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Trump’s madcap tweet du jour: Trade wars are good!

The fate of Trump's tariffs may have a recent historical precedent?

https://www.washingtonpost.com/news...s-wont-last-very-long/?utm_term=.479ebe81f3bf

"The nation’s chief executive clearly has some latitude to slap tariffs on countries that the U.S. government says are illegal dumping low-cost goods or violating trade laws.

"In 2002, as many have now noted, President George W. Bush used section 201 of a 1974 trade law to place temporary tariffs on foreign steel under the argument that foreign competition was causing 'serious injury' to a domestic industry.

"Those tariffs, like Trump’s proposal today, met with strong criticism, were ultimately rejected by the World Trade Organization and were removed by Bush in 2003, long before they were set to expire."

Trump's basing his tariff proposals on a different trade law, arguing "national defense" reasons to justify his protectionism.

I wonder if DJT will withdraw the US from the WTO if they object to his latest attempt to MAGA?
 
What precisely is the moral difference between slapping tariff's on foreign made goods to protect US companies impaired financially by imports and, say, bailing out US companies that have become financially impaired by their inability to compete with foreign imports?
 
Raoul_Luke said:
What precisely is the moral difference between slapping tariff's on foreign made goods to protect US companies impaired financially by imports and, say, bailing out US companies that have become financially impaired by their inability to compete with foreign imports?
Click to expand...
You beat me to it.
 
Raoul_Luke said:
What precisely is the moral difference between slapping tariff's on foreign made goods to protect US companies impaired financially by imports and, say, bailing out US companies that have become financially impaired by their inability to compete with foreign imports?
Click to expand...
I hate answering a really good question with another question, but does the US trade deficit ALWAYS pose a problem whose solution would help a majority of US workers?:confused:

https://www.theatlantic.com/business/archive/2016/12/trump-trade-deficit/509912/

"To start, it’s not inherently a problem for a country to have a trade deficit.

"For example, a fast-growing economy pulls in more imports as it expands, which pushes a country’s international trade account toward deficit.

"In that context a trade deficit is good for the economy, allowing the country to consume and invest more than if it maintained balanced trade.

"This was the story in 2000 when, after four years of strong growth, the American economy had an unemployment rate of 4 percent and a trade deficit that amounted to 3.7 percent of GDP."
 
Constitutional Sheepdog said:
America must be weaned off Cheap foreign goods and get American back as the production superpower it once was.
Click to expand...
What decades are you referring to?
kuznets-curva.jpg

"In economics, a Kuznets curve graphs the hypothesis that as an economy develops, market forces first increase and then decrease economic inequality. The hypothesis was first advanced by economist Simon Kuznets in the 1950s and '60s."

https://en.wikipedia.org/wiki/Kuznets_curve
 
georgephillip said:
I hate answering a really good question with another question, but does the US trade deficit ALWAYS pose a problem whose solution would help a majority of US workers?:confused:

https://www.theatlantic.com/business/archive/2016/12/trump-trade-deficit/509912/

"To start, it’s not inherently a problem for a country to have a trade deficit.

"For example, a fast-growing economy pulls in more imports as it expands, which pushes a country’s international trade account toward deficit.

"In that context a trade deficit is good for the economy, allowing the country to consume and invest more than if it maintained balanced trade.

"This was the story in 2000 when, after four years of strong growth, the American economy had an unemployment rate of 4 percent and a trade deficit that amounted to 3.7 percent of GDP."
Click to expand...

Tariffs are always a tricky question. It is by no means easy to decide when it’s best for the USA to impose them. Indeed, Trump’s team disagreed on these new tariffs, and they were still under review. But Trump was being barraged with bad news, and he needed a “subject changer” to satiate his rabble and divert the media. So, he just blurted out the tariff announcement out of the clear blue, leaving his advisers stunned.
 
Bugsy McGurk said:
But Trump was being barraged with bad news, and he needed a “subject changer” to satiate his rabble and divert the media. So, he just blurted out the tariff announcement out of the clear blue, leaving his advisers stunned.
Click to expand...
Trump's the classic one-trick pony in that regard.
Demagogue550.jpg

"MSNBC host and former Republican congressman Joe Scarborough thinks Donald Trump's controversial comments about Russian hackers this week are all about diverting attention from the Democratic National Convention.

http://www.washingtonexaminer.com/joe-scarborough-trump-a-one-trick-pony/article/2598013

"In a blog post for the Washington Post, Scarborough said Wednesday night that Trump was only living up to his status as a 'one trick pony' when, seemingly in jest, he called on Russian hackers to expose Hillary Clinton's deleted emails."

Since he's incapable of recognizing his own ignorance, Trump has no alternative when boxed into a corner by incredibly complex subjects he not only knows little about but doesn't have the ability or desire to investigate. He can only toss more stuff at the wall and hope some of it sticks.
 
georgephillip said:
I hate answering a really good question with another question, but does the US trade deficit ALWAYS pose a problem whose solution would help a majority of US workers?:confused:

https://www.theatlantic.com/business/archive/2016/12/trump-trade-deficit/509912/

"To start, it’s not inherently a problem for a country to have a trade deficit.

"For example, a fast-growing economy pulls in more imports as it expands, which pushes a country’s international trade account toward deficit.

"In that context a trade deficit is good for the economy, allowing the country to consume and invest more than if it maintained balanced trade.

"This was the story in 2000 when, after four years of strong growth, the American economy had an unemployment rate of 4 percent and a trade deficit that amounted to 3.7 percent of GDP."
Click to expand...

The answer to your question is yes. But the way to "fix" a trade deficit isn't a "trade war" - it is to not grow government bureaucracy, the welfare state, and, of course, last but not least, wage unending (and unnecessary) wars.
 
Raoul_Luke said:
The answer to your question is yes. But the way to "fix" a trade deficit isn't a "trade war" - it is to not grow government bureaucracy, the welfare state, and, of course, last but not least, wage unending (and unnecessary) wars.
Click to expand...
If boosting US manufacturing jobs is one of Trump's intentions, how does he expect to accomplish that objective by raising the prices of specialty steel and aluminum products imported from Europe and Asia?

I'm tempted to quote one of your all time heroes (Keynes) who wrote in the preface of his General Theory in 1936, "The ideas which are here expressed so laboriously are extremely simple and should be obvious. The difficulty lies, not in new ideas, but in escaping from the old ones...":p
 
Raoul_Luke said:
What precisely is the moral difference between slapping tariff's on foreign made goods to protect US companies impaired financially by imports and, say, bailing out US companies that have become financially impaired by their inability to compete with foreign imports?
Click to expand...

Exactly ...
 
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