Trump's Speech to Congress
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If you read the first two sentences on a google search concerning tariffs they will tell you it is bad, it will cause you to lose jobs and get inflation. But that is starting at 0 as though there were no tariffs. That is not what Trump is proposing, what he is proposing is reciprocal tariffs, so if you do a google search on reciprocal tariffs, ignoring all the liberal media posts that have a clear bias and instead looking for investment advice from Morgan Stanley or some other financial institution with a reputation to uphold you will find there are two sides to this coin.
Yes, in some cases allowing another country to have higher tariffs on certain exports of yours to them might make sense in certain specific conditions where it is in your national interest to help this country get back on their feet after a war.
However, a policy of reciprocal tariffs when most if not all countries have higher tariffs on US goods they are importing than the US has on their goods is a very different scenario. In this case one very logical and plausible scenario is that these other countries will reduce their tariffs on your goods to match the current US tariffs. In this case you don't cause inflation, rather you stimulate US exports which in turn will attract investment dollars and create jobs.
The other possibility of course is that the US raises tariffs on a product. For example, suppose we put a 25% tariff on cars imported from Germany and now a BMW that used to cost $80k is now $100k. Will that cause inflation? Maybe not, perhaps the guy who was going to buy the BMW now buys a Lexus or a Cadillac. You would assume that someone would buy the BMW and Volkswagen or else Germany would capitulate. But if someone does pay $100k for a BMW the extra 20k is all going to pay US taxes and so it is possible that the added revenue will cause a little inflation in certain items but at the same time it will cause a decrease in the tax burden of Americans. The people who would spend 100k for a BMW when they could get a Lexus that is just as good for 80K don't care about inflation. The people who do care about inflation will not be buying that 100k BMW. However, everyone has to pay taxes, that is not optional.
Therefore the most plausible and realistic outcome is that most countries reduce their tariffs on US goods, either in part or in whole, imports are increased, jobs are increased, and investment in the US is increased. There may be a small impact on inflation, but that will be more than offset by a decrease in tax burden, especially for those to whom inflation makes the biggest impact.
Yes, in some cases allowing another country to have higher tariffs on certain exports of yours to them might make sense in certain specific conditions where it is in your national interest to help this country get back on their feet after a war.
However, a policy of reciprocal tariffs when most if not all countries have higher tariffs on US goods they are importing than the US has on their goods is a very different scenario. In this case one very logical and plausible scenario is that these other countries will reduce their tariffs on your goods to match the current US tariffs. In this case you don't cause inflation, rather you stimulate US exports which in turn will attract investment dollars and create jobs.
The other possibility of course is that the US raises tariffs on a product. For example, suppose we put a 25% tariff on cars imported from Germany and now a BMW that used to cost $80k is now $100k. Will that cause inflation? Maybe not, perhaps the guy who was going to buy the BMW now buys a Lexus or a Cadillac. You would assume that someone would buy the BMW and Volkswagen or else Germany would capitulate. But if someone does pay $100k for a BMW the extra 20k is all going to pay US taxes and so it is possible that the added revenue will cause a little inflation in certain items but at the same time it will cause a decrease in the tax burden of Americans. The people who would spend 100k for a BMW when they could get a Lexus that is just as good for 80K don't care about inflation. The people who do care about inflation will not be buying that 100k BMW. However, everyone has to pay taxes, that is not optional.
Therefore the most plausible and realistic outcome is that most countries reduce their tariffs on US goods, either in part or in whole, imports are increased, jobs are increased, and investment in the US is increased. There may be a small impact on inflation, but that will be more than offset by a decrease in tax burden, especially for those to whom inflation makes the biggest impact.
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I would rather Americans keep their own money and use it than the government shell corporation CEOs.
Maybe Quality Japanese car manufacturers will relocate to their biggest market country . If the manufacturing workers are paid enough, they can buy the cars they make. That was Henry Ford's business model. As long as robots don't take their jobs, then only AI robots will be driving. 🫣
Trump's Latest Speech/ Press Conference from Oval Office
From This afternoon March 7
"Trump Warns Russia To “Get To The Table Right Now” Or Face Massive Repercussions After Putin Launches Major Successful Offensive! Plus, LIVE Coverage Of Trump’s Crypto Summit"....
From This afternoon March 7
"Trump Warns Russia To “Get To The Table Right Now” Or Face Massive Repercussions After Putin Launches Major Successful Offensive! Plus, LIVE Coverage Of Trump’s Crypto Summit"....
I wonder how long it will take one of our fellow Republicans to explain to Trump that NAFTA was an original idea of Ronald Reagan and that Bush sr. expanded on it. https://en.wikipedia.org/wiki/North_American_Free_Trade_Agreement
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NAFTA North American Free Trade Agreement was a bad idea for America from the start. Both republican and democratic party presidents have done much harm as have representatives and judicial branches.
What Trump is suggesting seems more like the way trade was conducted in the late 1700s and 1800s.
I don't know the details, so I'm reserving judgement. I don't trust the technocrats .
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