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President Donald Trump Thursday tweeted that "billions of Dollars are pouring into the coffers of the U.S.A. because of the Tariffs being charged to China, and there is a long way to go."
But the Trump administration's higher tariffs on Chinese imports are just a drop in the U.S. fiscal bucket, according to the latest financial statements from the Treasury.
Tariffs collected in the latest fiscal year ended Sept. 30 rose by less than $7 billion from fiscal 2017, according to the Treasury. That is less than 0.2 percent of the $3.3 trillion the Treasury took in during the latest fiscal year.
Source: (CNBC) Trump claims 'billions of dollars are pouring into the coffers of the USA' because of his tariffs, but that's just a drop in the bucket
I've read the Tweet included in my OP article, and I've been watching Trump's video of this claim as it makes the rounds on cable. Of course the media has been calling Trump out on his claim being hyperbolic, because those "billions" are a mere pittance in terms of total revenue. And they may have a point.
But what really caught my attention, is in nearly 24 hours of my causally watching my regular cable networks (CNN, MSNBC, Fox), not one pundit has pointed-out what I believe is the greatest deception of Trump's words & Tweet:
"China" is not being "charged" billions! Americans are being taxed billions!
Am I the only one that sees this? Am I wrong, here?
Whether you are wrong or not depends on if US consumers are indeed picking up the cost. Have prices for Chinese goods that are affected by the tariffs being passed on?
Source: (CNBC) Trump claims 'billions of dollars are pouring into the coffers of the USA' because of his tariffs, but that's just a drop in the bucket
I've read the Tweet included in my OP article, and I've been watching Trump's video of this claim as it makes the rounds on cable. Of course the media has been calling Trump out on his claim being hyperbolic, because those "billions" are a mere pittance in terms of total revenue. And they may have a point.
But what really caught my attention, is in nearly 24 hours of my causally watching my regular cable networks (CNN, MSNBC, Fox), not one pundit has pointed-out what I believe is the greatest deception of Trump's words & Tweet:
"China" is not being "charged" billions! Americans are being taxed billions!
Am I the only one that sees this? Am I wrong, here?
Whether you are wrong or not depends on if US consumers are indeed picking up the cost. Have prices for Chinese goods that are affected by the tariffs being passed on?
Not only that, but besides the billions created from tariffs, there will be billions of dollars worth of Soybeans rotting in piles very soon. Dumb is where you find it, eh?
/
nope not wrong.. tariffs punishes the consumer more than the companies involved and certainly not the country involved.
Trump claims
No, they're eating the cost cuz they love you guys so much.... :lamo
Can confirm, from my job as a logistics analyst in the automotive industry, tariffs being charged are being recovered in the form of sur charges. Tariffs are only good if there is a competitive domestic alternative. There isn't. Have fun paying more for nothing... :shrug:
Interesting point. But remember, the profits & jobs lost are not just Chinese but American.Whether you are wrong or not depends on if US consumers are indeed picking up the cost. Have prices for Chinese goods that are affected by the tariffs being passed on?
I may be wrong, but I doubt anyone is tracking that kind of information in that kind of detail. There's too many products sold by too many vendors.I appreciate you sharing your insight, but I'd rather see actual numbers. For example, prices on Chinese goods sold in the US and bought by US consumers.
Source: (CNBC) Trump claims 'billions of dollars are pouring into the coffers of the USA' because of his tariffs, but that's just a drop in the bucket
I've read the Tweet included in my OP article, and I've been watching Trump's video of this claim as it makes the rounds on cable. Of course the media has been calling Trump out on his claim being hyperbolic, because those "billions" are a mere pittance in terms of total revenue. And they may have a point.
But what really caught my attention, is in nearly 24 hours of my causally watching my regular cable networks (CNN, MSNBC, Fox), not one pundit has pointed-out what I believe is the greatest deception of Trump's words & Tweet:
"China" is not being "charged" billions! Americans are being taxed billions!
Am I the only one that sees this? Am I wrong, here?
In addition to the bolded, America is no longer a dominate consumer market any more. The Chinese growing middle class (400M+) is 3X the size of America's middle class, and their vehicle market demand is 2X America's and growing stratospherically (along with their wages).No, they're eating the cost cuz they love you guys so much.... :lamo
Can confirm, from my job as a logistics analyst in the automotive industry, tariffs being charged are being recovered in the form of sur charges. Tariffs are only good if there is a competitive domestic alternative. There isn't. Have fun paying more for nothing... :shrug:
Source: (CNBC) Trump claims 'billions of dollars are pouring into the coffers of the USA' because of his tariffs, but that's just a drop in the bucket
I've read the Tweet included in my OP article, and I've been watching Trump's video of this claim as it makes the rounds on cable. Of course the media has been calling Trump out on his claim being hyperbolic, because those "billions" are a mere pittance in terms of total revenue. And they may have a point.
But what really caught my attention, is in nearly 24 hours of my causally watching my regular cable networks (CNN, MSNBC, Fox), not one pundit has pointed-out what I believe is the greatest deception of Trump's words & Tweet:
"China" is not being "charged" billions! Americans are being taxed billions!
Am I the only one that sees this? Am I wrong, here?
And the longer this goes on, the more established the Chinese-South American soybean production infrastructure becomes. If the American tariffs get removed in the future, they will have to re-establish that relationship, but meanwhile the South American infrastructure and supply lines have grown and become more efficient and established. It's reasonable to assume some of that business may not return.Not only that, but besides the billions created from tariffs, there will be billions of dollars worth of Soybeans rotting in piles very soon. Dumb is where you find it, eh?
/
Some will still rot though, because they are not being exported (as usual). There's only so much domestic demand.Nah, soymilk prices will come down, hurting the dairy farmers even more.
Fair point.Generally, that indicates that whatever follows is bull**** or at least highly misleading.
Whether you are wrong or not depends on if US consumers are indeed picking up the cost. Have prices for Chinese goods that are affected by the tariffs being passed on?
Part of my complaint, if not most, was with the pundits not calling-out the "charge China" part.When has Trump ever told the truth?
Did you see this?He has also said Canada us stealing from you, that we are "cheaters". So, he knows how to be a school yard bully, but when ONE manufacturer plan to lose 15,000 jobs BECAUSE of the tariffs you can hardly say that the US is winning.
Chinese people complain about tariffs they get shot or re-programmed. They can stand there and takes hits for decades...the USA is already closing plants.
Mr Trump is clearly living in his own world he has created for himself where he never makes mistakes and everything always goes his way to the point of being "the greatest..."
So I'll watch what China does as so far they're winning, THEY haven't announced the loss of 15,000 jobs and I doubt they will have to,
I appreciate you sharing your insight, but I'd rather see actual numbers. For example, prices on Chinese goods sold in the US and bought by US consumers.
Interesting point. But remember, the profits & jobs lost are not just Chinese but American.
It seems either Americans pay more:
(Newsweek) U.S. CAR PRICES SET TO INCREASE DUE TO TRUMP'S CHINA TARIFFS, EXPERTS WARN
Or Americans and American companies lose jobs:
(Fortune) Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs, Report Says
I may be wrong, but I doubt anyone is tracking that kind of information in that kind of detail. There's too many products sold by too many vendors.
In contrast, a 25% tariff on imported autos will be very easy to track. Although it's a big business, the number of auto manufacturers is quite small, and the industry is heavily scrutinized.
There's no question that consumers in the U.S. are picking up the tab for tariffs.
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