Trump's tariffs have cost US businesses $3.4 billion

[steff]

Trump's tariffs have cost US businesses $3.4 billion in June

The June data highlights the first full month’s impact of Trump raising tariffs on $250 million worth of Chinese goods to 25% from 10% on May 10.

“June was our biggest month yet there in terms of punitive tariffs made,” said Dan Anthony, vice president at The Trade Partnership.

Despite the removal of steel and aluminum tariffs from the 232 Investigation in May, American companies paid about $3.1 billion in tariffs on products subject to Section 301 remedies on China in June, compared to just $411 million in June 2018. Meanwhile, the value of imports from China declined sharply by 36%, as importers look for alternatives in Southeast Asia.

U.S. importers are legally responsible for paying the tariffs as the goods reach American ports. Some importers say they are able to mitigate the previous 10% tariffs due to the devaluation of the Chinese currency yuan. But with a 25% tariff, they have to pass along some costs, eventually to the consumers. In some cases, Chinese suppliers offer a lower price to stay competitive.

Since the beginning of the trade war in 2018, American taxpayers have paid over $27 billion in extra import tariffs, according to The Trade Partnership’s analysis of U.S. Census Bureau data. And the cost will only pile up from here, as Trump threats to impose 10% tariffs on the rest of $300 billion worth of Chinese products starting September 1. China has hit back by stopping the purchase of U.S. agricultural products.

www.yahoo.com/news/trumps-tariffs-cost-us-businesses-6-billion-june-093529310.html?ncid=facebook_yahoonewsf_akfmevaatca

[tbop77]

"I had a farmer tell me this in Pennsylvania," Perdue said at a farm show in Minnesota last Wednesday, according to Agri-Pulse. "He said, 'What do you call two farmers in a basement?' I said 'I don't know, what do you call them?'"



Perdue said the farmer said: "A whine cellar."


www.msn.com/en-us/news/us/trumps-secretary-of-agriculture-tells-joke-about-whining-farmers-to-room-full-of-farmers-gets-bood/ar-AAFHXEb?ocid=spartandhp

[weltschmerz]

But....but....he's a good businessman! How can that be?

[Tiny]

Hey, if there are fewer farmers in America after this all blows over - we'll just buy MORE produce/farm products from other countries.    We will have have the upper hand - and be able to demand rock bottom prices.  


I have to wonder who in America will be/or IS  profiting from loss of agriculture in America?     


Trump's a business man - and so are all his political allies  - they generally take the 'long view' and steer towards what benefits THEM.   I doubt this is putting a dent in their profits.     Who in America  benefits from this?  


 

[kadee79]

I didn't get a link, but now he is going to delay some that were to start on Sept.1...so that retailers can stock up for Christmas sales...things like toys, iPhone, laptops, etc.

[steff]

Aug 13, 2019 13:05:54 GMT -5 kadee79 said:

I didn't get a link, but now he is going to delay some that were to start on Sept.1...so that retailers can stock up for Christmas sales...things like toys, iPhone, laptops, etc.

In other words, he saw the stock market crater because of his run off at the mouth disease, his handlers got a hold of him & convinced him to "delay" it. 

[steff]

Here's a stumper for the trumpers. 

If tarriffs are a GOOD thing & Americans don't pay for them, then why would he need to delay them for retailers to stock up on Christmas items so they don't have to raise the prices?  

[NastyWoman]

Aug 13, 2019 15:07:30 GMT -5 steff said:

Here's a stumper for the trumpers. 

If tarriffs are a GOOD thing & Americans don't pay for them, then why would he need to delay them for retailers to stock up on Christmas items so they don't have to raise the prices?  

welllll... 2020 is an election year and G*d forbid people remember they got scr*wed over buying Xmas presents the year before due to this "genius business" man (should I have put man inside the quotation marks as well? Oh never mind). It could cost him his job and with him that of many more of his cronies

[steff]

Aug 13, 2019 17:00:14 GMT -5 NastyWoman said:

Aug 13, 2019 15:07:30 GMT -5 steff said:

Here's a stumper for the trumpers. 

