Trump vows to destroy the economy with 10% tariff on all imports to US

[Ferguson97]

https://www.washingtonpost.com/business/2023/08/22/trump-trade-tariffs/

Among the ideas they discussed was Trump’s plan to enact a “universal baseline tariff” on virtually all imports to the United States, the people said. This idea, which Trump has taken to describing as the creation of a “ring around the U.S. economy,” could represent a massive escalation of global economic chaos, surpassing the international trade discord that marked much of his first administration. Trump advisers have for months discussed various potential levels to set the tariff rate, and they said the plan remains a work in progress with major questions left unresolved, the people said.

On Fox Business on Thursday, the former president called for setting this tariff at 10 percent “automatically” for all countries, a move that experts warn could lead to higher prices for consumers throughout the economy and could likely lead to a global trade war.

“I think we should have a ring around the collar” of the U.S. economy, Trump said in an interview with Kudlow on Fox Business on Thursday. “When companies come in and they dump their products in the United States, they should pay, automatically, let’s say a 10 percent tax … I do like the 10 percent for everybody.”

He’s so stupid

[Aurelius2]

Excellent idea, though I'd start it lower at 5% myself. This is also another example of Trump talking about things that matter while DeSantis says "woke" every five seconds.

[Mr.Bakari-Sellers]

He isn't gonna win anything

[OSR stands with Israel]

We should just put a border adjustment tax in place like Paul Ryan wanted in the first place before Trump ironically killed that effort

[Wrong about 2024 Ghost]

A tariff that ramps up over time, targeted on countries with abusive labor practices (and yes, practice "dumping" under some circumstances) seems reasonable. A universal 10% tariff is just a wanna-be god-king setting fire to the world before he dies. (Although this being Trump, there may be a scheme for some way to profit off it - countries that pay him a billion dollars getting the tariff waived seems about right for his imitation mob-boss thinking).

[Mr.Bakari-Sellers]

We should just put a border adjustment tax in place like Paul Ryan wanted in the first place before Trump ironically killed that effort

Brown and Tester are gonna win and Garcia, Boebert, Lawler. Santos and Kean are gonna lose and we have the 303 map it's gonna be the Warren Wealth Tax come 25 as soon as Rs got only a 5 seat majority the Rs were toasty in the H in 24 which creates 3T in new wealth Rs are in denial about what's coming in 24 just like denial about split voting and Fetterman and Shapiro and CCM


Lombardo was the only R to defeat a D inc he was pro choice Oz and Laxalt were pr life that's why Ayottee will lose eventually she is pro life

OH and MT according to Cook are Tilt D  the rest is wave insurance IN, TN, TX, MO and FL and WV

[The Economy is Getting Worse]

Terrible idea, unless this replaces all the other taxes we have.

[Senator Incitatus]

“Destroying the country” by implementing a much milder version of the policy most associated with our strongest period of economic development. Burn Bezos’s rag.

[Meatball Slayer]

https://www.washingtonpost.com/business/2023/08/22/trump-trade-tariffs/

Among the ideas they discussed was Trump’s plan to enact a “universal baseline tariff” on virtually all imports to the United States, the people said. This idea, which Trump has taken to describing as the creation of a “ring around the U.S. economy,” could represent a massive escalation of global economic chaos, surpassing the international trade discord that marked much of his first administration. Trump advisers have for months discussed various potential levels to set the tariff rate, and they said the plan remains a work in progress with major questions left unresolved, the people said.

On Fox Business on Thursday, the former president called for setting this tariff at 10 percent “automatically” for all countries, a move that experts warn could lead to higher prices for consumers throughout the economy and could likely lead to a global trade war.

“I think we should have a ring around the collar” of the U.S. economy, Trump said in an interview with Kudlow on Fox Business on Thursday. “When companies come in and they dump their products in the United States, they should pay, automatically, let’s say a 10 percent tax … I do like the 10 percent for everybody.”

He’s so stupid

Based Trump. Free Trade is a sham propagated by globalist, Neoliberal political establishment to justify exporting all of our jobs to the Old World.

[The Economy is Getting Worse]

“Destroying the country” by implementing a much milder version of the policy most associated with our strongest period of economic development. Burn Bezos’s rag.

It isn't just Bezos who wants free trade; consumers who want lower prices also benefit from it.

[Senator Incitatus]

“Destroying the country” by implementing a much milder version of the policy most associated with our strongest period of economic development. Burn Bezos’s rag.

It isn't just Bezos who wants free trade; consumers who want lower prices also benefit from it.

The price increases (borne by all) are accompanied by wage increases (to the benefit of wage-earners and the detriment of wage-payers). As one of the largest employers and importers in the world, Bezos obviously does not want tariffs.

This isn’t even mentioning the fact that we’re currently experiencing price increases anyway as the direct result of globalisation, as the thinly stretched supply chain has started to snap under logistical breakdown.

[The Economy is Getting Worse]

“Destroying the country” by implementing a much milder version of the policy most associated with our strongest period of economic development. Burn Bezos’s rag.

It isn't just Bezos who wants free trade; consumers who want lower prices also benefit from it.

The price increases (borne by all) are accompanied by wage increases (to the benefit of wage-earners and the detriment of wage-payers). As one of the largest employers and importers in the world, Bezos obviously does not want tariffs.

