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Message
Import Prices Decline During Full Year of Import Tariffs
Posted on 6/15/19 at 10:32 pm
Posted on 6/15/19 at 10:32 pm
quote:
The latest set of statistics from the Bureau of Economic Analysis (BEA) shows all of the professional pundit claims of higher prices on imported goods due to Trump tariffs are simply disconnected from reality. In actuality the year-over-year prices of import products are actually dropping:
Despite two years of claims by the professional media that tariffs would lead to higher prices for U.S. consumers, as you can see above the reality is quite different.
In part this is driven by lower fuel and energy costs. Additionally, China is attempting to subsidize its affected industry; and several nations, including China, are attempting to retain export status by adopting monetary policies that devalue their currency. All of these efforts at countering the U.S. tariffs are having a deflationary impact.
LINK
9
Posted on 6/15/19 at 10:36 pm to GumboPot
Economics is like the weather. Everyone who tries to predict it is often wrong.
Posted on 6/15/19 at 10:41 pm to lsu13lsu
quote:
Economics is like the weather. Everyone who tries to predict it is often wrong.
and the predictions are often biased by political considerations
Posted on 6/15/19 at 10:41 pm to GumboPot
Ib freeman
Posted on 6/15/19 at 10:57 pm to HailHailtoMichigan!
Dear IBChinaman
Posted on 6/15/19 at 10:59 pm to lsu13lsu
quote:You are correct in concept but I just want to nitpick and point out that one doesn't "predict" Economics.
Economics is like the weather. Everyone who tries to predict it is often wrong.
Economic OUTCOMES though, are a bitch to predict. Primarily because humans are some fast moving/reacting sons of bitches and we do it millions/billions of times per day.
The economics of what happens when humans do this is fairly easily described...…….in HINDSIGHT. But predicting exactly when and where humans will adjust in advance? Yeah. Good fricking luck.
Posted on 6/15/19 at 11:46 pm to GumboPot
So chinamen are now paying me to buy their products?
When does the winning stop?
When does the winning stop?
Posted on 6/15/19 at 11:47 pm to ShortyRob
My economic predictions have always been right. Its not that hard.
This post was edited on 6/15/19 at 11:51 pm
Posted on 6/15/19 at 11:54 pm to GumboPot
Incredible.
It's almost like our President has some kind of background in business, and understands how things like this work.
You'd never know it if you pay attention to what the MSM and other "experts" say...
It's almost like our President has some kind of background in business, and understands how things like this work.
You'd never know it if you pay attention to what the MSM and other "experts" say...
Posted on 6/15/19 at 11:59 pm to GumboPot
Did the price of washing machines go up?
Posted on 6/16/19 at 12:04 am to texridder
We dodged a bullet with that avocado scare.
Posted on 6/16/19 at 12:24 am to Lgrnwd
How many times have we heard Trump is wrong, we are not profiting from the tariffs. We are collecting billions and prices are down year over year, wonder where that money came from?
I have tried, in vain to explain this to IB. The industries targeted were easily replaceable products from another country, thus you either eat the cost and ship at a lower cost to the US or risk losing the business, and your own, for good.
The prick US companies raising price and blaming tariffs are just whores making money off you and you should walk with your wallet.
I have tried, in vain to explain this to IB. The industries targeted were easily replaceable products from another country, thus you either eat the cost and ship at a lower cost to the US or risk losing the business, and your own, for good.
The prick US companies raising price and blaming tariffs are just whores making money off you and you should walk with your wallet.
Posted on 6/16/19 at 12:28 am to cokebottleag
quote:Sometime after Mexico finishes paying for the wall and after 2024. Not necessarily in that order.
When does the winning stop?
Posted on 6/16/19 at 6:53 am to TigerAxeOK
Why should we listen to media or politicians? Most have accomplished Jack squat in the regular world
Posted on 6/16/19 at 8:37 am to trinidadtiger
quote:
How many times have we heard Trump is wrong, we are not profiting from the tariffs. We are collecting billions and prices are down year over year, wonder where that money came from?
I have tried, in vain to explain this to IB.
And you are wrong and have always been wrong.
You cannot be so naive and ignorant of the processes to know that these prices reported by the BLS are before tariffs are assessed? You do understand don't you that US companies and importers pay the custom offices the tariffs based on the prices of the goods and like sales taxes they are additions to the prices??? Tell readers of this thread that you understand that at least.
Here is the link to the BLS data without the off based commentary in the original link. LINK
One of the main reasons prices are down on imports is the value of the dollar year over year. The dollar is up against almost every major currency. Trump wants the dollar to decline and that is one reason he keeps hounding the FED to cut rates. Every time he announces a tariff against good from a particular country that country's currency declines against the dollar as one would expect then he whines when that country does not intervene to prop it up. Want to see the CNY increase in value? end the tariffs.
