Patterico's Pontifications

1/14/2020

Countless Businesses Still Reeling from Trump Tariffs

Filed under: General — Patterico @ 7:49 am



Shockingly, the Big New China Tariff Deal is not fixing tariffs for all businesses hurt by them.

Even as the White House celebrates the president’s negotiating accomplishment, the “phase one” deal offers little relief for countless American businesses — including chemical makers, apparel retailers and auto parts manufacturers — that will still face the same punishing tariffs they have confronted for some time.

“There was an assumption that this was a short-term situation,” said Ed Brzytwa, director for international trade at the American Chemistry Council, an industry group. “We’re now at the point where we’re telling our members they should expect these tariffs are going to stay in place for a long time. This has become the new status quo for us.”

. . . .

[T]he tariffs that remain in place will still cover the same $360 billion in Chinese goods that the administration taxed before the signing. Nearly two-thirds of everything Americans buy from China will be tariffed, compared with less than 1 percent before Trump began his anti-China campaign, according to calculations by economist Chad Bown of the Peterson Institute for International Economics.

It’s bad for the economy as a whole:

Already, Trump’s tariffs have been a net drag on the economy and have failed to achieve his stated goal of boosting domestic manufacturing, according to a new study by two Federal Reserve Board economists, Aaron Flaaen and Justin Pierce.

Any jobs saved or created in U.S. industries protected by tariffs are more than offset by jobs lost in companies that suffer higher input costs or lose export sales because of retaliatory tariffs, the study, which was released last month, concluded.

“The tariffs have not boosted manufacturing employment or output, even as they increased producer prices,” the study found.

Further suggested reading: How Donald Trump broke U.S. Trade Policy.

Hint: by being an ignorant jackass.

41 Responses to “Countless Businesses Still Reeling from Trump Tariffs”

  1. Oh, I forgot. I’m supposed to praise him too.

    He, uh …

    He has appointed judges just about as well as any other Republican would have done. And has been mostly good on immigration.

    Yeah, that’s pretty much it.

    Patterico (115b1f)

  2. And has been mostly good on immigration.

    Oh c’mon!

    Getting Mexico to pay for 100% of that border wall makes him The Greatest Negotiator Who Ever Lived(tm).

    Dave (1bb933)

  3. Republicans will need a generation before anyone can listen to them without laughing about:

    – economic policy
    – moral authority
    – international relations
    – good taste

    john (54be15)

  4. “Republicans will need a generation before anyone can listen to them without laughing about:”
    john (54be15) — 1/14/2020 @ 8:18 am

    By that time, #NeverTrump might well have elected its first deputy dog catcher.

    Munroe (dd6b64)

  5. john (54be15) — 1/14/2020 @ 8:18 am

    Maybe longer. Bush II was epic. Luckily, the D’s, the media, and NeverTrump have all of this covered.

    frosty (f27e97)

  6. A modest proposal to save American democracy
    A law journal just floated a wild idea to add 127 more states to the union. And it’s all constitutional.

    https://www.vox.com/platform/amp/2020/1/14/21063591/modest-proposal-to-save-american-democracy-pack-the-union-harvard-law-review?utm_campaign=vox&utm_content=chorus&utm_medium=social&utm_source=twitter&__twitter_impression=true
    _

    TDS is not pretty

    harkin (d6cfee)

  7. A modest proposal to save American democracy
    A law journal just floated a wild idea to add 127 more states to the union. And it’s all constitutional.

    https://www.vox.com/platform/amp/2020/1/14/21063591/modest-proposal-to-save-american-democracy-pack-the-union-harvard-law-review?utm_campaign=vox&utm_content=chorus&utm_medium=social&utm_source=twitter&__twitter_impression=true
    _

    TDS is not pretty

    harkin (d6cfee) — 1/14/2020 @ 9:41 am

    That is absolute lunacy.

    More of the same of the left when their go to when losing the election is to change the system, rather than change their platforms.

    whembly (51f28e)

  8. Countless Businesses Still Reeling from Trump Tariffs

    Would Pompeo at State consider this an ‘imminent threat’ to the economy? 😉

    “Why don’t we just shoot’em down and be done with it!”- Radio Tower Operator [Jesse White] ‘It’s A Mad, Mad, Mad, Mad World’ 1963

    DCSCA (797bc0)

  9. It took Trump to get the WaPo to oppose tariffs. So, some good came out of it.

    Kevin M (19357e)

  10. That is absolute lunacy.

    You praise it too highly.

    A military coup would have more legitimacy.

    Kevin M (19357e)

  11. Getting Mexico to pay for 100% of that border wall

    C’mon. That was just for the rubes. You’re not a rube, are you?

