Maybe the will buy more parts made in the US, the US economy will grow and people will have a higher living standard, instead of importing goods made abroad and enriching people in other countries.
@@willyhill7509 2018 Tariffs are still in place and we have yet to see them break new ground on manufacturing of parts. the largest hurdles preventing this is the cost of American labor as well as regulations. Tariffs might shift international manufacturing by moving companies from China to Thailand or Vietnam but it will not drive production back home without substantial subsidies (Chips ACT) or other financial easing's.
But it's likely those parts will need to be more expensive as, relative to, say, China, a US worker will have higher costs (housing, health, vehicles etc), and higher worker rights therefore will have higher employment costs. So yes, you 'might' employ more US workers, but if the US consumer can no longer afford those goods, things will stall back out.
@@willyhill7509 the problem is that some of those parts are not possible to be made in the US as we may not have the resources for those particular parts. Ultimately, the Americans are gonna suffer and they can only blame themselves.
Trump thinks he is going to use American Power diminished "Prestige" to intimidate the World to submission. Another Trump failure that will backfire. The West Population is 14% of the World. Trump is to self-centered , arrogant thinking America is the only consumers in the World. --- America is the least credit worthy country with a deficit / noose around its neck. This is going to further isolate and trash American "Prestige"./ Integrity. The World ditching the dollar. towards competition BRICS. .Instead of putting money towards research and development to surpass China and the rest of the world in innovation. Simple minded ignorance snuffing out competition. The only people Trump is destroying is the American people and economy stalled in innovation / and is on his way to destroying capitalism / competition. . Trump has no faith in Americans and our innovative and competitive mind set. Competition a core component of capitalism.to improve and innovate to stay ahead of the competitor. A failure in business with nothing but bankruptcies / scams to show for the gain of his wealth. Republicans Democrats Trump / Biden Generation The Anti Christ and they call themselves Christians.Backstabbers of Jesus Christ our savior from these evils Peace on Earth once this Genocidal Generation of psychopaths are 20' under, just around the corner.
This is insane. Not only will it drive the prices up on almost all products for all consumers but it will also drop the exports because of retaliatory tariffs put on by other countries. Genius.
many imports are inputs for internal industries, if they put tariffs on those it just adds to the price at the end of the value chain which just drives prices up, if the product is for export making the export less competitive. Trump doesn't seem to understand spending US dollar abroad is actually beneficial for the US. Oh well, a lot of people are tired of their rule anyway.
Richard is totally right regarding less consumerism. It is the *only* thing that will make a significant difference to reducing emissions. Everything else we are attempting at the moment is a band aid. Consider the emissions in China, most of that is OUR emissions because WE outsource OUR manufacturing to China. Much of the things we produce in the world is single use tat, and products that are design to become obsolete fairly quickly (consumer electronics). We need to be less materialistic, and consume much less. A way to do that is to favor social experiences over products, reduce taxes on social experiences, raise taxes on products.
Outsourcing to China could easily reduce emissions rather than having industry producing the same products at multiple worldwide locations. Nudging people's behaviour by taxation is often counter-productive and is virtually always undemocratic. The solution, if needed, is to encourage long-life products and not tat and the market will steer in that direction. People buy tat when their prosperity/wealth is decades behind where it should be because big-state centralisation has allowed politicians to divert economies to serve ideology/politics/minority-interest rather than creating mass prosperity - China being the classic example.
As you purchase another smartphone as a new model is introduced. Gimme a break. Start the trend by giving up YOUR electronics. Loved your comment because you don’t even live that way. Other people should do it.
that's how I see it too. once they lose financing due to bad economic management many of their major advantages evaporate as they can no longer buy up the best ideas and workers from around the world.
Donald Trump is a reality show TV star and an inept businessman. He genuinely does not understand the consequences of his popularist policies - and neither do his voters. This will not end well for anyone - but that's Trump's trademark.
Always lots of mistakes too; … tariffs are not imposed on countries, like China, as suggested here … that would be illegal - tariffs are imposed on goods like cranberries or motorcycles.
@@Hickalum Why are you arguing semantics? Everyone understands what is being argued That just takes always from the fact China will have a record 1 trillion dollar trade surplus with the world this year Even with the tariffs we and other countries have imposed on them While the USA looks to tariff everyone China these last few years has loaned out a few trillion USD and built up the infrastructure like ports, roads railways etc for its Belt and Road/Global South Country partners Helping them with their export sector And China is also doing this with their tariffs 👇 On 1 July 2018, China slashed the import tariff rates of daily consumer goods involving 1,449 tariff lines. The term ‘daily consumer goods’ covers eight categories of product: food; apparel, footwear and headwear; furniture and houseware; sundry grocery items; cultural, sports and entertainment supplies, home electronics; daily chemical products; and medical and health products. The average tariff rates of the goods involved have been reduced from 15.7% to 6.9%, a reduction of 55.9%. Among these, the average import tariffs for apparel, footwear, headwear, kitchenware and fitness products have been reduced from 15.9% to 7.1%. For home appliances, such as washing machines and refrigerators, the reduction was from 20.5% to 8.0%. For processed food, the rates were cut from 15.2% to 6.9%. The average tariff rates for detergents, cosmetics, such as skincare and haircare products, and some medicine and health products have fallen from 8.4% to 2.9%. This is the fifth time that China has lowered import tariffs for consumer goods in recent years. In November 2018, China reduced the import tariffs on 1,585 taxable items, including industrial goods. The average tariff rate for high demand mechanical and electrical equipment, such as construction machinery, instruments and meters, was lowered from 12.2% to 8.8%. For textiles and building materials, the average tariff rate was cut from 11.5% to 8.4%, while that for certain resource goods, such as paper products, as well as primary goods fell from 6.6% to 5.4%. ResearchHKTDC 👇 China starts zero-tariff treatment for 6 least-developed African countries Positive move to continue bolstering bilateral trade, show demonstration effect 8 Aug, 2022 The Customs Tariff Commission of the State Council said last week that it will axe tariffs on 98 per cent of taxable products from “least-developed countries”, including Cambodia, Laos, Djibouti, Rwanda and Togo SCMP 👇 By GT staff reporters Published: Dec 25, 2023 09:45 PM The zero-tariff treatment China had granted for six least-developed African countries officially took effect on Monday. Experts and industry players noted that the move will bolster trade between China and Africa while showing a demonstration effect for China's cooperation with other markets. The Customs Tariff Commission of the State Council, China's cabinet, announced on December 6 that 98 percent of taxable products from Angola, The Gambia, the Democratic Republic of the Congo (DRC), Madagascar, Mali and Mauritania would be exempt from import tariffs starting on Monday. GT
His voters actually believe products will be cheaper under him, unbelievable! 😂😂😂 They are non too wise, just like Trump, i don't think he even knows what tariffs are.
@@Andrew-rc3vh cost of production will rise, but cost of goods will fall? Either you don't understand math. Or you advocating for monopolisation of the markets. Which exactly what would happen. Because only big corporations, with deep pockets and good connections to the government can survive rising costs with lower prices. Which is unrealistic. Most likely scenario is not reduced prices, rather higher inflation.
@@karendarrenmclaren I accept it may have knock on effects for the value of the pound but also over in China they control the entire supply chain of many manufactured goods. It's why their steel is so cheap because they have the mining operations and steel plants. China will decouple further from the US, especially in markets like semiconductors which account for a large cost in many products. It will make the US more isolationism. Trade will avoid crossing its jurisdiction. It's not only the current tariff factor, but the risk factor that it might randomly place further trade restrictions.
Or worse, US companies actually having to increase their wages to attract workers to those jobs which will raise prices. Frankly I think Americans have been living above their means for decades and this will be a wakeup call.
@ they’ll have to do more than increase wages. Most of those large farms are in a low population, rural area. They may not have good internet or good accommodations for Americans to want to stay. The odds of getting people in the city to leave the city, travel long distances to a rural area and then do back breaking work in 100+ temperatures isn’t very good. The next problem is getting the workers to the next harvesting area (since crops mature at different times). Who pays for their travel from one place to another. Who is going to quit their homes and family to do this year after year. Is this going to be their career? What about the apartments they already have rented. They’ll have to drop the lease and try to find another lease in the off season? Yeah. It’s going to be way expensive to pay enough to get people to quit an easy job in the city to do backbreaking work in the middle of nowhere.
If tariffs make things more expensive then perhaps we might consider repairng and extending the life of an article rather than directing to landfill and purchasing a similar replacement?.... better for the planet. Wonder what happened to all the talk about 'Right to repair' legislation?....was it quietly dropped after manufacturer complaints hurting profits?
My computer breaks down, I put it in for repair, the repair takes months and costs me almost as much as buying a new computer. I can't go without my computer for months so I buy a new one ... That mentality is not going to change anytime soon. It was very different when a computer cost £1.000 and the repair £25.
That level of shit only happens when the industry is "protected" Im referring to Caterpillar and other US agri equipment. They are protected as US blocks competition from much cheaper but better equipment out of China. So Caterpillar gets fat and does everything possible to get fatter with its monopoly in the US and EU markets where it is protected.
