Are you going to purchase at 25% price hike

[taz666]

Just like in nature, evolution drives human existence. How we build, what we eat, how long we live and where, on this planet. It's long past "just us" anymore and some people can't seem to accept that. Fighting progress is like stopping an earthquake from happening. Worry about the future generations while doing our level best to upset the other people that share the Earth. Live in the now, sure but can we do it without running the worlds' economy through a meat grinder? Maybe that takes more effort and brain power than we profess to have.

 

[Krogen]

The biggest problem with tariffs is that the extracted funds go into the respective governments' general funds. I think that reciprocal tariffs will tend to reduce the overall amounts. Kick my cat, I'll kick your dog sort of thing. But in the meantime tariffs we charge on imports go into the US general fund. It's a tax really. And our exports to China for example are "taxed" in the name of tariffs. The money goes to the Chinese government.

So inter-country commerce is taxed both directions. They call it a tariff, but it's just another name for a tax. If the plan for reciprocal tariffs reduces the amounts on both sides of the coin, we'll benefit. Not going to happen right away, but if it causes enough pain, it could achieve the stated objective. Tariffs, generally speaking, put the clamps on international commerce.

 

[biku324]

^^^^And we have known this since Smoot Hawley in 1930.

 

[biku324]

Just like in nature, evolution drives human existence. How we build, what we eat, how long we live and where, on this planet. It's long past "just us" anymore and some people can't seem to accept that. Fighting progress is like stopping an earthquake from happening. Worry about the future generations while doing our level best to upset the other people that share the Earth. Live in the now, sure but can we do it without running the worlds' economy through a meat grinder? Maybe that takes more effort and brain power than we profess to have.

Tariffs and excise taxes didn't fund the government adequately from the Civil War to the 16th Amendment allowing income taxes in 1913. Earlier income taxes were levied by both the Union and Confederacy; SCOTUS ruled the later 1894 income tax un-Constitutional in 1895 (Pollock v Farmers' Loan and Trust).

The ratification of the 16th Amendment in 1913 was championed by President William Howard Taft. Its ratification was an effort to make sure more higher-income people paid taxes, and that the government wasn't wholly dependent on revenue earned from tariffs and taxes on goods.

 

[Bald1]

Bald1,

I think you are using a general number of 50% on what other countries tariff the US and that is an overstatement to say the least......

I did not say tariffs would completely pay for tax cuts but cutting taxes when we are running such large deficits? Both Biden, Trump, and the Congress over the last number of years attributed greatly to the deficits and National Debt...in fact under the first Trump term the US national debt grew approximately $8 trillion!

Trump says a lot of things, changes his mind constantly, and is no economic genius....I have my view you have yours....we will see how this all shakes out...

As to not "paying" tariffs....you may not realize it yet but if these "stay on" you will...in one form or another....

Take care and have a great day!

I was referring to the US only tariffing countries at 50% of the rate they tariff us. For example X country tariffs are items 50% we tariff theirs at 25%. I think that's generous. We could have matched them dollar for dollar. People seem to forget these tariffs are Reciprocal. What's good for the goose is good for the gander. Lower yours and I'll lower mine.

 

[dockmurgw]

These tariffs will be nothing compared to what some people did to us and supported in response to COVID. They trashed an entire generation of kids, demanded working people stay home, forced business closures, fired people from their jobs, forced people to where idiotic masks, right down to stupid lines 6' apart on the floors at Home Depot...all to satisfy their insatiable desire to be safe. Compared to the pain and misery of that time, tariffs are a cake walk.

 

[greenwellg]

I decided long ago that my two aging vehicles will not be replaced so long as they are repairable. I have no interest in impressing my friends and neighbors with a new car. All I care about is getting from point A to point B. I don't purchase depreciating assets. At least most of the time.

I did that for most of my life cars that had either been neglected, abused (wrecked) or those people gave up on, motorcycles as well. Basically free transportation.

In 1998 laws were passed that gave serious tax breaks to home owners. I stopped fixing cars and built houses for no wages while she paid the bills. Eliminated the cost of living AND transportation, saved a bundle of cash. Cashed out May 5th 2022 with a tax free capital gain of $406k now in CD's paying 4.3 %. Haven't made a house or car payment in over 30 years. We own everything and worked very hard to get there.

Just bought a new Japanese made Prius. Getting 60 MPG. Made in Japan, Wife drives a Rogue made in the US. I still scavenge yard sales for bargains. Debt free now for almost half our lives.

 

[Onomea]

The tariffs imposed by the administration are not reciprocal in the sense of being equal to tariffs imposed by other countries on our goods. They are, rather, tariffs on other countries in percentages that our administration calculates are needed to eliminate trade deficits.



