As Trump embraces more tariffs, U.S. business readies public fight

[webfact]

As Trump embraces more tariffs, U.S. business readies public fight

By Ginger Gibson

 

The U.S. flag flies at the Port of Los Angeles in Los Angeles, California, U.S. July 16, 2018. REUTERS/Mike Blake

 

WASHINGTON (Reuters) - After months of waging a behind-the-scenes war against President Donald Trump's trade tariffs that have escalated far beyond what business groups once imagined, more than 60 U.S. industry groups are launching a coalition on Wednesday to take the fight public.

 

Emergence of the group, Americans for Free Trade, comes after Trump has warmed to the use of tariffs, implementing billions of dollars worth in an effort to use them as a threat to win concessions or in the belief they will create U.S. jobs.

 

"A lot of other interest groups thought they wouldn't go this long or go this deep, but the layering effect (of tariffs) has finally gotten everyone to say: 'Enough is enough,'" said Nicole Vasilaros, the top lobbyist for the National Marine Manufacturers Association, whose members are weighing laying off workers after seeing costs rise as much as 35 percent.

 

Trump has imposed 25 percent tariffs on $50 billion (£38.43 billion) worth of Chinese goods, mostly industrial machinery and intermediate electronics parts such as semiconductors.

 

A pending $200 billion list would extend further into consumer goods, and the threat of an additional $267 billion would basically cover every Chinese export to the United States. China has threatened retaliation, which could include action against U.S. companies operating there.

 

Washington has demanded that Beijing better protect American intellectual property, cut its U.S. trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs.

 

The business coalition includes groups representing some of the nation's largest companies. Among them, the American Petroleum Institute, which represents the largest refiners like Exxon Mobil Corp <XOM.N> and Chevron Corp <CVX.N>, and the Retail Industry Leaders Association, which represents companies like Target Corp <TGT.N> and Autozone Inc <AZO.N>.

 

"There has been a lot of work that has been going on over the last eight months to try to persuade the president and the administration that tariffs are not going to work. Our view is that it's not too late," said Dean Garfield, chief executive of the Information Technology Industry Council, whose members include Microsoft Corp <MSFT.O>, Google owner Alphabet Inc <GOOGL.O> and Apple Inc <AAPL.O>.

 

While Trump threatened tariffs on the campaign trail and ended America's participation in the Trans Pacific Partnership, a large multinational trade pact, few observers took his threat seriously.

 

Trump has since demonstrated he is serious on tariffs, ramping up the attacks on China, threatening car import levies and pushing for a more pro-American North American Free Trade Agreement, even at the risk of killing the three-country pact.

 

RETAIL LEAD

The coalition grew out of weekly meetings featuring industries organised by the National Retail Federation (NRF), whose members include Amazon.com <AMZN.O>, Macy's Inc <M.N> and Walmart Inc <WMT.N>.

 

"This is almost every sector of the American economy involved," said David French, the top lobbyist for the NRF.

 

The group will target Republican members of Congress in five states - Ohio, Pennsylvania, Illinois, Indiana and Tennessee. While not engaging in electioneering ahead of Nov. 6 elections where control of Congress is at stake, it will urge constituents to discuss the trade issue with lawmakers. The group plans to expand that effort to a dozen states by the end of the year.

 

Members of Congress have failed to slow Trump's protectionist march and few have been willing to speak publicly for fear of arousing the ire of Trump and the Republican base.

 

The coalition hopes to push Republican lawmakers to press Trump to abandon tariffs by convincing him that his trade policy could undo his tax and deregulation push.

 

"The sugar high of the lower taxes and the reduced rules that have fuelled the stock market since the president was elected are in jeopardy," said Gary Shapiro, head of the Consumer Technology Association, whose members include IBM Corp <IBM.N> and Facebook Inc <FB.O> He warned that some of his members were considering layoffs.

 

Steve Pasierb, head of the Toy Association, whose members include Mattel Inc <MAT.O>, Hasbro Inc <HAS.O> and Barnes & Noble Inc <BKS.N> said members of Congress were slow to be persuaded they needed to be concerned.

 

"It's been this kind of slow build that got worse and worse and worse. I don't think anybody in D.C. saw this coming."

 

(Reporting by Ginger Gibson; Editing by Peter Cooney)

 

-- © Copyright Reuters 2018-09-12

 

[from the home of CC]

This is what happens when ego gets in the way of critical thinking, sound familiar?

[mtls2005]

He's an economic genius...

 

Trump told Gary Cohn to 'print money' to lower the national debt, according to Bob Woodward's book

 

"Just run the presses — print money," Trump said, according to Woodward, during a discussion on the national debt with Gary Cohn, former director of the White House National Economic Council.

