Reply With Quote
boutons the free trader
500 manufacturing jobs is lost billions?
boutons the free trader
the Trash damage is just getting rolling, please be patient, "wait for it"
ignore the catastrophizing lede, to fight deindustrialization and race to the bottom labor arbitrage, focus on local content rules:
https://www.nakedcapitalism.com/2018...-solution.htmlTariffs might not be the answer, but they reflect an increasingly desperate attempt to break the stranglehold on a system which increasingly focuses less on “free trade” per se and more on simply privileging oligarchs and entrenching the powerful multinational corporations at the expense of everybody else. An increasing focus on local content rules might represent a more effective response than tariffs of helping to re-establish more domestically oriented supply chains, and reversing the adverse impact of offshoring. It would also deter governments from seeking to monopolize particular industries, and deter firms from offshoring based on labor arbitrage. This eliminates bubbles driven by overinvestment (Asia) with profits recycled as consumption elsewhere, because governments, unable to deindustrialize their trading partners, have little incentive to overinvest in industry and dump the products to drive others out of business. And for its part, the private sector will invest only in response to actual or projected demand.
the IMF estimate was a world-wide loss, not specifically US loss
If Trash keeps trashing the economy with his trade war, the US loss alone could be in the $Bs.
But that's OK with you Trash-fellators, as long as Trash "wins", it doesn't matter who loses.
Trump faces growing storm on car import tariffs at Commerce hearing
The procession of industry groups and foreign governments lining up to oppose President Trump’s car tariffs is starting to look like a rush-hour traffic jam.
“The importation of motor-vehicle parts is not a risk to our national security,” Ann Wilson, senior vice president of government affairs of the Motor and Equipment Manufacturers Assn., told a public hearing Thursday on the auto industry. “However,
the imposition of tariffs is a risk to our economic security that jeopardizes supplier jobs and investments in the United States.”
The Commerce Department is holding the hearing as it probes whether imports of passenger vehicles imperil U.S. national security.
The administration has received extremely limited support for the idea that foreign cars undermine America’s ability to defend itself.
That’s a stark contrast from the U.S. investigation into steel and aluminum imports earlier this year. In that case, American steel producers and steelworker unions lobbied for tariffs, giving Trump political cover to slap duties eventually on foreign shipments.
“This one is much more of an uphill climb for the administration,” said Edward Alden, a senior fellow and trade expert at the Council on Foreign Relations in Washington.
“We’re starting to see the damage from the steel and aluminum tariffs and the various retaliations.
The impact of this action is so much larger than those that the opposition is going to be far better mobilized and far stronger.”
Commerce Secretary Wilbur Ross opened the hearing
seeking to dispel the notion that
the Trump administration has made up its mind.
His department received nearly
2,300 written submissions from industry groups, unions, foreign governments and individuals commenting on the investigation.
The head of one major carmakers’ trade group said
only three substantive comments supported tariffs.
America’s trade in cars and car parts with the rest of the world amounted to more than $470 billion last year.
The nation imported about $135 billion more in passenger cars than exported.
“These higher costs will inevitably lead to declining sales and the loss of American jobs, as well as increasing vehicle service and repair costs that may result in consumers delaying critical vehicle maintenance,”
“The auto industry has been thriving in recent years and such action, adding to market uncertainty, will certainly reverberate strongly and
have negative consequences for long-term industry growth and recovery.”
GM said in a submission that it would face a stark choice if Trump goes ahead with tariffs:
increase prices for consumers and hurt sales, or
swallow the tariff cost and move plants.
Either way, it would mean job cuts and lower wages for employees, and
“a smaller GM” with “a reduced presence at home and abroad,” the biggest U.S. automaker said.
http://www.latimes.com/business/la-fi-trump-car-tariffs-20180719-story.html#nws=mcnewsletter
Obama "saved" GM, Trash would love spite the knitter and hurt GM badly
Ohio + 50 jobs (http://www.crainscleveland.com/artic...anton-facility)
Ohio & Texas + 1000 jobs (https://www.cnbc.com/2018/06/21/stee...-jobs-ceo.html)
Arkansas + 500 (http://www.nwaonline.com/news/2018/j...00-new-worker/)
As soon as base production ramps up you'll see more reshoring of the secondary manufacturing industries...
Arkansas + 250 (https://talkbusiness.net/2018/07/cat...le-rock-plant/)
GE CEO says China tariffs' 'gross cost' could be $400 million
In comment on the tariffs set up by President Donald Trump,
Flannery said GE imports about $2.9 billion worth of goods annually from China, roughly 10 percent of total its imports.
The cost of the tariffs “could be $300 to $400 million at a gross level before any mitigating factors,” he said.
