Tariffs and Trade Wars and Trump....

that's about what happened a few years back when Obama raised tariffs on Chinese tires (forgive the source but the data is accurate):

Obama got tough on China. It cost U.S. jobs and raised prices

now that's somewhat different than the Trump tariffs - Obama's targeted a specific country and a specific product, Trump's is just on all steel imported.

Even so, sick of hearing that China just exports two percent of all steel used here - China is known to dump steel all over the world, and it;s true the steel tends to be inferior. If Trump did target China, they would open all their back doors wider.

Obama got tough on China. It cost U.S. jobs and raised prices

not a trade war yet, that will only happen if China slaps on a retaliatory tariff and that would wreck their economy short-term.

 

Should help Pittsburgh and Gary. Should drive leftist insane and make Barbara Streisand get fatter eating all those stacks of pancakes to compensate for her lack of brains.

 

A similar approach was tried by President Herbert Hoover (R) in 1930.
Smoot-Hawley Tariff Act
Smoot-Hawley Tariff Act | United States [1930]

Smoot-Hawley Tariff Act, formally United States Tariff Act of 1930, also called Hawley-Smoot Tariff Act, U.S. legislation (June 17, 1930) that raised import duties to protect American businesses and farmers, adding considerable strain to the international economic climate of the Great Depression. The act takes its name from its chief sponsors, Senator Reed Smoot of Utah, chairman of the Senate Finance Committee, and Representative Willis Hawley of Oregon, chairman of the House Ways and Means Committee. It was the last legislation under which the U.S. Congress set actual tariff rates.

Despite a petition from more than 1,000 economists urging him to veto the legislation, Hoover signed the bill into law on June 17, 1930.
Smoot-Hawley contributed to the early loss of confidence on Wall Street and signaled U.S. isolationism. By raising the average tariff by some 20 percent, it also prompted retaliation from foreign governments, and many overseas banks began to fail.

Within two years some two dozen countries adopted similar “beggar-thy-neighbour” duties, making worse an already beleaguered world economy and reducing global trade. U.S. imports from and exports to Europe fell by some two-thirds between 1929 and 1932, while overall global trade declined by similar levels in the four years that the legislation was in effect.

Some observers have argued that by deepening the Great Depression the tariff may have contributed to the rise of political extremism, enabling leaders such as Adolf Hitler to improve their political strength and gain power.

If Trump's tariff mistake is enacted we might very well see history repeat itself with the second Re4publican world depression and an increase in the power of extremist world leaders like Trump[ himself.

 

Here we go... TRADE WAR!!



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This is about Chinese dumping.

 

Hilarity. Here try this fill in the blank exercise:

Some observers have argued that by__________________________may have contributed to the rise of political extremism, enabling leaders such as Adolf Hitler to improve their political strength and gain power.

One could literally pick just about any phrase they wanted and "fill in the blank" and blame it for giving rise to Hitler.

 

Can someone that is in favor of the steel and aluminum tariffs and the resulting trade wars please tell us when you know you've won the trade war? When do you know you've won?

 

I really think the flaw in the Weimer Republic's constitution was the main reason for Hitler's rise to power but I doubt Smoot-Hawley was a factor. That tariff was different as well, over hundreds of products and did start a trade war, especially with Canada. They retaliated specifically with their own massive tariffs on US goods.

There is a much more recent example of a steel tariff imposed, GWB the big globalist tried it in 2002 against China, but the EU and others screamed so much against it, it was soon dropped and didn't cause a trade war. China just got around it by going third country again.

Not surprised Trump did this, he talked about all throughout the campaign - how do you win a trade war? The last country standing.

 

Being the last country standing doesn't sound like a win that is something "easy to do", as Trump tweeted.

 

I don't feel sorry for China--they are propping up North Korea and threatening us with nuclear war. They are dumping steel. They are now a dictatorship with a ruler for life. No one can compete against another government's subsidized product. Steel production is necessary in war.

 

Winning a trade war or even having a level playing field is not the end goal. Doing what is best for the US economy, the US consumers, and US workers is the goal. Most trade wars accomplish none of these things.

Sent from my Pixel 2 XL

 

What trade wars are we in?

 

So losing = Record high stock market, record low unemployment, rising wages, strong dollar, highest standard of living in history, etc. etc.

So what is the definition of winning? Having a trade surplus? Venezuela has a trade surplus. Saudi Arabia, Russia, Netherlands have trade surpluses, etc. Is that winning?