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re: How do tariffs bring costs down?
Posted on 8/29/24 at 8:46 am to SlidellCajun
Posted on 8/29/24 at 8:46 am to SlidellCajun
quote:
How do tariffs bring costs down?
Tariffs are taxes. Taxes can reduce the circulating money supply thus reducing the dollars chasing goods. However, this will only work if the gov't reduces spending which it won't do. So, tariffs will raise the price of goods and increased gov't spending will further increase the price of goods.
1
Posted on 8/29/24 at 8:49 am to SDVTiger
quote:
At some point this board needs to give us the exact number of how much more is paid on daily used goods cause of the mean tariffs
You've been given lots of specifics about that.
You were either too lazy or your reading comprehensions skills were to o poor for you to read the answers.
Here they are again if you'd like to give it another try: Trump-Biden Trade Tariffs
If you want a few highlights:
A study found that the effect on agriculture was an export loss of around $27 billion for one year. That's just agriculture. And that's just for one year.
Another found that the tariffs equated to a 2% increase in exports across the board. This may not sound like a lot until you realize how massive the US economy is. When you plug those numbers into specific industries, you see that just for the tariffs imposed on washing machines—just washing machines—it equated to a loss of $1.5 billion. Those tariffs have now expired.
These are losses to American exporters. What about direct costs to American consumers?
The studies indicate that the tariffs represent a tax increase of around $800 billion.
There's a lot more data—how many jobs they estimate it's cost so far, etc.—but in an environment in which populists shite their pants over sending $50 billion in aid to Ukraine and $20 billion to Israel, these numbers are significant.
You populists don't get to have it both ways. It's either a low down dirty shame and a crime to send the aid, or it's a drop in the bucket.
Which is it? We're talking about a lot more money lost in these tariffs than we've ever sent to Ukraine and Israel combined, in our entire history.
The aid at least arguably gets us foreign relations benefits.
These tariffs get us exactly nothing.
Because the studies have also shown that the net manufacturing trend is negative. It's cost us more jobs than it's brought back to America.
Not that anybody needed a study to know that this would be the result. A high school senior taking his first Economics class would have been able to predict it.
Posted on 8/29/24 at 8:51 am to GumboPot
quote:
Cause and effect is not linear like you and most people think.
Macro economics is never linear, nor have I claimed that it is, but thanks for telling me what I think.
People scoff at desert island economics, but over time that's the best way to predict outcomes because on average human nature doesn't change.
Posted on 8/29/24 at 8:52 am to SlidellCajun
They don’t.
Posted on 8/29/24 at 8:54 am to ELVIS U
quote:
burdensome regulations
Something no one is mentioning…..
Posted on 8/29/24 at 8:54 am to SlidellCajun
quote:
How do tariffs bring costs down?
They don't. In theory tariffing imports is supposed to make the cost of imports higher making domestic goods more competitive. The problem is we don't produce anything domestically anymore so businesses still have to buy foreign imports and the cost of the tariffs gets passed along to the consumer.
Trump is wrong when he says China is paying the tariffs. Businesses are the ones who pay the tariffs when they import and that money just goes to the government where it's then wasted.
I'm still voting for Trump but he's dead wrong on the tariffs.
Posted on 8/29/24 at 8:58 am to SlidellCajun
The tariffs will undoubtedly increase the costs of a shite-ton of things across the board. It will be most noticeable at places like Wal~Mart. Target, and other retailers who stock primarily Chinese manufactured goods. Tariffs aren't about lowering costs at the sales register, they're about protecting American jobs from state supported overseas competition.
China can manufacture everything from green plastic army men to multi-terabyte silicon chips and high tech products for a tiny fraction of the cost we can produce these things here in the US because they essentially use slave labor to produce these things. US corporations must pay a competitive wage to keep employees and therefore must increase prices to cover the basic necessities of doing business.
We can do this one of two ways:
1) Enact tariffs to make the cost of foreign goods and domestically produced goods level and give our companies a chance to produce domestically and remain competitive, or-
2) We can do away with the minimum wage and lower pay to such an extent as to compete with goods produced with foreign labor and imported.
Meanwhile, our economy has become primarily a service-based economy which produces very little in terms of concrete value. Service-based economies collapse pretty quickly when folks figure out they don't have as much disposable income as they used to have and it's cheaper to cook at home, brew your own coffee, wash the car in the driveway rather than at a drive-thru carwash, etc.
Tariffs are a way to protect the US economy from total collapse due to dependency on foreign goods.
China can manufacture everything from green plastic army men to multi-terabyte silicon chips and high tech products for a tiny fraction of the cost we can produce these things here in the US because they essentially use slave labor to produce these things. US corporations must pay a competitive wage to keep employees and therefore must increase prices to cover the basic necessities of doing business.
We can do this one of two ways:
1) Enact tariffs to make the cost of foreign goods and domestically produced goods level and give our companies a chance to produce domestically and remain competitive, or-
2) We can do away with the minimum wage and lower pay to such an extent as to compete with goods produced with foreign labor and imported.