I think you missed one complication for the American people. Once the tariffs have taken effect, home grown companies will just push up their prices to just below the tariff burdened competitor prices. Bound to happen, it's America.
and they paid a price for it, yes? Look at the pace of current de-industrialization. All the best EU exports were actually made in China. Other than french cognac and Spanish pork, what the hell does EU make?
@@Hystericall Yup…. China will have a record 1 trillion dollar trade surplus with the world this year Even with the tariffs we and other countries have imposed on them While the USA looks to tariff everyone China these last few years has loaned out a few trillion USD and built up the infrastructure like ports, roads railways etc for its Belt and Road/Global South Country partners Helping them with their export sector And China is also doing this with their tariffs 👇 On 1 July 2018, China slashed the import tariff rates of daily consumer goods involving 1,449 tariff lines. The term ‘daily consumer goods’ covers eight categories of product: food; apparel, footwear and headwear; furniture and houseware; sundry grocery items; cultural, sports and entertainment supplies, home electronics; daily chemical products; and medical and health products. The average tariff rates of the goods involved have been reduced from 15.7% to 6.9%, a reduction of 55.9%. Among these, the average import tariffs for apparel, footwear, headwear, kitchenware and fitness products have been reduced from 15.9% to 7.1%. For home appliances, such as washing machines and refrigerators, the reduction was from 20.5% to 8.0%. For processed food, the rates were cut from 15.2% to 6.9%. The average tariff rates for detergents, cosmetics, such as skincare and haircare products, and some medicine and health products have fallen from 8.4% to 2.9%. This is the fifth time that China has lowered import tariffs for consumer goods in recent years. In November 2018, China reduced the import tariffs on 1,585 taxable items, including industrial goods. The average tariff rate for high demand mechanical and electrical equipment, such as construction machinery, instruments and meters, was lowered from 12.2% to 8.8%. For textiles and building materials, the average tariff rate was cut from 11.5% to 8.4%, while that for certain resource goods, such as paper products, as well as primary goods fell from 6.6% to 5.4%. ResearchHKTDC 👇 China starts zero-tariff treatment for 6 least-developed African countries Positive move to continue bolstering bilateral trade, show demonstration effect 8 Aug, 2022 The Customs Tariff Commission of the State Council said last week that it will axe tariffs on 98 per cent of taxable products from “least-developed countries”, including Cambodia, Laos, Djibouti, Rwanda and Togo SCMP 👇 By GT staff reporters Published: Dec 25, 2023 09:45 PM The zero-tariff treatment China had granted for six least-developed African countries officially took effect on Monday. Experts and industry players noted that the move will bolster trade between China and Africa while showing a demonstration effect for China's cooperation with other markets. The Customs Tariff Commission of the State Council, China's cabinet, announced on December 6 that 98 percent of taxable products from Angola, The Gambia, the Democratic Republic of the Congo (DRC), Madagascar, Mali and Mauritania would be exempt from import tariffs starting on Monday. GT
Another excellent essay. What does all this say/bode about how well the nations of the world are likely to get on when it comes to tackle the climate and environmental threats to us all, because they don't understand tariffs, free trade, or anything like that. Or, as Richard Murphy says, are those problems likely to be better solved by the 'I'm Alright Jack' winding down of consumerism trade resulting from an Age Of Tariffs. What will happen when the poor everywhere all say they've had enough of comfortably off politicians and oligarchs spouting that 'we are all in the same boat'. Keep those essays coming Richard 👍
America no longer produce anything, not even weapons. All they produce are lies and crazy politicians with zero knowledge of how the world or economy works.
@zeissiez the US is a service economy. It does not make anything the world cant do without. The global majority should just sanction them for a year. Their domestic consumption will fall and it's economy will follow. Then we can come back to the negotiating table.
Lmao😂. I am not a fan of tariffs, but if you think losing 29% of consumer spending from the global economy will hurt the US (4% of pop but 29% of consumption) more than it will hurt every other country which relies on US imports to fund their industries then you live in a fantasy world. Neither side will "win" in such a scenario, but one side has the demand and at least theoretically the ability to supply itself, if poorly, and the other side can supply far outside their ability to demand and will shrink rapidly.
I agree that we (humanity) need to consume less. But with every government predicating its entire strategy on "RED LINE MUST GO UP ALWAYS" how do we achieve that? I mean, Kier Starmer uses the word "growth" 6.8 times per minute on average.
All you need to know is that tariffs will lead to inflation. Inflation will trickle down on working people. They will afford even less goods, as most consuming part of nation. But eventually, rich will not even notice those changes. American salaries are unsustainable, when it comes to competition in the world markets. Prices will be ridiculous, to the point where no one can afford anything, and yet everything is produced domestically, but no one else can buy it, because counter tariffs imposed. Dead end. USA is not Germany in 1930's. It simply can't drive it's working force into poverty through hyper inflation, and using favorable exchange rates still make profits. Which probably is the goal of people who actually in charge of Trump's policies. Everyone, except few extremely weak and poor countries will retaliate... dead end
Also unlike Nazi German, the US has no road to recovering from this if felon34 goes forward with this tariffs, which he seems to have convinced most of his party to support -- but also can implement them with executive orders. The fallout would put the US which is already lagging the rest of the world in most areas other than buying a lot of stuff would fall even farther behind, and once the rest of the world gets a year or two ahead of the US in technology and manufacturing, the US will be be shipwreck. It doesn't have the education system to be able to recover from that. Without immigration and with deportation, the brain drain will follow the labor drain and set the US behind the rest of the world by a decade or two. I really don't believe that the US will ever recover from this catastrophe. The best it can hope for in the future is to become a vacation destination for the rest of the world. And it will be a place with lots of cheap real estate after the crash...
With Trump - more so than most politicians - it is wise to see what he actually does rather than what he says he is going to do. They are usually very far apart. I doubt his new best mate Elon, would be in favour of blanket tariffs.
Neither is particularly bright, so musk might actually believe that raising tariffs will force americans into buying more of his cars while instead they run out of money and stop buying them altogether.
@@rakeshmalik5385 I can understand people not liking Musk - I don't either - but to say he is not particularly bright, especially when it comes to making money is ridiculous.
@@peterg7257huh? America does not produce IPhones China will have a record 1 trillion dollar trade surplus with the world this year Even with the tariffs we and other countries have imposed on them While the USA looks to tariff everyone China these last few years has loaned out a few trillion USD and built up the infrastructure like ports, roads railways etc for its Belt and Road/Global South Country partners Helping them with their export sector And China is also doing this with their tariffs 👇 On 1 July 2018, China slashed the import tariff rates of daily consumer goods involving 1,449 tariff lines. The term ‘daily consumer goods’ covers eight categories of product: food; apparel, footwear and headwear; furniture and houseware; sundry grocery items; cultural, sports and entertainment supplies, home electronics; daily chemical products; and medical and health products. The average tariff rates of the goods involved have been reduced from 15.7% to 6.9%, a reduction of 55.9%. Among these, the average import tariffs for apparel, footwear, headwear, kitchenware and fitness products have been reduced from 15.9% to 7.1%. For home appliances, such as washing machines and refrigerators, the reduction was from 20.5% to 8.0%. For processed food, the rates were cut from 15.2% to 6.9%. The average tariff rates for detergents, cosmetics, such as skincare and haircare products, and some medicine and health products have fallen from 8.4% to 2.9%. This is the fifth time that China has lowered import tariffs for consumer goods in recent years. In November 2018, China reduced the import tariffs on 1,585 taxable items, including industrial goods. The average tariff rate for high demand mechanical and electrical equipment, such as construction machinery, instruments and meters, was lowered from 12.2% to 8.8%. For textiles and building materials, the average tariff rate was cut from 11.5% to 8.4%, while that for certain resource goods, such as paper products, as well as primary goods fell from 6.6% to 5.4%. ResearchHKTDC 👇 China starts zero-tariff treatment for 6 least-developed African countries Positive move to continue bolstering bilateral trade, show demonstration effect 8 Aug, 2022 The Customs Tariff Commission of the State Council said last week that it will axe tariffs on 98 per cent of taxable products from “least-developed countries”, including Cambodia, Laos, Djibouti, Rwanda and Togo SCMP 👇 By GT staff reporters Published: Dec 25, 2023 09:45 PM The zero-tariff treatment China had granted for six least-developed African countries officially took effect on Monday. Experts and industry players noted that the move will bolster trade between China and Africa while showing a demonstration effect for China's cooperation with other markets. The Customs Tariff Commission of the State Council, China's cabinet, announced on December 6 that 98 percent of taxable products from Angola, The Gambia, the Democratic Republic of the Congo (DRC), Madagascar, Mali and Mauritania would be exempt from import tariffs starting on Monday. GT
Is there a place for tariffs? Yes, in certain specific circumstances. However, as a blanket tool, they are the perfect recipe for damping down international trade and artificially bumping consumer prices-the perfect recipe for increasing price inflation.