If tarriffs are a GOOD thing & Americans don't pay for them, then why would he need to delay them for retailers to stock up on Christmas items so they don't have to raise the prices?  

welllll... 2020 is an election year and G*d forbid people remember they got scr*wed over buying Xmas presents the year before due to this "genius business" man (should I have put man inside the quotation marks as well? Oh never mind). It could cost him his job and with him that of many more of his cronies

well we know that.   But I want to hear his supporters explain how if tariffs aren't passed on then what the logic is with the delay.  I'm curious to see how they explain it.  Specifically that he said it had to do with the prices of goods for Christmas. 

[countrygirl2]

cost of living jumped too.

[jelloshots4all]

Trump is a business man.  Albeit a stupid one and has declared bankruptcy how many times?  Now he is using his "skills" to bankrupt the USA.

[justme]

Aug 13, 2019 17:00:14 GMT -5 NastyWoman said:

Aug 13, 2019 15:07:30 GMT -5 steff said:

Here's a stumper for the trumpers. 

If tarriffs are a GOOD thing & Americans don't pay for them, then why would he need to delay them for retailers to stock up on Christmas items so they don't have to raise the prices?  

welllll... 2020 is an election year and G*d forbid people remember they got scr*wed over buying Xmas presents the year before due to this "genius business" man (should I have put man inside the quotation marks as well? Oh never mind). It could cost him his job and with him that of many more of his cronies

Honestly a lot of them don't understand it so just take his word. My parents still support him (and some of their mental gymnastics makes me batty because they skewered Obama over similar/littler things) and when I was like finec then what about the tariff stuff and lowering interest rates etc etc? The response was that she didn't really understand that stuff... but don't go listening to your econ major daughter on how fucked up this shit is.

Economics is complicated for a lot of people - I tutored it to people hoping to be business majors and so many were lost. There's no way the majority understand it so they rely on their commentators of choice for opinions.

[djAdvocate]

Aug 13, 2019 19:55:05 GMT -5 justme said:

Aug 13, 2019 17:00:14 GMT -5 NastyWoman said:

welllll... 2020 is an election year and G*d forbid people remember they got scr*wed over buying Xmas presents the year before due to this "genius business" man (should I have put man inside the quotation marks as well? Oh never mind). It could cost him his job and with him that of many more of his cronies

Honestly a lot of them don't understand it so just take his word. My parents still support him (and some of their mental gymnastics makes me batty because they skewered Obama over similar/littler things) and when I was like finec then what about the tariff stuff and lowering interest rates etc etc? The response was that she didn't really understand that stuff... but don't go listening to your econ major daughter on how fucked up this shit is.

Economics is complicated for a lot of people - I tutored it to people hoping to be business majors and so many were lost. There's no way the majority understand it so they rely on their commentators of choice for opinions.

have you pointed this out?  because I think anyone who does this has some introspection to do.

[Ryan]

Just an anecdote, but I import from China and factories there are lowering costs to offset the tariffs....so in a sense, some of the costs are coming from China.  Of course, when you're getting into the 25% tariff territory, a lot of it is paid by the importer and trickling down to the consumer.

Still though, if Trump is doing this primarily to derail China, it's probably not the worst move in the world.  This is coming from someone that tries to pay as little attention to politics as possible.

[countrygirl2]

He is doing it saying this will bring jobs back to the US.  I think the fool believes it?  Just like intellectual property rights, if the plants were here instead of there, no issue.  And everyone is paying because of him.

He will likely bring it all down around us. We are in deep doodoo.

[Ryan]

Aug 13, 2019 22:58:30 GMT -5 countrygirl2 said:

He is doing it saying this will bring jobs back to the US.  I think the fool believes it?  Just like intellectual property rights, if the plants were here instead of there, no issue.  And everyone is paying because of him.

He will likely bring it all down around us. We are in deep doodoo.

