SURVEY: Tariffs -- Good or Bad?

[Scott]

The recent imposition of Tariffs by the Trump administration on several countries has created concerns about a possible trade war and a negative affect on the world economy.   Which of the statements best expresses your opinion on the US tariffs, especially on China and the EU?

 

Please feel free to leave a comment.

[Xonax]

Free Trade will only benefit China and other 3rd world industrial countries.  Tarifs to limit imports from these countries are urgently necessary or US will go bankrupt.

[ExpatOilWorker]

There were a news story about a major Chinese wifi router manufacture. They planned to cut their profit margin to maintain their retail price in the US after the tariffs are imposed.

In this case the tariffs are transferring revenue from the Chinese manufacturing sector to American tax payers, with ZERO effect for American consumers.

Edited July 22, 2018 by ExpatOilWorker

[pegman]

The effect of the counter tariffs targeting Republican congressional districts should happen a couple months prior to the mid-terms. That will ensure Trump's power gets curtailed which is a good thing. Consumer goods made of metals like cars & trucks will go up in price so people will delay purchases. That will cause layoffs and harm the overall economy. As will products that are exported and have had tariffs from other countries imposed on them. Soy bean and pork producers will be clobbered. China can just feed it's  pigs meal other than American soy. Then Trump will declare victory and cancel them. Same happened in Bush the Younger's first term. 

[pegman]

1 hour ago, Xonax said:

Free Trade will only benefit China and other 3rd world industrial countries.  Tarifs to limit imports from these countries are urgently necessary or US will go bankrupt.

"....3rd world industrial countries."? Wild guess, you American?

Edited July 22, 2018 by pegman

[lincolnshire poacher]

2 hours ago, Xonax said:

Free Trade will only benefit China and other 3rd world industrial countries.  Tarifs to limit imports from these countries are urgently necessary or US will go bankrupt.

Isn't America already bankrupt ?

[bizboi]

2 hours ago, pegman said:

The effect of the counter tariffs targeting Republican congressional districts should happen a couple months prior to the mid-terms. That will ensure Trump's power gets curtailed which is a good thing. Consumer goods made of metals like cars & trucks will go up in price so people will delay purchases. That will cause layoffs and harm the overall economy. As will products that are exported and have had tariffs from other countries imposed on them. Soy bean and pork producers will be clobbered. China can just feed it's  pigs meal other than American soy. Then Trump will declare victory and cancel them. Same happened in Bush the Younger's first term. 

I can recommend a basic Economics course to you if you’d like - 8 year old level should be a good starting place for you!!

[JeffreyO]

It's already estimated that Japanese vehicles in America will increase by about 20% in cost, or essentially a $30,000 vehicle will run you $36,000 in the near future.  Due to the way steel and aluminum and other goods are handled around the world, there is no avoiding this.  Some prices in the US have already begun to rise.  Tariffs, when used properly, can be an effective tool but just blanketing them and saying "Whaa, trade isn't fair" is a really immature and unwise way to handle things.  

 

My assumption is Trump thought others would just fold to his whims and didn't actually calculate the economic cost of such events, which takes many, many months and sometimes years of calculation for proper estimates.  Similar to what he's done with Obamacare and other policies in the US.  He IS actually a disaster it's just that policies take time to create significant impact.  If he's president in his second term things won't be looking so great but if a democrat gets elected, they will be the ones blamed for the downfall due to the policies currently being enacted now.

[quandow]

This is FAR too complex an issue to answer with a simple "yes" or "no."

 

If you're referring to tariffs the way TRUMP applies them with such braggadocio, then HELL yes they're harmful!

[bizboi]

2 minutes ago, JeffreyO said:

It's already estimated that Japanese vehicles in America will increase by about 20% in cost, or essentially a $30,000 vehicle will run you $36,000 in the near future.  Due to the way steel and aluminum and other goods are handled around the world, there is no avoiding this.  Some prices in the US have already begun to rise.  Tariffs, when used properly, can be an effective tool but just blanketing them and saying "Whaa, trade isn't fair" is a really immature and unwise way to handle things.  

 

My assumption is Trump thought others would just fold to his whims and didn't actually calculate the economic cost of such events, which takes many, many months and sometimes years of calculation for proper estimates.  Similar to what he's done with Obamacare and other policies in the US.  He IS actually a disaster it's just that policies take time to create significant impact.  If he's president in his second term things won't be looking so great but if a democrat gets elected, they will be the ones blamed for the downfall due to the policies currently being enacted now.

….and if theres any problems with the US economy in the next 500 years its Trumps fault right??? Oh and by the way “Obamacare” reference  was hysterical!!!  Funny how Democrats are proving to be the ones least likely to accept democracy!!