We couldn't even *consider* doing anything like this in the UK (luckily): because we make practically *nothing* here any more, and most of our famous firms are now foreign-owned. 😏 But I bet the US voters won't like all that inflation in the pipeline! It's not just cars: most of the stuff they have in WalMart (and dollar stores, and Target) comes from China! Is he going to tax all the goods from China? As other RUclipss have explained, it's not the Chinese that pay tariffs, it's the importers and ultimately the consumers! Why was he lying about bringing DOWN inflation in the US, and why did people believe him? 😏 Why does he want to cause a recession, and will anybody stop him?😏
The owner class, those who own the politicians on both sides, seem to want the living standards to drop significantly. And the evangelicals are trying to force start armageddon. Guess they're tired of waiting for the rapture.
@@DanKeatis This is not reality, products are priced based on what the customer can pay, in the last 4 years most goods in the USA on average are up around 24% in price becasue of internal inflation in the US economy so prices are not "cheap" instead they float on top of inflation. If you went back to the year 2020, placed 24% tariffs on all US imports you would have the same result. We would today be in the same place we are today. 1% tariff on ALL goods from China raises the price in the USA by 1% as the US government takes a 1% tax from all the imports. USA already had prices go up 24% for goods made in China on avarage and now Trump wants 60% tariff = 84% increase on price since 2020.
@@drscopeify I was thinking over the last 40 years (the neoliberal era) rather than the last 4 years but yes I absolutely agree with your point. As here in the UK, inflation caused by exogenous shock has been exacerbated and sustained by greedflation.
Tariffs are paid by domestic consumers and not the exporting country, but they have the effect of raising the relative prices of imported products. Other trade barriers include quotas, licenses, and standardization, all seeking to make foreign goods more expensive or available in a limited supply. In simplest terms, a tariff is a tax. It adds to the cost borne by consumers of imported goods.
@@oneoflokistrump will used his tariffs tax to help the rich gets richer. Us debts is at 35 trillion will reach 45 trillion when he leave office in just 4 years from now.
The thing is that USA manufacturing has shrunk from 30% in 1970s and let alone 40% or more in 1930s down to 10% today and soon to be 9% area. This is a very catastrophic decline. The EU countries have avoided using tariffs and instead created standards/regulations and trade barriers as part of the EU that has limited imports and have managed to maintain 20% in France and even 30% manufacturing in Germany at least until Ukraine war. So EU had managed to protect it's industry while the USA and UK have failed to do so. Trump is right that the USA has to use tariffs if it wants manufacturing back and really all of the western world needs to see the picture on the wall, if you want the USA to be the a global weight for western values then it has to rebuild its manufacturing. The USA will lose some of it's tech and finance as a result so Europe can look forward to grabbing some big money industry that is pushed out of the USA. At the end of the day the USA only has so many people so if Manufacturing rises by 100% or 200% the USA will lose other industries that Europe can take and it is possibly very profitable industries.
Trump knows all of the facts that have been mentioned here, and is DELIGHTED. He wants to be the puppet master of the world. As far as I know, he hasn't explained how tarrifs work to his average American supporters, and now I know why. Guess the Tories will be back in power in England shortly.
Americans pay the Tariffs. Tariffs are not for Chinese Customers. American Customers pay the the Price, the US Government Collect the Money. Good System.
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"I'm gonna impose those tarrifs and I'm gonna make THEM pay for it!" Hmm. Sounds familiar, doesn't it...? 🤔 Because it sounds a lot like "I'm gonna build that wall and I'm gonna make THEM pay for it!" He never did build the wall, and 'they' sure-as-sh!t didn't pay for the effort; he just made a whole lot of people suffer staggeringly inhuman persecution as a result.
The EU has been imposing tariffs on goods that come from the USA for decades. Everything from cranberries to wall clocks to motorcycles. I must have missed the ensuing disaster.
When foreign import prices go up, domestic payers can hike their orice, too. US was already in the full employment situation (3-4% unemployment), albeit deteriorating one.
I don't claim to be an expert on the subject but it seems to me that imposing tariffs in retaliation is a classic case of cutting off your nose to spite your face unless you can be sure it would force the USA to drop theirs pretty quickly which I don't see that you can. On the other hand it has always struck me as very wasteful and bad for the environment that we both import and export products like eggs and apples and perhaps tariffs can be used to reduce that trade.
snap! buying into a brand like a Harley Davidson motorcycle or a Gibson guitar from USA makes sense, but wine and oranges etc can be bought on worldwide markets and easily replaceable. Likewise US has plenty of hot dogs but lacks computer manufacture or precious metals. Why a blanket tariff is moronic.
The US dollar's status as reserve currency will become under greater threat with Trump's tariffs. The US must run trade deficits with the world to send dollars all around the world for people to trade with. By placing barriers to trade with the US, countries will look for alternative markets and in doing so, will start to trade in local currencies. Why lose money in exchanges when you can trade in your own currency?
But isn’t Trump going to leave Corp so he can up production in America. It’s all short-term gains in the end. America will go the way of most countries companies look for a low wage workforce. This is the main reason why manufacturing moves around the world because they’re all looking for the next low-wage economy to manufacture in and then sell it to their own country at a higher price so they take a bigger slice. That is how the economy is really
As something of an international bridge in terms of trade particularly in sub assemblies and components that are manufactured elsewhere and then sold on the UK is uniquely placed to be hit by tariffs from the US,EU and should it choose to employ tariffs China and the Uk is far too small an economy and too dependent on imports itself to do anything about those tariffs
britain has a secret financial weapon which can only be revealed when the number of racist britons drops below 20% currently it is 85% so you are a LONG way from knowing how much money you have
the biggest problem for the uk in eradicating the problem is lack of communication anyone who attempts to communicate it has to face AMERICAN censorship and more, to reach you eg none of my comments is likely to be published on youtube without (a) a usually white youtube page owner 'tolerating' it, and (b) a usually white or white-army-paid man/woman screening it and (c) an automated filter, programmed by people seeking to defend a 'white' identity they imagine to be 'their heritage' so even if i am capable of helping you survive, you have to stop arrogantly deciding when i get to talk to you, if you are really to survive i make so much money per unit of money now that i can't possibly be expected to jump through your anglo saxon celtic etc hoops any more life is too short to save you, alas. that's what it boils down to you are a buch of irritating titheads
I disagree. China will be looking for customers if they lose US ones. They will reduce prices to get them. The real issue is whether the value of Sterling will hold up relative to USD, whose value will be inflated, as US inflation goes up, and the Fed starts hiking interest rates to fight it. And that's not a problem for the UK alone. That's a problem for everyone else rather than the Americans, as international trade is mostly conducted in USD. There's already liquidity and collateral problems in the global financial markets, because demand for USD always out strips supply. That will cause problems everywhere.
@@CuriousCrow-mp4cx Most world trade is indeed carried out in USD at least at the moment although there has been a movement away from this currency which will no doubt accelerate and the USD is likely not to be the currency of choice for much longer. Either way it does not change the absolute vulnerability of the UK economy to tariffs and indeed sanctions
Imports are not just finished consumer goods. They are also capital goods for US manufacturers like machine tools. The cost of production in the US will therefore increase, which will be passed onto consumers- so there is a secondary inflation effect. Coupled with the coming labor shortages in sectors like agriculture and the care sector, which will drive up wages and hence inflation.
If you want to do subtitles and I don't have a problem per se, pleeese just put the whole sentence up one a ta time. This current method is just simply distracting from the audio.
I foresee ’s “solution” becoming mainstream. Physical (imported) items will be horribly underpriced, maybe “assembled in the USA”. Then, everything else (the “value” of the finished product) is IP - trademarks, copyrights, patents… THESE rights are registered e.g. in Ireland for tax exemption, and are easily “moved” to a friendly US state jurisdiction to escape the tariffs… Smart, right…? 😂
Money collected from tariffs goes to the U.S. Treasury, providing additional revenue for the government. This can help offset the need for other taxes, aligning with Trump’s intent to reduce tax burdens. Lower taxes would also give people more disposable income to spend on higher-priced goods, while, as you noted, supporting growth in U.S. industries.
That depends on sales tax, VAT, in the US that is set by each state so Trump can't change that. Some sates have no sales tax at all, 0 VAT like Oregon has no sales tax at all, you buy any product you want 0 tax, so nothing to change in that state.
Tariffs made correctly are good. A USA tariff structure is a medium to long term proposition to protect USA worker's rights. The UK learnt from this the hard way in the 1990s when it joined the EU - it harmed British industries and their workforces in favour of French/German/Spanish/central and Eastern Europe.
America first elect bad politician to do really dumb things and then choose another even worst one to try to fix it. It is easy to do things to benefit a few, it is easier to cause havoc by treating complicated things simple. So American system is no way to last without reforming "properly". The world make America, not America made the world stupid.
In the UK Trump 'supporters' a, deny he's going to impose tariffs b, but say he can if he wants to & c, don't really know what tariffs are. These are usually brexit voters... there's a pattern here.