    Kevin M (19357e)

  12. OT: Wanna see something really crooked; something that would offend Trump?

    https://issuesinsights.com/2020/01/14/hillary-clinton-vindicated-on-corruption-charges-hardly/

    Particularly the graph which I sadly cannot embed.

    Kevin M (19357e)

  13. @11. “I will never lie to you.” —Donald Trump, August 18, 2016

    Are you? 😉

    DCSCA (797bc0)

  14. Didn’t vote for him, wouldn’t bet on his statements being true. Just the same, he got elected and we only have one president at a time.

    Kevin M (19357e)

  15. Did it at least get the Chinese to enforce Ivanka’s trademarks against knockoffs?

    The effect of the tariffs on food producers does worry me. I like food.

    Shoddy consumer goods bought low and sold high and their purveyors not so much. I’ll take that seriously when I can again buy French cigarettes at the corner store. Greek cigarettes too. Did you know that the best Virginia tobacco is grown in Thrace, Greece?

    nk (dbc370)

  16. It’s not just trade policy, which is a disaster, it’s deficit spending. And for that the entire Republican party is responsible for.

    https://reason.com/2020/01/10/in-the-2020s-dealing-with-the-national-debt-will-no-longer-be-optional/

    When a Democrat is elected President, the Republicans will start complaining about deficit spending. As long as the “king of debt” is in office, they’ll just keep racking up deficits.

    Gawain's Ghost (b25cd1)

  17. @16. It’s not just trade policy, which is a disaster, it’s deficit spending. And for that the entire Republican party is responsible for.

    Well, that’s part of the battle lines between the ‘Rockefeller Republicans’ and the ideological conservatives within the party.

    Problem is, to folks on the street, it doesn’t appear to be a disaster. They see Trump tweeting and hear on Fox Business that the Dow is soaring to record levels, boosting their 401Ks, that unemployment down to 3.5% and perceive tariffs as terrific punch back to China by their president. Compared to the Bush era which led to the Great Recession-near-depression, home losses and big bank bailouts Obama was handed to cleanup a decade ago, these times look pretty damn good to the man and woman on the street. To a soybean farmer, or a small town in the Rustbelt– maybe not so much.

    DCSCA (797bc0)

  18. @7 Reading VOX is a waster of time so I skipped the article. But the title in the link has the phrase “A modest proposal.” Doesn’t that usually mean it’s satire or not to be taken literally for some reason? At least that’s what I’d assume if a more accurate publication used that in a title.

    Time123 (f5cf77)

  19. He has appointed judges just about as well as any other Republican would have done.

    If this is true it’s a better NeverTrump argument than I’ve heard so far and it should be made more thoroughly. Because the general perception is that R’s, at best, replace like for like but really just pick judges D’s are willing to “compromise” on. Then agreeing to whatever the D’s put up when it’s their turn.

    Show of hands for anyone thinking that if RBG goes out on “any other R’s” shift the replacement would be like for like. Now a show of hands for anyone thinking this happens with Trump and we get someone much different.

    frosty (3a6151)

  20. As long as the “king of debt” is in office, they’ll just keep racking up deficits.

    Reaganomics. 😉

    DCSCA (797bc0)

  21. @19, he’s mostly picking right of the federalist society list and Mcconnel is doing work of getting them approved. Really don’t think Jeb, Cruz or Kasich would have done any differently.

    Time123 (f5cf77)

  22. Breaking- McConnell expects impeachment trial to start next Tuesday.

    She who hesitates has lost.

    DCSCA (797bc0)

  23. Now a show of hands for anyone thinking this happens with Trump and we get someone much different.

    Ha, ha, ha! You funnin’ us, Mr. frosty. Trump himself doesn’t know what he’ll do fifteen minutes to the next. Furthermore, it remains to be seen for how long his judges will remain “the best people” before they become “nunc pro tunc sonsab!tches” like so many of his executive appointments, and that’s worrisome because judges cannot be fired.

    nk (dbc370)

  24. Now a show of hands for anyone thinking this happens with Trump and we get someone much different.

    Ha, ha, ha! You funnin’ us, Mr. frosty. Trump himself doesn’t know what he’ll do fifteen minutes to the next. Furthermore, it remains to be seen for how long his judges will remain “the best people” before they become “nunc pro tunc sonsab!tches” like so many of his executive appointments, and that’s worrisome because judges cannot be fired.

    nk (dbc370)

  25. @23/@24. Quite enjoyable when you post in stereo, nk. Have you considered going quadraphonic? 😉

    DCSCA (797bc0)

  26. “Really don’t think Jeb, Cruz or Kasich would have done any differently.”
    Time123 (f5cf77) — 1/14/2020 @ 11:25 am

    Making those choices, when you don’t have Article II powers, is actually vastly different.