[Spidey]

25 minutes ago, bizboi said:

I can recommend a basic Economics course to you if you’d like - 8 year old level should be a good starting place for you!!

Maybe you could recommend it to your POTUS. Lighting a fire under China's grossly unfair trade tariffs is long overdue. However, lighting fires simultaneously all over the world (except Russia, of course) is just plain crazy.

 

Economics 101 will tell you that it will do serious damage to both the US economy and the global economy.

[Different]

4 hours ago, Xonax said:

Free Trade will only benefit China and other 3rd world industrial countries.  Tarifs to limit imports from these countries are urgently necessary or US will go bankrupt.

US will surely be hit financially like 2008 or worse  when world stock market crashed, But going bankrupt I doubt it, because of the petrodollar deal.

[ubonjoe]

A off topic inflammatory post and a reply to it have been removed.

[sawadee1947]

The question is not quite right. 

Who will benefit from higher tariffs?

On the long run EU will win supported by China and Japan. There will be a lot of money coming to EU (I presume most will go to Germany) to finance all the wish lists in EU countries. 

US will be the loser at the end 

[Kelsall]

The Trump Tariffs are good for the US and bad for everyone else.   Much of the world has been freeloading off the US and that is going to stop.  The tariffs are just the start.

[ExpatOilWorker]

49 minutes ago, sawadee1947 said:

The question is not quite right. 

Who will benefit from higher tariffs?

On the long run EU will win supported by China and Japan. There will be a lot of money coming to EU (I presume most will go to Germany) to finance all the wish lists in EU countries. 

US will be the loser at the end 

Why is everybody so focused on how much it will hurt the US?

China has the most to lose and with the Shanghai index down 20% already, we might not be to far from facing another Asian financial crises, centered around China.

 

Europe has no interest in working closer together with China. They just made a free trade agreement with Japan.

 

https://www.reuters.com/article/us-usa-trade-china-eu-exclusive/exclusive-china-presses-europe-for-anti-us-alliance-on-trade-idUSKBN1JT1KT

[stevenl]

21 minutes ago, Kelsall said:

The Trump Tariffs are good for the US and bad for everyone else.   Much of the world has been freeloading off the US and that is going to stop.  The tariffs are just the start.

Is that independent thinking or are you following Trump?

[Emster23]

6 hours ago, ExpatOilWorker said:

There were a news story about a major Chinese wifi router manufacture. They planned to cut their profit margin to maintain their retail price in the US after the tariffs are imposed.

In this case the tariffs are transferring revenue from the Chinese manufacturing sector to American tax payers, with ZERO effect for American consumers.

If Chinese cut profit margin but sell at same price it will not harm American consumers, as they will see no change in price. The hit will be to Chinese manufacturers. Tariffs will increase taxes collected for America, so that could be seen as a plus for USA. Somebody has to make up for all that dough given to the rich.

I am not a fan at Trump at all. Just want to point out that I think your conclusion is a bit off

Sooner Trump gone the better

[goegoe]

Trump is the best whatever he does !

I am just worried that he fuxxed more biatches than me in his life ?! But what I am sure is that he had to spend a lot more than me !

 

So lovely <3

 

'your favorite President did nothing wrong'

 

 

 

[Thaidream]

The problem with Trump is that he sees a problem which is accurate but then comes up with the wrong solution- every time.

 

There is a huge trade deficit with China and the EU.  The Chinese market is not as open as the US market .  The EU is similar as it protects certain industries.  The tariffs will cause massive inflation in the US; drive up unemployment and eventually depress the stock market. The Chinese will simply provide financial assistance to their affected industries all paid for by the United States since  China buys a huge amount of American debt constantly.  Their trade surplus is huge so they have plenty of  dollars to spend.

 

Trump claims to be the master negotiator- he needs to seek other ways to pressure both the EU and China to make adjustments in their trade policies. He hasn't done his homework on this as both he and his minions are incompetent.

[sawadee1947]

7 hours ago, ExpatOilWorker said:

Why is everybody so focused on how much it will hurt the US?

China has the most to lose and with the Shanghai index down 20% already, we might not be to far from facing another Asian financial crises, centered around China.

 

Europe has no interest in working closer together with China. They just made a free trade agreement with Japan.

 

https://www.reuters.com/article/us-usa-trade-china-eu-exclusive/exclusive-china-presses-europe-for-anti-us-alliance-on-trade-idUSKBN1JT1KT

I think you are totally wrong. At present US are going to be isolated. And EU is looking to tighten deals with China though they got deal done with Japan. Who do you think will be the loser if not US

[bristolboy]

7 hours ago, ExpatOilWorker said:

Why is everybody so focused on how much it will hurt the US?

China has the most to lose and with the Shanghai index down 20% already, we might not be to far from facing another Asian financial crises, centered around China.