I’m pretty sure he is talking 20% 👇 This time, he's gone much further: He has proposed a 60% tariff on goods from China - and a tariff of up to 20% on everything else the United States imports. PBS
2:25 I'm not sure that even applies to US manufactured cars. Car manufacturers use very large supply chains with thousands of components many of which will not be sourced from the US. If parts are also included in the tariffs the costs will go up - not just cars but most manufacturers will be effected. Iphones, laptops, just about anything with a chip (which seems to be just about anything from microwaves to home alarms) in it all have parts manufactured abroad. This could be real-aligned over time but it would take years.
snap! easy to think about the big stuff, but actually the supply chain of small components: switches, relays, sensors and chips etc much less obvious. Building home industry to replace this won't happen overnight - Look how Covid created component shortages and backlogs worldwide - even shipping ran out of containers in the right place in the world. The other aspect being that even with 20% tariffs, US labour costs would still be more. Also add just 10% costs on at manufacture, if profit margins and sales taxes remain the same this increases a lot more by the time it hits the retailer.
What about retaliatory tariffs? Are they beautiful too? American farmers are already paying the price forTrump's tariffs because US grown soy beans and corn have been excluded from the Chinese market through retaliatory tariffs. Your comment is silly. Tariffs are an ugly instrument.
Thanks to Trump, the Americans will all be able to switch phones to the amazing Librem 5 USA. Oh, no. Hang on a minute. They must have made a mistake! It seems to cost 2000 dollars! 😂😂😂😂
China, exporting cheap steel all over the world they have to because of their economy. They need goods moving. They need money coming in. I’ve said it for years they have to build they have to do this. They have to do that in their own country and keep the bubble from bursting when they did lockdown. It became very close.
The US and UK are the biggest debtors in the world, they also have the largest trade deficits in the world. If they don't put tarrifs up to try and redress the trade deficit they will eventually implode due the exponentially increasing debt.
I agree with you on Tariffs, I agree with you on free trade, but I don't agree with Trump putting Tariffs on the UK is bad, quite the opposite. The reason Trump put tariffs on China is that the US has a huge balance of payments deficit with China, millions of US jobs went to China. That is not the case with the UK, we import twice as much from the US as we export so if Trump raises Tariffs so do we ... it works both ways and we'd be the winner !!! .... on top of that China got around American Tariffs last time by exporting goods to Mexico, who are a member of the North American free trade Zone. A lot of these goods were then assembled in Mexico and ended up in the US with no Tariffs.
double? "Overview In August 2024, United Kingdom exported £4.13B and imported £4.84B from United States, resulting in a negative trade balance of £708M." Problem being tit for tat for tat trade wars are inflationary - although handy if you are $35 trillion in debt.
Keep things balanced, give the argument for tariffs. e.g. Longer term partnerships to move manufacturing to the US, innovation of local products rather than just competing on price, etc. You also presume that there is no room for negotiation. Agree with consuming less and becoming less materialistic though.
You're not taking into account the problem of tarrifs being an imprecise tool. Firstly, 60% tarrifs on China, will not hurt them, because they will just cut prices and increase exports elsewhere, whilst issuing retaliatory tarrifs against the US. And that will undercut US export prices elsewhere in the World. Secondly, global supply chains are heterogeneous - people buy components from where it's cheapest everywhere, and then manufacture finished products, and export those. These may be multipart components, and how is anyone going to tell how much of a component is Chinese? So, global supply chains are directly and indirectly dependent on Chinese manufacturing, from beginning to end. Direct imports from China thst are 100% Chinese are easy to identify, but those that aren't are not. And a blanket 10% tarrifs for non-Chinese imports will not escape retaliation either, hurting US exports. for anyone country not to retaliate would be political suicide for their governments. So there will be a backlash which will cost US exporters dear. Thirdly, by causing inflation, the cost of substituting those goods that are tarriffed will hurt US consumers who don't even buy Chinese goods, as the cost of their borrowing will increase alongside their spending because the Fed will impose blunt force trauma by hiking interest rates. That's a doom loop in the making. If tarrifs are used selectively, US manufacturers may still offshore to anywhere but China. The US cannot compete on Labour costs, and tarrifs will create greater cost differentials, forcing more offshoring. Nobody negotiates with a gun to their head. Tarrifs create Trade Wars and black markets. This isn't the 19th century when the US was a developing economy. It's the 21st century, and the US is a developed economy. And Tarrifs right now, are going to hurt the US more than it's going to heal it. It's an expensive face saving exercise.
@@CuriousCrow-mp4cx not taking anything into account. I'm asking for balance and providing examples of arguments for tariffs from an external perspective. As I'm sure you would agree with, to learn you need to understand both sides of an argument not just the side you agree with.
This sort of information is desperately needed by the American electorate if we are ever going to make smart choices when voting. Perhaps if you split the script between a professional wrestler and a bikini model we could get our 'poorly educated' who are so beloved by our incoming president, to understand these issues. (excuse me for being so harsh with my own people, but as you might guess, I'm a bit miffed at the moment.)
Up goes the price of even GM and Ford, 25% of those American cars use imported parts.... Comedy Gold.
Trump is an IDIOT!! (What do governments do with tariff money anyway? Is it used like VAT?)
Maybe the will buy more parts made in the US, the US economy will grow and people will have a higher living standard, instead of importing goods made abroad and enriching people in other countries.
@@willyhill7509 2018 Tariffs are still in place and we have yet to see them break new ground on manufacturing of parts. the largest hurdles preventing this is the cost of American labor as well as regulations. Tariffs might shift international manufacturing by moving companies from China to Thailand or Vietnam but it will not drive production back home without substantial subsidies (Chips ACT) or other financial easing's.
But it's likely those parts will need to be more expensive as, relative to, say, China, a US worker will have higher costs (housing, health, vehicles etc), and higher worker rights therefore will have higher employment costs.
So yes, you 'might' employ more US workers, but if the US consumer can no longer afford those goods, things will stall back out.
@@willyhill7509 the problem is that some of those parts are not possible to be made in the US as we may not have the resources for those particular parts. Ultimately, the Americans are gonna suffer and they can only blame themselves.
Pain more pain, Americans will never learn.
Trump thinks he is going to use American Power diminished "Prestige" to intimidate the World to submission. Another Trump failure that will backfire. The West Population is 14% of the World. Trump is to self-centered , arrogant thinking America is the only consumers in the World. --- America is the least credit worthy country with a deficit / noose around its neck. This is going to further isolate and trash American "Prestige"./ Integrity. The World ditching the dollar. towards competition BRICS. .Instead of putting money towards research and development to surpass China and the rest of the world in innovation. Simple minded ignorance snuffing out competition. The only people Trump is destroying is the American people and economy stalled in innovation / and is on his way to destroying capitalism / competition. . Trump has no faith in Americans and our innovative and competitive mind set. Competition a core component of capitalism.to improve and innovate to stay ahead of the competitor. A failure in business with nothing but bankruptcies / scams to show for the gain of his wealth. Republicans Democrats Trump / Biden Generation The Anti Christ and they call themselves Christians.Backstabbers of Jesus Christ our savior from these evils Peace on Earth once this Genocidal Generation of psychopaths are 20' under, just around the corner.
This is insane. Not only will it drive the prices up on almost all products for all consumers but it will also drop the exports because of retaliatory tariffs put on by other countries. Genius.
many imports are inputs for internal industries, if they put tariffs on those it just adds to the price at the end of the value chain which just drives prices up, if the product is for export making the export less competitive. Trump doesn't seem to understand spending US dollar abroad is actually beneficial for the US. Oh well, a lot of people are tired of their rule anyway.
Yes. Spot on.
The brains of a toddler.
The power of an Emperor.
What could go wrong??
Just wait and see. It's gonna wreck this country permanently.
He will for sure be a lame duck president. Hopefully, a duck out of water.😂😂😂
Richard is totally right regarding less consumerism. It is the *only* thing that will make a significant difference to reducing emissions. Everything else we are attempting at the moment is a band aid.
Consider the emissions in China, most of that is OUR emissions because WE outsource OUR manufacturing to China. Much of the things we produce in the world is single use tat, and products that are design to become obsolete fairly quickly (consumer electronics). We need to be less materialistic, and consume much less. A way to do that is to favor social experiences over products, reduce taxes on social experiences, raise taxes on products.
Outsourcing to China could easily reduce emissions rather than having industry producing the same products at multiple worldwide locations. Nudging people's behaviour by taxation is often counter-productive and is virtually always undemocratic. The solution, if needed, is to encourage long-life products and not tat and the market will steer in that direction. People buy tat when their prosperity/wealth is decades behind where it should be because big-state centralisation has allowed politicians to divert economies to serve ideology/politics/minority-interest rather than creating mass prosperity - China being the classic example.
Consuming less = austerity. Expecting China to consume less when there living standards are so far behind is immoral.
No he’s wrong
own nothing and be happy?
As you purchase another smartphone as a new model is introduced. Gimme a break. Start the trend by giving up YOUR electronics. Loved your comment because you don’t even live that way. Other people should do it.
No matter how high tariffs, the seller can not give products for free. No profit, no business! Finally, US people will pay high prices.
Shhhh...let Trump implement it, the US debt and inflation bubble need to burst
that's how I see it too. once they lose financing due to bad economic management many of their major advantages evaporate as they can no longer buy up the best ideas and workers from around the world.
