Posted by The Famous Grouse on June 23, 2018 at 18:25:03 from (71.34.30.239):
In Reply to: TRADE WARS posted by Al Baker(pumpman) on June 23, 2018 at 10:15:27:
Setting aside the fact that this won't last long, because according to His Twitterness, "trade wars are easy to win". So we should be bringing China to its knees any day now and they will beg for mercy and cave in to His every demand.
No, you can't use the money to pay down the national debt because these tariffs will ADD to the debt. This is something I'm still not clear that His Twitterness has the mental capacity to understand: Tariffs are paid by US, not them. You are raising taxes on your own businesses and people.
So ever $1 US businesses spend in tariffs is one more expense dollar written off on income taxes. Which reduces taxable income and therefore tax revenue collected by the government.
Also, the products that we DO make and export are getting hammered by import tariffs in the other countries, reducing demand, profit, and (guess what?) taxable income. We take it in the shorts again.
Also, tariffs are one thing, but also China is implementing punishment policies that direct spending away from US goods and commodities. Soybeans are clearly a target, China wants to redirect as much soy buying away from US-produced in an effort to hurt American farmers as much as possible. Clearly, they are hoping by targeting already weak sectors of the US economy for deliberate pain, political pressure will build on His Twitterness. I think this is short-sighted on their part, He doesn't care what sectors are hurt, he will simply declare himself the winner as he always does and in spite of what the data shows.
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