. I just bought a car made in Japan yesterday. It would have been unaffordable for me had there been a 25% tariff on it. I would have had to drive an unreliable pile of $#@!, union made, bailed out American car if Trump got his way.

I basically do all of my shopping at Wal-Mart. Tariffs would be like $10,000 tax on me.

https://piie.com/about-piie

Our research has provided some of the intellectual foundations for many major international policy initiatives of the past three and a half decades:

• reforms of the International Monetary Fund (IMF), initiated by the G-20 in 2009–10;
• creation of the Asia Pacific Economic Cooperation (APEC) forum and the TPP initiative;
• quantitative easing and adapting monetary policy to a low interest rate world;
• reform of US sanctions policy;
• initiation and implementation of the Strategic and Economic Dialogue between the United States and China;
• the North American Free Trade Agreement (NAFTA) and other US free trade agreements (notably with Korea);
• adoption of international banking standards and broader financial regulatory reforms;
• countercyclical fiscal policy and increased female labor force participation in Japan;
• the restoration of trade promotion authority in the United States; and
• linking fiscal stimulus and structural reform in the euro area.

https://piie.com/about/board-directors
Members of the Board

Michael A. Peterson * (Chair of the Board)Chairman and Chief Executive Officer, Peter G. Peterson Foundation


Lawrence H. Summers * (Vice Chair of the Board)Charles W. Eliot University Professor, Harvard University; former Secretary of the Treasury; former Chair of the National Economic Council


Stephen Freidheim * (Chair of the Executive Committee)CIO, Founder and Managing Partner, Cyrus Capital Partners, LLC.


Caroline Atkinson*Former Head of Global Policy, Google, Inc.; Former Deputy National Security Adviser for International Economics to President Barack Obama


Ajay BangaPresident and Chief Executive Officer, MasterCard


C. Fred Bergsten *Senior Fellow and Director Emeritus, Peterson Institute for International Economics; former Assistant Secretary of the Treasury for International Affairs


Mark T. BertoliniChairman, Chief Executive Officer and President, Aetna


Ben van BeurdenCEO, Royal Dutch Shell


Neeti Bhalla JohnsonExecutive Vice President, Chief Investment Officer, Liberty Mutual Insurance


Frank BrosensPrincipal, Cofounder, Taconic Capital Advisors L.P.


Ronnie C. ChanChairman, Hang Lung Properties Limited


Susan M. Collins*Joan and Sanford Weill Dean of Public Policy, Professor of Public Policy, and Professor of Economics, Gerald R. Ford School of Public Policy, University of Michigan


Richard N. CooperMaurits C. Boas Professor of International Economics, Harvard University


Jason CumminsHead of Research and Chief US Economist, Brevan Howard


Barry EichengreenProfessor, Department of Economics, University of California, Berkeley


Stanley Fischer*Former Vice Chairman and Member of the Board of Governors, Federal Reserve System


Peter R. FisherFormer Under Secretary of the US Treasury for Domestic Finance; Tuck School of Business at Dartmouth


Jacob A. FrenkelChairman of JPMorgan Chase International, former Governor of the Bank of Israel; former IMF Economic Counselor and Director of Research


Evan G. GreenbergChairman and Chief Executive Officer, Chubb Limited/Chubb Group


Maurice R. GreenbergChairman and CEO, C.V. Starr and Co., Inc.; former Chairman, American International Group


Herbjorn HanssonChairman and CEO, Nordic American Tankers Limited


Stephen Howe, Jr.US Chairman and Americas Managing Partner, Ernst & Young LLP


Jay JacobsFormer President and Managing Director, PIMCO


Hugh F. JohnstonChief Financial Officer, PepsiCo, Inc.


Michael Klein*Managing Partner of M. Klein and Company, LLC; former Vice Chairman, Citigroup


Nobuyori KodairaMember of the Board of Directors, Toyota Motor Corporation and Chairman, The Toyota Foundation


Charles D. Lake IIChairman and Representative Director, Aflac Life Insurance Japan Ltd.