Meanwhile, our economy has become primarily a service-based economy which produces very little in terms of concrete value. Service-based economies collapse pretty quickly when folks figure out they don't have as much disposable income as they used to have and it's cheaper to cook at home, brew your own coffee, wash the car in the driveway rather than at a drive-thru carwash, etc.
Tariffs are a way to protect the US economy from total collapse due to dependency on foreign goods.
Posted on 8/29/24 at 8:58 am to Aubie Spr96
I find it laughable at the level of anger that people have for tariffs versus the lack of anger they pay in income taxes.
Tariffs provide 1-2% of tax revenue to the federal government whereas income taxes provide 62% of tax revenue to the federal government.
Just think how much cheaper consumer goods would be with half of income taxes?
Tariffs provide 1-2% of tax revenue to the federal government whereas income taxes provide 62% of tax revenue to the federal government.
Just think how much cheaper consumer goods would be with half of income taxes?
Posted on 8/29/24 at 9:00 am to Seldom Seen
How did big tariff guy Trump keep the import price index steady during his tenure?
Posted on 8/29/24 at 9:01 am to SlidellCajun
Thinking only of prices and not the overall effect of moving employment, manufacturing, etc. to within our country and the consequential effect of being self reliant and not subject to the whims and security risks of interacting with hostile nations is a little short sighted, wouldn’t you say?
Posted on 8/29/24 at 9:03 am to SlidellCajun
They dont. They protect/increase US jobs and wages, protect the US against a growing military threat, and diversify the supply chain.
The Chinese have not played by the rules, rendering Milton Friedman's theories irrelevant. They steal our IP and have infinite cheap labor, so the only benefit to the US is to the consumer. Trump policy has been spot on about this, and he should absolutely consider to hammer it. If voters werent so dumb in MI and PA, they would understand the benefit. But now they live off the government teet and dont care.
The Chinese have not played by the rules, rendering Milton Friedman's theories irrelevant. They steal our IP and have infinite cheap labor, so the only benefit to the US is to the consumer. Trump policy has been spot on about this, and he should absolutely consider to hammer it. If voters werent so dumb in MI and PA, they would understand the benefit. But now they live off the government teet and dont care.
Posted on 8/29/24 at 9:07 am to Seldom Seen
quote:
Trump is wrong when he says China is paying the tariffs.
Chinese companies importing the goods to the U.S. are writing the check to the U.S. Treasury.
This is akin to saying corporations don't pay corporate tax and pass those costs down you the consumer despite them writing a check to the U.S. Treasury for corporate taxes.
It's also like your employer having to pay you $60 dollars an hour instead of $50 because they have to cover your income taxes and they pass that costs down to their customers despite you writing a check to the U.S. Treasury for income taxes.
Posted on 8/29/24 at 9:08 am to GumboPot
quote:
I find it laughable at the level of anger that people have for tariffs versus the lack of anger they pay in income taxes.
I hate all taxes equally.
Posted on 8/29/24 at 9:09 am to GumboPot
quote:
I find it laughable at the level of anger that people have for tariffs versus the lack of anger they pay in income taxes.
Now you're just making shite up. Income taxes are as popular here as the clap.
And it's not anger, it's just recognizing reality.
Posted on 8/29/24 at 9:11 am to Aubie Spr96
quote:
I hate all taxes equally.
I'm with you. But if we have to fund the federal government I would prefer a consumption tax on imports, i.e., tariffs. I would also like to nix the 16th amendment and federal income taxes where their sole purpose is to fund the Federal Reserve banking system Ponzi scheme with our productivity.
This post was edited on 8/29/24 at 9:12 am
Posted on 8/29/24 at 9:12 am to SlidellCajun
#1- in many instances, they bring jobs back to the mainland, which in turn brings revenues and $$$ back home.
levels the playing field for shithole countries that are using slave labor and producing crap goods in most instances.
** If everyone knew some of the items that we depend on china to produce; they’d be shocked & certain items, especially in the medical field ahould never be produced abroad. PERIOD
levels the playing field for shithole countries that are using slave labor and producing crap goods in most instances.
** If everyone knew some of the items that we depend on china to produce; they’d be shocked & certain items, especially in the medical field ahould never be produced abroad. PERIOD
Posted on 8/29/24 at 9:13 am to POTUS2024
quote:
The math is simple. A 5% tariff means a 5% increase passed on to the consumer.
Not with China.
We saw what happened - they adjusted the yuan relative to the dollar in an effort to compensate for the tariffs instead of raising prices.
Posted on 8/29/24 at 9:13 am to SlidellCajun
quote:
How do tariffs bring costs down?
They don't. Tariffs have had a significant role in the inflation that we have seen, along with the massive stimulus spending during Covid and thereafter.
Posted on 8/29/24 at 9:14 am to wackatimesthree
Thats a wall of nothing as usual with you
Why do you even waste your time
Im told the math is easy so give a number
Why do you even waste your time
Im told the math is easy so give a number
Posted on 8/29/24 at 9:15 am to JimEverett
quote:quote:
The math is simple. A 5% tariff means a 5% increase passed on to the consumer.
Not with China.
We saw what happened - they adjusted the yuan relative to the dollar in an effort to compensate for the tariffs instead of raising prices.
Apparently this is a hard concept for a lot of people to understand.
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