I’d like to co-sign (or say an amen to) the above Bluesky post. At this point, the global economic showdown has less the feel of a who’s-gonna-blink-first kind of a thing, and more the stench of a, yes, pissing contest.
The First Felon has long maintained that the U.S.A. has been sucking hind tit in the global market because of unfair tariffs placed on U.S. goods, but that is pretty much just more of his America First/Isolationist nonsense. Economists (who know things) beg to differ but one should not expect Donald J. Trump to listen to experts. He will go his own way and drag the rest of us with him until the courts, Congress, or Father Time steps in.
(No, I don’t wish him dead. I wish him a long, long, looong life in which he gets to read how history kicks his ass from here to sundown.)
For a better explanation than I could ever give about this whole mess, go to this BBC article. It’s a good explainer about what tariffs mean (basically, taxes on the rest of us). Also from that article:
Meanwhile, the global market, the U.S. stock market, and most any investment/retirement account you had are going down a very deep hole.
Missing from the list of countries on which Trump’s imposed steeper tariffs are Russia and Belarus. The First Felon has given multiple — and conflicting — explanations for that, which makes perfect sense because it’s really hard to think when you have a grown man’s hand up your backside.
For the most part, men in their 60s, 70s, and 80s are making it their business to make sure your retirement, your middle-class income, your college savings get strafed so that…I’m not sure what. So they can win their little pissing match? That seems extreme. None of these tariffs are set to work out for the bulk of us. Is cruelty really the point?
Good luck to all of us.
I'm an importer, so I posted the following issue. Tariff duty fees are added at the beginning of the retail cycle and are figured in as part of the total landed cost. After that, the importer puts on their profit, as does the retailer. This might come to 3 times the actual tariff rate. So while a consumer may pay 1.50 extra for the tarriff cost, the goverment might only get .50 because the other dollar is in the supply chain markup. So as well as being really costly, they are a really inefficient method of taxation too
I don't think Trump will back down. He's likely to continue his trade war that could put US businesses out of business and citizens into poverty, all in order to tell himself "he won" a trade war against another country. Either the Republicans in Congress and judges will need to step up to stop him, or other countries will need to bend the knee. Or, he could spin up a fantasy tale to save face if he gets enough pressure from top CEOs, donors, and Republicans. My worry is, he may decide to turn a trade war into a military war - for ego reasons.
I saw this on Facebook. It's originally from TicTok, but anyone can view it. It's helpful in a simple, big picture way. Re: tariffs & trade deficits: https://www.tiktok.com/@nytopinion/video/7489473337110940958