Andrew N. LiverisChairman, President, and Chief Executive Officer, Dow Chemical Company


Sergio MarchionneChairman and Chief Executive Officer, Chrysler Group LLC; Chief Executive Officer, Fiat S.p.A., and Chairman, Fiat Industrial S.p.A. and CNH Global N.V.


Pip McCrostieFormer Global Vice Chair – Transaction Advisory Services, EY


Hutham S. Olayan *President and CEO, Olayan America


Peter R. OrszagVice Chairman of Investment Banking and Managing Director, Lazard Freres & Co.


James W. OwensChairman and CEO Emeritus of Caterpillar


Jonathan PruzanChief Financial Officer, Morgan Stanley


Ginni M. RomettyChairman, President and Chief Executive Officer, International Business Machines Corporation


Lynn Forester de Rothschild *CEO and President, E.L. Rothschild Limited


Richard E. Salomon *Managing Partner, East End Advisors, LLC


Sheikh Hamad Saud Al-SayariFormer Governor, Saudi Arabian Monetary Agency


Mostafa TerrabChairman, Chief Executive Officer, President, OCP S.A.


Mark TuckerGroup Chairman, HSBC Holdings plc


Jim UmplebyChief Executive Officer and a member of the Board of Directors, Caterpillar Inc.


Ronald A. WilliamsRetired Chairman and CEO, Aetna Inc.


Robert B. Zoellick *Chairman of the Board of Directors, AllianceBernstein; former President, World Bank Group; former US Trade Representative


Min ZhuDeputy Managing Director, International Monetary Fund







Honorary Directors

George David Former Chairman and Chief Executive Officer, United Technologies Corporation.


Alan GreenspanFormer Chairman, Board of Governors of the Federal Reserve System; former President and Chief Executive Officer, Townsend-Greenspan and Co.; former Chairman, Council of Economic Advisers.


Carla A. Hills Chairman, Hills & Company; former United States Trade Representative; former Secretary of Housing and Urban Development.


Frank E. LoyChairman, Board of Directors, Resources for the Future; Acting Chair, Board of Directors, Populations Services International; former Under Secretary of State for Global Affairs; former Chairman of the Board, League of Conservation Voters; former President, German Marshall Fund of the United States; former Deputy Assistant Secretary of State for Economic Affairs.


George P. ShultzHonorary Fellow, Hoover Institution; former Secretary of State; President and Director of Bechtel Group, Inc.; Secretary of the Treasury; Director, Office of Management and Budget; and Secretary of Labor.


Jean-Claude TrichetChairman of the Group of Thirty; former President, European Central Bank; former Governor, Banque de France; former Director of the Treasury, government of France.


Paul A. VolckerHenry Kaufman Visiting Professor, New York University Stern School of Business; former Chairman, Board of Governors of the Federal Reserve System; former President of the Federal Reserve Bank of New York; former Under Secretary of the Treasury for Monetary Affairs.


Ernesto ZedilloFormer President of Mexico.







Founding Chair

Peter G. Peterson (1926–2018; Institute Chair 1981–2018)Founder and Chairman, Peter G. Peterson Foundation; Co-founder, The Blackstone Group; former Secretary of Commerce and Assistant to the President for International Economic Policy

[nbhadja]

Most of you here aren't seeing it as you are blinded by pure ideology slogans.

Us Trump supporters are not the blind ones. The ones blinded by pure ideology are the blind ones. It is the equivalent of staying single forever because you have not met a woman that is perfect in all aspects.

Trump will end NAFTA (very soon), end the trade deficits, he will start to withdraw troops in several areas (and in the areas they remain they will at least get paid for it) and by the end of his presidency withdraw most troops imo, help reunify Korea, he cut taxes, and he is prosecuting the deep state (this will be his biggest win). The cases are being built right now for the pedophilia, murder, and child sex trafficking the Clinton Foundation and far beyond have committed. A lot of big name congressmen and judges are going down soon.

