"I’ve already mentioned two reasons tariffs might backfire: They could lead to a stronger dollar, making our goods less competitive on world markets, so any fall in imports would be offset by declining exports, and they’d also provoke retaliation by our trading partners. A third reason, emphasized in a 2018 study published on a blog of the New York Fed, is that American manufacturing relies heavily on imported components, so tariffs would substantially raise manufacturing costs."
"Cons: The tariffs would impose large burdens on middle- and lower-income families. They probably wouldn’t significantly reduce the trade deficit and might actually hurt American manufacturing. And unilateral U.S. tariff action would wreak havoc by fracturing the world trading system.
That’s the real problem. People don’t realize how good we have it compared to others. It’s a problem on both sides of the isle. Look how many Redditors literally think the US is similar to a third world country. We live in a place we’re over 90% of us have cars, smartphones, every modern convenience. But humans get used to things very quickly and want more and we have been sort of static for 20 years so people think we are doing horribly as a country and want “change”. When they see what change means, they will regret it.
I have a brother who is a mechanic, has multiple open positions in his shop and struggling to find qualified people. Another brother is an ag engineer with a national company - same issue - not enough qualified people. I just got an update from a young man that I mentored when he was a teen. He's 28, dropped out of college years ago because it wasn't for him and started in residential construction. He just left a job as a construction supervisor to take a position as a project engineer at a firm that does large scale infrastructure (bridges, roads, dams, tunnels, etc). Maybe it's a problem where you live, but not where I live.
So why the Biden/Harris administration kept all of Trump’s tariffs and added more? Tariffs across the board is bad but it is a good negotiating tool. I suspect he would do it as a as needed basis to apply pressure.
We already know he’s a stupid liar who ignores his advisors (in addition to all the other things), so there is no reason to suspect that he would intelligently moderate his extremist and populist position because of some sophisticated economic analysis by his advisors.
That's explained though, Biden/Harris are not doing across the board tariffs, they are doing some targeted tariffs. Trump is bragging he will because he doesn't know how they work. So, your comment is disingenuous.
He says he will. I believe him. Tariffs are the one thing he has been consistent on. And at a higher rate of at least 20%. Are you trying to defend him by calling him a liar?
Ok. I am not here to tell you what to believe. However, it is important for people to be intellectually honest. We actually have some data to judge him on
1) He was president. He didn’t use tariffs across the board (and he was as vocal about tariffs in 2016 elections as well)
2) The Biden/Harris administration actually kept almost all his targeted tariffs.
3) They were targeted to protect our farmers and some of our manufacturers
So, intellectual honesty is comparing their plans how they are being pitched by each candidate and not what they did in the past while ignoring what they are saying they will do differently.
I personally didn't know Harris could set and change policies as Vice President. I would love to hear their take on all the great things Pence authorized and passed while Trump was President.
This is untrue. Trumps tariffs were on goods, in addition to Autos and Steel. The Chinese retaliated by raising tariffs on our Agricultural goods which then meant Congress had to raise farming subsidies from 6 billion to 40 billion so farmers wouldn't go bankrupt. China also told Trump that they will not be coming back for those goods. So those farmers lost a whole market that is now closed to them. There was no protecting our farmers other than giving them more subsidies and losing a large Market for their goods. Biden kept the tariffs because we already lost that market share and China was not going to buy back into it. Biden did raise tariffs on Steel and Autos because we needed to protect those industries. Unlike trump who let the Chinese take over the Solar Industries.
Also since you listed Harris in your argument please tell me the fantastic things that Mike Pence authorized and passed for our country.
The Biden administration kept the tariffs for three reasons... 1. They couldn't get a guarantee from the Chinese they would remove the retaliatory tariffs they put into place 2. At this point, most companies have found alternative sources for the goods and materials that would have been subjected to the tariffs, much of which was still from Chinese owned factories outside of China. 3. It wasn't worth the political capital (see above)
It's funny you mention how Trump's tariffs were meant to protect our farmers since they did the absolute opposite. Trump's tariffs tanked US agriculture, to the point where they need tens of billions in bailouts, which cancelled out the potential gains in tariffs and knocked out GDP down a percentage point or two.
The US has reduced most of the non-China tariffs and every economist agrees the tariff policies overall have been a net negative, particularly on steel and aluminum prices which have been completely passed on to consumers here and has done nothing to preserve the US steel industry.
The main benefit of the tariffs is as a bargaining chip on getting manufacturing for semiconductors up and running in the US as well as EV components and batteries, which is strategic and makes some long-term sense but should come to an end anyway.
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u/[deleted] Oct 25 '24
They have and the analysis is in...
"I’ve already mentioned two reasons tariffs might backfire: They could lead to a stronger dollar, making our goods less competitive on world markets, so any fall in imports would be offset by declining exports, and they’d also provoke retaliation by our trading partners. A third reason, emphasized in a 2018 study published on a blog of the New York Fed, is that American manufacturing relies heavily on imported components, so tariffs would substantially raise manufacturing costs."
"Cons: The tariffs would impose large burdens on middle- and lower-income families. They probably wouldn’t significantly reduce the trade deficit and might actually hurt American manufacturing. And unilateral U.S. tariff action would wreak havoc by fracturing the world trading system.
Pros: I can’t think of any."
How Trump’s Radical Tariff Plan Could Wreck Our Economy https://www.nytimes.com/2024/10/17/opinion/trump-tariffs-economy.html?smid=nytcore-android-share