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Trump's Trade Wars - another disaster

POSTED BY: CAPTAINCRUNCH
UPDATED: Monday, July 6, 2020 22:51
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Monday, December 16, 2019 7:57 PM

SECOND

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two


How Trump lost his Trade War by speaking loudly and carrying a small stick.

Trade wars rarely have victors. They do, however, sometimes have losers.

Of course, that’s not the way Trump and his team are portraying the tentative deal they’ve struck with China, which they’re claiming as a triumph. The reality is that the Trump administration achieved almost none of its goals; it has basically declared victory while going into headlong retreat.

And the Chinese know it. As The Times reports, Chinese officials are “jubilant and even incredulous” at the success of their hard-line negotiating strategy.

To understand what just went down, you need to ask what Trump and company were trying to accomplish with their tariffs, and how that compares with what really happened.

1) First and foremost, Trump wanted to slash the U.S. trade deficit. In Trump’s mind countries win when they sell more than they buy, and nobody is going to convince him otherwise. So it’s remarkable to note that the trade deficit has risen, not fallen, on Trump’s watch, from $544 billion in 2016 to $691 billion in the 12 months ending in October.

2) Trump’s team also wanted to put the brakes on China’s drive to establish itself as the world’s economic superpower. “China is basically trying to steal the future,” declared Peter Navarro, a top trade adviser, a year ago. But the new deal, while it includes some promises to protect intellectual property, leaves the core of China’s industrial strategy — what’s been called the “vast web of subsidies that has fueled the global rise of many Chinese companies” — untouched.

3) Although Trump has repeatedly insisted that China is paying his tariffs, the facts say otherwise: Chinese export prices haven’t gone down, which means that the tariffs are falling on U.S. consumers and companies. And the bite on consumers would have gone up substantially if Trump hadn’t called off the round of further tariff increases that had been scheduled for this past Sunday.

4) Finally, uncertainty over tariff policy was clearly hurting manufacturing and business investment, even as overall economic growth remained solid. www.investors.com/news/economy/ism-manufacturing-index-10-year-low-chi
na-trade-war-takes-toll/

Trump basically declared victory and retreated.

Will Trump’s trade defeat hurt him politically? Probably not. Many Americans will surely buy the spin, and the trade war was never popular anyway.

More at www.nytimes.com/2019/12/16/opinion/trump-china-trade.html

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly

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Monday, December 16, 2019 8:40 PM

1KIKI

Goodbye, kind world (George Monbiot) - In common with all those generations which have contemplated catastrophe, we appear to be incapable of understanding what confronts us.


As if NAFTA, CAFTA, SHAFTA were so great.

You don't care that people are getting the shaft, as long as democrats are doing it.


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Thursday, December 19, 2019 11:50 AM

THG


T

Deep state describes dedicated, educated professionals.


`Band-Aid' China Deal Makes Trump Vulnerable to Democrats


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Thursday, December 19, 2019 4:46 PM

THG


T

Deep state describes dedicated, educated professionals.



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Thursday, December 19, 2019 5:12 PM

6IXSTRINGJACK


You goofballs are funny.

Can't even take a single day to celebrate a victory, no matter how empty and worthless it was.


I guess we're right back where we started, just like I said we would be.

Enjoy 5 more years of Trump. I know I'll enjoy 5 more years of calling your bullshit.



Do Right, Be Right. :)

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Saturday, December 28, 2019 10:32 AM

THG


Fed study: Trump tariffs backfired, caused job losses and higher prices

President Donald Trump’s strategy to use import tariffs to protect and boost U.S. manufacturers backfired and led to job losses and higher prices, according to a Federal Reserve study released this week.

“We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices,” concluded Fed economists Aaron Flaaen and Justin Pierce, in an academic paper.

While the tariffs did reduce competition for some industries in the domestic U.S. market, this was more than offset by the effects of rising input costs and retaliatory tariffs, the study found.

