Trump tariffs: ruin U.S. economy until 2040

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone explain what Trump voters like about this? I truly don't understand. Why would anyone want this?

Increasing the cost of imports will decrease the amount of imports we buy, and will make locally produced products more competitive.

Maybe Democrats should have focused on policies that US voters want.

Like mandate e-verify, which Democrats refuse to do

It sounds so simple, but it does not happen so easily. First, there are not enough or any locally produced products that can replace imports, depending on the import. In order to spur manufacturing, the U.S. has to have a policy in place that lubricates the runway for production.

If I asked you to start making toaster ovens tomorrow, how would you even start? You need capital, you need expertise, you need to build a factory, you need employees, you need investors.
And importantly, you need parts, like light bulbs, heating elements, circuits, glass, etc - which you could have imported from Asia, but now you have to manufacture them yourself, or wait for the U.S. light bulb factory to get up and running. Otherwise your toaster oven will be more expensive than the one imported from taiwan, even with the tariff.

The revenue from the tariffs will not be enough to subsidize factories.

The only way that tariffs might help a nascent industry is if they are targeted and if there is a clear plan to start an industry. In S Korea, Hyundai wanted to make cars and the government supported this because, at the time, S Korea was still developing their economy. They bought a bunch of cars from ford so they could study them, went beyond tarrifs and outright banned foreign car imports, forcing Koreans to drive local cars even though they would rather be driving Mercedes and bmw’s. I’ll add that they started in the 1960’s and managed to produce their first car in 1975. And then survived the disaster that was the Hyundai excel, before finally becoming a respected manufacturer in the 90’s/2000’s. So it took 35-40 years.

But that is not what is happening with trump’s crude, scatter shot, blow it all up strategy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Started:

Going:

Guess Dems were right all along. Yeah.

I posted a few days ago either here or in the 47 Economy thread - it BOGGLES my mind that Wall Street bigwigs were so all in for Trump this time without at all noting the giant risk that he would, you know, implement the policies he spent all of his rallies talking about. Tariffs were his only economic plan.

+1. I was shaking my head about the comment that lawyers/bankers are crying. Those folks voted for this mess!

[Anonymous]

Anonymous wrote:These tariffs will have impacts well beyond 2040. Isolationism isn’t realistically feasible in modern times. We have opened doors of opportunity to China, India, and numerous other countries to walk through. It is the catalyst combined with his other policies that trigger the fall of this country. Buckle up, it is going to be rough.

We are the globe’s enemy #1:

“Trump's tariffs carry the risk of destroying the global free trade order the United States itself has spear-headed since the Second World War," said Takahide Kiuchi, executive economist at Nomura Research Institute.

AND

"I see it as a drift of the U.S. and global economy towards worse performance, more uncertainty and possibly heading towards something we could call a global recession," said Antonio Fatas, macroeconomist at the INSEAD business school in France.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Started:

Going:

Guess Dems were right all along. Yeah.

I posted a few days ago either here or in the 47 Economy thread - it BOGGLES my mind that Wall Street bigwigs were so all in for Trump this time without at all noting the giant risk that he would, you know, implement the policies he spent all of his rallies talking about. Tariffs were his only economic plan.

+1. I was shaking my head about the comment that lawyers/bankers are crying. Those folks voted for this mess!

+2! They supposedly "held their nose" and voted for him despite finding him morally reprehensible because he was supposed to be good for the economy. I guess gutting the CFPB and being able to charge exorbitant fees is worth it to them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Started:

Going:

Guess Dems were right all along. Yeah.

I posted a few days ago either here or in the 47 Economy thread - it BOGGLES my mind that Wall Street bigwigs were so all in for Trump this time without at all noting the giant risk that he would, you know, implement the policies he spent all of his rallies talking about. Tariffs were his only economic plan.

+1. I was shaking my head about the comment that lawyers/bankers are crying. Those folks voted for this mess!

+2! They supposedly "held their nose" and voted for him despite finding him morally reprehensible because he was supposed to be good for the economy. I guess gutting the CFPB and being able to charge exorbitant fees is worth it to them.

But I guess his crypto ventures will he just fine?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm so depressed.

I never really thought it could get to this point. I never voted for this blob but I did have faith we could weather the storm to come

It's been less than 90 days and we are already here. I'm not sure anymore that there is the ability to get through the damage as there is in hoping for mercy in the new world order to come!!!

It really truly affects all of us, rich and poor.

It affects lower incomes disproportionately. The price of a Honda accord is a much bigger chunk of HHI when you are making 75k vs 3 million. Tariffs are a tax disproportionately borne by the poor. It’s an inverse progressive income tax. Trump will convince congress to cut taxes, while disguising taxes on the poor as “liberty tariffs” or whatever bs he is calling it.

