Trump's Trade Follicy

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Danraft
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Re: Trump's Trade Follicy

#951

Post by Danraft » Sun Jul 01, 2018 4:14 am

https://phys.org/news/2018-06-gm-trump-tariffs-smaller.html wrote: General Motors warned Friday that it could be forced to cut jobs and raise prices on its cars if the President Donald Trump’s confrontational approach on trade spirals into a trade war.


In comments expressing concern over Trump’s proposed 25 percent tariffs on imported cars, GM was joined by numerous auto and auto parts industry representatives worried about the direct and spillover effects.

“Overly broad” tariffs could “lead to a smaller GM, a reduced presence at home and abroad for this iconic American company, and risk less—not more-—US jobs,” the automaker said in written comments to the US Commerce Department.

GM, the biggest US automaker, said it employs about 110,000 people across 47 manufacturing facilities and 25 part facilities in the US and the company remains “committed to our home market.”

But “broad brush trade barriers” could “promote a trade environment in which we could be retaliated against in other markets,” which could force the company to raise prices or see lower profits, and that in turn would reduce investment and hiring.

The Commerce Department is soliciting public comment as part of a trade investigation launched in May on whether imports of auto and auto parts threaten US national security, which this administration defines broadly to include economic security as well.


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Re: Trump's Trade Follicy

#952

Post by TollandRCR » Sun Jul 01, 2018 7:44 am

If he thinks at all (which is doubtful), Trump thinks as the developer of NYC properties. That means dealing with the Mob of the 1970s on concrete issues. He understands nothing else.


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Re: Trump's Trade Follicy

#953

Post by Addie » Sun Jul 01, 2018 2:57 pm

Business Insider
Trump's trade policy is a rerun of a terrible 1980s policy where 'American consumers were the biggest losers'

The hallmarks of President Donald Trump's recent protectionist trade policies echo the trade fights of previous decades, and economists say it represents a troubling recipe.

Anna Zhou and Ethan Harris, economists at Bank of America Merrill Lynch, say Trump's tariffs and focus on the bilateral trade deficit echo similar policies undertaken in the 1980s— especially when it came to Japan.

Even on the surface, the parallels are apparent: A Republican president undertakes a series of protectionist trade actions against a close US ally in hopes of reducing a growing US trade deficit and protecting specific US industries.

"In the 1980s, like today, the large deficit was seen as prima facie evidence of unfair trade," Harris and Zhou said. "The US responded with claims of unfair trade and implemented a long string of protectionism measures, particularly targeting Japan." ...

The end result of the 1980s-era policy was an inability to slow the growth in the US trade deficit. According to the BAML economists, the deficit widened from $36 billion, or 1.3% of GDP, in 1980 to $170 billion, or 3.7% of GDP, in 1989.


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Re: Trump's Trade Follicy

#954

Post by Dan1100 » Sun Jul 01, 2018 3:01 pm

TollandRCR wrote:
Sun Jul 01, 2018 7:44 am
If he thinks at all (which is doubtful), Trump thinks as the developer of NYC properties. That means dealing with the Mob of the 1970s on concrete issues. He understands nothing else.
The way he dealt with the Ironworker's union was to build his skyscrapers with concrete frames instead of steel frames.

Maybe that is his genius plan. Instead of aluminum airplanes, build them out of concrete. Instead of steel cars and trucks, build them out of concrete.

I wish I could be sure this was just snark.


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Re: Trump's Trade Follicy

#955

Post by Volkonski » Sun Jul 01, 2018 4:45 pm

China's new tariff cuts take effect, to help increase imports

https://www.straitstimes.com/asia/east- ... se-imports
Tariffs on 1,449 taxable consumer goods were reduced from an average rate of 15.7 per cent to 6.9 per cent, including home appliances, food and beverage, cosmetics and medicines, according to the Customs Tariff Commission of the State Council.

It was the fifth round of tariff cuts for consumer goods since 2015.

"Significantly reducing the import tariffs for daily consumer goods is conducive to expanding China's opening-up and serves as a major measure and action of the country's initiative to open its market," the commission said earlier in a statement.

Meanwhile, vehicles and auto parts also saw marked tariff reductions. The 20-25 per cent tariffs for cars were cut to 15 per cent, and duties on auto parts were lowered to 6 per cent from the previous levels of 8-25 per cent.


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Re: Trump's Trade Follicy

#956

Post by Addie » Sun Jul 01, 2018 6:59 pm

Axios
Exclusive: A leaked Trump bill to blow up the WTO

Axios has obtained a leaked draft of a Trump administration bill — ordered by the president himself — that would declare America’s abandonment of fundamental World Trade Organization rules.

Why it matters: The draft legislation is stunning. The bill essentially provides Trump a license to raise U.S. tariffs at will, without congressional consent and international rules be damned.

The details: The bill, titled the "United States Fair and Reciprocal Tariff Act," would give Trump unilateral power to ignore the two most basic principles of the WTO and negotiate one-on-one with any country:
The "Most Favored Nation" (MFN) principle that countries can't set different tariff rates for different countries outside of free trade agreements;

"Bound tariff rates" — the tariff ceilings that each WTO country has already agreed to in previous negotiations.


