Trump's tariffs to raise prices

[Morphine Prince 109,655]

As President-elect Donald Trump readies to return to the Oval Office, U.S. retailers that depend on foreign suppliers are prepared to pass along the cost of his proposed import tariffs to consumers, potentially leading to higher prices for a range of products.

Americans stand to lose between $46 billion and $78 billion in spending power each year on products including apparel, toys, furniture, household appliances, footwear and travel goods due to the new tariffs, the National Retail Federation stated in findings released Monday. 

"Retailers rely heavily on imported products and manufacturing components so that they can offer their customers a variety of products at affordable prices," NRF Vice President of Supply Chain and Customs Policy Jonathan Gold said in a statement. "A tariff is a tax paid by the U.S. importer, not a foreign country or the exporter. This tax ultimately comes out of consumers' pockets through higher prices."

During President-elect Trump's first term in office, his administration imposed tariffs of up to 25% on more than $360 billion in products from China. President Joe Biden's White House kept most of those tariffs and added more onto goods including Chinese electric cars and microchips. 

Now, Trump has said he plans to impose a 60% tax on goods from China and a 10% to 20% levy on all of the $3 trillion in foreign goods the U.S. imports annually. Such sweeping tariffs would reignite inflation, as they would mostly be paid by U.S. consumers, Treasury Secretary Janet Yellen has warned, offering a general view widely shared by other economists on both sides of the political aisle.

For now, it is unclear when the new Trump regime could seek to stiffen tariffs. The process to complete legislation required to raise the levies could take nearly a year, so any adverse impact might not be felt until 2026, according to Oxford Economics.

Read more: https://www.cbsnews.com/news/trump-victory-china-tariffs-taxes-inflation/

 

[DopeEnigma 1,774]

[androiduser 7,438]

good, the heterosexual majority needs to pay the price for their choices, hope it gets even worse

[Economy 52,844]

His claim that he is going to made China (and others) pay for it is one of the dumbest claims ive ever heard. Everyone with even tiny shred of understanding of how the market works knows its the importers who pay tarrifs not the seller

 

Its like how he said hell make oil fall to $50/barrel with "drill baby drill". I think he knows full well that at that price US oil drillers dont invest, so theres no drill baby drill at $50

 

The random promisses that make no sense yet half of America buys into them. So dumb

[Horny Chicken 10,932]

[Plastic Flower 5,586]

 

 

[Morphine Prince 109,655]

3 minutes ago, Economy said:

His claim that he is going to made China (and others) pay for it is one of the dumbest claims ive ever heard. Everyone with even tiny shred of understanding of how the market works knows its the importers who pay tarrifs not the seller

 

Its like how he said hell make oil fall to $50/barrel with "drill baby drill". I think he knows full well that at that price US oil drillers dont invest, so theres no drill baby drill at $50

 

The random promisses that make no sense yet half of America buys into them. So dumb

Also, people think these tariffs will cause companies to come to the USA to produce. This is simply unrealistic. I saw an article that Steve Madden is moving some of its China production to Cambodia and Vietnam to ease the tariff impacts. Yet I guarantee you they will still raise prices.

[littlepotter 76,610]

I really wanna be snarky with a

But like no i genuinely am so sad for the poor families and homeless people who will have to starve because of this, especially those who didn't choose him

[Murakami27 8,446]

There’s literally a video of people saying China will pay for it. Even when they’re told they will pay for the price increases, they still don’t believe it. They’ll still find a way to blame anyone but Trump even with him office. 

[Economy 52,844]

8 minutes ago, Morphine Prince said:

Also, people think these tariffs will cause companies to come to the USA to produce. This is simply unrealistic. I saw an article that Steve Madden is moving some of its China production to Cambodia and Vietnam to ease the tariff impacts. Yet I guarantee you they will still raise prices.

Thats the thing. A few companies could be encouraged to reshore (not all). But they offshored for a reason, its cheaper to produce there. If they come back to avoid tarrifs they will still face higher production costs so prices cannot be as low as without the tarrifs

 

Not to mention theres also exports that could be hurt when some Countries inevitably slap tarrifs back (or some exports could use cheaper imported components that now will cost more and your export will be less competitive that way too)

 

In a globalized open economy the idea is each Country exports what they are most efficient and cost effective at and they import what they are less economical at making. Not a perfect system but it is generally a win win for everyone

 

True there is exploitation in some Countries aBut that has more to do with labor laws 

 

As for trade imbalances like US trade deficit, things like massive government overspending and high credit lending to consumers has a bigger part in that than trade deals despite Trumps claim to the contrary

 

[LateToCult 41,843]

You know what? Let him impose those tariffs immediately so people can feel the real Trump economy before the midterms. 

[Bronco 25,059]

The biggest issue is the tarrifs will lead to a 2nd Trump trade war globally and have knock on effects in every economy

[Morphine Prince 109,655]

7 minutes ago, LateToCult said:

You know what? Let him impose those tariffs immediately so people can feel the real Trump economy before the midterms. 

I know this is just me entering my evil lib era but I am rooting for these tariffs to be put into place. Especially if their impact won't be felt until 2026. The midterms will be fun for Republicans. 

[Mister G 10,512]

1 minute ago, Morphine Prince said:

I know this is just me entering my evil lib era but I am rooting for these tariffs to be put into place. Especially if their impact won't be felt until 2026. The midterms will be fun for Republicans. 

Omg yessss I just told a buddy of mine I'm in my Petty Liberal Era 

[Morphine Prince 109,655]

1 minute ago, Mister G said:

Omg yessss I just told a buddy of mine I'm in my Petty Liberal Era 

The way I see it is, yes Democrats have a problem with the working class, but realistically it's the only party with people actually willing to work for the working class.

Republicans are outright telling you they want to work only for the rich and these people are still voting for them.

Well, let's give them what they voted for. They will have to learn one way or another.