Live updates: Trump announces sweeping tariffs
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It isn't quite that easy.
The US is a MASSIVE part of basically every luxury industry and isn't insignificant in many others. So while alternate trading partners can be found to handle stuff like lumber, plenty of industries are going to be hit real hard and not have alternative customers. And they aren't going to just want to lower their profits for national pride.
But yeah. I REALLY hope trump is just actively destroying the US either in the name of putin or just out of anger and spite over not winning in 2020. Because the alternative is that we are all going to suffer so fucking much because that piece of shit doesn't understand what tariffs are.
Luxury goods are not really hit by tariffs nor taxes the same way more basic goods might be. A $ 4000 that goes to $ 4 500 is way more manageable for the kind of people who want to and can buy it (it may even make it more desirable for those who want and can't buy it).
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He doesn't understand what VAT is.
He doesn't understand anything. Here's what he said about income taxes and tariffs today.
They established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government
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Everyone should be boycotting the US, especially those inside of the US.
For people inside the US doesnt paying for the tarriffs just means more money going into this administration? Better to only purchase things if you absolutely have to
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Among the reciprocal tariff levels Trump announced:
China: 34%
European Union: 20%
South Korea: 25%
India: 26%
Vietnam: 46%
Taiwan: 32%
Japan: 24%
Thailand: 36%
Switzerland: 31%
Indonesia: 32%
Malaysia: 24%
Cambodia: 49%
United Kingdom: 10%Does that mean oil is also 10% up?
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I wish TSMC would open a factory in Europe.
Not only would it be very advantageous for the EU, it would sting like hell for the US.
They are already building one in Dresden, others are planned to follow. The CHIPS act is at last having an effect.
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He was inside you all along
You can't get close to orange fuck for anything like that. You gotta hope for a natural luigi to show up and say "time's up bitch"
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Among the reciprocal tariff levels Trump announced:
China: 34%
European Union: 20%
South Korea: 25%
India: 26%
Vietnam: 46%
Taiwan: 32%
Japan: 24%
Thailand: 36%
Switzerland: 31%
Indonesia: 32%
Malaysia: 24%
Cambodia: 49%
United Kingdom: 10%Only ones "looting, raping, and pillaging our country" are billionaires.
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This is kind of hilarious in a dumb way. It's going to hit american consumers like a goddamn hammer, and will be rewarded with tariffs going the other way, and we'll all be poorer. Americans most of all.
If he keeps going like this you'll end up with stagflation - high inflation and a stagnating or recessive economy. That shit is hard to get out of, good luck.
With a balooning debt to gdp ratio, its gonna get unmanagable really fast , people are too stupid to elect another FDR and US' tech dominance gap will shrink or be outright gone.
Chinese millenia is coming if its not already here
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Lol no , if anyone thinks that its the best indicator that they dont know first thing about corpos ... theyll just jack the end price
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Among the reciprocal tariff levels Trump announced:
China: 34%
European Union: 20%
South Korea: 25%
India: 26%
Vietnam: 46%
Taiwan: 32%
Japan: 24%
Thailand: 36%
Switzerland: 31%
Indonesia: 32%
Malaysia: 24%
Cambodia: 49%
United Kingdom: 10%This is killing so many small businesses. I know mine is basically dead now
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You can't get close to orange fuck for anything like that. You gotta hope for a natural luigi to show up and say "time's up bitch"
Not even via a trebuchet?
Trebuchets:
A superior siege engine for today's trying times!
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Among the reciprocal tariff levels Trump announced:
China: 34%
European Union: 20%
South Korea: 25%
India: 26%
Vietnam: 46%
Taiwan: 32%
Japan: 24%
Thailand: 36%
Switzerland: 31%
Indonesia: 32%
Malaysia: 24%
Cambodia: 49%
United Kingdom: 10%This Wikipedia page is going to be relevant to all our lives very soon.
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This Wikipedia page is going to be relevant to all our lives very soon.
In 1930, the Republican-controlled House of Representatives, to alleviate the effects of the...Anyone? Anyone? The Great Depression passed the, anyone? Anyone? The tariff bill? The Smoot-Hawley Tariff Act? Which, anyone? Raised or lowered? Raised tariffs to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression.
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Among the reciprocal tariff levels Trump announced:
China: 34%
European Union: 20%
South Korea: 25%
India: 26%
Vietnam: 46%
Taiwan: 32%
Japan: 24%
Thailand: 36%
Switzerland: 31%
Indonesia: 32%
Malaysia: 24%
Cambodia: 49%
United Kingdom: 10%So is the plan to drive the cost of everyday essentials so high that virtually everyone bankrupts and the billionaires buy all of our assets for pennies on the thousand dollars? That is all I can come up with trying to make a scenario where this has some coherent objective.
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I wonder how fast and much daily fashion will change. Like, no more knitted or crocheted items, or their resale value will go way up.
If their cost goes way up, that might make hand-made American items comparatively affordable, maybe for the first time in modern history. It's (potentially) a good thing for a bad reason, I guess.
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They are already building one in Dresden, others are planned to follow. The CHIPS act is at last having an effect.
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He doesn't understand anything. Here's what he said about income taxes and tariffs today.
They established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government
That's one of the stupidest things I've ever read.
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He doesn't understand anything. Here's what he said about income taxes and tariffs today.
They established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government
I'm not sure that that's necessarily wrong. Excise taxes, import duties, etc. have been around for millennia. In the US, the income tax has only been around since the Civil War (which it was created to pay for).
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In 1930, the Republican-controlled House of Representatives, to alleviate the effects of the...Anyone? Anyone? The Great Depression passed the, anyone? Anyone? The tariff bill? The Smoot-Hawley Tariff Act? Which, anyone? Raised or lowered? Raised tariffs to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression.
.. Bueller? ... Bueller?
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The effects of widespread tariffs is well known.
You will lose industry that makes high added-value products, and increase the production of products with low added-value. (Most people call this "deindustrialization".)
Tariffs mostly don't impact the overall trade balance, so both will change in similar amounts.
And since we haven't moved the needle on the minimum wage in decades, people will be making those low-added value products at starvation wages.
