Posted on 03/01/2018 12:19:46 PM PST by nickcarraway
Stocks got slammed Thursday as President Trump said he will impose stiff new tariffs on steel and aluminum imports.
Looking to get tough on overseas competitors like China, Trump said the US will impose tariffs of 25 percent on steel and 10 percent on aluminum, sending the Dow Jones industrial average plunging more than 500 points. The president is looking to make good on a key campaign promise despite opposition from some inside the White House who fear the tariffs could spark a trade war.
By 2:04 p.m., the blue-chip index was down 517.41 points — or 2 percent — to 24,511.79. The broader S&P 500 and Nasdaq were down 1.4 percent and 1.9 percent, respectively.
(Excerpt) Read more at nypost.com ...
We have rare earth metals, except the enviros are blocking access.
Good news for Pennsylvania, Ohio, West Virginia and Indiana.
Japan ,Taiwan , Korea ,and China have all played the same game of subsidizing their exporters and blocking US imports. I was working in Asia for 40 years off and on and saw it first hand in all those countries. They have engaged in a trade war for all that time while we were worried about defending them. In 1971 Usaid was giving machinery to Pohang Steel.
We will become a much poorer nation without world trade
Yeah, I remember how hard it was for young couples in the 50’s and 60’s to buy their first home with 2 kids and only one working parent, unlike today where anyone with a decent job can buy a house in the neighborhood they work and support their family while momma raises the kids....
CHump Change, Ladybird Johnson was selling Military Equipment to the Chinese and they were giving to the Viet Cong!
The Post is a great paper but they seem to swinging away from common sense on the gun issue.
It’s irresponsible of the post to use the word “Crash” when talking about the stock market.
Also, the DJIA didn’t “plunge.”
Some people held off buying, and the prices dropped.
When it goes up 500 points, the post needs to use the words “blast off” and “soaring.”
The media sucks, but it really sucks when it comes to reporting financial news.
Are you referring to the tariffs on Chinese tires in 2009? If so, then you’re comparing apples to oranges. A tool such as tariffs in the hands of a child (Obama) as compared to being structured as part of Trump’s comprehensive economic policy via Wilbur Ross, is like comparing the use of military force under Reagan with Obama’s ineffectual (or worse) bombing missions.
The tariffs, which expired in 2012, did nothing to prevent China from continuing their exports, via 3rd party countries, a deficiency that is lacking in the proposal presented by Ross. In addition, the domestic producers still had little incentive to ramp up domestic production, because the Obama administration had done nothing to lower the cost of doing business for them.
In contrast, with the de-regulation and tax cuts of the Trump administration, there is every incentive for domestic producers to expand production to meet the greater demand rather than merely raising prices. The Obama tariffs only had the effect of allowing domestic producers to pad their profits with price increases for a brief period of time until the tariffs expired or were circumvented via 3rd party countries.
The truth lies in the details - something you have never been good at.
I never heard that one but it wouldn’t surprise me at all.
The sky is falling!
Yes, I recall reading in Graig Nettles’ book BALLS (about his days as a New York Yankee) him telling a reporter in Los Angeles that he’d rather catch his kids reading through “Hustler” magazine as opposed to a copy of the New York Post, lol.
The inflation has begun with this new tax
This is long overdue.
Thank You President Trump.
Rebuild and take back what was once ours.
Winning!
On aluminum, !0% is nothing. We experienced such price changes with in one week years ago. When bidding on aluminum we didn’t know if our cost would last out the day.
That was back when a never-ending recession was “the new normal.”
Some folks should just avoid the market and invest in unicorn farms or rainbow pot of gold expeditions and spare the rest of us from this endless hand wringing the media and many go thru every time the market adjusts.. it would make life a bit more tolerable for the few that are long haulers... and have been thru the Bushes, Clintons, Obammians and Kardashians.
Emu farms and suckless vacuum cleaners.
Someone is trying to start a panic and cause a recession by alarmist journalism.
Then they can blame Trump for it when it was their own hysterical fear mongering reporting that started it.
This is how Trump negotiates.
In a week the market will be all a twitter over some other issue.
That said this volatility is great for traders who understand how Trump operates.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.