Posted on 07/08/2025 1:41:10 PM PDT by karpov
President Trump sure knows how to spoil an economic mood. Three days after he signed the GOP’s big budget bill, saving the economy from a scheduled $4.5 trillion tax increase, Mr. Trump was back playing the role of Tariff Man. On Monday he announced 25% tariffs on Japan and South Korea, while adding to renewed will-he-or-won’t-he uncertainty for the U.S. economy and trading partners.
In letters to Japan’s Prime Minister and South Korea’s President, Mr. Trump huffs and puffs again about bilateral trade deficits, which he mistakenly thinks are a sign of foreign exploitation. “We must move away from these longterm, and very persistent, Trade Deficits,” he says. Hence the new 25% tariffs, starting Aug. 1. This nearly matches Mr. Trump’s paused “Liberation Day” duties on the two countries, except Japan was supposed to get only 24%. Later in the day he sent tariff letters to a dozen other, less economically significant, countries.
A few other details: Mr. Trump says the 25% is on top of the existing sectoral tariffs such as those on steel. And if Japan or South Korea retaliate with tariffs on the U.S.? “Whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Mr. Trump says.
Japanese and South Korean autos already pay a 25% tariff. Cars from the two countries make up about one third of auto imports, so that’s a 50% tax increase on about 15% of the U.S. car market, assuming they keep exporting here. On Monday the shares of Honda and Toyota took a beating. Ford and GM fell too.
But Mr. Trump says he’ll “consider an adjustment to this letter” if they take (unspecified) actions to open their markets.
(Excerpt) Read more at wsj.com ...
LOL Wall Street Journal LOL
Wait, wasn’t the sky falling when he enacted tarrifs in March? Was that the last time the last time or is there is next last time that the sky will be falling?
They’ll be stacking the Asian corpses like cord-wood in September.
WSJ does not like Donald Trump very much. He apparently upsets all their carefully crafted myths on how business works. WSJ is the bible for globalists who set “international trade” as the highest virtue.
Tariffs have a purpose which stretches far beyond mere revenue. Tariffs also assure self-sufficiency in a world of uncertain alliances. They are a vital part of national security and defense.
“Fortress America” is not a new concept. But it has served the nation well.
Certainly he did. He got what he wanted with the BBB and can now release the tariff guillotine on the countries that either will or will not do business with the US fairly!!
Tariff revenues and trade balance are finally a reality in the very near future.
IIRC, I dropped my daily WSJ in 1999 when the editorial board promoted a “there shall be open borders” amendment to our Constitution.
So what you’re saying is it was a good idea Trump got rid of making the penny?
Since 1982 pennies have been composed of 97.5% zinc with a thin copper plating (2.5%).
So they’ve had copper in them
Seriously. Trump is winning this battle. Look at the comments on this opinion piece. Its basically retards stroking retards. Yet inflation is staying still, federal revenues are piling up, stateside investment is accumulating, job openings are aplenty and countries are lining to make deals. If it were not for the facts, poor WSJ might have a point or two in there…. But it mostly mocks Trump for being pragmatic and reasonable with our trading partners as he tries and cut deals instead of slamming the door in their faces.
That editorial was in 1984. They’ve been standard issue gop for at least that long.
Why would the WSJ oppose opening foreign markets to American goods?
They seem to deny that trade deficits are a thing.
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