Tariffs Catch-All

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genevabuck said:
The billionaires have lost control of their monster.
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Which was inevitable, imo. The Republican Party helped create their own Frankenstein monster and then lost control of him in his first term. Now that he owns the GOP body and soul it's his billionaire and corporate supporters and people like Bannon who are learning that Trump is ultimately uncontrollable. Musk will likely eventually learn that lesson as well.
 
nycfan said:
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Then they're truly stupid. I know that anyone not in the cult already knows this, but you keep raising tariffs on China and prices are ultimately going to soar at places like Walmart and Dollar General and other stores where much of his base shops because it's cheap and they often can't afford anything better.
 
Mulberry Heel said:
Then they're truly stupid. I know that anyone not in the cult already knows this, but you keep raising tariffs on China and prices are ultimately going to soar at places like Walmart and Dollar General and other stores where much of his base shops because it's cheap and they often can't afford anything better.
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My wife’s company (office supplies across the country) gets 90% of its products from China. It lives on the margin. There is a real possibility it will fold/shut down due to these tariffs.
 
superrific said:
Here's what I don't get. Why stop at 104%? Trump says that we're going to get rich from this because China is going to be paying us so much. So go to 200%. Go to 500%. Why the fuck not?
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Trump only tool is a hammer. He will keep raising the tariff each time China counters. It will have to be Xi who is the adult.
 
dcphx said:
Trump only tool is a hammer. He will keep raising the tariff each time China counters. It will have to be Xi who is the adult.
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I expect Trump has handed Xi and Putin the maul to hammer America into oblivion.

Why should Xi be the adult?
 
  • Japan’s Nikkei 225 index closed down by 3.93%. The broader Japanese Topix index fell by 3.4%.
  • Chinese stock markets rose, despite a 104% tariff on US imports from China, amid reports that Beijing would step in to support the market. The SSE Composite index in Shanghai rose 1.1%, while the Shenzhen SE Composite rose 2.2%.
  • Hong Kong’s Hang Seng index fell by 0.4%.
  • Australia’s S&P/ASX 200 benchmark index fell by 1.8%.
  • South Korea’s Kospi 200 index dropped by 1.8%.
 
The major stock market indices in London and across Europe slumped in the opening trades on Wednesday morning as Donald Trump’s tariffs took effect.

The FTSE 100 dropped by 2.2% in early trades on Wednesday, immediately undoing most of the gains on Tuesday.

Germany’s Dax index dropped by about 2.3%, while France’s Cac 40 fell by 2.4%. Spain’s Ibex index was down by 2% as well.
 
Henry Allen, a strategist at Deutsche Bank, said the sell-off in US government debt was “alarming” in a note to clients this morning.

"US Treasury markets are also experiencing an incredibly aggressive selloff as we go to press, adding to the evidence that they’re losing their traditional haven status.

So there’s no sign yet that the market is managing to successfully find a bottom, and it feels like no asset class has been spared as investors continue to price in a growing probability of a US recession."
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"My Canadian sellers are worried. They feel like they have to take a break from the U.S. for now and see where it goes," Alexandra DuPont, a broker who helps snowbirds buy and sell condos in Florida, tells Axios.

  • She's working with about 35 Canadian sellers — more than three times the usual for this time of year — and no buyers.
 
Lee Hardman, a senior currency analyst at MUFG, a Japanese investment bank, said:

The unfavourable price action has cast some doubt on the safe haven status of the US government bond market and the US dollar at the time when the global trade war is intensifying.

We expect foreign exchange market volatility to remain elevated in the near-term, and continue to expect the traditional safe haven currencies of the yen and Swiss franc to outperform.
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big pharm tryign to take advantage of the situation. Also LOL at "violating the Spirit of CUSMA..." Trump is wiping his ass with the CUSMA deal.


canadahealthwatch.ca

Pharma giants push Trump insiders to target Canadian drug pricing

A vial of insulin costs far, far more in the U.S. than it does up here.
canadahealthwatch.ca

Pharma giants push Trump insiders to target Canadian drug pricing​


Firms including Pfizer and Merck urged U.S. trade officials to challenge Canada's drug pricing policy, which they say “devalues U.S. medicines.”