Idiot. Stuff your 4th turning type sh*t straight up your ass. Will people will suffer over that you f*cking moron. Use your head.
Donald Trump is a reality show TV star and an inept businessman.
He genuinely does not understand the consequences of his popularist policies - and neither do his voters. This will not end well for anyone - but that's Trump's trademark.
And he is a twice impeached convicted felon
MAGA
Always something new to learn from these videos. Thank you, Richard.
Always lots of mistakes too; … tariffs are not imposed on countries, like China, as suggested here … that would be illegal - tariffs are imposed on goods like cranberries or motorcycles.
@@HickalumIt can be on all goods from a country.
@@Hickalum In the very first minute of the video, Murphy says "tariffs imposed on goods from China". Were you not paying attention?
@@Hickalum
Why are you arguing semantics? Everyone understands what is being argued
That just takes always from the fact
China will have a record 1 trillion dollar trade surplus with the world this year
Even with the tariffs we and other countries have imposed on them
While the USA looks to tariff everyone
China these last few years has loaned out a few trillion USD and built up the infrastructure like ports, roads railways etc for its Belt and Road/Global South Country partners
Helping them with their export sector
And China is also doing this with their tariffs
👇
On 1 July 2018, China slashed the import tariff rates of daily consumer goods involving 1,449 tariff lines. The term ‘daily consumer goods’ covers eight categories of product: food; apparel, footwear and headwear; furniture and houseware; sundry grocery items; cultural, sports and entertainment supplies, home electronics; daily chemical products; and medical and health products.
The average tariff rates of the goods involved have been reduced from 15.7% to 6.9%, a reduction of 55.9%. Among these, the average import tariffs for apparel, footwear, headwear, kitchenware and fitness products have been reduced from 15.9% to 7.1%. For home appliances, such as washing machines and refrigerators, the reduction was from 20.5% to 8.0%. For processed food, the rates were cut from 15.2% to 6.9%. The average tariff rates for detergents, cosmetics, such as skincare and haircare products, and some medicine and health products have fallen from 8.4% to 2.9%. This is the fifth time that China has lowered import tariffs for consumer goods in recent years.
In November 2018, China reduced the import tariffs on 1,585 taxable items, including industrial goods. The average tariff rate for high demand mechanical and electrical equipment, such as construction machinery, instruments and meters, was lowered from 12.2% to 8.8%. For textiles and building materials, the average tariff rate was cut from 11.5% to 8.4%, while that for certain resource goods, such as paper products, as well as primary goods fell from 6.6% to 5.4%.
ResearchHKTDC
👇
China starts zero-tariff treatment for 6 least-developed African countries
Positive move to continue bolstering bilateral trade, show demonstration effect
8 Aug, 2022
The Customs Tariff Commission of the State Council said last week that it will axe tariffs on 98 per cent of taxable products from “least-developed countries”, including Cambodia, Laos, Djibouti, Rwanda and Togo
SCMP
👇
By GT staff reporters
Published: Dec 25, 2023 09:45 PM
The zero-tariff treatment China had granted for six least-developed African countries officially took effect on Monday. Experts and industry players noted that the move will bolster trade between China and Africa while showing a demonstration effect for China's cooperation with other markets.
The Customs Tariff Commission of the State Council, China's cabinet, announced on December 6 that 98 percent of taxable products from Angola, The Gambia, the Democratic Republic of the Congo (DRC), Madagascar, Mali and Mauritania would be exempt from import tariffs starting on Monday.
GT
The People Of Walmart are not going to be happy when their junk goes up in price.
His voters actually believe products will be cheaper under him, unbelievable! 😂😂😂 They are non too wise, just like Trump, i don't think he even knows what tariffs are.
Well, at least we still have the empire to trade with 😊
Oh, yeah, it’s gone. 😐
Gone where, to the moon ... you say that as if we've stopped trading with these countries .... go educate yourself and stop making silly remarks.
Luke Skywalker and the Jedi seen to that, didn't think about who we would trade with once they where gone did they.
The cost of keeping it would of been too big and we'd bankrupted ourselves winning world war two.
It will definitely trickle down to the people. In form of unaffordable prices on absolutely everything😂
The US does not make absolutely everything.
@Andrew-rc3vh it will hit both. Domestic and foreign
@@karendarrenmclaren The tariffs will reduce global demand by reducing US buyers. Low demand reduces prices.
@@Andrew-rc3vh cost of production will rise, but cost of goods will fall? Either you don't understand math. Or you advocating for monopolisation of the markets. Which exactly what would happen. Because only big corporations, with deep pockets and good connections to the government can survive rising costs with lower prices. Which is unrealistic. Most likely scenario is not reduced prices, rather higher inflation.
@@karendarrenmclaren I accept it may have knock on effects for the value of the pound but also over in China they control the entire supply chain of many manufactured goods. It's why their steel is so cheap because they have the mining operations and steel plants. China will decouple further from the US, especially in markets like semiconductors which account for a large cost in many products. It will make the US more isolationism. Trade will avoid crossing its jurisdiction. It's not only the current tariff factor, but the risk factor that it might randomly place further trade restrictions.
The majority of the people voted for this and they shall have it.
It’s not just tariffs. It’s tariffs and deportations of people doing work that citizens refuse to do.
Or worse, US companies actually having to increase their wages to attract workers to those jobs which will raise prices. Frankly I think Americans have been living above their means for decades and this will be a wakeup call.
@ they’ll have to do more than increase wages. Most of those large farms are in a low population, rural area. They may not have good internet or good accommodations for Americans to want to stay. The odds of getting people in the city to leave the city, travel long distances to a rural area and then do back breaking work in 100+ temperatures isn’t very good. The next problem is getting the workers to the next harvesting area (since crops mature at different times). Who pays for their travel from one place to another. Who is going to quit their homes and family to do this year after year. Is this going to be their career? What about the apartments they already have rented. They’ll have to drop the lease and try to find another lease in the off season?
Yeah. It’s going to be way expensive to pay enough to get people to quit an easy job in the city to do backbreaking work in the middle of nowhere.
If tariffs make things more expensive then perhaps we might consider repairng and extending the life of an article rather than directing to landfill and purchasing a similar replacement?.... better for the planet. Wonder what happened to all the talk about 'Right to repair' legislation?....was it quietly dropped after manufacturer complaints hurting profits?
My computer breaks down, I put it in for repair, the repair takes months and costs me almost as much as buying a new computer. I can't go without my computer for months so I buy a new one ... That mentality is not going to change anytime soon. It was very different when a computer cost £1.000 and the repair £25.
our entire economy is based on consumerism. buy, throw away, buy more. Honestly it is unsustainable.
That level of shit only happens when the industry is "protected" Im referring to Caterpillar and other US agri equipment. They are protected as US blocks competition from much cheaper but better equipment out of China. So Caterpillar gets fat and does everything possible to get fatter with its monopoly in the US and EU markets where it is protected.
He is right on tariff from one learned economist to another
Cost of Apple products about to shoot through the roof 😂 wonder if their sales will dip or consumerism will conquer all.
Apple is useless
I think you missed one complication for the American people. Once the tariffs have taken effect, home grown companies will just push up their prices to just below the tariff burdened competitor prices. Bound to happen, it's America.
Watching this nodding in agreement.
Other counties will have new tariffs for USA products.
Hope those watching in the UK are not attached to Levi Jeans, Bourbon Whiskey or Harley-Davidson motorcycles.
@@TheRealWindlePoons I'm not!
good
@@TheRealWindlePoons Levi Jeans have not been made in the USA for 22 years. They left in 2002
What USA products? Listen to me. USA don't make jack shit anymore. Nothing. Not even weapons.
Tariffs are the worst thing he can use on Mexico or China, etc. He's not even talking about SANCTIONS.
The EU has had highest average tariffs in the world for years. Not a word is said of EU protectionism even though it screws developing countries.
Indeed that is a fair statement France has pretty aggressive protectionist policies but UK and Germany has way less so it depends on the country
and they paid a price for it, yes? Look at the pace of current de-industrialization. All the best EU exports were actually made in China. Other than french cognac and Spanish pork, what the hell does EU make?
@@Hystericall
Yup….
China will have a record 1 trillion dollar trade surplus with the world this year
Even with the tariffs we and other countries have imposed on them
While the USA looks to tariff everyone
China these last few years has loaned out a few trillion USD and built up the infrastructure like ports, roads railways etc for its Belt and Road/Global South Country partners
Helping them with their export sector
And China is also doing this with their tariffs
👇
On 1 July 2018, China slashed the import tariff rates of daily consumer goods involving 1,449 tariff lines. The term ‘daily consumer goods’ covers eight categories of product: food; apparel, footwear and headwear; furniture and houseware; sundry grocery items; cultural, sports and entertainment supplies, home electronics; daily chemical products; and medical and health products.
The average tariff rates of the goods involved have been reduced from 15.7% to 6.9%, a reduction of 55.9%. Among these, the average import tariffs for apparel, footwear, headwear, kitchenware and fitness products have been reduced from 15.9% to 7.1%. For home appliances, such as washing machines and refrigerators, the reduction was from 20.5% to 8.0%. For processed food, the rates were cut from 15.2% to 6.9%. The average tariff rates for detergents, cosmetics, such as skincare and haircare products, and some medicine and health products have fallen from 8.4% to 2.9%. This is the fifth time that China has lowered import tariffs for consumer goods in recent years.