Reciprocal Tariff Calculations | United States Trade Representative

wsj.com

There are a lot of reasons for trade imbalances. The world economy is complicated.

My view is that the administration's blanket imposition of tariffs on the rest of the world will harm the world economy, and will harm the US economy. I think this will soon be clear. I think, looking back at this moment, there will be a consensus that it was a foolish thing to do.

(And I don't understand the logic at all of placing 10% tariffs on countries with whom we have a trade surplus.)

 

[walkin jack]

For once my timing was good. I just bought a new truck a couple of weeks ago. It is a 24 but new. It is loaded. I stole it. saved thousands on all the goodies and no telling how much by getting in ahead this inevitable in crease. The blind squirrel found another acorn....

 

[LVSteve]

Hey, I thought they said there would be no math when I joined this forum?

Reciprocal Tariff Calculations | United States Trade Representative

 

[LVSteve]

There are a lot of reasons for trade imbalances. The world economy is complicated.

Quoted for truth.

If the current administration believes that tariffs will force other countries to operate the same as the US, they are taking a whiz uphill and into the wind.

 

[326MOD10]

For all those preaching how this will help the working man, don't be fooled.

If the focus was the working person you would not simultaneously see the destruction of the Department of Labor, the agency that provides the protection to the working person.

You also would not have seen the elimination of collective bargaining in many government agencies if there was care for the worker.

Tariffs are a tax and bringing manufacturing back to the US will require cheap labor. The kind you get when the things labor has fought for the past decades is no longer protected. The tariff may bring manufacturing back to the US but to the benefit of the business man.

I don't recall tariffs being a big topic on the campaign trail. They became prominent after the election.

Now I may be off base, along with most economist, but this isn't the answer.

And as stated above these aren't reciprocal. It is just a math problem they launched to balance the trade deficit.

Wake up people.

 

[Nomadmax]

What about food, electronics and everything else that is imported, you gonna buy that??

I don't know how much a gallon of gas or milk sells for. I put myself in the financial position that price increases don't really have an effect on my life. So yeah, I'm gonna buy what I need or want unless I deem it thievery.

Most people in the USA could be in the same position as me, retired on a full pension at 49 with a GED and zero debt, if they didn't spend everything they make. Especially on stuff that doesn't matter.

 

[The Preacher]

Patience.....

 

[DWalt]

Isn't most smokeless powder imported?

 

[326MOD10]

I don't know how much a gallon of gas or milk sells for. I put myself in the financial position that price increases don't really have an effect on my life. So yeah, I'm gonna buy what I need or want unless I deem it thievery.

Most people in the USA could be in the same position as me, retired on a full pension at 49 with a GED and zero debt, if they didn't spend everything they make. Especially on stuff that doesn't matter.

While I am happy for you and your situation not always is it as simple as you make it sound.

Lots of factors, not just spending habits, go into financial situations.

While I have no debt, and haven't had any for some time, my ability to save was hampered by many things out of my control.

For instance medical care and having a City employer who mismanaged its finances that resulted in a $5000 deductible and then a co-pay for 2 years. This was right when I had to go on dialysis due to an hereditary kidney disease. Not my fault on either but I paid the price for it. The deductible and co-pay has never came back to the level it once was and every year I push the maximum out of pocket.

Not everyone is the same and not everyone shares the same circumstance. To be blind to the fate of your fellow man and seem not to care is a sad situation. But it fits right in to what today's World has become.

 

[DWalt]

I don't know how much a gallon of gas or milk sells for. I put myself in the financial position that price increases don't really have an effect on my life. So yeah, I'm gonna buy what I need or want unless I deem it thievery.

Most people in the USA could be in the same position as me, retired on a full pension at 49 with a GED and zero debt, if they didn't spend everything they make. Especially on stuff that doesn't matter.

At least for us, wife and my social security and my retirement income covers all our essential expenses and then some. No mortgage payment, no car payments, expenses are mainly just taxes, utilities, insurance, and groceries.

 

[GypsmJim]

Okay, I'm going to move on from this thread. I guess my crystal ball is on the fritz……how long is the "short term pain" going to last? What's the tolerance level of the American people? I don't know. I don't think it's very long. It's not years or decades.

I don't know how long. I suspect the tolerance level is pretty short. Remember the way a lot of people voted in the last election.

But, after living thru the last 4 years of agony, we should be able to take it.

 

[LVSteve]

Most people in the USA could be in the same position as me, retired on a full pension at 49 with a GED and zero debt, if they didn't spend everything they make. Especially on stuff that doesn't matter.

They could be, but most are not. The reality of the US is that most have no guilt/fear of debt. Throw in the "gotta have it, NOW!" mentality and we are where we are.

 

[ladder13]

I didn't know we had so many economists here.

This has gotten way political.