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Re: Trump's Trade Follicy

#957

Post by Kendra » Sun Jul 01, 2018 7:38 pm

Off Topic
All this chatter of WTO reminds me of the huge protests in Seattle way back in the day. Times have changed, but for the better?



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Re: Trump's Trade Follicy

#958

Post by tek » Mon Jul 02, 2018 5:47 am

https://www.reuters.com/article/us-usa- ... SKBN1JS0VL
WASHINGTON (Reuters) - The U.S. Chamber of Commerce, the nation’s largest business group and customarily a close ally of President Donald Trump’s Republican Party, is launching a campaign on Monday to oppose Trump’s trade tariff policies.


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Re: Trump's Trade Follicy

#959

Post by Addie » Mon Jul 02, 2018 7:48 am

A bit more from Tek's link
With some of America’s tightest trading partners imposing retaliatory measures, Trump’s approach to tariffs has unsettled financial markets and strained relations between the White House and the Chamber.

The new campaign, detailed first to Reuters, is an aggressive effort by the business lobbying giant. Using a state-by-state analysis, it argues that Trump is risking a global trade war that will hit the wallets of U.S. consumers.

“The administration is threatening to undermine the economic progress it worked so hard to achieve,” said Chamber President Tom Donohue in a statement to Reuters. “We should seek free and fair trade, but this is just not the way to do it.”


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Re: Trump's Trade Follicy

#960

Post by Reality Check » Mon Jul 02, 2018 7:55 am

Screw the CoC. They have been solidly Republican for years. As you sow so shall you reap big boys.


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Re: Trump's Trade Follicy

#961

Post by Danraft » Mon Jul 02, 2018 8:46 am

Reality Check wrote:
Mon Jul 02, 2018 7:55 am
Screw the CoC. They have been solidly Republican for years. As you sow so shall you reap big boys.
Truth. , but it didn't used to be that way, and I associate that with ACA.
It's great news tho. Trump's dependance on the trope of "business magnate" and "I don't care what he says or does so long as my 401k is good" is a vulnerable point.


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Re: Trump's Trade Follicy

#962

Post by Tiredretiredlawyer » Mon Jul 02, 2018 9:16 am

Danraft wrote:
Mon Jul 02, 2018 8:46 am
Reality Check wrote:
Mon Jul 02, 2018 7:55 am
Screw the CoC. They have been solidly Republican for years. As you sow so shall you reap big boys.
Truth. , but it didn't used to be that way, and I associate that with ACA.
It's great news tho. Trump's dependance on the trope of "business magnate" and "I don't care what he says or does so long as my 401k is good" is a vulnerable point.
"401k Trumpers" is the designation I heard last week.


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Re: Trump's Trade Follicy

#963

Post by RTH10260 » Mon Jul 02, 2018 9:20 am

Addie wrote:
Mon Jul 02, 2018 7:48 am
A bit more from Tek's link
With some of America’s tightest trading partners imposing retaliatory measures, Trump’s approach to tariffs has unsettled financial markets and strained relations between the White House and the Chamber.

The new campaign, detailed first to Reuters, is an aggressive effort by the business lobbying giant. Using a state-by-state analysis, it argues that Trump is risking a global trade war that will hit the wallets of U.S. consumers.

“The administration is threatening to undermine the economic progress it worked so hard to achieve,” said Chamber President Tom Donohue in a statement to Reuters. “We should seek free and fair trade, but this is just not the way to do it.”
Now to turn this Republican admission that their very own(ed) dotus f****d up into votes for Democrat candidates :!:



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Re: Trump's Trade Follicy

#964

Post by Turtle » Mon Jul 02, 2018 10:46 am

He can afford to lose them, it's the bible thumpers he covets.



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Re: Trump's Trade Follicy

#965

Post by Danraft » Mon Jul 02, 2018 10:54 am

RTH10260 wrote:
Mon Jul 02, 2018 9:20 am
Addie wrote:
Mon Jul 02, 2018 7:48 am
A bit more from Tek's link
With some of America’s tightest trading partners imposing retaliatory measures, Trump’s approach to tariffs has unsettled financial markets and strained relations between the White House and the Chamber.

The new campaign, detailed first to Reuters, is an aggressive effort by the business lobbying giant. Using a state-by-state analysis, it argues that Trump is risking a global trade war that will hit the wallets of U.S. consumers.

“The administration is threatening to undermine the economic progress it worked so hard to achieve,” said Chamber President Tom Donohue in a statement to Reuters. “We should seek free and fair trade, but this is just not the way to do it.”
Now to turn this Republican admission that their very own(ed) dotus f****d up into votes for Democrat candidates :!:
EXACTLY-- HIT HIM WHERE IT HURTS.
He touts the Dow as a measure of success. Hell.. Promise the corporate tax cuts and deliver --what would one expect. (and the Stock Market growth, by % was still better with Obama first 500 days)
And, the rebuttal for Trump criticism is "He's a businessman, he isn't a politician", or :"My 401k is good, I don't care"....
And, I think it is a safe attack. By that, I don't think a reversal is pending and a resulting Stock Market uptick isn't likely.