He has already destroyed the credibility of the MSM and led to an era of direct communication from politicians to the people (twitter). He defeated the Republican Establishment as well and is The Clintons, Bushs, and more will be in prison within the next few years. He is literally a party buster. In the midterms the republicans will gain seats as RINOs and democrats lose.

[nbhadja]

Trump folded on China tariffs when they threatened to retaliate. Now Trump has imposed more tariffs on US friends and allies than on China.

No he didn't. Those tariffs apply to China as well and after section 232 review there will be a lot more tariffs coming if the countries do not agree to Trump's demand. In fact, most of the steel that comes from Canada and Mexico is Chinese steel. China will be hit the hardest of any country by the FIRST round of tariffs, but they will give into Trump's demands soon and the tariffs will then end.

[kcchiefs6465]

Us Trump supporters are not the blind ones. The ones blinded by pure ideology are the blind ones. It is the equivalent of staying single forever because you have not met a woman that is perfect in all aspects.

Trump will end NAFTA (very soon), end the trade deficits, he will start to withdraw troops in several areas (and in the areas they remain they will at least get paid for it) and by the end of his presidency withdraw most troops imo, help reunify Korea, he cut taxes, and he is prosecuting the deep state (this will be his biggest win). The cases are being built right now for the pedophilia, murder, and child sex trafficking the Clinton Foundation and far beyond have committed. A lot of big name congressmen and judges are going down soon.

He has already destroyed the credibility of the MSM and led to an era of direct communication from politicians to the people (twitter). He defeated the Republican Establishment as well and is The Clintons, Bushs, and more will be in prison within the next few years. He is literally a party buster. In the midterms the republicans will gain seats as RINOs and democrats lose.

So he has a couple of mild victories for freedom now, has backtracked a few different causes, and is going to greatly expand freedom in the future.

Some troops may come home, it's said.

That's all well and good. We can wait on it.

To say he is prosecuting the cabal of whores, pimps, and etc. is leaping, at best.

At worst it is comically void from reality and The Great Emancipator is nothing more than an Authoritarian, Progressive, whore.

[Anti Federalist]

The tariff is 2.5% for imported cars. And Toyota still imports 30% of their vehicles. I suspect most are made here more because it is costly to make them in Japan and ship them here.

A new Camry stickers for 23k. The import tariff would be $575. I could be wrong but I can't see 2.5% being the difference. The shipping cost dwarfs the tariff.

Shipping costs, from Japan to the US West Coast, runs roughly $230 per car.

https://www.quora.com/How-much-does-...cle-to-the-USA

[Krugminator2]

Shipping costs, from Japan to the US West Coast, runs roughly $230 per car.

https://www.quora.com/How-much-does-...cle-to-the-USA

That's interesting. I would have guessed getting a car across the Pacific Ocean would cost a lot more. I was quoted $1100 getting a car I saw on the internet from Florida to the state I live in and it had to be on truck with a bunch of other cars.

[oyarde]

Shipping costs, from Japan to the US West Coast, runs roughly $230 per car.

https://www.quora.com/How-much-does-...cle-to-the-USA

I see no effect there .

[Jamesiv1]

It is better to use tariffs and defend ourselves in the trade wars than to use the income tax, if we never succeed at cutting one penny from the budget but we cut income taxes and raise tariffs we will be better off.

^This

I would rather keep more of my income, and decide for myself whether or not to pay the tariff tax. Options are better than no options.

[Swordsmyth]

^This

I would rather keep more of my income, and decide for myself whether or not to pay the tariff tax. Options are better than no options.

That is one of the best aspects of tariffs.

[nikcers]

That is one of the best aspects of tariffs.

