438 replies to this topic

[D. C. Sessions]

indy, on 02 March 2018 - 12:27 PM, said:

BTW, Bush Jr. tried this same thing and had to back down immediately because a trade war isn't limited to steel. Other countries immediately began targeting industries that held political sway and they will do so again because they aren't run by morons.

Bush's steel tariff caused an immediate loss of 200,000 jobs.

[D. C. Sessions]

Traveler, on 02 March 2018 - 12:32 PM, said:

Boeing is not happy. Not only having to pay more for aluminum, but very likely the prime retaliatory target.

Well, good thing they're in a Blue State.

Oh, wait -- you say they moved to Kansas?

[D. C. Sessions]

pnwguy, on 02 March 2018 - 12:37 PM, said:

Would you rather have a machine scorched or crushed, or a human?

Humans are way, way cheaper to replace.

[LFC]

Retaliation by other nations would likely hit our biggest export sectors, like agriculture. Needless to say there are a number of Republicans in Congress who are not too thrilled about that.

Quote

Kansas Sen. Pat Roberts, the Republican chairman of the Senate Agriculture Committee, struggled to find words to describe his emotions after being blindsided by Thursday's news that Trump would impose tariffs of 25 percent on steel and 10 percent on aluminum imports that sent stocks spiraling downward amid fears of a trade war.

"These are the people who voted for the president," Roberts said. "These are his people. One county in Kansas even voted for him 90 percent and they're not going to be happy at all about this."

Roberts was joined in criticizing the proposal by U.S. Sen. Ben Sasse, a Republican from neighboring Nebraska. Together they said the effect on farm states would be costly if foreign governments retaliate with tariffs on imports of U.S. goods, such as agricultural products.

"Let's be clear: The president is proposing a massive tax increase on American families. Protectionism is weak, not strong. You'd expect a policy this bad from a leftist administration, not a supposedly Republican one," Sasse said.

The stern admonishing was reminiscent of the pushback Republicans and conservatives gave Trump on immigration following a meeting in January.

However, Trump said the tariffs would help right decades of unfair trade policies. Trump told the group of executives who gathered at the White House, including representatives from Nucor Corp., AK Steel Holding Corp. and U.S. Steel Corp., that "you will have protection for the first time in a long while."

[LFC]

So it looks like Wilbur Ross is the one who drove this forward so recklessly.

Quote

Commerce Secretary Wilbur Ross steered an angry President Donald Trump into backing an aluminum and steel tariff over the objections of other senior White House officials.

Trump was furious Wednesday evening over Hope Hicks’ testimony before lawmakers, his ongoing feud with attorney general Jeff Sessions and what he perceives as unfair treatment of son-in-law Jared Kushner by White House chief of staff John Kelly, reported NBC News.

“The president became ‘unglued,’ in the words of one official familiar with the president’s state of mind,” the network reported.

That’s when Ross and Peter Navarro, the White House director for trade, pushed Trump to launch a trade war with the tariff.

Ross had already set up a White House meeting with steel and aluminum executives for 11 a.m. Thursday, but a source told NBC News the commerce secretary hadn’t told other White House officials who was coming.

That left the White House unable to conduct background checks on the executives to ensure the president should meet with them, and they were not able to be cleared for entry by the Secret Service.

Kelly, the embattled chief of staff, was unaware of their names, NBC reported.

The White House had no position papers or announcements ready for the tariff policy by late Wednesday, and the White House counsel’s office had already said they’d need at least two weeks to complete a legal review of the policy.

Another White House official responded to NBC News by insisting the communications team, still led for now by Hicks, who announced her resignation Wednesday afternoon, was “well-prepared to support the president’s announcement.”

Ross went onto TV to defend the tariffs and in the process proved that he was a few tacos short of a fiesta platter.

Quote

Trump Commerce Secretary Wilbur Ross on Friday went on CNBC to defend President Donald Trump’s newly announced plans to slap tariffs on foreign steel and aluminum — and he drew widespread ridicule for his boast about buying a can of Campbell’s Soup.