“While the longer-term effects of the tariffs may differ from those that we estimate here, the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector,” the study said.

https://www.marketwatch.com/story/fed-study-finds-trump-tariffs-backfi
red-2019-12-27

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary A?airs Federal Reserve Board, Washington, D.C.

https://www.federalreserve.gov/econres/feds/files/2019086pap.pdf

Here you go Jack. Of course none of this will matter to the Trumpets. To them this will be more fake news.



T

Deep state describes dedicated, educated professionals.

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Saturday, December 28, 2019 10:37 AM

THG


Trump's Trade Wars - another disaster

Wednesday, July 25, 2018 2:35 PM

CAPTAINCRUNCH

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary A?airs Federal Reserve Board, Washington, D.C.

https://www.federalreserve.gov/econres/feds/files/2019086pap.pdf

Here you go G. You called this in real time.

T

Deep state describes dedicated, educated professionals.

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Saturday, January 4, 2020 9:48 AM

THG


T

Deep state describes dedicated, educated professionals.

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Saturday, January 4, 2020 10:07 AM

6IXSTRINGJACK


Quote:
Originally posted by THG:
T

Deep state describes dedicated, educated professionals.


Racist.

Do Right, Be Right. :)

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Tuesday, January 14, 2020 1:01 PM

SECOND

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two


Quote:
Originally posted by 1KIKI:
As if NAFTA, CAFTA, SHAFTA were so great.

You don't care that people are getting the shaft, as long as democrats are doing it.
Based on data from China, the US trade deficit with China continued on the same trendline it has followed the eight years since the end of the Great Recession.

The thing to notice here is that 2018 was much worse than normal. In 2019, all that happened is that our trade deficit with China returned to normal, which means ever increasing. The data here suggests that Trump’s trade war has accomplished nothing in terms of lowering the trade deficit with China.

The chart showing Trump's total failure is at
www.motherjones.com/kevin-drum/2020/01/the-us-trade-deficit-with-china
-returned-to-normal-in-2019/

Don't worry if you can't understand it, 1kiki, because Trump will be bragging very soon about the total success he had negotiating with China, while the actual policy is a total fiasco: Trump’s Supporters See U.S. Victory in China Trade Deal. The president says his “big, beautiful” trade deal is a win for America. His supporters agree.

President Trump’s supporters nodded approvingly last week as Mr. Trump extolled the “big, beautiful monster” of a trade deal that he will sign with China on Wednesday.

The enthusiastic group, gathered at Toledo’s Huntington Center, nodded again as Mr. Trump insisted that America’s farmers, who have been hurt by the trade war with China, were winners and as he asserted, incorrectly, that American importers were not paying for the tariffs.

“And now the deal is done,” Mr. Trump said.

The packed arena roared triumphantly. (What a herd of morons.)
www.nytimes.com/2020/01/14/us/politics/trump-china-trade-deal.html

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly

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Tuesday, January 14, 2020 1:43 PM

THG


Quote:
Originally posted by 6IXSTRINGJACK:
Quote:
Originally posted by THG:
T

Deep state describes dedicated, educated professionals.
]

Racist


You really don't know much about anything do you Jack?

Chinese dragons are powerful and benevolent symbols in Chinese culture,
with supposed control over watery phenomenon, e.g.
summoning rain during a drought. Dragons are everywhere in China —
in legends, festivals, astrology, art, names, and idioms.

https://www.chinahighlights.com/travelguide/article-chinese-dragons.ht
m

T

Deep state describes dedicated, educated professionals.

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Wednesday, January 22, 2020 6:38 PM

JEWELSTAITEFAN


Yep.

Trump's disastrous Trade Deal with China has forced the Dow to drop all the way down to All-Time Record Highs, above 29K.

Genius, author of this thread.

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Friday, January 24, 2020 10:38 AM

THG


Trump Roars, and Davos Shrugs

DAVOS, Switzerland—Two years ago President Donald Trump flew here and took the gathering of elites at the World Economic Forum by storm. Every conversation seemed to revolve around the American leader and his signature brand of political disruption.

