Live updates: Trump announces sweeping tariffs

[sl00k@programming.dev]

China: 34%

Added note that this is cumulative so it's 54% total. Confirmed by Press secretary earlier.

[youcancallmedragon@lemmy.world]

Taxes on citizens have always been used to run the government those citizens live under. Doesn’t matter if it’s base on income or something else.

The only way to make other countries pay for your government to operate is to invade them and steal all of their resources… like Hitler did.

It’s really not worth trying to make sense of anything this guy says. He is the definition of a bullshitter.

[Guest]

AFAIK, most low added-value products the US net exports are food. Also AFAIK, Canada mostly doesn't buy those, but the countries that do buy them won't just stop.

[sl00k@programming.dev]

Holy shit the post-market drops for SPY and QQQ are insane. I haven't seen a post/pre market move this sharp since Covid

[aesthelete@lemmy.world]

Why would someone run a business exporting goods into a country if they couldn't charge more than the cost of duties, labor, and materials for the goods?

[ambiguousprops@lemmy.today]

I doubt that, to be honest. The supplies to make the items will also go up in price, and the US simply doesn't have the industrial power and cheap labor that other countries have to make them. GOP voters think that somehow it'll make things cheaper (which actually would be a bad thing, deflation isn't a good sign for the economy), but the price of everything is about to skyrocket.

That's not to mention that the few suppliers that are 100% US based would just crank up their prices anyway, because they can.

[Guest]

I don't even have to click on that to know that Russia is not listed.

[Guest]

Yes, but when things are expensive people buy them less and corporations make less money

[gdog05@lemmy.world]

It doesn't necessarily give them more money as the tariffs regulate what we're required to pay a supplier for a good. There's not like a government fund it goes to or anything (unless my understanding is wrong). But not buying US products outside and inside the states is basically accelerationism on the economy. Which will hopefully wake people up so we can take this shit back for the people (and not just destroy all civilization which is what recent accelerationism has been about). The faster people rise up the less we have to rebuild, hopefully.

[4am@lemm.ee]

As I understand it, that “rest of the world” is actually a base tariff, and the rest of these are ON TOP OF that.

So China is actually 44%, etc

[gravitas_deficiency@sh.itjust.works]

Lmfao buckle up for the second Great Depression, everyone! It’ll be fun! ᕕ( ᐛ )ᕗ

[gonzo-rand19@moist.catsweat.com]

Oh, I don't mean on an industrial scale. Sorry for any confusion. I was thinking of small-scale artists who have crochet businesses. It might be easier to sell $30 plushies if all of the plushies from Vietnam (and other places known for cheap hand-made products) are now $50.

[jesuisunhombre@lemm.ee]

I think it's important to note that this will kill a great many small businesses.

Larger companies have a larger supply in giant warehouses. Small businesses order smaller quantities more often. They get fucked sooner with the costs going up. If a customer wants to support that small business they sometimes would have to pay twice what they could get it for from a larger company. This is a deep consolidation of wealth.

[10001110101@lemm.ee]

He wants to use tariffs (which act like a flat-tax) to lower income tax on the rich. There's speculation he's also doing something like the "Mar-a-Lago Accord," which involves devaluing the dollar (causing inflation). If wages don't rise with the inflation (which they don't want), US labor will be more competitive, so people can work in factory jobs with pay analogous to current Chinese factory workers.

[ambiguousprops@lemmy.today]

Ah, gotcha. It'll be interesting (in a bad way, most likely) to see how this will affect those business.

[windex007@lemmy.world]

One of the benefits of having young children is that if I play my cards right "my" boycott could exceed my own lifetime.

[Guest]

If Trump would be killed by a medieval seige weapon, then I will believe in god again.

[bigmikeinaustin@lemmy.world]

Did he wait until late afternoon Apr 2nd?

He failed to do it "the day l'm elected."

He failed to do it the day he was sworn in.

He failed to do it, like 5 times from Jan - Mar.

He failed to do it Apr 1.

He failed to do business during business hours Apr 2nd.

This little baby just keeps failing and hiding.

[Guest]

The following quote from ChrisO_wiki on bsky

"@chriso-wiki.bsky.social
Just figured out where these fake tariff rates come from. They didn't actually calculate tariff rates + non-tariff barriers, as they say they did. Instead, for every country, they just took our trade deficit with that country and divided it by the country's exports to us." Just about sums it up.

[Guest]

Don't forget land sales tax which happened a lot after the Louisiana Purchase and the Gold Rush.