During a CNBC interview, Ross pulled out a can of soup that he said he had just picked up from a local 7/11. He noted that the can only cost $1.99, and he said that the additional cost per can that would result from the president’s new aluminum tariff would be minuscule for most consumers.

“If that goes up by 25 percent, that’s about six-tenths of one cent,” Ross said while holding up the can. “Who in the world is going to be too bothered by six -enths of a cent?”

The bizarre image of Ross brandishing a soup can to explain the president’s economic policies drew hackles from across the internet — check out the best reactions below.

[andydp]

LFC, on 02 March 2018 - 03:32 PM, said:

So it looks like Wilbur Ross is the one who drove this forward so recklessly.

Ross went onto TV to defend the tariffs and in the process proved that he was a few tacos short of a fiesta platter.

Then you have this little factoid:

Trump confidant dumped millions in steel-related stock last week

Carl Icahn has impeccable timing.

https://thinkprogres...s-cf7deb8beaf0/

That's a lotta soup cans...

[nuser]

Is Trump working on attaining another Sh.thole country ,the U.S.?

[LFC]

nuser, on 02 March 2018 - 04:11 PM, said:

Is Trump working on attaining another Sh.thole country ,the U.S.?

Maybe, but if he attains it then we'll be the shittiest hole in the world ... believe me.

[Progressive whisperer]

LFC, on 02 March 2018 - 03:32 PM, said:

So it looks like Wilbur Ross is the one who drove this forward so recklessly.




Ross went onto TV to defend the tariffs and in the process proved that he was a few tacos short of a fiesta platter.

It might of raised hackles, but it drew heckles. Say what you want about my iPhoneisms, I’m not paid for my writing!

[nuser]

Would you agree that most southern states are just that ; shitholes but at the very least ,awfully smelly?

[AnBr]

andydp, on 02 March 2018 - 03:44 PM, said:

Trump confidant dumped millions in steel-related stock last week

Isn't that insider trading?

[Rich T Bikkies]

When did Americans start calling their kids "Wilbur"? I can (just about) take "Orville", but "Wilbur" is beyond the pale. All that can be said for it is that it's not as depraved as calling your brat "John Wayne". (Gacy?!).

[HockeyDon]

Rich T Bikkies, on 03 March 2018 - 05:00 AM, said:

When did Americans start calling their kids "Wilbur"? I can (just about) take "Orville", but "Wilbur" is beyond the pale. All that can be said for it is that it's not as depraved as calling your brat "John Wayne". (Gacy?!).

Just judging by the photo, about 127 years ago.

[D. C. Sessions]

Trump Repeats Nixon's Folly

By our favorite RINO:

Quote

This president isn’t the first to embrace a “trade war” to bolster his populist credentials—but in the end, it’s ordinary people who will bear its cost.

[nuser]

They look so decent and happy as if we don't have any problems.
Dump the Trump the sooner the better!

[nuser]

And what of Wiilard as in rat or Romney?

[indy]

D. C. Sessions, on 02 March 2018 - 02:42 PM, said:

Bush's steel tariff caused an immediate loss of 200,000 jobs.

Something like 40 million jobs in the US are dependent on trade, and most of the businesses are small or medium sized who have a lot of trouble absorbing even short-term interruptions in their cash flow. So layoffs are going to happen.

[D. C. Sessions]

LFC, on 02 March 2018 - 11:15 AM, said:

Here's some interesting additional info on China's potential reactions and how this lash out would impact South Korea and Japan, nations that are supposedly our allies in the region.

As I wrote elsewhere, "That's easy to fix."

[D. C. Sessions]

indy, on 04 March 2018 - 09:06 AM, said:

Something like 40 million jobs in the US are dependent on trade, and most of the businesses are small or medium sized who have a lot of trouble absorbing even short-term interruptions in their cash flow. So layoffs are going to happen.

Another benefit of the tariffs.

[indy]

The other thing that is obvious here is that the reaction by the steel industry will not be to raise production. It will be to lower production and raise prices. Being smarter than Trump, they know these tariffs won't last, so the goal will be to maximize profits in the short term rather than to invest in additional capacity. If they do lower production as I expect them to, that will mean a net job loss in the industry.