Trump tariffs backfire

This topic contains 15 replies, has 6 voices, and was last updated by  radiogeek 2 weeks, 6 days ago.

Viewing 15 posts - 1 through 15 (of 16 total)
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  • #37801

    Vitalogy
    Participant

    Shares of Harley-Davidson plunged Monday after the iconic American motorcycle manufacturer said it will begin shifting some production overseas to offset the impact of retaliatory EU tariffs on certain U.S. goods.

    The statement is one of the first by a major U.S. company that implies the recently announced tit-for-tat tariffs will force it overseas, and counters the Trump administration’s efforts to protect U.S. jobs by implementing tariffs.

    In response to U.S. duties on European steel and aluminum, the EU enacted tariffs Friday on more than $3 billion worth of U.S. goods including bourbon, yachts and motorcycles.

    The EU duties on U.S.-made motorcycles were raised to 31 percent from 6 percent, Harley-Davidson said in an 8-K filing Monday with the Securities and Exchange Commission.

    https://www.cnbc.com/2018/06/25/trump-tariffs-backfire-on-harley-davidson-after-eu-retaliates.html

    #37823

    Andy Brown
    Participant

    Republican economical malfeasance. It’s what they do.

    “According to a recent Monmouth University poll, only 12 percent of Americans said their family has benefited a great deal from recent economic growth. A whopping 53 percent said they’ve been helped “not much” or “not at all” by economic growth. These figures are virtually the same as when Trump took office in January 2017.

    Despite the strong unemployment numbers, the percentage of working-age Americans who are employed today is actually lower than in 2008. College graduates hitting the job market this year will find 1.3 percent fewer jobs waiting for them, compared with last year. And wages are growing at a meager 2.6 percent rate, which won’t make up for a long period of wage stagnation.

    As for the much-touted tax cuts, the law remains unpopular. In a troubling sign for Republican candidates, only about one-fifth of Americans said they’ve seen any financial benefit from the tax cuts โ€“ a not-unexpected result given that the tax benefits were aimed at corporations and wealthier Americans.”

    https://www.cnbc.com/2018/05/29/in-2081-midterm-elections-a-strong-economy-wont-save-republicans.html

    #37831

    cbaravelli
    Spectator

    Took decades to us into this mess. May take years to get back out. Ain’t gonna be pretty.
    Better with tariffs than with limited thermal-nuclear exchanges.

    #37834

    Vitalogy
    Participant

    Listen to the CEO’s, listen to the market, listen to our allies.

    Remember, we are at all time highs in regards to a lot of economic data. Why poke a hole in your boat just to show you can levy tariffs?

    Look at Harley Davidson. They won’t be the only ones.

    #37837

    cbaravelli
    Spectator

    Young man. YOU are not mature enough to remember AMF/Brunswick Harley Davidson beatched about the same thing in 1975, 1977, 1982, ….
    There will be winners. There will be losers. Everywhere.
    But, it’s time for free trade, not fair trade.
    The Big Boys and Girls are gonna work this out at Davos. Trust me.

    #37838

    Vitalogy
    Participant

    Trumps tarrifs will lead to job losses. The market is telling you that right now.

    Itโ€™s not winning.

    #37859

    Vitalogy
    Participant

    The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the company raised its prices to deal with higher steel costs.

    Glassman said the company might relocate to Mexico, where it could buy the steel without the tariffs โ€” and then export the finished nails back to the United States without tariffs, which only apply to raw materials.

    Glassman called President Donald Trump’s trade policy misguided. He noted that the company had doubled its work force since 2013, and thrived despite increased competition from China.

    The area of Missouri where the plant is located voted 80% for President Trump. Glassman said he can’t say whether people in town are still supporting the president.
    “They are scared, they are worried about their families. It’s not like there are tons of other manufacturing jobs,” he said. “If I were a Mid-Continent worker, I would be extremely unhappy with what this administration is doing.”

    http://money.cnn.com/2018/06/26/news/companies/steel-tariffs-job-losses/index.html

    I’m not rooting for failure or job losses, but since it’s happening to areas that voted heavily for Trump, I say this: You get what you voted for, enjoy!

