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The Cost of Trump's Tariffs

jpn

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Per Kevin Drum:
Like most taxes, tariffs on goods and services get passed along to consumers in the form of higher prices.

The cost of these tariffs has amounted to a steady $300 per household since the Reagan era, but that changed two years ago when President Trump imposed an array of new tariffs on foreign goods.

American households now pay an average of $700 each in tariffs, more than double what they’ve paid under previous administrations.

Tariffs.jpg
 

jpn

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Oh, and the tariffs didn't help our manufacturing sector, if that's what you were thinking...

ManufacturingWorkers.jpg
 

Helix

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but guys, we won the milk war!

yee haw
 

aociswundumho

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Per Kevin Drum:
Like most taxes, tariffs on goods and services get passed along to consumers in the form of higher prices.

They also artificially prop up industries that should be allowed to die. But one of the worst thing about tariffs is they cause other countries to impose their own tariffs as a form of "retaliation."

USA to China: "Hey China, I buy more from you than you buy from me. To punish you, I'm gonna hit myself in the head with this hammer."

China to USA: "Oh yeah? Then I have no choice but to retaliate by hitting myself in the head with a hammer as well."
 

OrphanSlug

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It is almost like most people slept through economics class.

Tariffs intentionally and artificially increase the costs of goods and services in order to discourage international competition within the nation protecting domestic production, which means in realized impact they are regressive burdening the lowest income quintiles the most. Overall less options from less competition means increase costs anyway.

On a long enough timeline the practical implication is very similar to new consumption taxation in a manner that directly harms the most vulnerable.
 

SheWolf

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Per Kevin Drum:
Like most taxes, tariffs on goods and services get passed along to consumers in the form of higher prices.

The cost of these tariffs has amounted to a steady $300 per household since the Reagan era, but that changed two years ago when President Trump imposed an array of new tariffs on foreign goods.

American households now pay an average of $700 each in tariffs, more than double what they’ve paid under previous administrations.

View attachment 67293631

I am curious how farmers are doing now.
 

Chomsky

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Oh, and the tariffs didn't help our manufacturing sector, if that's what you were thinking...

View attachment 67293633
They didn't help the consumer. They didn't help the manufacturing employee. But they did help Trump con his base. So, it's not like they did nothing! :2razz:
 

jpn

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So who wants to go back to business as usual with China?

Yeah, not me. But to make them change their ways, we need concerted action with our allies. The US with the EU and Japan could put enormous pressure on China. The US by itself, not so much.
 

EMNofSeattle

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Either you read it too fast or you're seeing something no one else is. Care to elaborate?

The graph shows declining manufacture until 2015 and that the decline stops
 

Masterhawk

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The graph shows declining manufacture until 2015 and that the decline stops

You might notice that it still went down a little in 2019 from 2017. Also, one would think that the trade war would cause it to increase.
 

EMNofSeattle

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You might notice that it still went down a little in 2019 from 2017. Also, one would think that the trade war would cause it to increase.

Statistically insignificant decline after then.
 

Vadinho

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We have line items on our quotes for the tariff. Our customers pay it. Trump has a hammer and everything he sees is a nail.
 

I'm Supposn

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JPN, I’m among proponents of the improved trade policy described within Wikipedia’s “Import Certificates” article. The unilateral policy would very substantially reduce, (if not eliminate) USA’s chronic annual trade deficits and increase our GDPs more than otherwise. Trade deficits are always net detrimental to their nation’s GDP; they’re particularly detrimental to their total jobs and payrolls. The substantially market driven policy is funded by USA purchasers of imported goods, and to extents that prices to them reflect more than federal direct expenses due to the policy, the policy behaves as price subsidies for USA's exports.

Refer to, Import certificates - Wikipedia
Respectfully, Supposn
 
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