In November 2018, China reduced the import tariffs on 1,585 taxable items, including industrial goods. The average tariff rate for high demand mechanical and electrical equipment, such as construction machinery, instruments and meters, was lowered from 12.2% to 8.8%. For textiles and building materials, the average tariff rate was cut from 11.5% to 8.4%, while that for certain resource goods, such as paper products, as well as primary goods fell from 6.6% to 5.4%.
ResearchHKTDC
👇
China starts zero-tariff treatment for 6 least-developed African countries
Positive move to continue bolstering bilateral trade, show demonstration effect
8 Aug, 2022
The Customs Tariff Commission of the State Council said last week that it will axe tariffs on 98 per cent of taxable products from “least-developed countries”, including Cambodia, Laos, Djibouti, Rwanda and Togo
SCMP
👇
By GT staff reporters
Published: Dec 25, 2023 09:45 PM
The zero-tariff treatment China had granted for six least-developed African countries officially took effect on Monday. Experts and industry players noted that the move will bolster trade between China and Africa while showing a demonstration effect for China's cooperation with other markets.
The Customs Tariff Commission of the State Council, China's cabinet, announced on December 6 that 98 percent of taxable products from Angola, The Gambia, the Democratic Republic of the Congo (DRC), Madagascar, Mali and Mauritania would be exempt from import tariffs starting on Monday.
GT
Another excellent essay. What does all this say/bode about how well the nations of the world are likely to get on when it comes to tackle the climate and environmental threats to us all, because they don't understand tariffs, free trade, or anything like that. Or, as Richard Murphy says, are those problems likely to be better solved by the 'I'm Alright Jack' winding down of consumerism trade resulting from an Age Of Tariffs. What will happen when the poor everywhere all say they've had enough of comfortably off politicians and oligarchs spouting that 'we are all in the same boat'. Keep those essays coming Richard 👍
America no longer produce a single Antibiotics. A lot of our medications are from other countries
America no longer produce anything, not even weapons. All they produce are lies and crazy politicians with zero knowledge of how the world or economy works.
That's because everyone wants cheap stuff.. so they buy from other countries.
Killing their own manufacturing base
RFK Jr will probably ban antibiotics along with vaccines. The US is screwed.
Simple. Don't trade with USA?
You might have just given the best solution. The US has just 4% of the world population after all.
@zeissiez the US is a service economy. It does not make anything the world cant do without. The global majority should just sanction them for a year. Their domestic consumption will fall and it's economy will follow. Then we can come back to the negotiating table.
Lmao😂. I am not a fan of tariffs, but if you think losing 29% of consumer spending from the global economy will hurt the US (4% of pop but 29% of consumption) more than it will hurt every other country which relies on US imports to fund their industries then you live in a fantasy world. Neither side will "win" in such a scenario, but one side has the demand and at least theoretically the ability to supply itself, if poorly, and the other side can supply far outside their ability to demand and will shrink rapidly.
@@zeissiezand the number one of consumer demand in the world. So theres that
@
It would also accelerate dedollarisation
I agree that we (humanity) need to consume less. But with every government predicating its entire strategy on "RED LINE MUST GO UP ALWAYS" how do we achieve that? I mean, Kier Starmer uses the word "growth" 6.8 times per minute on average.
All you need to know is that tariffs will lead to inflation. Inflation will trickle down on working people. They will afford even less goods, as most consuming part of nation. But eventually, rich will not even notice those changes. American salaries are unsustainable, when it comes to competition in the world markets. Prices will be ridiculous, to the point where no one can afford anything, and yet everything is produced domestically, but no one else can buy it, because counter tariffs imposed. Dead end. USA is not Germany in 1930's. It simply can't drive it's working force into poverty through hyper inflation, and using favorable exchange rates still make profits. Which probably is the goal of people who actually in charge of Trump's policies. Everyone, except few extremely weak and poor countries will retaliate... dead end
Also unlike Nazi German, the US has no road to recovering from this if felon34 goes forward with this tariffs, which he seems to have convinced most of his party to support -- but also can implement them with executive orders.
The fallout would put the US which is already lagging the rest of the world in most areas other than buying a lot of stuff would fall even farther behind, and once the rest of the world gets a year or two ahead of the US in technology and manufacturing, the US will be be shipwreck. It doesn't have the education system to be able to recover from that. Without immigration and with deportation, the brain drain will follow the labor drain and set the US behind the rest of the world by a decade or two.
I really don't believe that the US will ever recover from this catastrophe. The best it can hope for in the future is to become a vacation destination for the rest of the world.
And it will be a place with lots of cheap real estate after the crash...
I'm glad I'm not working because your post implies that inflation doesn't affect the unemployed
The EU Single Market is built inside a tariff wall.
Tell that to the EU that had highest average tariffs for years.
@@user-xu5vl5th9nEU also has higher inflation and lower GDP growth for years. What’s your point again?
With Trump - more so than most politicians - it is wise to see what he actually does rather than what he says he is going to do. They are usually very far apart. I doubt his new best mate Elon, would be in favour of blanket tariffs.
Neither is particularly bright, so musk might actually believe that raising tariffs will force americans into buying more of his cars while instead they run out of money and stop buying them altogether.
You mean un-elected pro-consul Elon Musk?
@@rakeshmalik5385 I can understand people not liking Musk - I don't either - but to say he is not particularly bright, especially when it comes to making money is ridiculous.
@@Leapops You have to be bright to make money? Really?
@@LeapopsHe isn't very smart at all
A loose cannon is the best I could describe him as.
Imagine paying 100% tariffs on iPhones and iPads. There will be riots.
@@twu905 you won't...he's just not doing it on things America also produces.
@@peterg7257huh? America does not produce IPhones
China will have a record 1 trillion dollar trade surplus with the world this year
Even with the tariffs we and other countries have imposed on them
While the USA looks to tariff everyone
China these last few years has loaned out a few trillion USD and built up the infrastructure like ports, roads railways etc for its Belt and Road/Global South Country partners
Helping them with their export sector
And China is also doing this with their tariffs
👇
On 1 July 2018, China slashed the import tariff rates of daily consumer goods involving 1,449 tariff lines. The term ‘daily consumer goods’ covers eight categories of product: food; apparel, footwear and headwear; furniture and houseware; sundry grocery items; cultural, sports and entertainment supplies, home electronics; daily chemical products; and medical and health products.
The average tariff rates of the goods involved have been reduced from 15.7% to 6.9%, a reduction of 55.9%. Among these, the average import tariffs for apparel, footwear, headwear, kitchenware and fitness products have been reduced from 15.9% to 7.1%. For home appliances, such as washing machines and refrigerators, the reduction was from 20.5% to 8.0%. For processed food, the rates were cut from 15.2% to 6.9%. The average tariff rates for detergents, cosmetics, such as skincare and haircare products, and some medicine and health products have fallen from 8.4% to 2.9%. This is the fifth time that China has lowered import tariffs for consumer goods in recent years.
In November 2018, China reduced the import tariffs on 1,585 taxable items, including industrial goods. The average tariff rate for high demand mechanical and electrical equipment, such as construction machinery, instruments and meters, was lowered from 12.2% to 8.8%. For textiles and building materials, the average tariff rate was cut from 11.5% to 8.4%, while that for certain resource goods, such as paper products, as well as primary goods fell from 6.6% to 5.4%.
ResearchHKTDC
👇
China starts zero-tariff treatment for 6 least-developed African countries
Positive move to continue bolstering bilateral trade, show demonstration effect
8 Aug, 2022
The Customs Tariff Commission of the State Council said last week that it will axe tariffs on 98 per cent of taxable products from “least-developed countries”, including Cambodia, Laos, Djibouti, Rwanda and Togo
SCMP
👇
By GT staff reporters
Published: Dec 25, 2023 09:45 PM
The zero-tariff treatment China had granted for six least-developed African countries officially took effect on Monday. Experts and industry players noted that the move will bolster trade between China and Africa while showing a demonstration effect for China's cooperation with other markets.
The Customs Tariff Commission of the State Council, China's cabinet, announced on December 6 that 98 percent of taxable products from Angola, The Gambia, the Democratic Republic of the Congo (DRC), Madagascar, Mali and Mauritania would be exempt from import tariffs starting on Monday.
GT
The brain of America - tariff man Chump - promises to reduce inflation while imposing tariffs. Perhaps he has a new system of maths.
he said emd it wnich is impossible
Is there a place for tariffs? Yes, in certain specific circumstances. However, as a blanket tool, they are the perfect recipe for damping down international trade and artificially bumping consumer prices-the perfect recipe for increasing price inflation.
We couldn't even *consider* doing anything like this in the UK (luckily): because we make practically *nothing* here any more, and most of our famous firms are now foreign-owned. 😏
But I bet the US voters won't like all that inflation in the pipeline! It's not just cars: most of the stuff they have in WalMart (and dollar stores, and Target) comes from China! Is he going to tax all the goods from China? As other RUclipss have explained, it's not the Chinese that pay tariffs, it's the importers and ultimately the consumers!
