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Legaltitan

Trade War - how is that working out?

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China and most of our other trading partners need us a lot more than we need them. The bottom line is that China's economy is based almost entirely on producing cheap, low-quality materials for consumption by Americans and other Western countries.

 

We in turn depend on them for nothing except substitution of their cheaper, lower-quality goods for slightly more expensive, higher-quality US equivalents.

 

This means that the We will easily win any trade war with China. They simply have much more to lose than we do.

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WG53   
3 hours ago, TennesseeTuxedo said:

China and most of our other trading partners need us a lot more than we need them. The bottom line is that China's economy is based almost entirely on producing cheap, low-quality materials for consumption by Americans and other Western countries.

 

We in turn depend on them for nothing except substitution of their cheaper, lower-quality goods for slightly more expensive, higher-quality US equivalents.

 

This means that the We will easily win any trade war with China. They simply have much more to lose than we do.

Too bad you don't have the slightest clue as to what you are talking about. 

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The world needs us as a buyer of last resort in a world flooded with products. I suggest you all read William Greider. He’s been on top of this for 40 years. 

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OILERMAN   

Trump postponed auto tariffs for 6 months. China isn't going to cave to this buffoon and he's not going to be willing to tank the market. 

 

He really is the worst deal maker ever 

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Btowner   

Obama imposed a 35% tariff on Chinese tires. It was an attempt to protect the US tire industry. It saved some of the jobs, but it was costly to consumers.

 

 Bush imposed an 8-30% tariff on Chinese steel. After significant job losses and negative impact to our economy,  it was rollbacked.

 

Previous presidents and their administrations have been as smart or even smarter than Trump and his administration. If solving some of the nation's challenges were as easy as Trump tells his supporters, it would have been done a long time ago. Trump supporters act like tariffs will work because of Trump's negotiation skills, his personality or sheer will. They either have conveniently forgotten or simply don't know that this has been tried before.

 

Those who fail to learn from history are doomed to repeat it.

 

https://www.politico.com/story/2018/03/07/steel-tariffs-trump-bush-391426

 

https://money.cnn.com/2017/01/03/news/economy/obama-china-tire-tariff/index.html

Edited by Btowner

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Soxcat   
3 hours ago, OILERMAN said:

Trump postponed auto tariffs for 6 months. China isn't going to cave to this buffoon and he's not going to be willing to tank the market. 

 

He really is the worst deal maker ever 

You and Biden are the same level of ignorance.  Congrats. 

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Rogue   
20 minutes ago, oldschool said:

GOP Sheep before Trump takes office:

- Obama's tariffs are destroying the economy!

 

GOP Sheep after Trump takes office: 

- Trump's tariff plan is exactly what we need to grow the economy!

 

Keep sheeping it up sheeple...

I told you guys that if Trump won his apologists would make Bush apologists seem like child's play.  It was always going to play out like this. 

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begooode   
12 minutes ago, Rogue said:

I told you guys that if Trump won his apologists would make Bush apologists seem like child's play.  It was always going to play out like this. 

Dear leader defenders are waaayyy more conflicted.  That cognitive dissonance has to work itself out one way or the other for neverDem'ers and Trump is obviously an embarrassing fool of a man.

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40 minutes ago, oldschool said:

GOP Sheep before Trump takes office:

- Obama's tariffs are destroying the economy!

 

GOP Sheep after Trump takes office: 

- Trump's tariff plan is exactly what we need to grow the economy!

 

Keep sheeping it up sheeple...

Pretty retarded take.   Everyone bitches about China stealing our technology.   They are not going to stop sitting idly by.   You either suffer some current pain for the longer good, or suffer worse long term for the comfort of now.

 

That said, we do not know how China will ultimately retaliate.   Should they decide to dump US treasuries, that would be very painful.   At least it would hurt China as well, so hopefully that does not happen.

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begooode   

President Trump’s tariffs have amounted to one of the largest tax increase in recent decades, according to CNBC.  Accord to the network's analysis, the Treasury has collected $72 billion in import taxes Trump has imposed as part of his trade policy. When compared to the size of the economy, that figure amounts to 0.34 percent of GDP, making it the second largest tax increasing measure since 1993.

Since then, only one other act led to a larger revenue increase, and that was the Affordable Care Act, which in its fourth year raised 0.46 percent of GDP. In the first three years, the ACA raised less than the tariffs as a portion of the economy.

 

The tariffs are paid by importers of goods exported from companies in countries hit by the tariffs, including China. Critics of the policy argue the tariffs hurt U.S. consumers since the cost of the tariffs can be passed on through higher taxes. Trump argues the tariffs give the U.S. stronger leverage in negotiations with China and other countries over changes to trade laws and tariffs,...

 

https://thehill.com/policy/finance/444065-cnbc-analysis-trump-tariffs-among-largest-tax-hikes-in-decades

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begooode   

Walmart, America's largest retailer, said Thursday it will raise prices on some products as a result of the Trump administration's tariffs on Chinese goods.

"We're going to continue to do everything we can to keep prices low. That's who we are. However, increased tariffs will lead to increased prices, we believe, for our customers." Walmart chief financial officer Brett Biggs told reporters on a call after the retailer reported earnings for the first quarter of 2019.

 

https://www.cnn.com/2019/05/16/business/walmart-earnings-stock-tariffs-trump-china/index.html

 

 

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