Trump tries to make America rich with tariffs that make Americans poorer. It will backfire.

[my2sence]

Tariffs will cause job losses, recession, shrink purchasing power, and result in income & capital tax losses that will wipe out the government revenues Trump pretends the tariffs will provide. When he talks about making America rich again he's likely thinking about the American government's bottom line, not the citizens who will suffer the losses and pass them on to the government on their tax returns and increased welfare, negating the revenues generated by tariffs just as surely as businesses will pass on the tariffs to the citizens. The disruption in prices supply chains, and trade wars will also cause inflation and give businesses an excuse to raise all prices regardless of where the products are made due to the reduced competition from imports. The trial and error president that was elected has a new toy to wreak tragedy with, tariffs as big as his ego.

 

[CaughtInThe]

 

[Safiel]

While Trump is a ****ing idiot, Congress also deserves blame concurrently with Trump for letting a President have the unilaterally power to lay tariffs, which are taxes. If the country survives the Trump wrecking ball and adults return to power, Congress should completely repeal the President's ability to lay tariffs, which should, in all cases be strictly up to the will of Congress, not the President.

I also blame the courts, which have not acted to strike down these overbroad tariff laws. As a District Judge, I would strike down these tariffs as an unconstitutional delegation of Congress's power to lay taxes (power of the purse).

 

[Cassandra]

Tariffs will cause job losses, recession, shrink purchasing power, and result in income & capital tax losses that will wipe out the government revenues Trump pretends the tariffs will provide. When he talks about making America rich again he's likely thinking about the American government's bottom line, not the citizens who will suffer the losses and pass them on to the government on their tax returns and increased welfare, negating the revenues generated by tariffs just as surely as businesses will pass on the tariffs to the citizens. The disruption in prices supply chains, and trade wars will also cause inflation and give businesses an excuse to raise all prices regardless of where the products are made due to the reduced competition from imports. The trial and error president that was elected has a new toy to wreak tragedy with, tariffs as big as his ego.

I've brought this up before in other threads. The only way to make sense of this is to look at the "Mar-a-Lago accords" and consider the hopes and dreams of Trump's economic advisors like Stephen Miran. Beyond making the U.S. a more competitive exporter of things, they wish to pressure nations to cooperate in lowering the value of the dollar...well, it still makes no sense to me since it can take years for factories to be built and skilled workers to be trained. Meanwhile, the pain will be widespread and other nations will look to China as a more reliable nation. Miran warns other countries against retaliatory tariffs..really?!

 

[Ishm]

I've brought this up before in other threads. The only way to make sense of this is to look at the "Mar-a-Lago accords" and consider the hopes and dreams of Trump's economic advisors like Stephen Miran. Beyond making the U.S. a more competitive exporter of things, they wish to pressure nations to cooperate in lowering the value of the dollar...well, it still makes no sense to me since it can take years for factories to be built and skilled workers to be trained. Meanwhile, the pain will be widespread and other nations will look to China as a more reliable nation. Miran warns other countries against retaliatory tariffs..really?!

The US will never return to being a large manufacturing exporter unless the living standards drop dramatically. These tariffs wars are almost the final nail in the coffin of US exports. Once all the retaliatory tariffs are in place, the world will rearrange it's trade to be much less US centric. Lowering the $ only makes sense if we are an export dominated country with unfettered access to a lot of markets. Typically you achieve that access by negotiating Free Trade Agreements like the rest of the world has been doing. We aren't doing any of these things, and will remain an imports dominated market for many years yet, if not forever. All a drop in the $ would do now is feed inflation.