Exactly what I said would happen with this protectionism. All we've accomplished is to raise prices for consumers, protect labor unions, and line the pockets of the owners of the corporation. And now, as a result of this politically created asset (a tariff-protected industry), US Steel is being sold to Nippon Steel.
?https://www.wsj.com/articles/u-s-steel-n...opin_pos_1
"President Trump in 2018 slapped 25% tariffs on foreign steel under the pretense of protecting national security. Domestic steel producers lobbied for the tariffs, which they said would protect American workers from cheap foreign imports. Yet U.S. Steel’s workforce had shrunk to 22,740 at the end of 2022 from 29,000 in 2018.
"The evidence shows that the tariffs have resulted in fewer downstream manufacturing jobs and raised prices for consumers, all while padding the bottom line of domestic steel makers."
This was 5 years ago. Didn’t the current administration ease these tariffs when Biden took office, like everything else they overturned via Executive Orders? If not, then why? Maybe because of labor union support?
(12-20-2023, 07:19 AM)homebiscuit Wrote: [ -> ]This was 5 years ago. Didn’t the current administration ease these tariffs when Biden took office, like everything else they overturned via Executive Orders? If not, then why? Maybe because of labor union support?
I don't know. But tariffs are still stupid. Protectionism is always paid for by the consumer.
(12-20-2023, 07:19 AM)homebiscuit Wrote: [ -> ]This was 5 years ago. Didn’t the current administration ease these tariffs when Biden took office, like everything else they overturned via Executive Orders? If not, then why? Maybe because of labor union support?
Yeah Biden's people chose to avoid this battle.
Remember in 2016 Obama was negotiating the TPP and Hillary avoided talking about it.
Neither party wants to stand up for free trade at the moment.
(12-20-2023, 09:31 AM)mikesez Wrote: [ -> ] (12-20-2023, 07:19 AM)homebiscuit Wrote: [ -> ]This was 5 years ago. Didn’t the current administration ease these tariffs when Biden took office, like everything else they overturned via Executive Orders? If not, then why? Maybe because of labor union support?
Yeah Biden's people chose to avoid this battle.
Remember in 2016 Obama was negotiating the TPP and Hillary avoided talking about it.
Neither party wants to stand up for free trade at the moment.
Most likely because it benefited the labor unions who bring votes to the Democrats. It was a bad idea which benefitted both candidates politically in different ways.
Lots of stupidity going around lately..
Tariffs are indeed a tax on end point consumers they do nothing to protect us and the only reason Trump was pimping them is because they're a massive increase on corporate revenues.
They had a purpose when used centuries ago but in a interconnected world with an interconnected economy it's just another disguised tax.
(12-20-2023, 07:24 AM)The Real Marty Wrote: [ -> ] (12-20-2023, 07:19 AM)homebiscuit Wrote: [ -> ]This was 5 years ago. Didn’t the current administration ease these tariffs when Biden took office, like everything else they overturned via Executive Orders? If not, then why? Maybe because of labor union support?
I don't know. But tariffs are still stupid. Protectionism is always paid for by the consumer.
Milton Friedman should have run for president
The tariff works but only if it also prices downstream and you have an alternative.
If all the manufacturing is done offshore and a complete product is purchased, it will just raise the price. If the steel is just used, it will raise the price.
Borh if those are the intended results. The issue is you won't see a difference in the price for either, no matter what steel is used. The US steel price can now be raised or the completed product price raised no matter where the steel came from. It's not like the old days where people were honest in pricing based on the supplies cost.
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(12-24-2023, 04:54 PM)p_rushing Wrote: [ -> ]The tariff works but only if it also prices downstream and you have an alternative.
If all the manufacturing is done offshore and a complete product is purchased, it will just raise the price. If the steel is just used, it will raise the price.
Borh if those are the intended results. The issue is you won't see a difference in the price for either, no matter what steel is used. The US steel price can now be raised or the completed product price raised no matter where the steel came from. It's not like the old days where people were honest in pricing based on the supplies cost.
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Agreed. Tariffs work IF you are providing the exact same service from start to finish. Corporations have outsourced so much of our manufacturing that we as a country have lost that battle.
(12-24-2023, 05:19 PM)copycat Wrote: [ -> ] (12-24-2023, 04:54 PM)p_rushing Wrote: [ -> ]The tariff works but only if it also prices downstream and you have an alternative.
If all the manufacturing is done offshore and a complete product is purchased, it will just raise the price. If the steel is just used, it will raise the price.
Borh if those are the intended results. The issue is you won't see a difference in the price for either, no matter what steel is used. The US steel price can now be raised or the completed product price raised no matter where the steel came from. It's not like the old days where people were honest in pricing based on the supplies cost.
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Agreed. Tariffs work IF you are providing the exact same service from start to finish. Corporations have outsourced so much of our manufacturing that we as a country have lost that battle.
Yep, the American Market is closed to free society manufacturing because it can't compete with slave labor. It's an unlevel playing field and we have no way back.