 

"You don't get to do it that way," Cohn said, according to Woodward. "We have huge deficits and they matter. 

 

https://www.cnbc.com/2018/09/11/trump-once-considered-just-printing-money-to-lower-the-national-debt-woodward-reports.html

Edited September 12, 2018 by metisdead
Edited as per fair use policy.

[connda]

4 hours ago, webfact said:

"It's been this kind of slow build that got worse and worse and worse. I don't think anybody in D.C. saw this coming."

[soalbundy]

2 hours ago, from the home of CC said:

This is what happens when ego gets in the way of critical thinking, sound familiar?

and dementia, don't forget dementia.

[bristolboy]

8 minutes ago, soalbundy said:

and dementia, don't forget dementia.

I think dementia would be an improvement.

[vinegarbase]

4 hours ago, webfact said:

said Nicole Vasilaros, the top lobbyist

Very unbiased article quoting from a corrupt lobbyist. These tariffs are going to something particularly beneficial and that is to help break apart the Chinese world supply monopoly. Countries are foolish to become over reliant on any foreign power and have a diversified supply chain is smart. These tariffs are going to help in that regard.

[bristolboy]

3 minutes ago, vinegarbase said:

Very unbiased article quoting from a corrupt lobbyist. These tariffs are going to something particularly beneficial and that is to help break apart the Chinese world supply monopoly. Countries are foolish to become over reliant on any foreign power and have a diversified supply chain is smart. These tariffs are going to help in that regard.

Actually, if you had read the threat about Apple, you would have seen that there already is a very diversified supply chain. China contributes only 3-6 percent of the added manufacturing value of the  latest Iphone.

[welovesundaysatspace]

8 minutes ago, vinegarbase said:

 a corrupt lobbyist

Any sources for that? Or just lying again as usual for Trump and his fellows?

Edited September 12, 2018 by welovesundaysatspace

[welovesundaysatspace]

4 minutes ago, bristolboy said:

Actually, if you had read the threat about Apple, you would have seen that there already is a very diversified supply chain. China contributes only 3-6 percent of the added manufacturing value of the  latest Iphone.

Don’t even bother Trump and his followers with facts. They don’t even know how to spell that word. Their alphabet consists of four letters: Lies.  

[mtls2005]

47 minutes ago, vinegarbase said:

These tariffs are going to something particularly beneficial

 

Wave wand. Poof. Magic. All is well.

 

Maybe just list a couple of the "benefits" of these tariffs? 

 

Other than increased revenue for the U.S. Treasury, I'm not seein' a whole lot of benefits.

 

Maybe you can peer into the mind of Trump and share what you see?

[vinegarbase]

 

38 minutes ago, bristolboy said:

Actually, if you had read the threat about Apple, you would have seen that there already is a very diversified supply chain. China contributes only 3-6 percent of the added manufacturing value of the  latest Iphone.

Yes, you are correct about Apple and they are wise to do so. I was speaking in general terms. Overall, counties like the USA are much too reliant on China for manufacturing and supply.

[vinegarbase]

6 minutes ago, mtls2005 said:

 

Wave wand. Poof. Magic. All is well.

 

Maybe just list a couple of the "benefits" of these tariffs? 

 

Other than increased revenue for the U.S. Treasury, I'm not seein' a whole lot of benefits.

 

Maybe you can peer into the mind of Trump and share what you see?

I already listed a main benefit. It helps to rebalance and diversify the US supply chain from being over reliant on one particular foreign power. 

[farcanell]

1 hour ago, vinegarbase said:

Very unbiased article quoting from a corrupt lobbyist. These tariffs are going to something particularly beneficial and that is to help break apart the Chinese world supply monopoly. Countries are foolish to become over reliant on any foreign power and have a diversified supply chain is smart. These tariffs are going to help in that regard.

Good point dude... a lot of countries have become over reliant on the USA.... obviously a bad mistake which needs correcting.

 

i vote for buying more Chinese goods, even though I don’t need anything, to help protect China from this rapacious and irrational potus, because I like free trade

 

anyway... it’s about time that the adults stood up

[mtls2005]

47 minutes ago, vinegarbase said:

I already listed a main benefit. It helps to rebalance and diversify the US supply chain from being over reliant on one particular foreign power. 

 

This seems wildly simplistic - hence the appeal to Trump's last few supporters - but can you expound just a tad?

 

So as a result of these tariffs, companies will what, wave their wand, and poof, magically move production to another foreign power from which Trump won't apply tariffs??

 

It will take a few years to re-distribute production facilities. Obviously, they won't be moving back to the U.S.