Trump came back this year, and was greeted with a shrug.

https://www.msn.com/en-us/news/opinion/trump-roars-and-davos-shrugs/ar
-BBZdZTW?ocid=msn360

The world is done with Trump...


T

Deep state describes dedicated, educated professionals.

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Friday, January 24, 2020 10:53 AM

6IXSTRINGJACK


Quote:
Originally posted by THG:
Trump Roars, and Davos Shrugs

DAVOS, Switzerland—Two years ago President Donald Trump flew here and took the gathering of elites at the World Economic Forum by storm. Every conversation seemed to revolve around the American leader and his signature brand of political disruption.

Trump came back this year, and was greeted with a shrug.

https://www.msn.com/en-us/news/opinion/trump-roars-and-davos-shrugs/ar
-BBZdZTW?ocid=msn360

The world is done with Trump...


T

Deep state describes dedicated, educated professionals.



I think the world is done with America.

They're just pissed off now that they don't have a president that literally bends down and kisses everybody's ring like Obama did.

Do Right, Be Right. :)

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Friday, January 24, 2020 11:44 AM

THG


Quote:
Originally posted by 6IXSTRINGJACK:
Quote:
Originally posted by THG:
Trump Roars, and Davos Shrugs

DAVOS, Switzerland—Two years ago President Donald Trump flew here and took the gathering of elites at the World Economic Forum by storm. Every conversation seemed to revolve around the American leader and his signature brand of political disruption.

Trump came back this year, and was greeted with a shrug.

https://www.msn.com/en-us/news/opinion/trump-roars-and-davos-shrugs/ar
-BBZdZTW?ocid=msn360

The world is done with Trump...


T

Deep state describes dedicated, educated professionals.



I think the world is done with America.

They're just pissed off now that they don't have a president that literally bends down and kisses everybody's ring like Obama did.




I am not posting this in response to you, Jack. I am posting it to show others who read it, the contrast between your understandings of the world and how ignorant you are. An ignorance shared by Trump and his Trumpets.

Trump is destroying Americas’ influence globally. Influences that took generations to create. Those influences allowed us to marshal the world’s powers to promote American interests. It began with the destruction of the Trans-Pacific Partnership.

You stupid, ignorant loser.

"China has overtaken the US with the largest diplomatic network in the 2019 Lowy Institute Global Diplomacy Index.

The 2019 Global Diplomacy Index, released on Wednesday by the Lowy Institute, takes stock of how the world’s diplomatic networks are expanding and shrinking. Of the 61 countries covered in the Index – among them all OECD, G20, and most Asian countries – 34 grew their networks between 2017 and 2019.

With a hollowed-out State Department – only 73% of key positions are filled, according to the Washington Post’s tracker set up for this purpose – and the Trump administration’s attempts to cut the State Department and USAID budgets by up to 23%, American diplomacy is looking rudderless."

https://www.lowyinstitute.org/the-interpreter/world-diplomacy-stocktak
e-shifting-ranks


T

Deep state describes dedicated, educated professionals.

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Tuesday, February 18, 2020 9:52 AM

SECOND

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two


This morning's Trump tweet:

Donald J. Trump @realDonaldTrump

The United States cannot, & will not, become such a difficult place to deal with in terms of foreign countries buying our product, including for the always used National Security excuse, that our companies will be forced to leave in order to remain competitive. We want to sell product and goods to China and other countries. That’s what trade is all about. We don’t want to make it impossible to do business with us. That will only mean that orders will go to someplace else. As an example, I want China to buy our jet engines, the best in the World.

I have seen some of the regulations being circulated, including those being contemplated by Congress, and they are ridiculous. I want to make it EASY to do business with the United States, not difficult. Everyone in my Administration is being so instructed, with no excuses...

....THE UNITED STATES IS OPEN FOR BUSINESS!