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Re: Trump's Trade Follicy

#966

Post by TollandRCR » Mon Jul 02, 2018 10:59 am

With the Chamber and GM weighing in, there may be some hope for Congress to act.


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Re: Trump's Trade Follicy

#967

Post by Till Eulenspiegel » Mon Jul 02, 2018 11:01 am

https://amp.businessinsider.com/how-eur ... -us-2018-7

Europe needs to do 2 things to win the trade war — simultaneously damaging the US economy and angering Trump

European companies could benefit from President Donald Trump's escalating trade war, analysts at Citi wrote to clients.
"Winning the trade war, albeit not from the sidelines anymore, remains a real opportunity for Europe," Citi said.
European corporates can steal market share from American firms in markets like China while also benefitting in bilateral trade agreements as US influence wanes.
This could lead to both anger from Trump and damage to the US economy.


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Re: Trump's Trade Follicy

#968

Post by Danraft » Mon Jul 02, 2018 11:05 am

I don't see this leading to a 5% growth rate or that being blamed on Dems.


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Re: Trump's Trade Follicy

#969

Post by RTH10260 » Tue Jul 03, 2018 7:16 am




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Re: Trump's Trade Follicy

#970

Post by ZekeB » Tue Jul 03, 2018 7:24 am

For a moment I thought there'd be a John Kerry connection here. Then I looked and found that the Kerrys divested themselves of most of the company.


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Re: Trump's Trade Follicy

#971

Post by Gregg » Tue Jul 03, 2018 12:00 pm

So, they legalized dope and the same month put a tariff on pizza?. That's either incredibly brilliant, or diabolically evil.

Definitely the rowdy, hockey loving Quebecer Canadians and not the understated and polite English Canadians behind that! :-


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Re: Trump's Trade Follicy

#972

Post by Till Eulenspiegel » Tue Jul 03, 2018 1:39 pm

Trump goes to war with corporate America
The president’s widening trade war is pushing longtime GOP allies to the front lines of a fight against the Trump administration.
https://www.politico.com/story/2018/07/ ... son-666926


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Re: Trump's Trade Follicy

#973

Post by Volkonski » Thu Jul 05, 2018 10:23 am

'We are the casualty:' US pig farmers brace for second round of pork tariffs from China, Mexico

https://www.cnbc.com/2018/07/04/us-pork ... exico.html
Executives say the pork industry has been expanding in recent years, in part on the expectation of export opportunities that would continue to support growth. However, the threat of a trade war is adding uncertainty and driving fear. One in 4 hogs raised in the U.S. is sold overseas, and the Chinese are the world's top consumers of pork.

:snippity:

China, meantime, is scheduled to start collecting an additional 25 percent import duty Friday on American pork products as it targets $34 billion worth of U.S. goods in response to President Donald Trump's action against Beijing for alleged intellectual property theft.

China also is set to add tariffs this week on U.S. soybeans, corn, wheat, cotton, whiskey and dairy, as well as U.S. autos. Nearly $20 billion in U.S. agricultural exports went to China last year, with the more than half of that amount coming from soybeans.

:snippity:

Even some big U.S.-based food companies such as Hormel Foods and Tyson Foods are exposed to the new tit-for-tat reality between the U.S. and Mexico. Virginia-based Smithfield Foods, the nation's largest pork producer, is owned by China's WH Group, and ships pork to more than 40 countries. The company declined comment to CNBC.
Didn't know that about Smithfield Foods.


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Re: Trump's Trade Follicy

#974

Post by Addie » Thu Jul 05, 2018 11:10 am

Vox
Why Trump’s trade agenda might worsen America’s cheese glut

“I think everybody in the dairy industry is a little nervous right now.”


This is not a drill. The United States is stockpiling a mountain of cheese as big as the US Capitol Building.

If the Trump administration pushes a restrictionist trade policy agenda — through the proposed Fair and Reciprocal Tariff (FART) Act (yes, that’s its actual name) — the government’s cheese glut could grow even bigger. The Washington Post reported last week that the United States currently has 1.39 billion-pound stockpile of cheese sitting in warehouses across the country; the largest cheese surplus in history.

The government isn’t preparing for an apocalypse; when times are tough, the government buys up American dairy products to reduce supply, increase the price, and stabilize the market. They keep the dairy in storage as cheese (because it doesn’t go bad as fast), and it usually ends up in school lunches or goes toward foreign aid.

As it turns out, there’s a lot of extra dairy in the United States. Dairy farms have increased dairy production over the last decade; farmers have both upped production on the whole, and breeding and innovations in technology mean cows are individually producing more milk. But demand for dairy isn’t stable.

Farmers are familiar with these kinds of market fluctuations — but changes usually brought on by diet fads and natural economic cycles have taken new meaning under the Trump administration.


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Re: Trump's Trade Follicy

#975

Post by Addie » Thu Jul 05, 2018 11:12 am

NPR: Caught In Tariff War, U.S. Distillers Fear Losing Out On Global Whiskey Boom
Fast Company: The U.S. job losses from Trump’s tariffs are starting to pile up


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