I don't think he believes it, how could anyone believe it?  There aren't going to be factories that magically appear in the US to fill the void.  I think he's probably selling it to the American people because it's easy to understand, but he really wants to take China down a notch for the sake of national security...with the possibility of some long-term gains if some manufacturing comes back here.

[OldCoyote]

Aug 13, 2019 22:58:30 GMT -5 countrygirl2 said:

He is doing it saying this will bring jobs back to the US.  I think the fool believes it?  Just like intellectual property rights, if the plants were here instead of there, no issue.  And everyone is paying because of him.

He will likely bring it all down around us. We are in deep doodoo.

How much did Trumps Tariff cost you last week?

[djAdvocate]

Aug 14, 2019 0:03:14 GMT -5 OldCoyote said:

Aug 13, 2019 22:58:30 GMT -5 countrygirl2 said:

He is doing it saying this will bring jobs back to the US.  I think the fool believes it?  Just like intellectual property rights, if the plants were here instead of there, no issue.  And everyone is paying because of him.

He will likely bring it all down around us. We are in deep doodoo.

How much did Trumps Tariff cost you last week?

www.reuters.com/article/us-usa-trade-china-tariffs/cost-to-u-s-consumers-businesses-of-trumps-china-tariffs-surged-in-june-trade-group-idUSKCN1UX2H7

$27B in the last year, out of $52T = .05% or $22/year so far.

of course, it depends on what you buy.  if you shop a lot at WMT, you might feel it more.

right now, it is about 50 cents a week for the average American, or a little over a dollar per family per week.

[justme]

Aug 13, 2019 20:34:25 GMT -5 djAdvocate said:

Aug 13, 2019 19:55:05 GMT -5 justme said:

Honestly a lot of them don't understand it so just take his word. My parents still support him (and some of their mental gymnastics makes me batty because they skewered Obama over similar/littler things) and when I was like finec then what about the tariff stuff and lowering interest rates etc etc? The response was that she didn't really understand that stuff... but don't go listening to your econ major daughter on how fucked up this shit is.

Economics is complicated for a lot of people - I tutored it to people hoping to be business majors and so many were lost. There's no way the majority understand it so they rely on their commentators of choice for opinions.

have you pointed this out?  because I think anyone who does this has some introspection to do.

I did. Briefly pointed out that this shit will have repercussions. But honestly I'm tired of arguing with them. They accuse me of being too liberal now and needing to look at more sources. Blah blah blah.

Hell we got into a discussion on how it was the Republicans who voted for civil rights, but then it kind of fell on deaf ears when I pointed out that the votes tended to go with state lines vs party lines and every single southern Democrat voted against it...and the southern Democrats shifted to Republican after that vote. The states that voted against it have been solidly red after that. Was still met with an exactly, Democrats voted against it.

[djAdvocate]

Aug 14, 2019 9:40:28 GMT -5 justme said:

Aug 13, 2019 20:34:25 GMT -5 djAdvocate said:

have you pointed this out?  because I think anyone who does this has some introspection to do.

I did. Briefly pointed out that this shit will have repercussions. But honestly I'm tired of arguing with them. They accuse me of being too liberal now and needing to look at more sources. Blah blah blah.

Hell we got into a discussion on how it was the Republicans who voted for civil rights, but then it kind of fell on deaf ears when I pointed out that the votes tended to go with state lines vs party lines and every single southern Democrat voted against it...and the southern Democrats shifted to Republican after that vote. The states that voted against it have been solidly red after that. Was still met with an exactly, Democrats voted against it.

well, at least you can comfort yourself that you have your facts right.

[kadee79]

In the past few years, I've watched many farmers turn some good row crop land into new pecan orchards/groves.  Now they have a problem...a 25% tariff on any going into China which was their new, largest market.  I'm not talking about a couple hundred acres becoming pecan groves...I'm talking thousands of acres that have been converted.  
A few years back, my DH & his brother built a nice warehouse for a new pecan wholesaler.  While they were putting in some finishing touches a Chinese buyer came to look over what was stored there.  He bought everything the warehouse had.
That isn't going to happen now!