Posted on 03/02/2018 7:28:44 AM PST by SeekAndFind
President Trump is raising tariffs 25% on steel and 10% on aluminum, claiming that cheap steel from other countries has hurt the American steel industry. His claim, that steel imported at lower prices hurts our steel industry, is certainly true.
But talk show host Mark Levin says Trump's tariffs are crony capitalist gifts for wealthy steel-owners that are bad for the economy as a whole. On his talk show last night, he listed a number of reasons why:
1. Industries that depend heavily on steel, such as auto and airplane manufacturers, will take a big hit. With the increase in the price of steel, they will have to increase the price of cars and planes, reducing sales and profits, and ultimately, these manufacturers will have to fire employees to compensate for the inevitable losses.
2. Industries that even peripherally rely on steel will be affected as well. Just think of any business that needs anything made of steel, whether it be cars, refrigerators, trucks, stoves, computers, or any number of other things. They will all have to raise prices to compensate.
3. The ultimate end purchasers of anything made of steel, or anything made with steel, will have to pay higher prices. Levin frames this as a loss of liberty, which is correct, and, equally important, as a tax that punishes the American people. Every time you pay more for a car or a boat or a can of beans or even a loaf of bread, which is made in an oven, which, guess what, is made of metal, you will have to pay more. Because metal is so ubiquitous in manufacturing, Trump's tax will make you pay higher prices for nearly everything you buy.
(Excerpt) Read more at americanthinker.com ...
I have no problem paying a little more for things if it aligns with bringing back jobs. The continued demand for jobs will raise wages, especially for those with low incomes. Not everyone can be a doctor, lawyer, or engineer etc...
It’s also a national security issue.
“What Levin says doesn’t always pan out.”
It will be fun observing him eat his words in 5 years...if he’s still around then.
Which is unlikely.
Trumps tax cuts ad regulation reform will more than offset pressure to raise prices on consumers.
‘You state this as fact, please provide source.’
The article posted was an opinion piece, not facts. My opinion is that taken as a whole (corporate tax cuts, less regulation, some tariffs etc ) will be a wash at worse on prices.
Americans can handle it.
Fighting back against the Chinese takeover of American industries through their massive $0.25-a-day convict sweatshops is going to hurt. There will be casualties. This is a war.
Some ‘crony’ Americans will get rich but other Americans will see and experience opportunity. The goal is to create more opportunity and to bring back the industrial base.
Google Reagan and Harley-Davidson
In this Trump is correct. It is more of a national security issue in case of war. What the globalist have done is take the United States infrastructure and technology needed for wars out of the US or put them in globalist hands in the US(Just look at our space program and really think that through). We were betrayed from within our own country by our leaders. Our manufacturing is in Asia now, it is not even on this continent. China or Russia declare war tomorrow and it is long and drawn out, we are in a world of hurt.
Thank you for saying this and reminding me how blessed we are to have President Trump.
Levin is becoming more and more out of touch. Been happening since the campaign season of 2016.
Mr Levine is stepping into his area of incompetence, IMO.
Based on perfomance to date I’ll continue to trust President Trump & ignore Mark Levine.
Tax finished goods to benefit US business. Finished goods are where the bulk of the trade deficit lies.
Sell-out loser Levin... who asked this Never Trumper for his opinion? Get lost!
Levin of all people pulling the patriotism card over foreign steel?
“Patriotism is the last refuge of the scoundrel.” - Samuel Johnson
As recent as 1995 the US was the #1 economy in the world. Now China holds that spot primarily from trading with us! While our companies left our shores we were making them rich. Every member of the Chinese Parliament is a billionaire.
I use as an example Nike shoes. They have a plant in China that employs 25,000 people! Imagine if tat plant was in the US? We might pay a little more for Nike shoes but 25k inner city welfare recipients would be working..
From Wiki:
The tariff history of the United States spans from colonial times to present. The first tariff law passed by the U.S. Congress, acting under the then recently ratified Constitution, was the Tariff of 1789. Its purpose was to generate revenue for the federal government (to run the government and to pay the interest on its debt), and also to act as a protective barrier around domestic industries.[1] An Import tax was collected by treasury agents before goods could be landed at U.S. ports.
Tariffs have historically served a key role in the nation’s foreign trade policy. They were the greatest (approaching 95% at times) source of federal revenue until the Federal income tax began after 1913. For well over a century the federal government was largely financed by tariffs averaging about 20% on foreign imports. There are no tariffs for imports or shipments from one state to another. Since the 1940s, foreign trade policies have focused more on reciprocal tariffs and low tariff rates rather than using tariffs as a significant source of Federal tax revenue.
Tariffs were the main source of revenue for the federal government from 1789 to 1914. During this period, there was vigorous debate between the various political parties over the setting of tariff rates. In general Democrats favored a tariff that would pay the cost of government, but no higher. Whigs and Republicans favored higher tariffs to protect and encourage American industry and industrial workers. Since the early 20th century, however, U.S. tariffs have been very low and have been much less a matter of partisan debate.
Prior to the American Civil War tariffs were generally low, but rose during its duration. At the end of the end of the war in 1865 about 63% of federal revenue was generated by excise taxes, which exceeded the 25.4% generated by tariffs. In 1915 during World War I tariffs generated 30.1% of revenues. Since 1935 tariff income has continued to be a declining percentage of Federal revenues.
I find the second line in the second paragraph rather interesting.
Other countries have done this to America for decades, their governments subsidize industries and put American manufacturers out of business. Not a level playing field, and our stupid ass “leaders” let it happen
Go Trump!
A country needs an electronics industry in order to survive
The USA didn't import hardly anything from any foreign country all the way up to 1960. CNN and the media want you to think we need to “trade” with China.
My problem isn’t with imported steel, per-se, it is with the quality control standards of imported steel. “316 Stainless Steel” from China that begins showing surface corrosion after 6-months is not acceptable. It has all the right certifications and everything, but it is junk. But then sometimes it is fine.
More importantly, though, if they can’t reliably and consistently manufacture “Stainless Steel” that will resist corrosion for more than 6-months, how can I trust that their structural/strength specs are accurate and honest?
I have some stainless steel items that were made in the US with US-produced steel during the 1970s, 80s and early 90s and none of it is showing the corrosion-levels that I see on some of the stuff I have that was made in China just a couple of years ago.
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