Why was he lying about bringing DOWN inflation in the US, and why did people believe him? 😏
Why does he want to cause a recession, and will anybody stop him?😏
Agreed. Americans have gotten too used to cheap, abundant stuff.
The owner class, those who own the politicians on both sides, seem to want the living standards to drop significantly.
And the evangelicals are trying to force start armageddon.
Guess they're tired of waiting for the rapture.
@@DanKeatis This is not reality, products are priced based on what the customer can pay, in the last 4 years most goods in the USA on average are up around 24% in price becasue of internal inflation in the US economy so prices are not "cheap" instead they float on top of inflation. If you went back to the year 2020, placed 24% tariffs on all US imports you would have the same result. We would today be in the same place we are today. 1% tariff on ALL goods from China raises the price in the USA by 1% as the US government takes a 1% tax from all the imports. USA already had prices go up 24% for goods made in China on avarage and now Trump wants 60% tariff = 84% increase on price since 2020.
@@drscopeify I was thinking over the last 40 years (the neoliberal era) rather than the last 4 years but yes I absolutely agree with your point. As here in the UK, inflation caused by exogenous shock has been exacerbated and sustained by greedflation.
Tariffs are paid by domestic consumers and not the exporting country, but they have the effect of raising the relative prices of imported products. Other trade barriers include quotas, licenses, and standardization, all seeking to make foreign goods more expensive or available in a limited supply.
In simplest terms, a tariff is a tax. It adds to the cost borne by consumers of imported goods.
think it relevant to mention that it is a tax that hurts the poor the most.
Precisely! All I want to know, is what they DO with that tax, when they receive it?
@@oneoflokistrump will used his tariffs tax to help the rich gets richer. Us debts is at 35 trillion will reach 45 trillion when he leave office in just 4 years from now.
The thing is that USA manufacturing has shrunk from 30% in 1970s and let alone 40% or more in 1930s down to 10% today and soon to be 9% area. This is a very catastrophic decline. The EU countries have avoided using tariffs and instead created standards/regulations and trade barriers as part of the EU that has limited imports and have managed to maintain 20% in France and even 30% manufacturing in Germany at least until Ukraine war. So EU had managed to protect it's industry while the USA and UK have failed to do so. Trump is right that the USA has to use tariffs if it wants manufacturing back and really all of the western world needs to see the picture on the wall, if you want the USA to be the a global weight for western values then it has to rebuild its manufacturing. The USA will lose some of it's tech and finance as a result so Europe can look forward to grabbing some big money industry that is pushed out of the USA. At the end of the day the USA only has so many people so if Manufacturing rises by 100% or 200% the USA will lose other industries that Europe can take and it is possibly very profitable industries.
@drscopeify tariffs only works if usa produced the same goods that it tariffs.
Making Merica Great already … get em DT
According to Richard, it is a test to see who collapses first.
Balance trade is what we need
What are the odds that Trump will be talked out of this idea?
I cannot see him doing it there is just no way it can work.
Like EU after Brexit, the word tariff was the most searched after the election. Along with Obama care.
The disgruntled voters will have their way, even at the Country's' dismay.
0:45
Can you provide an analysis of the combined impacts of tariffs and deportations on the American economy and the effects worldwide?
Here comes the return of the boom/bust cycle...
TRUMP WATCH AND LISTEN TO THIS MAN !!!!!!
Unfortunately this video is around 13 minutes to long for Trump to focus on.
@@mats66 omw! THANK YOU so much for a much needed hearty laugh this morning!!!!
Trump knows all of the facts that have been mentioned here, and is DELIGHTED. He wants to be the puppet master of the world. As far as I know, he hasn't explained how tarrifs work to his average American supporters, and now I know why. Guess the Tories will be back in power in England shortly.
He does Not listen to Anyone.
Americans pay the Tariffs. Tariffs are not for Chinese Customers. American Customers pay the the Price, the US Government Collect the Money. Good System.
Hit $500,200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with $14k in last month
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Bad news for everyone except Trump, since he'll get a kickback for lifting the tariffs
"I'm gonna impose those tarrifs and I'm gonna make THEM pay for it!"
Hmm. Sounds familiar, doesn't it...? 🤔
Because it sounds a lot like "I'm gonna build that wall and I'm gonna make THEM pay for it!"
He never did build the wall, and 'they' sure-as-sh!t didn't pay for the effort; he just made a whole lot of people suffer staggeringly inhuman persecution as a result.
The MAGA cult needs to watch, listen, and learn by the things you are telling us.
As you say, another disaster to look forward to 😮
They are in denial.
The EU has been imposing tariffs on goods that come from the USA for decades.
Everything from cranberries to wall clocks to motorcycles. I must have missed the ensuing disaster.
@@HickalumThe EU has hundreds of trade deals worldwide. Agreed over a long period.
@@Hickalum What is is with you and cranberries?
@ ; Cranberries are very good for your heart ♥️
Can you do a video on the treasury's announcement on 'pension megafunds'? What exactly are they doing and what will the impact be?
When foreign import prices go up, domestic payers can hike their orice, too.
US was already in the full employment situation (3-4% unemployment), albeit deteriorating one.
I don't claim to be an expert on the subject but it seems to me that imposing tariffs in retaliation is a classic case of cutting off your nose to spite your face unless you can be sure it would force the USA to drop theirs pretty quickly which I don't see that you can. On the other hand it has always struck me as very wasteful and bad for the environment that we both import and export products like eggs and apples and perhaps tariffs can be used to reduce that trade.
snap! buying into a brand like a Harley Davidson motorcycle or a Gibson guitar from USA makes sense, but wine and oranges etc can be bought on worldwide markets and easily replaceable. Likewise US has plenty of hot dogs but lacks computer manufacture or precious metals. Why a blanket tariff is moronic.
No, it puts up the price for everything. A non-tariffed good can increase the price as well.
The US dollar's status as reserve currency will become under greater threat with Trump's tariffs.
The US must run trade deficits with the world to send dollars all around the world for people to trade with. By placing barriers to trade with the US, countries will look for alternative markets and in doing so, will start to trade in local currencies. Why lose money in exchanges when you can trade in your own currency?
But isn’t Trump going to leave Corp so he can up production in America. It’s all short-term gains in the end. America will go the way of most countries companies look for a low wage workforce. This is the main reason why manufacturing moves around the world because they’re all looking for the next low-wage economy to manufacture in and then sell it to their own country at a higher price so they take a bigger slice. That is how the economy is really
Let's get USexit done. It was such a success in the dUK - the disUnited Kingdom.
As something of an international bridge in terms of trade particularly in sub assemblies and components that are manufactured elsewhere and then sold on the UK is uniquely placed to be hit by tariffs from the US,EU and should it choose to employ tariffs China and the Uk is far too small an economy and too dependent on imports itself to do anything about those tariffs
britain has a secret financial weapon which can only be revealed when the number of racist britons drops below 20%
currently it is 85%
so you are a LONG way from knowing how much money you have
the biggest problem for the uk in eradicating the problem is lack of communication
anyone who attempts to communicate it has to face AMERICAN censorship and more, to reach you
eg none of my comments is likely to be published on youtube without (a) a usually white youtube page owner 'tolerating' it, and (b) a usually white or white-army-paid man/woman screening it and (c) an automated filter, programmed by people seeking to defend a 'white' identity they imagine to be 'their heritage'
so even if i am capable of helping you survive, you have to stop arrogantly deciding when i get to talk to you, if you are really to survive
i make so much money per unit of money now that i can't possibly be expected to jump through your anglo saxon celtic etc hoops any more
life is too short to save you, alas. that's what it boils down to
you are a buch of irritating titheads
I disagree. China will be looking for customers if they lose US ones. They will reduce prices to get them. The real issue is whether the value of Sterling will hold up relative to USD, whose value will be inflated, as US inflation goes up, and the Fed starts hiking interest rates to fight it. And that's not a problem for the UK alone. That's a problem for everyone else rather than the Americans, as international trade is mostly conducted in USD. There's already liquidity and collateral problems in the global financial markets, because demand for USD always out strips supply. That will cause problems everywhere.
@@CuriousCrow-mp4cx Most world trade is indeed carried out in USD at least at the moment although there has been a movement away from this currency which will no doubt accelerate and the USD is likely not to be the currency of choice for much longer. Either way it does not change the absolute vulnerability of the UK economy to tariffs and indeed sanctions
Why are people combating this with the wordplay of implementing income taxes as a top to off set inflation?
BRICS doesn't need the G7 as BRICS could develop the economies of BRICS member countries with larger markets and populations.
Well Smoot Hawley act worked so well in deepening the Great Depression and Trump is proposing Smoot Hawley on Steroids.
It would be hard to find any one who disagrees.,,,
Except perhaps a vast number of American voters
Who support Trump unconditionally.
Imports are not just finished consumer goods. They are also capital goods for US manufacturers like machine tools. The cost of production in the US will therefore increase, which will be passed onto consumers- so there is a secondary inflation effect. Coupled with the coming labor shortages in sectors like agriculture and the care sector, which will drive up wages and hence inflation.
