Economic News

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“… Manufacturing employment has declined every month since Trump declared “Liberation Day” in April, saying his widespread tariffs would begin to rebalance global trade in favor of American workers. U.S. factories employ 12.7 million people today, 72,000 fewer than when Trump made his Rose Garden announcement.

The trade measures that the president said would spur manufacturing have instead hampered it, according to most mainstream economists. That’s because roughly half of U.S. imports are “intermediate” goods that American companies use to make finished products, like aluminum that is shaped into soup cans or circuit boards that are inserted into computers.

So while tariffs have protected American manufacturers such as steel mills from foreign competition, they have raised costs for many others. Auto and auto parts employment, for example, has dipped by about 20,000 jobs since April.…”
 
lawtig02 said:
Anyone who put money two years ago on Thomas Massie being the most intelligent, and pretty much the only correct, voice in the Republican Party would be filthy rich today. The shock is that he is so obviously right, and yet nobody else has the balls to stand with him.
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The man does have two degrees from MIT. Intelligence is abundant though smarts has not always followed.
 
lawtig02 said:
Anyone who put money two years ago on Thomas Massie being the most intelligent, and pretty much the only correct, voice in the Republican Party would be filthy rich today. The shock is that he is so obviously right, and yet nobody else has the balls to stand with him.
Click to expand...
Goes to show that many in Congress know full well how stupid Trump's policies are but are too beholden or chickenshit to say so.
 
lawtig02 said:
Anyone who put money two years ago on Thomas Massie being the most intelligent, and pretty much the only correct, voice in the Republican Party would be filthy rich today. The shock is that he is so obviously right, and yet nobody else has the balls to stand with him.
Click to expand...
Well, I know what you mean but both Schiff and Massie are wrong here. Closer to right than Trump, of course, but the US cannot "tax" the world with reserve currency. Reserve currency status is estimated to lower interest rates by about 20-30 basis points compared to a non-reserve baseline. That's it. AND it raises the value of the dollar, which slightly hurts exports.
 
It's not a tariff; It's a consumption tax on Americans...

www.rawstory.com

Trump's tariff vow shattered as study finds they're 'paid almost exclusively by Americans'

Despite claims by the Trump administration, a new study has found that Americans are absorbing about 96% of the costs of President Donald Trump's tariffs. Foreign companies have been paying only 4% through discounts and other tactics.The Kiel Institute for the World Economy study, obtained by...
www.rawstory.com www.rawstory.com
 
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