Why it's important: Trump’s trade war could be leveraged to force the Canadian government into aligning its drug pricing formula more closely with America’s, sending drug costs to patients (and insurers) sky-high.

A consortium of companies is arguing that Canada’s drug pricing violates the spirit of CUSMA, setting the stage for some particularly ugly negotiations. Canada’s Patented Medicine Prices Review Board sets price caps by comparing drug prices across a group of 11 countries. The U.S. used to be included in the pricing formula, but was removed from the group of comparator nations in 2022 — because U.S. drug prices are an insane global outlier.
 
newrepublic.com

Trump Adviser Releases Insane List of Demands for Tariffed Countries

Top White House economist Stephen Miran apparently wants free handouts from other nations.
newrepublic.com newrepublic.com
Donald Trump’s chief economic adviser put out a list of outrageous demands Monday for other countries inflicted by the president’s tariffs to start “burden sharing.”

Stephen Miran, chair of the Council of Economic Advisers, delivered a speech at the Hudson Institute complete with a to-do list for other countries looking to lighten the load that “unfair barriers to trade” and “unsustainable trade deficits” have supposedly inflicted on the United States.
Miran said that these factors had led to a “decline of our manufacturing workforce by over a third since its peak and a reduction in our share of world manufacturing production of 40 percent.”

It’s worth noting that while manufacturing employment has gone down, U.S. manufacturing output is up and nearing its all-time high of December 2007. Who exactly will actually work all of these hypothetical manufacturing jobs? No one seems to know! Trump’s own secretary of commerce said earlier this month that he planned to use automation to replace cheap labor, and the treasury secretary suggested Monday that maybe ousted federal workers could pick up some shifts.


...



For instance, countries could roll over and accept Trump’s tariffs without retaliation. “Critically, retaliation will exacerbate rather than improve the distribution of burdens and make it even more difficult for us to finance global public goods,” Miran said in his remarks.

Miran said that countries could “stop unfair and harmful trading practices” by buying more American products, specifically noting that countries could boost defense spending and procurement from the U.S. by “taking strain off our servicemembers and creating jobs here.”

He also suggested that countries invest in U.S. manufacturing and open factories in the U.S. “They won’t face tariffs if they make their stuff in this country,” Miran said.
Finally, Miran said that countries could “simply write checks” to the Treasury Department.
 
www.theguardian.com

‘Half the place would be blown to bits’: the Irish villages under threat from Trump’s tariffs

Cork’s pharmaceutical industry, vital to the local economy, is at risk as US trade policies threaten small towns reliant on the sector
www.theguardian.com www.theguardian.com
Just across the bay from the historic town of Cobh, the last port of call for the Titanic in 1912 on her ill-fated maiden voyage, lies the source of some of the world’s biggest life-savers and givers.

Sildenafil, the active ingredient in Viagra, medicinal compounds for the treatment of cancer, rheumatoid arthritis, psoriasis, Crohn’s and Parkinson’s disease, all are manufactured within two miles of the deep port of Ringaskiddy in County Cork.

On the main road from Ringaskiddy to Carrigaline, on the back road to Curraghbinny, or down towards the white beaches of Lough Beg, the mammoth windowless plants of Pfizer, Johnson & Johnson and their private wind turbines are the main attractions.

After more than 50 years, however, it is all under threat after Donald Trump accused Ireland of stealing America’s pharmaceutical industry and vowed to “force” US companies, jobs and taxes to return home.

On Tuesday night, he renewed the threat, promising a “major tariff” that would send the pharma industry “rushing back” to the US, sending stocks of those US companies in Ireland, across Europe and India down.

This has concentrated the minds of local politicians, who have called on the European Commission president, Ursula von der Leyen, to visit the area. She met pharmaceutical companies in Brussels on Tuesday to hear that tariffs could “expedite” a shift to the US.

“If Pfizer and the others closed … the collateral damage would be huge,” said John Twomey, something of a local historian and treasurer of the local Gaelic Athletic Association in Shanbally, a tiny village a two-minute drive from Pfizer’s entrance.

“Half the place would be blown to bits, all the workers, the subcontractors, from the guys supplying the toilet rolls, to the farms supplying meat for the canteens.”
 
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