Posted on 04/02/2025 2:13:47 PM PDT by E. Pluribus Unum
President Donald Trump said Wednesday that he will impose a new 10 percent tariff on all imported goods along with an additional punitive import tax tailored for each of about 60 countries that his advisers say maintain the most unfair barriers against U.S. products.
The president’s long-awaited tariff plan is designed to spur a renaissance in domestic manufacturing and to fill government coffers with tax revenue, even as many economists warn that he is steering the U.S. economy toward slower growth and higher prices.
“In the face of unrelenting economic warfare, the United States can no longer continue with a policy of unilateral economic surrender,” Trump said during a Rose Garden ceremony before an audience of guests, reporters and members of his Cabinet.
The president’s latest trade initiative represents a breathtaking political gamble. After returning to the White House on a wave of public anger over inflation, Trump is now asking voters to put up with a renewed period of rising prices in return for the distant promise of rebuilding domestic manufacturing.
Already, economists are warning that Trump’s tax increase on imported goods will mean sticker shock on some of Americans’ most important purchases, including groceries, cars and homes.
The administration and its allies see today as the start of an epic campaign to reverse more than three decades of ill-conceived economic policy and inaugurate a new “Golden Age.”
Trade liberalization deals like the 1994 North American Free Trade Agreement and China’s 2001 entry into the global trading system placed the working class in a “race to the bottom” with low-wage workers overseas, according to Trump officials.
As corporations moved their factories offshore, they and their Wall Street investors profited while blue-collar communities in the heartland suffered.
By imposing taxes on foreign goods, Trump hopes to encourage manufacturers to move...
(Excerpt) Read more at washingtonpost.com ...
It replaced high-paying manufacturing jobs with low-paying service industry jobs.
h/t to Ross Perot
Perot was one heck of an actor ...
There will be a massive boom in domestic industry and manufacturing jobs.
The next stop is to get rid of most forms of welfare, student loans, gender studies, etc... so that Americans will take all these new manufacturing jobs on offer.
True. Not all of them but a majority of manufacturing jobs were for men who would proudly lead their families to a better life including a better house and college for their children.
Now many men are “not in the workforce” and the women who support the families (before the 50% divorce rate takes hold) make less than the men did. Male self-respect and feeling of power over their own lives descended.
It was also the management doctrine being pumped out of business schools and McKinsey, BCG, et al that claimed it wasn’t necessary to build anything as long as you owned the intellectual property. Outsource everything but “core competencies” (assuming anyone knew what they were). Things like customer support was first to go because after all, someone working for a fraction of the cost in Bangalore could read a script and run a computer, right? Then component parts, because “parts is parts” and who cares whether they come from your factory or someone elses?
When the supply chain stretched halfway around the globe even if large manufacturers like John Deere or Ford still built their product here the cluster of suppliers that had once thrived in the US was wiped out. But what the hell, as the eminent Thomas Friedman told us, “the world is flat”.
Well said, and I had that taught in school.
Innovation dies too.
Innovation occurs close to the production facilities, where you can try things out.
During the “Make America Wealthy Again” event President Donald Trump introduced a Trump Tariffs chart breaking down the Tariff discrepancies between foreign countries and the United States
https://www.youtube.com/watch?v=2tnYtLholkI
I Love this Relationship. I feel so Liberated.
https://y.yarn.co/b705e30c-7e90-40f1-9a83-4fe91adc2f1d_text.gif
Go Trump Go!
Waht the hell my ass.
Dow futures down 949
Nasdaq futures down 825
S&P futures down 190
Ah yes, another MSM article that studiously avoids mentioning the most important fact, which is that these tariffs are generally only 1/2 as big as the tariffs other countries put on us.
PUTS ON EVERYTHING, time to make obscene amounts of money riding the market down.
I really like the setup here for American stocks. Not immediately, but investing isn’t about the immediate.
Also really curious to see the actual responses to the tariffs. Not the squawking, the actions. The math on this isn’t that hard, even our international welfare queens can do it.
Be careful and nimble.
I think he is continuing to see if a tarrif system can replace the illegal wage tax called income tax we currently have enforce via the black robed gestapo.
IIRA, China would not accept a lot of our products because they didn’t meet their criteria....like 14 oz can where they say 12 oz can max...
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