‘How Long Can We Last?’ Trump’s Tariffs Hit Home in the U.S.

By artappraiser on Tue, 04/10/2018 - 8:12pm |

A Pennsylvania manufacturer that relies on Chinese steel pipe has few alternative sources — and now its Chinese rival may gain an advantage

By Eduardo Porter @ NYTimes.com Business Day, April 10

[....] This is what economists mean when they warn about the costs of protectionist policies. A tariff to protect one industry amounts to a tax on all of its customers. The steel tariffs tax the nation’s more high-tech manufacturing — carmakers, aerospace companies, makers of vessels to store hydrogen for use in fuel cells — to pay for a ring of protection around an aging industry that makes a raw material.

As Lawrence H. Summers, a top economic adviser to Presidents Bill Clinton and Barack Obama, quipped at a conference in China a couple of weeks ago, the trade moves amount to “a bit of a ‘Stop, or I’ll shoot myself in the foot’ kind of strategy.”

None of this is unknown to Mr. Trump’s trade advisers, by the way. Governments Democratic and Republican have repeatedly granted protection to the American steel industry since the 1960s, when foreign producers started making inroads into the United States [.....]

URL:

https://www.nytimes.com/2018/04/10/business/economy/tariffs-steel.html

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David Rodibaugh, director of Indiana Soybean Alliance, on potential impact of tariffs: “There is the potential that we would lose a great deal of our market. We do export 1/3 of our beans to China.” #TheStory pic.twitter.com/vJ7OPCcAiR
— Fox News (@FoxNews) April 11, 2018

by artappraiser on Tue, 04/10/2018 - 8:12pm

Here are three links that discuss the issue. One is from a blogger that has already been totally dissed at this site so read at your own risk but it does address the issue of "How Long can We Last". The other two are from an economist but in the first he mocks the reporting of the NYT so once again be forewarned. The final one from 2016 suggests that Obama supported de facto tariffs several orders of magnitude greater than anything Trump was suggesting during the campaign. Could that possibly be true? None are offered to confuse or complicate the issues, they are about economics; what could be more complicated and/or confusing already. Especially if more than one economist is in the conversation.

How Trump's Tarrifs Might Play Out. Note the use of the word "might" in his self-written title.

NYT News Section Goes Into Battle Against Trump Trade Wars: Warns of Higher Prices for Hip Replacements

Dean Baker | Think Trump's 45 Percent Tariffs Are Bad? Try Obama's 10,000 Percent Tariffs

by A Guy Called LULU on Wed, 04/11/2018 - 2:17am

All respectable links as far as this one reader is concerned, no excuses needed.

by artappraiser on Wed, 04/11/2018 - 3:40am

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