 

Europe has no interest in working closer together with China. They just made a free trade agreement with Japan.

 

https://www.reuters.com/article/us-usa-trade-china-eu-exclusive/exclusive-china-presses-europe-for-anti-us-alliance-on-trade-idUSKBN1JT1KT

What does the Japanese free trade deal have to do with China? There are good reasons why the Europeans won't do a deal with the Chinese but I don't see how Japan is connected to that.

 

[joecoolfrog]

9 hours ago, bizboi said:

….and if theres any problems with the US economy in the next 500 years its Trumps fault right??? Oh and by the way “Obamacare” reference  was hysterical!!!  Funny how Democrats are proving to be the ones least likely to accept democracy!!

You do realise that democracy means that citizens have the right to protest at what they consider to be ill thought out and damaging policies...right ? I ask this because you seem to be inferring that any elected official should have carte blanche to do anything without criticism.

Edited July 22, 2018 by joecoolfrog

[bendejo]

Alcoa Aluminum, a US corporation, got slaughtered in the stock market a few days ago, said the tariffs have already cost them $15 million, and will cost then app. $150 million per year.  Then this morning I saw this:

http://thehill.com/policy/finance/398173-mnuchin-us-open-to-removing-russian-aluminum-producer-from-sanctions-list

 

NOTE: The Hill is very much right-wing

 

A few weeks ago he said "we're going to save some jobs in China" by removing US sanction against ZTE.  Huh?  And now US Congress is bending over for him and giving it the ok.

 

I think "who's side is this guy on?" is a legitimate question.  It seems he's trying to shut the US down.  If I hated the US I would be a DT supporter.

 

 

Edited July 22, 2018 by bendejo

[Ulic]

Some businesses will be affected positively, some negatively, and some not at all. I believe putting tariffs on raw materials is a mistake. (steel, aluminum, copper, rare earth minerals, oil etc) Manufactured products are another issue. I also believe in reciprocity and I don't understand why cars and trucks have a higher tariff landing in the EU than in the US. China has never lived up to its agreements to open up its markets to American companies and pirates and copies pattened products with impunity. These are the real issues and imposing tariffs on all Chinese products will help to get this resolved. I may think Trump is a dufus, but he is the only US president that is trying to solve issues that should have been addressed decades ago. Love him or hate him he is the only US president that has actively worked to implement his campaign platform. From moving the American embassy in Israel (every past president has said they would, none have done so) lower taxes, leave the Paris climate accord, rip up the TPP, re-negotiate NAFTA, nominate conservative Supreme court justices, from a list he named during his campaign, gut the EPA. Of course, he has not built the wall but he couldn't be trying any harder. Now I don't agree with doing most of these things. But he said he would, and he is.

I am particularly interested to see what happens with the Chinese and the German automobile industry. We do live in interesting times.

Edited July 22, 2018 by Ulic

[sirineou]

26 minutes ago, Ulic said:

Some businesses will be affected positively, some negatively, and some not at all. I believe putting tariffs on raw materials is a mistake. (steel, aluminum, copper, rare earth minerals, oil etc) Manufactured products are another issue. I also believe in reciprocity and I don't understand why cars and trucks have a higher tariff landing in the EU than in the US. China has never lived up to its agreements to open up its markets to American companies and pirates and copies pattened products with impunity. These are the real issues and imposing tariffs on all Chinese products will help to get this resolved. I may think Trump is a dufus, but he is the only US president that is trying to solve issues that should have been addressed decades ago. Love him or hate him he is the only US president that has actively worked to implement his campaign platform. From moving the American embassy in Israel (every past president has said they would, none have done so) lower taxes, leave the Paris climate accord, rip up the TPP, re-negotiate NAFTA, nominate conservative Supreme court justices, from a list he named during his campaign, gut the EPA. Of course, he has not built the wall but he couldn't be trying any harder. Now I don't agree with doing most of these things. But he said he would, and he is.

I am particularly interested to see what happens with the Chinese and the German automobile industry. We do live in interesting times.

 Countries need to protect certain industries for a variety of reasons that are negotiated. and it is not always on price but also on numbers, to keep certain markets from being flooded, or other esoteric reasons . Some tarifs on a particular product  are higher in Germany and other tariffs on another product higher in the US, what one needs to look at is the average aggregate  tarifs.   So the average tarif cost in the US  is 2.4% and the average Tariff in the EU of which germany is a member   is 3%  A very miniscule difference of .6%.

