Posted on 04/06/2025 5:58:27 AM PDT by RandFan
Peter Schiff is a financial commentator & CEO of Euro Pacific Asset Management
[30 mins podcast]
(Excerpt) Read more at youtube.com ...
The libertarian cult once again being the useful idiots for China’s managed trade regime as it turns American industry into an empty shell.
Which stocks? Those that use imports?
I bet if you moved money into American companies that didn’t use imports you might find you’ll make a fortune.
“you stop collecting tariff revenue and fail to address the $37T debt and its interest.”
There will be 1040 and FICA tax revenue increases as tariff revenue falls.
The restructuring Trump envisions will probably save Social Security.
Those small manufacturers are the backbone. We do need them. In WWII, Elgin pocket watches made the small gears for the Norden bombsight. Tyson toy trains made the flexible 50 cal feed trays used in every bomber and fighter, Singer swing machine made 45 automatic pistols. Rock-o-la jukebox, Saginaw steering gear, General Motors, made M1 carbines, a company making Christmas light bulbs made a critical part for the proximity fuse…
Thousands of very small companies made war winning things.
In Iraq our country that churned out over 100 Aircraft carriers in 3.5 years couldn’t make armor kits for humvees in the same time period.
The basis of ‘free trade’ is comparative advantage.
In the past America had many sole source comparative advantages.
The US, Great Britain and Germany are not the only advanced economies anymore.
At the present time, America had few sole source comparative advantages.
The US needs to move to managed trade.
It’s time for economists to walk away from the altar of ‘free trade’ and put their thinking caps on.
You guys would literally use slave labor in a foreign country, and technically you pretty much do. I trade is for things we can’t do on our own, like grow bananas, or get products that are unique to another country. It’s not to help foreigners using slave labor dump cheap products on America and drive American companies out of business. Your free traders complain about a little bit more cost on the products, but are nowhere to be seen when factories close all over the country.
How is Jaguar Range Rover no longer shipping their crap to America going to make the economy collapse? It must have never been very strong after all. “They” buy a lot of Jaguars here where I live. I love sitting in the McDonalds drive thru in my Ford pickup truck behind some stud driving a Jaguar. I just think it’s funny that somebody driving a Jaguar eats at a McDonalds drive thru. LOL
Countries are negotiating new trade deals. Reports are over 50 so far.
And maybe Nike wont build a shoe manufacturing plant here, but someone like Red Wing, Wolverine, etc will beging production of REAL TOP QUALITY shies within our country.
People purchase these garbage shoes because some MLB player wears them.
And those things are garbage.
Would it be nice if we all could go and make a choice? AMERICAN MADE OR FOREIGN MADE? For the same price?
You are in complete opposition with the founding fathers in that opinion.
Specifically James Madison.
“Of all abhorrent taxes, excise taxes are the least abhorrent.” Paraphrasing
James Madison, abt 1793.
Let us consider stuff like nails.
They are made by automated equipment and boxed by automated equipment.
Making them in the USA instead of China would eliminate the ability of the Communist Chinese to shut down American house production by refusing to export nails.
It would cost only slightly more to make and box nails in the USA.
Can we directly force nail makers to make nails in the USA?
Probably not directly, but with tariffs it becomes risky not to make them in the USA because a new company might successfully enter the nail business.
No, Nike won’t move here, who cares about their junk? Carmakers and large dollar items will. Not shoes and clothes. The rest will renegotiate and lower their tariffs on us. Peter Schiff is full of Schiff and always has.
Schiff is interested in one thing. Well, two: himself and his mgmt company.
Umm, three, throw in his books.
Beyond the trade imbalance we have been giving the Chinese our businesses, along with their intellectual property.
The fact that he ignores those aspects of what Trump is doing & solely speaking of tariff's in a vacuum, he is either missing that those elements of Trump's plan, or he is purposely being dishonest. The same holds for Rand Paul also.
Peter Schiff knows that what was existing was hurting the U.S. the most, and that the U.S. was on a course for suicide if allowed to continue on that trajectory.
The relative value of an item needs to be considered as well.
A product that comes in at 40% of the likely cost of a US made item should pay a lower tariff rate than product that comes in at 90% of the likely cost of a US made item even if both come from the same country.
Low-cost sewn garments should have a lower tariff than expensive printer cartridges, even if both come from Indonesia.
A shirt might be given a $2 by value tariff exemption. A pair of pants a $1 by value tariff exemption.
And where were all the suggestions to fix the economy before this all happened? And how were they working?
Oh I forgot about G-7 and those Davos conferences. They seemed to be working well at sapping the American worker.
“”I guess we have to check back in a few years on this one....””
Yes, let’s plan to do just that. The rabid left wants a collapse so badly, so they can blame it on Trump, that they don’t CARE if these tariffs will actually help America in the long run. They just want anything that proves their ‘orange man bad’ BS.
I posit that, just like Trump’s first term, the last laugh will be on them when the economy recovers and hums in turbo mode. The only question then will be... what ‘else’ (release of COVID-19) will the evil cretins feel the need to do to taint or destroy Trump’s legacy.
I think Nike can afford to make their shoes in the USA.
Sorry your "profit" margins may decease a percent if you re-shore your factories here. So sorry globalist share holders. Too bad. Boo hoo.
Fixed it.
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