Yep. And it will hurt classic American products too.

When MAGA goes to buy their new F-150 that currently MSRPs for 50,000, they will find their new truck is now an unaffordable 70-75,000. Will fleets continue to scoop up the 10s of thousands of F-150s as that currently do with a 40-45% hike? Add on to that the additional cost of sales taxes. What's going to happen?

No because Trump will implement price limits. That means those businesses get squeezed. Which is kind of poetic justice for them supporting him.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm so depressed.

I never really thought it could get to this point. I never voted for this blob but I did have faith we could weather the storm to come

It's been less than 90 days and we are already here. I'm not sure anymore that there is the ability to get through the damage as there is in hoping for mercy in the new world order to come!!!

It really truly affects all of us, rich and poor.

It affects lower incomes disproportionately. The price of a Honda accord is a much bigger chunk of HHI when you are making 75k vs 3 million. Tariffs are a tax disproportionately borne by the poor. It’s an inverse progressive income tax. Trump will convince congress to cut taxes, while disguising taxes on the poor as “liberty tariffs” or whatever bs he is calling it.

Yep. And it will hurt classic American products too.

When MAGA goes to buy their new F-150 that currently MSRPs for 50,000, they will find their new truck is now an unaffordable 70-75,000. Will fleets continue to scoop up the 10s of thousands of F-150s as that currently do with a 40-45% hike? Add on to that the additional cost of sales taxes. What's going to happen?

No because Trump will implement price limits. That means those businesses get squeezed. Which is kind of poetic justice for them supporting him.

"Price limits? Sounds pretty communist to me, Sam."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are ruled by the dumbest people on the planet:

Yes we are. This is the stupidest assemblage ( none of them would know that word) that we have ever witnessed in politics. I just shake my head whenerver anyone in this administration speaks.

It is incredibly stupid. Hard to figure out how these people think they will benefit from this.

Well, for the billionaires, it's good. They set up a huge regressive tax, so that the government raises more money while reducing the already low taxes on the uber-wealthy. A Liberating Day for the 0.01%!

Bingo. The Republicans have always hated the regressive tax system we have and wanted a flat tax. That wasn’t going anywhere but tariffs gets us closer. Hard to understand Trumps base which is going to get hurt the most.

I read somewhere that they estimated around $3500 cost to average household annually. Wonder if MAGA will still be able to convince themselves paying more is patriotic. It also said it erases like 3 years of wage increases.

Larry Summers has come out with analysis that also accounts for the diminution of value in 401(k)s (and the markets generally), loss of economic growth and a variety of other factors. True cost over 10 years will be closer to 30 trillion. Or 300,000 per household. MAGA!

It’s worth it not to have boys in girls sports, deporting brown people, and destroying woke institutions. /s

[Anonymous]

Would it be safe to assume Trump's tariffs are anti-globalist and his ham-fisted way of trying to put "America first"?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:US economy and the entire world economy is already ruined for decades. There is no turning back at this point without some tough decisions.

There is no fixing it now, that's why all the political elite are building doomsday bunkers in New Zealand and Hawaii, hoping to avoid the collapse and the masses.

Hardly. The u.s. economy is the envy of the world. It’s amazing that we had a soft landing and not the recession everyone expected.

We’re taking off again and the next landing won’t garner any applause for the pilot

There is not a single example in the history of mankind where the economy gets better because of actions Trump is currently taking. None.

[Anonymous]

The bright side is that the reduction in global GDP will bring down fossil fuel emissions 😂Maybe Trump was an environmentalist all along.

[Anonymous]

Anonymous wrote:Why aren't Democrats supporting tariffs?

Sometimes, targeted tariffs make sense. What trump is doing, doesn't. Find any reputable right wing economist, and they will tell you the same thing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:These tariffs will have impacts well beyond 2040. Isolationism isn’t realistically feasible in modern times. We have opened doors of opportunity to China, India, and numerous other countries to walk through. It is the catalyst combined with his other policies that trigger the fall of this country. Buckle up, it is going to be rough.

We are the globe’s enemy #1:

“Trump's tariffs carry the risk of destroying the global free trade order the United States itself has spear-headed since the Second World War," said Takahide Kiuchi, executive economist at Nomura Research Institute.

AND

"I see it as a drift of the U.S. and global economy towards worse performance, more uncertainty and possibly heading towards something we could call a global recession," said Antonio Fatas, macroeconomist at the INSEAD business school in France.

We WERE the globe's #1 economy. We sure as heck won't be any more.

[Anonymous]

Trump is now in a position to pick winners and losers country by country and company by company...who is willing to kiss the ring and for how much.

[Anonymous]

Great Depression coming not recession

Trump as king not president

Republicans are in power that will never change get ready for all states to be AL

To all who said it’s only four years nope voting is gone