Please you two just leave me out of this. The mods don't like it when I present facts critical of Trump and the economy and they like other private social media can censor as they please. I like the site and I do not wish to post things that irritate the owners of the site.
I try to stay away from the PT as much as possible but this thread is just so off base I had to comment.
This post was edited on 6/16/19 at 8:41 am
Posted on 6/16/19 at 8:47 am to TigerAxeOK
quote:
It's almost like our President has some kind of background in business, and understands how things like this work.
From this point forward I will never vote for another career politician. A self-made millionaire with a high school degree is more qualified to represent than the majority of what we have in DC.
This post was edited on 6/16/19 at 10:02 am
Posted on 6/16/19 at 9:08 am to GumboPot
China and Xi were ready to make concessions, but they appear to have decided to try for a Democratic victory and American defeat.
But this is a huge gamble!
This cannot be continued without crippling damages to the Chinese economy, and/or other countries taking China’s place!
If the Democrats win, China will recoup in the midterm.
But if Trump wins, they are totally screwed! They will now be FORCED into an agreement with Trump from a WEAKER position. Recovery will not be possible!
China’s domestic tranquillity depends upon major yearly economic growth!
China’s centralized government has a poor track record of decision making. I think Trump wins and they undergo internal turmoil of biblical proportions.
Xi should have taken the deal and consolidated their gains.
But this is a huge gamble!
quote:
Additionally, China is attempting to subsidize its affected industry; and several nations, including China, are attempting to retain export status by adopting monetary policies that devalue their currency.
This cannot be continued without crippling damages to the Chinese economy, and/or other countries taking China’s place!
If the Democrats win, China will recoup in the midterm.
But if Trump wins, they are totally screwed! They will now be FORCED into an agreement with Trump from a WEAKER position. Recovery will not be possible!
China’s domestic tranquillity depends upon major yearly economic growth!
China’s centralized government has a poor track record of decision making. I think Trump wins and they undergo internal turmoil of biblical proportions.
Xi should have taken the deal and consolidated their gains.
Posted on 6/16/19 at 9:11 am to GumboPot
IBCryin' won't like this one bit.
Posted on 6/16/19 at 9:20 am to texridder
If you look at the big picture you’d understand what Trump is doing.
He is diversifying our import portfolio by focusing on China.
It’s tariffs on Chinese imports, not many others. That encourages us to buy imports from other countries like India, Japan, South Korea and many others.
That’s the main reason we haven’t seen consumer price increases. It’s not tariffs on every importing country. The tariffs are mostly targeted at China and China is being replaced as our import portfolio becomes more diversified.
He is diversifying our import portfolio by focusing on China.
It’s tariffs on Chinese imports, not many others. That encourages us to buy imports from other countries like India, Japan, South Korea and many others.
That’s the main reason we haven’t seen consumer price increases. It’s not tariffs on every importing country. The tariffs are mostly targeted at China and China is being replaced as our import portfolio becomes more diversified.
Posted on 6/16/19 at 9:21 am to Gaspergou202
quote:
they appear to have decided to try for a Democratic victory
BS. They know tariffs are the policy of democrats and always have been. If the democrats win these Trump tariffs will be punishing Americans for years.
quote:
retain export status by adopting monetary policies that devalue their currency
This is simply spin. What is really happening is the Chinese central bank is not intervening to prop up the RMB/CNY by selling dollars as Trump would like them to do. The tariffs do in fact make the CNY less valuable agains the dollar on the open market. The CNY is virtually unchanged agains the Euro vs a year ago.
Some where in China a central banker is laughing his arse off when he hears Trump complain about the CNY vs the dollar. Why would the Chinese prop up their currency against the dollar??? It would be stupid. It is because of Trump the currency devalued and there is no reason to for them to sell their dollar reserves or to buy in RMB with other currencies to accommodate Trump.
Use your head.
I do agree with you that Trump has no intention to stop these American punishing tariffs as they play well in the democrat, union heavy swing states he needs to carry to get re-elected.
Hopefully should he get beat he would roll back the 301 and the 232 tariffs before the democrats take over. They will never roll back these punishing taxes. Navarro and Ross are protectionist registered democrats and these are the people Trump is listening to now.
Conservatives supporting Trump should insist he purge his administration of these known democrats.
Several economist have already said the tariffs have offset the impacts of the tax cut in the economy.
This post was edited on 6/16/19 at 10:37 am
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