Nonilex

‘Off the charts’: How #Trump #tariffs would shock US & world economies

If implemented, Trump’s #tariff plans would lead to higher #costs, #StockMarket volatility & feuds w/the rest of the world.

Trump is campaigning on the most significant increase in tariffs in close to a century, preparing an attack on the #international #trade order that would likely raise #prices, hurt the stock market & spark economic feuds w/much of the world.

#economy #USpol #HarrisWalz2024
https://www.washingtonpost.com/business/2024/10/16/trump-tariffs-impact-economy/

‘Off the charts’: How Trump tariffs would shock U.S., world economies

Trump's tariff plans could lead to economic isolation, affecting global markets and increasing costs for American consumers.

The Washington Post
Oct 16, 2024 at 3:00pmWeb
Show threadNonilexOct 16, 2024

#Trump’s trade plans, a staple of his stump speeches, have fluctuated, but he consistently calls for steep duties to discourage #imports & promote domestic production. Trump has floated “automatic” #tariffs of 10–20% on every US trading partner, 60% #levies on goods from #China, & rates as high as 100, 200 or even 1,000% in other circumstances.

#economy #USpol #HarrisWalz2024

Show threadNonilexOct 16, 2024

These proposals would go far beyond the #disruptive #trade wars of his first term even if they are only partially implemented. They would wrench the nation out of the system of #global interdependence that arose in recent decades, making the US #economy much more isolated & autonomous, like it was in the late 19th century. (Trump last week falsely claimed that the #UnitedStates was never richer than in the 1890s, when it had high trade barriers.)

#tariffs #USpol #HarrisWalz2024

Show threadNonilexOct 16, 2024

…The #consequences would be far-reaching: Americans would be hit by higher #prices for #grocery staples from abroad, such as #fruit, #vegetables & #coffee. Domestic firms dependent on #imports would need to either figure out new #SupplyChains or raise #costs #for consumers. US #manufacturers would almost certainly see sharp declines in orders from abroad as foreign nations impose retaliatory #tariffs.

#economy #USpol #HarrisWalz2024

Show threadNonilexOct 16, 2024
#Companies & #governments around the #world have begun preparing contingency plans for the potential #Trump #tariffs. Diplomats & #business leaders from #LatinAmerica, #Europe, #Asia & even #Canada have in recent weeks asked their US counterparts about Trump’s intentions & authorities, acc/to interviews w/several domestic & international economic advisers, some of whom spoke on the condition of anonymity to reflect private planning.

#economy #USpol #HarrisWalz2024
Show threadNonilexOct 16, 2024

While some #business leaders & congressional #Republicans remain optimistic that #Trump is engaged in election-year posturing, Trump has repeatedly insisted that #tariffs represent an unmitigated positive for the #US #economy, recently calling them “the greatest thing ever invented.” Tariffs have been a constant bedrock of his economic agenda since he ran in 2016, along w/lower taxes [for corporations & the wealthy], increased #energy production [#FossilFuels] & #deregulation.

#HarrisWalz2024

Show threadsadele2Oct 16, 2024

@Nonilex

???

"While some #business leaders & congressional #Republicans remain optimistic that #Trump is engaged in election-year posturing…"

Excuses: Oh he's just posturing, he's just joking, don't take him literally...

He's telling us over & over what he wants to do and they "remain optimistic" that he'll do something else?!?!!!

Would they support any other candidate whose major campaign policies they didn't believe in? Should we take their own campaign promises as bogus?

Show threadJohn SextonOct 16, 2024
@Nonilex These tariffs are the perfect base for a grift. Raise tariffs until someone understands they can get a national advantage by running their products through one of Trumps buddy's companies.