The best part is it makes it impossible to argue for spending cuts because devaluing the debt we owe other countries like China is worse then tarrifs. With the argument moved in this direction the conservatives and libertarians are the enemy because they want to reduce the amount of spending.

[Swordsmyth]

The best part is it makes it impossible to argue for spending cuts because devaluing the debt we owe other countries like China is worse then tarrifs. With the argument moved in this direction the conservatives and libertarians are the enemy because they want to reduce the amount of spending.

Tariffs in no way make spending desirable.

[nikcers]

Tariffs in no way make spending desirable.

The narrative sets the tone to use the China trade war as an excuse to not cut spending and devalue the dollar as retaliation against anything they say or do against these tarrifs. The whole point of the Ron Paul movement was to get the government to stop manipulating money, this completely mitigates the Ron Paul movement.

[Swordsmyth]

The narrative sets the tone to use the China trade war as an excuse to not cut spending and devalue the dollar as retaliation against anything they say or do against these tarrifs. The whole point of the Ron Paul movement was to get the government to stop manipulating money, this completely mitigates the Ron Paul movement.

You are confused.

[nikcers]

You are confused.

We have to keep spending because it hurts the Chinese economy.

[Swordsmyth]

We have to keep spending because it hurts the Chinese economy.

Nobody has said or will say that.

[nikcers]

Nobody has said or will say that.

LOL no one says it, but thats the policy, we just don't give a $#@! if it hurts some of our population because the ends justify the means.

[Swordsmyth]

LOL no one says it, but thats the policy, we just don't give a $#@! if it hurts some of our population because the ends justify the means.

Spending was bad already, tariffs will not make it worse.

[nikcers]

Spending was bad already, tariffs will not make it worse.

Spending is only going up, I am sure the government is going to wisely invest the money too, so far it looks like we are investing in regime change in Iran, sounds like a good deal.

[Swordsmyth]

Spending is only going up, I am sure the government is going to wisely invest the money too, so far it looks like we are investing in regime change in Iran, sounds like a good deal.

Tariffs won't change any of that.
You have a real problem with trying to change the subject, I guess that comes with being wrong so often.

[nikcers]

Tariffs won't change any of that.
You have a real problem with trying to change the subject, I guess that comes with being wrong so often.

Tarrifs won't change the world order either, all they will do is sell the idea that tarrifs are America first, therefore cutting spending is not America first.

[Swordsmyth]

Tarrifs won't change the world order either, all they will do is sell the idea that tarrifs are America first, cutting spending is not America first.

Am1st can be more than one thing at a time, tariffs are only one part of MAGA.
Tariffs will do nothing to make spending more popular.

[nikcers]

Am1st can be more than one thing at a time, tariffs are only one part of MAGA.
Tariffs will do nothing to make spending more popular.

Yes because it sells that idea that you can make other countries pay for stuff, that we can get a free lunch.

[Swordsmyth]

Yes because it sells that idea that you can make other countries pay for stuff, that we can get a free lunch.

No it doesn't, that is what the free trade people claim.
According to the free trade propagandists we can just produce and export nothing while printing money and importing things forever while other countries do all the work.

[Swordsmyth]

U.S. President Donald Trump on Friday criticized Canada for being "highly restrictive on trade,” then suggested replacing NAFTA with separate deals for his northern neighbour and Mexico, as Canada filed a legal challenge over steel and aluminum tariffs. In a 274-character tweet, Trump implored Canada to open its markets and take down its trade barriers.
"Canada has treated our Agricultural business and Farmers very poorly for a very long period of time. Highly restrictive on Trade! They must open their markets and take down their trade barriers! They report a really high surplus on trade with us. Do Timber & Lumber in U.S.?" he tweeted.


"To be honest with you, I wouldn't mind seeing NAFTA where you'd go by a different name where you make a separate deal with Canada and a separate deal with Mexico," he said at the White House.

More at: https://www.ctvnews.ca/politics/trum...eals-1.3954972