The wage increase tends to be less than the price increase. A better way to think about this is to think about the overall supply of goods. With free trade, the pareto frontier of supply of goods increases.

The purpose of free trade is that different countries are good at different things. Each country produces what it's good at, then trades for a win-win situation.

Sure, no business owner wants tariffs, because that would cause a lot of businesses to go bankrupt having to source their materials here (which would lead to fewer goods/supplies for American consumers).

[Senator Incitatus]

I really don’t care if Amazon can import cheap lacquered sunglasses. I care if Americans can feed themselves healthy, locally grown meals on the average wage.

Please read an economics book that was not written for (at the risk of repeating myself) a child or libertarian.

[OSR stands with Israel]

https://www.washingtonpost.com/business/2023/08/22/trump-trade-tariffs/

Among the ideas they discussed was Trump’s plan to enact a “universal baseline tariff” on virtually all imports to the United States, the people said. This idea, which Trump has taken to describing as the creation of a “ring around the U.S. economy,” could represent a massive escalation of global economic chaos, surpassing the international trade discord that marked much of his first administration. Trump advisers have for months discussed various potential levels to set the tariff rate, and they said the plan remains a work in progress with major questions left unresolved, the people said.

On Fox Business on Thursday, the former president called for setting this tariff at 10 percent “automatically” for all countries, a move that experts warn could lead to higher prices for consumers throughout the economy and could likely lead to a global trade war.

“I think we should have a ring around the collar” of the U.S. economy, Trump said in an interview with Kudlow on Fox Business on Thursday. “When companies come in and they dump their products in the United States, they should pay, automatically, let’s say a 10 percent tax … I do like the 10 percent for everybody.”

He’s so stupid

Based Trump. Free Trade is a sham propagated by globalist, Neoliberal political establishment to justify exporting all of our jobs to the Old World.

Trump killed Paul Ryan’s BAT Tax proposal in 2017 so this is false

[The Economy is Getting Worse]

I really don’t care if Amazon can import cheap lacquered sunglasses. I care if Americans can feed themselves healthy, locally grown meals on the average wage.

Please read an economics book that was not written for (at the risk of repeating myself) a child or libertarian.

Virtually every economist believes free trade is a good thing. This is one of the few things they agree on, liberal or conservative.

I really didn't want to repeat myself, but try again: think about the overall supply and flow of goods/services. That's a better way to see the overall benefit than the supply/flow of money. Effectively, it isn't any different from goods being cheaper due to automation, and very few people argue that we should go back to manual labor for things currently done by automation to get jobs back.

[oldtimer]

I really don’t care if Amazon can import cheap lacquered sunglasses. I care if Americans can feed themselves healthy, locally grown meals on the average wage.

Please read an economics book that was not written for (at the risk of repeating myself) a child or libertarian.

Virtually every economist believes free trade is a good thing. This is one of the few things they agree on, liberal or conservative.

I really didn't want to repeat myself, but try again: think about the overall supply and flow of goods/services. That's a better way to see the overall benefit than the supply/flow of money. Effectively, it isn't any different from goods being cheaper due to automation, and very few people argue that we should go back to manual labor for things currently done by automation to get jobs back.

Tell that to the Germans, the Japanese, the Chinese ect.

Free Trade is good only if your economy is more competitive and on things that can't be outsourced, like farming and mining.

Even America was built on protectionism against free trade Britain.

Any country of sufficient size doesn't need free trade.

[Duke 🇺🇸]

This is a great way to re-ignite inflation! That 10% tariff will be passed on to the consumer.

[BG-NY (permanently retired)]

According to economic theorists, a universal tariff is BETTER for the US than are targeted individual tariffs:

https://twitter.com/ggaulier/status/969699174978646016?s=46

[Lief 🗽]

This is a great way to re-ignite inflation! That 10% tariff will be passed on to the consumer.

Yup, it’s sad to see. President Biden has spent three years fighting the runaway inflation that Trump’s incompetence caused, and now Trump wants to return to the Oval Office and immediately raise prices by 10% (and likely more, as the massive and widespread shortages this causes will only lead to costs soaring further).

[President Johnson]

Vodoo economics Don!

[jojoju1998]

I would support a tarriff if Trump would couple it with investments in Manufacturing, STEM jobs, and the like.

Wait a minute.......

Oh yeah; Republicans are anti education.

[Ferguson97]

I really don’t care if Amazon can import cheap lacquered sunglasses. I care if Americans can feed themselves healthy, locally grown meals on the average wage.

Please read an economics book that was not written for (at the risk of repeating myself) a child or libertarian.

If you truly care about lowering the cost of goods for consumers, then you should strongly oppose all tariffs.

“Destroying the country” by implementing a much milder version of the policy most associated with our strongest period of economic development. Burn Bezos’s rag.

Right, because when I think of the Smoot–Hawley Act, I think of the great economic prosperity that followed!

[OSR stands with Israel]

This is a great way to re-ignite inflation! That 10% tariff will be passed on to the consumer.

I mean it almost certainly would be paired with a corporate tax cut too.

[Skill and Chance]

I would imagine the tariff economic math cuts differently now in a wealthy country between AI and widespread remote work.  Natural regression to a global average wage would mean Great Depression 2.0 in the US.