And his stupid MAGA supporters cheered him as be told them the Lie. SMH 🙄🙄🙄. Calling them garbage and deplorable is quite on the mark
If you want to do subtitles and I don't have a problem per se, pleeese just put the whole sentence up one a ta time. This current method is just simply distracting from the audio.
I foresee ’s “solution” becoming mainstream.
Physical (imported) items will be horribly underpriced, maybe “assembled in the USA”.
Then, everything else (the “value” of the finished product) is IP - trademarks, copyrights, patents… THESE rights are registered e.g. in Ireland for tax exemption, and are easily “moved” to a friendly US state jurisdiction to escape the tariffs…
Smart, right…? 😂
Then any goods Malaysia US also 30% traff😊
Trump Will hate tariffs more sooner then later.
Money collected from tariffs goes to the U.S. Treasury, providing additional revenue for the government. This can help offset the need for other taxes, aligning with Trump’s intent to reduce tax burdens. Lower taxes would also give people more disposable income to spend on higher-priced goods, while, as you noted, supporting growth in U.S. industries.
If the business makes products in the USA he will reduce their taxes to 15%. That what he said.
That depends on sales tax, VAT, in the US that is set by each state so Trump can't change that. Some sates have no sales tax at all, 0 VAT like Oregon has no sales tax at all, you buy any product you want 0 tax, so nothing to change in that state.
@drscopeify the business will pay 15% tax to the government
Tariffs made correctly are good.
A USA tariff structure is a medium to long term proposition to protect USA worker's rights. The UK learnt from this the hard way in the 1990s when it joined the EU - it harmed British industries and their workforces in favour of French/German/Spanish/central and Eastern Europe.
... lol we've found the Brexiteer!!
America first elect bad politician to do really dumb things and then choose another even worst one to try to fix it. It is easy to do things to benefit a few, it is easier to cause havoc by treating complicated things simple. So American system is no way to last without reforming "properly". The world make America, not America made the world stupid.
not if tariffs are used in a wise manner
As an Amazon seller am " tarrif-ied"
I'm retired and my car will have to last me the rest of my life now. I'll never be able to afford another one.
In the UK Trump 'supporters' a, deny he's going to impose tariffs b, but say he can if he wants to & c, don't really know what tariffs are. These are usually brexit voters... there's a pattern here.
I’m pretty sure he is talking 20%
👇
This time, he's gone much further: He has proposed a 60% tariff on goods from China - and a tariff of up to 20% on everything else the United States imports.
PBS
When you have an ignoramus who barely finished high school who thinks he's a genius without taking a single economics class...what could go wrong?
EU-China cooperation coming up.
We can hope.
But I think our politicians are also puppets of the "owners".
Likely, but the UK will be in a tight spot should that happen.
👍
Good luck Americans, with your Walmart and Amazon stuff ….
The manufacturers will just move to no tariff or lower tariff countries. China will fold and we can negotiate a better and equal trade deal
Trump tariffs will force all EU manufacturers to move to USA to avoid the tariffs.
More JOBS !!!
You are a dreamer. The EU will impose retaliatory tariff on US goods. No one wins in a trade war.
Donaldo El Quacko…. at his best 🙄
Tariffs are bad for everyone...except US working class, which is Trumps voter base. Sounds democratic to me.
The whole idea is to protect the US working class - Trump is not a globalist.
I could imagine that Trump uses the tariff policy as a threat to negotiate trade agreements.
Exactly he did that last term
2:25 I'm not sure that even applies to US manufactured cars. Car manufacturers use very large supply chains with thousands of components many of which will not be sourced from the US. If parts are also included in the tariffs the costs will go up - not just cars but most manufacturers will be effected. Iphones, laptops, just about anything with a chip (which seems to be just about anything from microwaves to home alarms) in it all have parts manufactured abroad. This could be real-aligned over time but it would take years.
snap! easy to think about the big stuff, but actually the supply chain of small components: switches, relays, sensors and chips etc much less obvious.
Building home industry to replace this won't happen overnight - Look how Covid created component shortages and backlogs worldwide - even shipping ran out of containers in the right place in the world.
The other aspect being that even with 20% tariffs, US labour costs would still be more. Also add just 10% costs on at manufacture, if profit margins and sales taxes remain the same this increases a lot more by the time it hits the retailer.
Trump like to trump others in negotiations. But he can't have all the trumps. So he resorts to bullying.
Every nation has leaders that they deserve
Cant blame him hes just sticking up for america pity we have not got someone like him
We have. Nigel Farage. Just as stupid and just as useless.
What's wrong with tariffs Trump and 70 Mil Anericans think it's a beautiful thing
What about retaliatory tariffs? Are they beautiful too? American farmers are already paying the price forTrump's tariffs because US grown soy beans and corn have been excluded from the Chinese market through retaliatory tariffs. Your comment is silly. Tariffs are an ugly instrument.
Thanks to Trump, the Americans will all be able to switch phones to the amazing Librem 5 USA.
Oh, no. Hang on a minute.
They must have made a mistake!
It seems to cost 2000 dollars! 😂😂😂😂
But EU Tariffs good?
China, exporting cheap steel all over the world they have to because of their economy. They need goods moving. They need money coming in. I’ve said it for years they have to build they have to do this. They have to do that in their own country and keep the bubble from bursting when they did lockdown. It became very close.
Look at it another way. Neo liberals are importing cheap Chinese steel and goods.
The US and UK are the biggest debtors in the world, they also have the largest trade deficits in the world. If they don't put tarrifs up to try and redress the trade deficit they will eventually implode due the exponentially increasing debt.
The whole must unite boycott isaproducts and trump and his country collapsed
I agree with you on Tariffs, I agree with you on free trade, but I don't agree with Trump putting Tariffs on the UK is bad, quite the opposite. The reason Trump put tariffs on China is that the US has a huge balance of payments deficit with China, millions of US jobs went to China. That is not the case with the UK, we import twice as much from the US as we export so if Trump raises Tariffs so do we ... it works both ways and we'd be the winner !!! .... on top of that China got around American Tariffs last time by exporting goods to Mexico, who are a member of the North American free trade Zone. A lot of these goods were then assembled in Mexico and ended up in the US with no Tariffs.
double? "Overview In August 2024, United Kingdom exported £4.13B and imported £4.84B from United States, resulting in a negative trade balance of £708M." Problem being tit for tat for tat trade wars are inflationary - although handy if you are $35 trillion in debt.
Keep things balanced, give the argument for tariffs. e.g. Longer term partnerships to move manufacturing to the US, innovation of local products rather than just competing on price, etc. You also presume that there is no room for negotiation. Agree with consuming less and becoming less materialistic though.
You're not taking into account the problem of tarrifs being an imprecise tool.
Firstly, 60% tarrifs on China, will not hurt them, because they will just cut prices and increase exports elsewhere, whilst issuing retaliatory tarrifs against the US. And that will undercut US export prices elsewhere in the World.
Secondly, global supply chains are heterogeneous - people buy components from where it's cheapest everywhere, and then manufacture finished products, and export those. These may be multipart components, and how is anyone going to tell how much of a component is Chinese? So, global supply chains are directly and indirectly dependent on Chinese manufacturing, from beginning to end. Direct imports from China thst are 100% Chinese are easy to identify, but those that aren't are not. And a blanket 10% tarrifs for non-Chinese imports will not escape retaliation either, hurting US exports. for anyone country not to retaliate would be political suicide for their governments. So there will be a backlash which will cost US exporters dear.
Thirdly, by causing inflation, the cost of substituting those goods that are tarriffed will hurt US consumers who don't even buy Chinese goods, as the cost of their borrowing will increase alongside their spending because the Fed will impose blunt force trauma by hiking interest rates. That's a doom loop in the making.
If tarrifs are used selectively, US manufacturers may still offshore to anywhere but China. The US cannot compete on Labour costs, and tarrifs will create greater cost differentials, forcing more offshoring.
Nobody negotiates with a gun to their head. Tarrifs create Trade Wars and black markets. This isn't the 19th century when the US was a developing economy. It's the 21st century, and the US is a developed economy. And Tarrifs right now, are going to hurt the US more than it's going to heal it. It's an expensive face saving exercise.
People need their electronic goods and cheap clothes! What's the alternative: do you expect US convicts to make them? 😏
@@oneoflokis do they? really - or are we told we need these things?
@@CuriousCrow-mp4cx not taking anything into account. I'm asking for balance and providing examples of arguments for tariffs from an external perspective. As I'm sure you would agree with, to learn you need to understand both sides of an argument not just the side you agree with.
All the arguments for tariffs were debunked by 1750.
Gamers going to be spending $1400 on a PS5 Pro lmao
Nvidia Graphics cards will be $7,000
This sort of information is desperately needed by the American electorate if we are ever going to make smart choices when voting. Perhaps if you split the script between a professional wrestler and a bikini model we could get our 'poorly educated' who are so beloved by our incoming president, to understand these issues. (excuse me for being so harsh with my own people, but as you might guess, I'm a bit miffed at the moment.)