So to illustrate the point,  as you can see in the below graph with info provided by the WTO 

Germany charges a higher tariff on cars than the US but the US charges a much higher tariff on Trucks and Pick-ups 

https://www.bloomberg.com/news/articles/2018-03-27/germany-said-to-be-at-odds-with-france-over-tariffs-on-u-s-cars

[bristolboy]

4 hours ago, Ulic said:

Some businesses will be affected positively, some negatively, and some not at all. I believe putting tariffs on raw materials is a mistake. (steel, aluminum, copper, rare earth minerals, oil etc) Manufactured products are another issue. I also believe in reciprocity and I don't understand why cars and trucks have a higher tariff landing in the EU than in the US. China has never lived up to its agreements to open up its markets to American companies and pirates and copies pattened products with impunity. These are the real issues and imposing tariffs on all Chinese products will help to get this resolved. I may think Trump is a dufus, but he is the only US president that is trying to solve issues that should have been addressed decades ago. Love him or hate him he is the only US president that has actively worked to implement his campaign platform. From moving the American embassy in Israel (every past president has said they would, none have done so) lower taxes, leave the Paris climate accord, rip up the TPP, re-negotiate NAFTA, nominate conservative Supreme court justices, from a list he named during his campaign, gut the EPA. Of course, he has not built the wall but he couldn't be trying any harder. Now I don't agree with doing most of these things. But he said he would, and he is.

I am particularly interested to see what happens with the Chinese and the German automobile industry. We do live in interesting times.

Are you sure about cars and trucks having a higher tariff in the EU than the USA? Sports utility vehicles, which now account for about 2/3 of auto sales to consumers have a 25% tariff imposed on them in the USA.

https://en.wikipedia.org/wiki/Chicken_tax.

 

[ExpatOilWorker]

6 hours ago, sirineou said:

 Countries need to protect certain industries for a variety of reasons that are negotiated. and it is not always on price but also on numbers, to keep certain markets from being flooded, or other esoteric reasons . Some tarifs on a particular product  are higher in Germany and other tariffs on another product higher in the US, what one needs to look at is the average aggregate  tarifs.   So the average tarif cost in the US  is 2.4% and the average Tariff in the EU of which germany is a member   is 3%  A very miniscule difference of .6%.

So to illustrate the point,  as you can see in the below graph with info provided by the WTO 

Germany charges a higher tariff on cars than the US but the US charges a much higher tariff on Trucks and Pick-ups 

https://www.bloomberg.com/news/articles/2018-03-27/germany-said-to-be-at-odds-with-france-over-tariffs-on-u-s-cars

 

A trade war between the US and EU, especially over 0.6% is a bit pointless. Any chance you have the percentage point tariff difference between US and China?

[lapamita]

17 hours ago, Kelsall said:

The Trump Tariffs are good for the US and bad for everyone else.   Much of the world has been freeloading off the US and that is going to stop.  The tariffs are just the start.

in the first run yes

due to imbalance he would always win on impossed tariffs on chinese goods

 

but second step

 

the chinese could implant a continus devaluation of the yuan, in a cycle where the usd index even going up. this would  offset the effect of the traiffs

 

and what follows than?? world rezession,stocks crashing,...????

 

who knows, but trump is right, its impossible for the us to survive without a manufacturing sector ( 16% part of BIP only compared to 70% in the 70s)

 

but very late, the last goverments a decade ago, has to sop this trend already, but they done nothing. 

 

the world was always in anger to the us, bcs living on depts, buying goods on depts from foreigncountrys..ja trump will stop it,and the world fall into fear...hey world  what you want ???????????

 

better a trump, and his experiments, and his direct art of doing something, than all teh rest of consens politicans before

 

if the end is good or bad, not sure, but he is doing something and trying to change something , what him belive its the best for the country. i would be happy he archive some goals

[bristolboy]

26 minutes ago, lapamita said:

in the first run yes

due to imbalance he would always win on impossed tariffs on chinese goods

 

but second step

 

the chinese could implant a continus devaluation of the yuan, in a cycle where the usd index even going up. this would  offset the effect of the traiffs

 

and what follows than?? world rezession,stocks crashing,...????

 

who knows, but trump is right, its impossible for the us to survive without a manufacturing sector ( 16% part of BIP only compared to 70% in the 70s)

 

but very late, the last goverments a decade ago, has to sop this trend already, but they done nothing. 

 

the world was always in anger to the us, bcs living on depts, buying goods on depts from foreigncountrys..ja trump will stop it,and the world fall into fear...hey world  what you want ???????????

 

better a trump, and his experiments, and his direct art of doing something, than all teh rest of consens politicans before

 

if the end is good or bad, not sure, but he is doing something and trying to change something , what him belive its the best for the country. i would be happy he archive some goals

The decline of manufacturing as share of the economy of highly developed nations is a worldwide phenomenon.  Even in Germany, with its huge export business, manufacturing constitutes only 20.5 percent of GDP.

https://tradingeconomics.com/germany/manufacturing-value-added-percent-of-gdp-wb-data.html