    Munroe (dd6b64)

  27. Really don’t think Jeb, Cruz or Kasich would have done any differently.

    They probably would have- certainly given thought to it.

    Trump doesn’t; unless he can figure an angle on what’s in it for him. Once you overlay the “What’s In It For Trump” templet it makes figuring his actions on anything all the more easy.

    DCSCA (797bc0)

  28. Further suggested reading: How Donald Trump broke U.S. Trade Policy.

    Hint: by being an ignorant jackass.

    SMH

    Kevin Nash (e0f3ce)

  29. America is better off when Trump just sits in Washington eating German chocolate cake rather than flying to a kitchen in Berlin and trying to bake one.

    DCSCA (797bc0)

  30. @21 Then it’s a valid point that should be made more thoroughly than just a throwaway line about him being the same.

    That he’s outsourced the picks to the federalist society doesn’t count against him and for many is a plus. That he made it clear up front and has been consistent also counts in his favor?

    But I think you’re overstating the case for Jeb and Kasich. Cruz maybe but “any other R” is not synonymous with consistent judicial picks. The Bush II admin had a reputation for being pro-federalists society and I think they hit around .500. They also tried to float Miers in a like for like play.

    frosty (f27e97)

  31. Really don’t think Jeb, Cruz or Kasich would have done any differently.

    I disagree.

    Think back to the Kavanaugh hearings… are you sure Jeb, Cruz or Kasich would’ve stuck with Kavanaugh or folded.

    With Trump, he relished the fight.

    whembly (fd57f6)

  32. I know people that work for companies that have products manufactured in China. It’s become too expensive and they are shifting to other places.

    Mattsky (55d339)

  33. 33.

    I know people that work for companies that have products manufactured in China. It’s become too expensive and they are shifting to other places.

    Mattsky (55d339) — 1/14/2020 @ 12:37 pm

    That’s the point.

    Either the target of the tariffs make efforts to resolve the underlining reason for tariffs, or the market will adjust accordingly.

    whembly (51f28e)

  34. Looks like Warren figured out her ‘Bernie thinks women are losers’ torpedo was a loser a lot quicker than she did on her ‘DNA test proves I’m Sacajawea’ skyrocket.

    Tonight another version of the Clown Car Gong Show (gift vouchers for everyone!).
    _

    harkin (d6cfee)

  35. More of the same:

    Trump’s tariffs cost U.S. companies $46 billion to date, data shows

    Tariffs imposed by President Donald Trump to restructure the United States’s top trade relationships have cost American companies $46 billion since February 2018, and U.S. exports of goods hit by retaliatory tariffs have fallen sharply, according to an analysis of Commerce Department data.

    The lion’s share of the higher tariff costs, some $37.3 billion, stemmed from duties on imports from China, said Washington-based consultancy Trade Partnership Worldwide, which calculated cumulative tariff costs through November 2019, the latest data available.

    Exports of U.S. goods hit by retaliatory tariffs from China and other countries fell by 23% in the 12 months ended November, compared with 2017, before the tariffs began, the analysis showed. Even when retaliatory tariffs have ended, those exports haven’t bounced back, said Trade Partnership Vice President Dan Anthony.

    Dave (fee39f)

  36. 34.Looks like Warren figured out her ‘Bernie thinks women are losers’ torpedo was a loser a lot quicker than she did on her ‘DNA test proves I’m Sacajawea’ skyrocket.

    Kinda surprising as he should surely know America will elect a woman president–probably several– before ever putting an old Jewish guy in the Oval.

    DCSCA (797bc0)

  37. @31. Think back to the Kavanaugh hearings… are you sure Jeb, Cruz or Kasich would’ve stuck with Kavanaugh or folded.

    Don’t think Jeb, Kasich or Cruz would have nominated Kavanaugh to begin with.

    DCSCA (797bc0)

  38. If Jeb or Kasich were president we would all be driving the 24 horsepower commie Trabant.

    mg (8cbc69)

  39. Thank you for updating!

    email login (26c25f)

  40. WTF: “It’s bad for the economy as a whole: Already, Trump’s tariffs have been a net drag on the economy and have failed to achieve his stated goal of boosting domestic manufacturing, according to a new study by two Federal Reserve Board economists”

    Employment is at a all time high. Americans are seeing real gains in pay. Welfare is down.

    What hate-America democrat bought this website?

    Bookmark deleted. I won’t be back. I hope the guy deleting this comment has heartburn.

    FlimFlammed (7e51b2)

  41. Yeah, sure, you had bookmarked this site, bot. To troll it.

    With the election gearing up, we’re going to see a lot more True-Blue-American MAGA Russian troll-farm bots dropping by. The least they could do is bring a little borscht and vodka.

    nk (dbc370)


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