 

 

 

[mikebike]

15 minutes ago, vinegarbase said:

Why don't you go try to manufacture some cars in China and see how 'Free' their trade is when they force you into a joint venture and steal your technology. 

Fair enough price for access to the largest market in the world which is no where near as saturated as N.A. or Europe and will grow for decades.. 

 

Even if they steal automotive tech they cannot export it and Chinese car companies have a huge uphill climb even in the domestic market.

 

Seems reasonable enough.

 

Do you have any familiarity on how the Japanese and Korean auto industries got their start? Might help you understanding the process happening in China.

Edited September 12, 2018 by mikebike

[soalbundy]

2 hours ago, vinegarbase said:

All lobbyists are corrupt does that need to be said?  I would trust the word of Trump before I trust any opinion of an MSM quote from a corporate lobbyist. 

In that case if you were a woman you would be an unmarried mother of 5 children with different fathers, you would have lived a very sheltered life, 3 times in a bus shelter and twice in an air raid shelter.

[Tug]

Donald will be out soon now he is biting the hand that keeps him in power after the midterms the republicans will turn on him like rabid dogs they got what they wanted deregulation conservative judges and tax breaks for business +getting rid of healthcare he is done 

[BigBadGeordie]

I like Donald Trump, he proves the American Dream.

[Scott]

Troll posts and replies removed.

 

[moe666]

The tariffs are a failure, the Chinese will not make any concessions while under pressure. They will soak up any pain to make a point no loss of face or appearing weak.

[candide]

Tariffs only advantage some companies at the expense of other companies. For example when tariffs are imposed on steel imports, it advantages steel producers at the expense of steel users. That's why we can read in the OP that the National Marine Manufacturers Association is protesting against tariffs.

[farcanell]

1 hour ago, BigBadGeordie said:

I like Donald Trump, he proves the American Dream.

How?

 

the American dream is an ideal where any US citizen has the equal opportunity to achieve success and prosperity thru hard work, determination and initiative

 

hardly applicable.

[BigBadGeordie]

11 minutes ago, farcanell said:

How?

 

the American dream is an ideal where any US citizen has the equal opportunity to achieve success and prosperity thru hard work, determination and initiative

 

hardly applicable.

I take it that you are either American, whatever that entails, or you have no understanding of sarcasm.

 

But then again, as they say in Thailand.

Same Same

But..............

[neeray]

There is ONE good thing about Trump and his tariffs. Tariffs are turning many Americans against him as they have backfired. This along with the many other brain dead fiascos he has created will hit him where it hurts on November 6, 2018.

His pea brain is incapable of weighing the pros and cons of his many actions. Action is fine but it must be thought out first and a decision made based on input from his support structure (but he listens to nobody except those who praise him and the thugs of the world).

[Srikcir]

11 hours ago, webfact said:

Our view is that it's not too late,"

It's too late.

The Commerce Department reported that the U.S. trade deficit had grown by about 7% over the past three months and overall was roughly where it was last year

https://www.washingtonexaminer.com/policy/economy/us-trade-deficit-grows-7-percent-despite-trumps-new-tariffs

Federal debt now equals 78% of gross domestic product, the highest since the end of World War II. The CBO says that under current policies, it can be expected to “approach 100 percent of GDP by the end of the next decade and 152 percent by 2048. That amount would be the highest in the nation’s history by far.”

• The CBO projects the deficit will balloon from $804 billion this year to $1.3 trillion in 2022.

versus Trump appointee Larry Kudlow, director of the National Economic Council:

• the deficit “is coming down, and it’s coming down rapidly.”

https://www.postandcourier.com/opinion/commentary/the-national-debt-clock-is-spiraling-out-of-control/article_bb69a7d6-80a1-11e8-a85a-8b7e72b08a31.html

[farcanell]

19 minutes ago, neeray said:

There is ONE good thing about Trump and his tariffs. Tariffs are turning many Americans against him as they have backfired.

Lol... definitely a cup half full kinda guy... and you found a silver lining ?

[farcanell]

40 minutes ago, BigBadGeordie said:

I take it that you are either American, whatever that entails, or you have no understanding of sarcasm.

 

But then again, as they say in Thailand.

Same Same

But..............

Ah... sarcasm... good one, but obviously too subtle for me to get

[BigBadGeordie]

2 minutes ago, farcanell said:

Ah... sarcasm... good one, but obviously too subtle for me to get

Make America Grate Again.

 

No it is not a typo.

[Scott]

1 minute ago, BigBadGeordie said:

Make America Grate Again.

 

No it is not a typo.

It's trolling and I suggest you stop.