    #37860

    missing_kskd
    Participant
    #37861

    missing_kskd
    Participant

    The choices are to get after it, or wallow in blame, shane.

    #37862

    Vitalogy
    Participant

    Or you can vote for the D that has the best chance in the general. Winning seats matters.

    #38182

    Vitalogy
    Participant

    BMW said Monday that it would move production for some of its SUVs out of the U.S. as a result of new tariffs placed on the vehicles, according to The Post and Courier in South Carolina.

    The German-based automobile manufacturer signed an agreement with its Chinese partner, Brilliance Automotive Group Holdings, to increase the number of vehicles produced in the country, according to the Charleston newspaper, with the total reaching 520,000 by 2019.

    http://thehill.com/policy/finance/international-taxes/396248-bmw-to-shift-some-suv-production-overseas-in-response-to

    #38184

    Andy Brown
    Participant

    In Poplar Bluff, Missouri, Mid-Continent Nail, the nationโ€™s largest nail maker, laid off 60 workers last month. Sales plunged 70 percent after Trump placed a 25 percent tariff on steel from Mexico and Canada. When the company boosted its prices, customers defected. Now, Mid-Continent is strongly considering a second round of 200 layoffs, company spokeswoman Elizabeth Heaton says, and all 500 employees could be axed by Labor Day.

    https://www.usatoday.com/story/money/2018/07/06/u-s-trade-war-china-layoffs-thinner-profits/762569002/

    Over 146,000 Americans will lose their jobs because of Trump’s trade tariffs

    #38645

    Vitalogy
    Participant

    America’s favorite soda is the latest victim of the Trump administration’s tariffs.

    Coca-Cola (CCE) has hiked prices on its carbonated drinks because the recently enacted 10% tariff on imported aluminum has made Coke cans more expensive to produce.

    In March, Commerce Secretary Wilbur Ross said the aluminum tariffs is “a lot to do about nothing” and U.S. customers wouldn’t notice.

    https://money.cnn.com/2018/07/27/news/companies/coca-cola-prices-tariffs/index.html

    Is this winning?

    #39962

    Vitalogy
    Participant

    There’s mounting anecdotal evidence that President Donald Trump’s trade war is causing trouble for the US economy and businesses. But Friday’s report on third-quarter gross domestic product may be the best hard evidence yet that the tariffs are causing major disruptions in the economy.

    GDP rose at an annualized rate of 3.5% in the third quarter. But the contribution of net exports of goods and services โ€” the measure of how much trade added or subtracted to GDP growth โ€” was a dismal -1.78 percentage points.

    It was the largest negative contribution to GDP growth for trade in 33 years; in the second quarter of 1985, trade subtracted 1.91 points.

    In other words, if trade were a net neutral, neither adding to nor subtracting from GDP growth, third-quarter GDP growth would have been a dynamite 5.3%.

    If trade had matched its average contribution since 2015, a 0.33-point drag, GDP growth would have come in at 5%.

    Uncertainty over trade policy may have also contributed to muted growth in capital expenditures by businesses. Nonresidential fixed investment โ€” spending on large-ticket items like equipment โ€” added only 0.12 points to GDP growth, the lowest in seven quarters, while overall fixed investment was a 0.04-point drag, the worst in 10 quarters.

    Companies have said that this uncertainty and the possibility that tariffs will push up costs elsewhere could result in decreased capex spending.

    https://www.thisisinsider.com/gdp-trump-tariff-trade-war-us-china-2018-10

    So what you’re saying is, we’d be better off without Trump’s tariffs?

    Winning!

    #MAGAbomber

    #39976

    bookemdono
    Participant

    What tariffs? trump told the WS Journal there are no tariffs. Heโ€™s demented.

    https://www.google.com/amp/s/thinkprogress.org/trump-says-his-own-tariffs-dont-exist-bfb84098636c/amp/

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