8:37 AM · Feb 18, 2020·Twitter for iPhone

https://twitter.com/realDonaldTrump/status/1229776842644709378

Very smart Trump has found a clever way to put Boeing out of business and replace it with Made-In-China planes:

Trump blasts proposed U.S. restrictions on sale of jet parts to China
www.reuters.com/article/us-usa-trade-china/trump-blasts-proposed-u-s-r
estrictions-on-sale-of-jet-parts-to-china-idUSKBN20C1ZV

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly

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Monday, July 6, 2020 1:53 PM

SECOND

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two


Carmakers Choose Mexico Over U.S., Despite Trump's Claim NAFTA Would Create Jobs

The new NAFTA, known as the U.S.-Mexico-Canada Agreement (USMCA), requires at least 40 percent of vehicles to be manufactured where workers earn at least $16 an hour in order for the vehicles to be tariff-free within the region. The condition was aimed at helping boost production in the U.S., where hourly wages are higher than in Mexico. Rather than move jobs back to America, the manufacturers raised wages in Mexico to $16 per hour.

Several carmakers, who had previously laid out their production bases according to the old NAFTA deal, are willing to raise labor costs or pay the tariffs to keep operations running in Mexico and ultimately avoid the cost of moving production.

Keihin, a Japanese car parts maker associated with Honda, is reportedly raising its hourly wages for factory workers in Mexico to the required $16 minimum this month, which is triple the average pay rate of a parts factory in Mexico.

Despite Keihin tripling labor costs, raising wages was reported to be cheaper than the cost of moving following the financial impact of the COVID-19 pandemic, Nikkei reported.

Japanese car parts maker Piolax is also planning to raise the hourly wage at its Mexican plant to $16 within this year to meet the USMCA requirements. The company is also installing robots to help curtail the increasing labor costs, Pilolax President Yukihiko Shimazu confirmed.

Around 13 to 14 percent of all cars sold in the U.S. are expected to be subject to tariffs, according to U.S. research agency the Center for Automotive Research. Consumers may foot the bill of these tariffs should carmakers pass on the cost to consumers by hiking car prices, which could rise by $470 to $2,200.

The center also estimated 70,000 to 360,000 jobs will be lost, leading to a $6 billion to $30.4 billion reduction in GDP (about $85,000 per job lost), while U.S. car sales will drop by up to 1.3 million units annually due to the Trump administration's trade policy, including sanctions on China.

Back in January, Trump noted that renegotiating NAFTA was "probably the number one reason that I decided to lead this crazy life that I'm leading right now," while signing the USMCA. "I keep my promises, and I'm fighting for the American worker," Trump said. Too bad you destroyed 360,000 American jobs, Trump, to keep your promise, but you did make Mexicans richer. That would count for something if Mexicans could vote for an American President.

More at www.newsweek.com/carmakers-choose-mexico-over-us-despite-trumps-claim-
nafta-would-create-jobs-1515637

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly

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Monday, July 6, 2020 8:30 PM

6IXSTRINGJACK


Nobody cares.

Do Right, Be Right. :)

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Monday, July 6, 2020 10:14 PM

SECOND

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two


Quote:
Originally posted by 6IXSTRINGJACK:
Nobody cares.

Do Right, Be Right. :)
American auto workers care that Trump killed 360,000 jobs. Mexican auto workers care that they will get $13.50/hour pay increase because of Trump.

According to AlixPartner data, Mexican workers at parts plants make around $1.50 an hour, with those on an automotive assembly line earning $2.50. Work in the U.S. varies from company to company, but even low-end parts jobs generate 10 times the pay, with assembly lines at a Ford or General Motors plant worth $70 an hour or more in pay and benefits.
www.nbcnews.com/business/business-news/it-s-already-been-rough-year-au
tomakers-was-usmca-n1232641

Fewer jobs in America. More jobs in Mexico. Trump should be proud of what he did.

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly

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Monday, July 6, 2020 10:51 PM

6IXSTRINGJACK


Fake news.

Do Right, Be Right. :)

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