Economics Thread
- Thread starter sturg33
- Start date
Hmm - HUGE prices increases so far for sure!
But the world just… doesn’t *really* screw us. If they did, we wouldn’t buy all their shit and export trillions a year globally. Do some industries get screwed by some other countries? Yep! Should the United States negotiate with its allies in good faith to reduce trade barriers for mutual benefit? Absolutely. Should we tank the global economy by choosing a tariff policy change of the day and threaten massive price hikes to the working class? I say no.
acesfull86
Well-known member
https://www.wsj.com/opinion/fair-we...tionism-policy-ece50ad7?mod=opinion_lead_pos9
Massachusetts Sen. Elizabeth Warren decries President Trump’s tariffs as “economic sabotage” and urges Congress to stop them. But when running for president in 2019, she pledged to use “economic patriotism to overhaul our approach to trade” and punish countries that don’t adhere to U.S. environmental and labor standards.
If Democrats genuinely opposed his tariffs, they could file lawsuits to stop them, as they have almost everything else his administration has done. They also could have passed legislation under Joe Biden that would have prevented the tariffs. They don’t and didn’t, because their tariff opposition is more political than principled.
Democrat-led states would have a strong legal argument that Mr. Trump’s “Liberation Day” tariffs, as well as earlier ones on China, Mexico and Canada, exceed a president’s powers under the International Emergency Economic Powers Act of 1977, or IEEPA. The law allows presidents to impose sanctions on foreign adversaries during national emergencies, but makes no mention of tariffs.
Perhaps Democrats don’t sue because they hope that the economic damage from the tariffs will help their party. Public opinion of Democrats hit a record low last month, but now they can pretend to defend middle-class Americans against higher prices. That was hard to do under Mr. Biden when their spending fueled runaway inflation.
Or perhaps Democrats don’t want to cross labor unions, which generally support tariffs. United Auto Workers President Shawn Fain has praised Mr. Trump’s tariffs on cars and trucks, which were dubiously premised on protecting national security. If unions had their way, tariffs would return to the astronomical levels under the Smoot-Hawley Act of 1930.
…
There was also a bipartisan push in 2021 to require Section 232 national security tariffs—such as Mr. Trump’s on steel, aluminum and autos—to be approved by Congress. A Senate bill garnered 11 Republican co-sponsors—enough to have overcome a GOP filibuster had then-Majority Leader Chuck Schumer rallied his caucus to support it. He didn’t.
Why not? Because Democrats’ Big Labor friends support tariffs. Nonetheless, Democrats who didn’t support earlier efforts to limit a president’s tariff power when they might have had a chance of succeeding are now backing legislation to repeal Mr. Trump’s “Liberation Day” tariffs.
Democrats know such legislation won’t pass the Republican Congress, let alone be signed by Mr. Trump. They protest his tariffs because they are politically unpopular, and they know they won’t pay a price for the messaging exercise with their labor friends.
Massachusetts Sen. Elizabeth Warren decries President Trump’s tariffs as “economic sabotage” and urges Congress to stop them. But when running for president in 2019, she pledged to use “economic patriotism to overhaul our approach to trade” and punish countries that don’t adhere to U.S. environmental and labor standards.
If Democrats genuinely opposed his tariffs, they could file lawsuits to stop them, as they have almost everything else his administration has done. They also could have passed legislation under Joe Biden that would have prevented the tariffs. They don’t and didn’t, because their tariff opposition is more political than principled.
Democrat-led states would have a strong legal argument that Mr. Trump’s “Liberation Day” tariffs, as well as earlier ones on China, Mexico and Canada, exceed a president’s powers under the International Emergency Economic Powers Act of 1977, or IEEPA. The law allows presidents to impose sanctions on foreign adversaries during national emergencies, but makes no mention of tariffs.
Perhaps Democrats don’t sue because they hope that the economic damage from the tariffs will help their party. Public opinion of Democrats hit a record low last month, but now they can pretend to defend middle-class Americans against higher prices. That was hard to do under Mr. Biden when their spending fueled runaway inflation.
Or perhaps Democrats don’t want to cross labor unions, which generally support tariffs. United Auto Workers President Shawn Fain has praised Mr. Trump’s tariffs on cars and trucks, which were dubiously premised on protecting national security. If unions had their way, tariffs would return to the astronomical levels under the Smoot-Hawley Act of 1930.
…
There was also a bipartisan push in 2021 to require Section 232 national security tariffs—such as Mr. Trump’s on steel, aluminum and autos—to be approved by Congress. A Senate bill garnered 11 Republican co-sponsors—enough to have overcome a GOP filibuster had then-Majority Leader Chuck Schumer rallied his caucus to support it. He didn’t.
Why not? Because Democrats’ Big Labor friends support tariffs. Nonetheless, Democrats who didn’t support earlier efforts to limit a president’s tariff power when they might have had a chance of succeeding are now backing legislation to repeal Mr. Trump’s “Liberation Day” tariffs.
Democrats know such legislation won’t pass the Republican Congress, let alone be signed by Mr. Trump. They protest his tariffs because they are politically unpopular, and they know they won’t pay a price for the messaging exercise with their labor friends.
acesfull86
Well-known member
Way to read the article
Guilty - But as of today Warren shares your belief on the tariffs.
Tariffs are one part of an equation that makes America the best place to house your manufacturing/ops.
Its also one part of an equation that impacts an American citizens finances.
At the end of the day, both groups will have better conditions than ever before.
Countries will be lining up to pay the baseline 10% while not materially, if at all, changing the costs of their products.
GOLDEN AGE IS UPON US MY FRIENDS.
Tariffs being so bad that even Elizabeth Warren is seeing the light on it isn’t the win you think it is.