GE said it can
lessen the costs by shifting to suppliers in other countries and
by using “duty drawbacks” that provide refunds on duties paid on goods that are later exported.
https://www.reuters.com/article/us-ge-results-ceo/ge-ceo-says-china-tariffs-gross-cost-could-be-400-million-idUSKBN1KA1YH?feedType=RSS&feedName=topNews&utm_so urce=feedburner&utm_medium=feed&utm_campaign=Feed% 3A+reuters%2FtopNews+%28News+%2F+US+%2F+Top+News%2 9
Also in article:
Flannery said such drawbacks “could mitigate half or more” of the tariff costs. Adjusting GE’s supplier network to avoid tariffs could happen “over time,” he added.
“We don’t see a major impact yet financially, certainly not on our 2018 guidance,” Flannery said on a conference call with analysts after GE released second-quarter results.
Translation: if we don't make any changes to our supply chain the tariffs will cost us a little money, but our supply chain folks are working with US vendors to avoid the tariffs and save the company $$.
Companies with good procurement/supply chain teams will solve the tariff issues easily. Companies like Mid-Continent Nail who are stuck buying all of their raw materials from their parent company in Mexico will be hit hard. Exactly how the tariffs are intended to work.
What will the net utility loss to overall US consumers be?
Current year economic growth is pegged at 4%. How many of those jobs would have occurred regardless of tariffs due to organic growth in domestic demand?
Steel consumers in the US will not be able to avoid increased costs. Domestic manufacturers raised prices.
How many construction projects will be affected by increased rebar costs?
https://www.thehortongroup.com/resou...n-constructionFor manufacturers of heavy equipment such as Caterpillar Inc. and Deere & Co., JP Morgan analysts predict that the tariffs could dent their fiscal 2019 earnings by 6 percent and 9 percent respectively. Steel is the largest raw materials cost for both companies.
The National Association of Home Builders has spoken out against the tariffs as it’s still recovering from the Canadian lumber tariffs of 2017. It claims that higher steel costs would raise construction costs, which could eventually be passed on to homebuyers.
Why should those steel jobs be more important than jobs at Caterpillar?
https://rebusinessonline.com/how-wil...ruction-labor/WASHINGTON, D.C. — With virtually all construction costs tied to either materials or labor, President Donald Trump’s tariffs on two key building supplies could further exacerbate the construction industry’s longtime worker shortage, according to industry experts.
But there’s more at stake than short-term increases in materials costs. By forcing construction firms to allocate more operating income toward materials, the tariffs are likely to prevent firms from offering higher wages to attract more labor.
Seems like anyone who builds things for a living is going to take a hit to their bottom line.
Homeowners, cities, states, etc.
Also from the above article:
Immediate labor impact
A recent study from Trade Partnership Worldwide LLC, a Washington, D.C.-based economic consulting firm, estimates that the tariffs will generate an overall net loss of 146,000 jobs. The report also notes that across all impacted sectors
there will be five jobs lost for every new job gained.
http://tradepartnership.com/reports/...services-2018/boutons the free trader
Report is free to download.
Not that I will hold my breath that you will get off your lazy, dishonest ass and read it. I await your lazy smiley and brief personal attack.
Trash The Lying Destructor ain't done, yet
Trump says he's prepared to slap tariffs on all $500B in Chinese imports to U.S.
https://www.usatoday.com/story/money...rts/805700002/
Not that I will hold my breath that you will get off your lazy, dishonest ass and read it.muh-meh
As predicted.
Your Trump Party is ing the country over to the tune of billions, and five jobs lost to every one gained. No big deal right? Magic "R" to the rescue.
Fake news. Economy is a rockin. 68% approval on economy.
As predicted.
Your Trump Party is ing the country over to the tune of billions, and five jobs lost to every one gained. No big deal right? Magic "R" to the rescue.
china is going through countries thats not on trump lists, and registering companies there and selling to america...
is trump going to do something about this???
hence why doesnt america shift its manufacturing home or somewhere else in south america? u tellin me even with the struggle for the american dream, working with low wages is still better then begging right? or maybe go back to social system in certain states where u provide free housing, meals, basic utility bills paid for cheap labor?
Glib about the suffering caused by your favorite President. I'm shocked that an asshole like you would be so gleeful about it. What do you want to do for an encore, drag a crying 2 year old from her mother?
At the MidContinent Steel and Wire plant in Poplar Bluff, Missouri, where Magnum Fasteners products are made, 60 employees were laid off this month as certain operations were idled due to lost business from increased steel costs.
https://www.cbsnews.com/news/factory...n-crisis-mode/
77,000/123,000,000
s games that will still cause costs to go up simply because USA can't compete with foreign suppliers, manufacturers
and after any administrative cost of s games with supply lines play out, are US tariffs permanent? or a temporary fix?
your blind BELIEF in economy-ignorant, 6-time-business-failure Trash's campaign promise-keeping to you ignorant Trash supporters is hilarious.
"68% approval on economy"
avg real wages are FLAT, even negative, STILL, because Capital continues indefinitely at war on and still beating the out of Labor
Last edited by boutons_deux; 07-21-2018 at 10:17 PM.
Nice anecdote. Too lazy to research or understand the big picture as usual and immediately running to your
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions