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Thread: Trump announces steel and aluminum tariffs.... the market drops 500 pts

  1. #1
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    Default Trump announces steel and aluminum tariffs.... the market drops 500 pts

    ...and this guy is a Republican?

    President Donald Trump said the U.S. will slap tariffs on steel and aluminum imports to protect national security, a major escalation of his hawkish trade agenda that could hit producers from Europe to Asia and spur global retaliation.

    After on-again, off-again signals of an impending announcement that sent producers’ stock prices seesawing, Trump said he will impose tariffs of 25 percent on imported steel and 10 percent on aluminum for “a long period of time,” and he expects to sign a formal order next week. The president didn’t elaborate on the details of the planned action, including whether any products or countries will be exempted.


    “We’ll be imposing tariffs on steel imports and tariffs on aluminum imports.” Trump told metals industry executives at the White House on Thursday. “Some time next week we’ll be signing it in. And you’re going to have protection for the first time in a long time.”


    The punitive measures will level the unfair playing field that has persisted for years and make it easier for American companies to expand and hire workers, Trump said.


    Trump’s decision drew sharp rebuke from some in his own party.

    “Let’s be clear: The President is proposing a massive tax increase on American families,” said Senator Ben Sasse of Nebraska. “You’d expect a policy this bad from a leftist administration, not a supposedly Republican one.”
    "Reason and facts are sacrificed to opinion and myth. Demonstrable falsehoods are circulated and recycled as fact. Narrow minded opinion refuses to be subjected to thought and analysis. Too many now subject events to a prefabricated set of interpretations, usually provided by a biased media source. The myth is more comfortable than the often difficult search for truth."







  2. #2
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    This sort of action, in addition to the USAs non participation in the TPP, is sad stuff, countries will retaliate with their own tariffs, and a trade war will be the result. No one wins.

    John Welsford
    An expert is but a beginner with experience.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Mnuchin was in an interview on NPR and was making mention about how they'd consider re-joining the TPP. The interviewer noted that negotiations were going to closed shortly (Early March, I think) and that they had limited time to act. Mnuchin seemed totally unconcerned and basically blustered that the other partners would be happy to have the world's largest trading market join in. (Arrogant Barsteward)
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
    -William A. Ward



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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Mnuchin.... Yes, I've already knitted his name!

    Skip

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Well he is a stable genius and that's where he should stay, in that stable right next to mr Ed.
    Hay to the fuerer
    Don't worry I'm happy

    "The law is what we have to live with.
    Justice is sometimes harder to achieve."

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  6. #6
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    I'm surprised his words get any reaction because his words never result in any action. Just more lies on top of other lies.
    The best statement I've seen from this latest carnage came from a student who lived through it -

    "My generation will not allow this to continue!"

    Remember voting age is 18. Read it and weep reds.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    If he DOES follow through on this tariff, the consequences can be wide-ranging.... and really, really BAD for the country.

    His actions get more and more dumb... and the consequences get worse and worse... as time goes on.
    "Reason and facts are sacrificed to opinion and myth. Demonstrable falsehoods are circulated and recycled as fact. Narrow minded opinion refuses to be subjected to thought and analysis. Too many now subject events to a prefabricated set of interpretations, usually provided by a biased media source. The myth is more comfortable than the often difficult search for truth."







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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    It is interesting to note the timing of this pronouncement. Canada is the largest supplier of aluminum & steel to the USA, and this week the subject of aluminum & steel imports to the USA is being discussed at the NAFTA negotiations...
    Hope for the best, but plan for the worst.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by SKIP KILPATRICK View Post
    Mnuchin.... Yes, I've already knitted his name!

    Excellent, Madame Lafarge.

  10. #10
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Something tells me Trump will be the nationalized version of what Sam Brownback was, to Kansas.... disastrous economic policies that hurt a lot of people.
    "Reason and facts are sacrificed to opinion and myth. Demonstrable falsehoods are circulated and recycled as fact. Narrow minded opinion refuses to be subjected to thought and analysis. Too many now subject events to a prefabricated set of interpretations, usually provided by a biased media source. The myth is more comfortable than the often difficult search for truth."







  11. #11
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    The idea is to put manufacturing in the U.S. at a disadvantage, raising the price of raw materials while letting the same materials in free if they are in imported products. Great idea.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    “Let’s be clear: The President is proposing a massive tax increase on American families,” said Senator Ben Sasse of Nebraska. “You’d expect a policy this bad from a leftist administration, not a supposedly Republican one.”
    A massive tax increase on families following a massive tax cut for the rich? Sounds Republican to me.
    There is no rational, logical, or physical description of how free will could exist. It therefore makes no sense to praise or condemn anyone on the grounds they are a free willed self that made one choice but could have chosen something else. There is no evidence that such a situation is possible in our Universe. Demonstrate otherwise and I will be thrilled.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by john welsford View Post
    This sort of action, in addition to the USAs non participation in the TPP, is sad stuff, countries will retaliate with their own tariffs, and a trade war will be the result. No one wins.

    John Welsford
    Agreed, trade wars benefit no one.
    '' You ain't gonna learn what you don't want to know. ''
    Grateful Dead

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Even kudlow, who supposedly has two scoops attention for brief periods, says it's a horrible idea.
    The best statement I've seen from this latest carnage came from a student who lived through it -

    "My generation will not allow this to continue!"

    Remember voting age is 18. Read it and weep reds.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Bringing back clean coal jobs!
    Skip

    ---This post is delivered with righteous passion and with a solemn southern directness --
    ...........fighting against the deliberate polarization of politics...

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Way too late, closing the barn door after the horse is long gone.
    Ratus ratus bilgeous snipeous!

    You must be the change you wish to see in the world."
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    One of our sons works at a fabrication plant that manufactures components for the Texas oil patch. If this tariff goes through they’ve been told the doors will close in a week and all 50 employees will be out of work. Keeping fingers crossed that this is part of the NAFTA poker game.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by Bob Adams View Post
    Way too late, closing the barn door after the horse is long gone.
    But the horse's behind is still here.
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
    -William A. Ward



  19. #19
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by Bob Adams View Post
    Way too late, closing the barn door after the horse is long gone.
    It would have been a bad idea if it had been done earlier.

    Jeff C

  20. #20
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    We told you he was a psycho liberal.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by delecta View Post
    We told you he was a psycho liberal.
    You did ? I can't remember that.
    '' You ain't gonna learn what you don't want to know. ''
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by PeterSibley View Post
    You did ? I can't remember that.
    Your are getting older and I'd rather save you the time of hours of searching. Trump is a liberal. There, you can read it today and hopefully remember for an hour or two.

  23. #23
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    The strangest definition of a liberal I've ever seen. Trump is just .............Trump. Nobody wants to be labelled with him.
    '' You ain't gonna learn what you don't want to know. ''
    Grateful Dead

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by delecta View Post
    We told you he was a psycho liberal.
    I've never heard of liberal economics relying on protectionism and tariffs. You might have a point with the psycho business, however.
    There is no rational, logical, or physical description of how free will could exist. It therefore makes no sense to praise or condemn anyone on the grounds they are a free willed self that made one choice but could have chosen something else. There is no evidence that such a situation is possible in our Universe. Demonstrate otherwise and I will be thrilled.

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    That asinine statement by our current president just cost me thousand$. Thanks.
    Gerard>
    ​Freeland, WA

    Next election, vote against EVERY Republican, for EVERY office, at EVERY level. Be patriotic and stop the madness. Save the country.

  26. #26
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by delecta View Post
    Trump is a liberal.
    If so, it says very little about the IQ of the republicans who voted for him.

  27. #27
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    I wonder how much research went into this?

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by mariner2k View Post
    I wonder how much research went into this?
    You meaning reading and stuff ? Shudder.
    '' You ain't gonna learn what you don't want to know. ''
    Grateful Dead

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by Gerarddm View Post
    That asinine statement by our current president just cost me thousand$. Thanks.
    It is be tough to be rich enough to own stock in publicly traded businesses. Being up only 20-25% since Jan 2017 is less than anyone deserves.
    Life is complex.

  30. #30
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by mariner2k View Post
    I wonder how much research went into this?
    Obviously not very much. You only have to recall what happened in 2002 when Bush slapped a 30% duty on steel. But dont tell me......its different this time? Repeating the same sh*t over and over.....total insanity.

  31. #31
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Quote Originally Posted by skaraborgcraft View Post
    Obviously not very much. You only have to recall what happened in 2002 when Bush slapped a 30% duty on steel. But dont tell me......its different this time? Repeating the same sh*t over and over.....total insanity.
    To refresh everyone's memory... or educate them, if they didn't remember:

    The Bush 2002 steel tariff was a political issue in the United States regarding a tariff that President George W. Bush placed on imported steel on March 5, 2002 (took effect March 20). The tariffs were lifted by Bush on December 4, 2003. Research shows that the tariffs adversely affected US GDP and employment.[1]

    According to a 2005 review of existing research, all studies on the tariffs "find that the costs of the Safeguard Measures outweighed their benefits in terms of aggregate GDP and employment as well as having an important redistributive impact."[1]


    Steel production rose slightly during the period of the tariff. [7] The protection of the steel industry in the United States may have had unintended consequences and perverse effects. A study from 2003 that was paid for by CITAC, a trade association of businesses that use raw materials, found that around 200,000 jobs were lost as a result.[8][9]
    Nobody wins in a trade war... and certainly, not the American people.

    The backstory about Trump's 'decision' shows just how dangerous this fool is.

    Trump economic adviser Gary Cohn “has been rumored to be on the brink of leaving the White House for months but stayed for one main reason: to stop the president from imposing steep tariffs,” Politico reports.

    “By Thursday afternoon, Cohn had lost the fight.”

    “The decision came after a frantic 24 hours in which Cohn and others tried to walk Trump off the ledge. At one point, aides were sure Trump would make the announcement. Then they said he wouldn’t. Finally, sitting alongside steel executives, he did.”
    "Reason and facts are sacrificed to opinion and myth. Demonstrable falsehoods are circulated and recycled as fact. Narrow minded opinion refuses to be subjected to thought and analysis. Too many now subject events to a prefabricated set of interpretations, usually provided by a biased media source. The myth is more comfortable than the often difficult search for truth."







  32. #32
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    “The decision came after a frantic 24 hours in which Cohn and others tried to walk Trump off the ledge. At one point, aides were sure Trump would make the announcement. Then they said he wouldn’t. Finally, sitting alongside steel executives, he did.”

    His decisions always come down to "Who did he talk to last?"

    He's so easily manipulated it's Psychotic.
    The best statement I've seen from this latest carnage came from a student who lived through it -

    "My generation will not allow this to continue!"

    Remember voting age is 18. Read it and weep reds.

  33. #33
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    the man has no clue.. I was not an economics major and even I know it is not this easy

    Donald J. Trump
    (@realDonaldTrump)

    When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!
    "If you think you are too small to make a difference, try sleeping with a mosquito"

    -Dalai Lama

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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    Doesn't SCROTUS have a former steel executive in his cabinet? This whole thing reeks of rigging the game from the inside.
    Nosce te ipsum

  35. #35
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    Default Re: Trump announces steel and aluminum tariffs.... the market drops 500 pts

    This whole thing? Just this one?

    From an outsider's perspective, it seems that the Trump administration is trying to rig every game for the benefit of the American oligarchy. And he has the temerity to castigate the media and democrats as the elites...
    Hope for the best, but plan for the worst.

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