He proposed increasing federal revenue from $5.1 trillion per year to $8.7 trillion per year (a 70% tax hike, primarily on corporations and shareholders) and increasing spending from $7 trillion a year to $8.9 trillion per year. Trump is going the opposite way on spending with budget cuts and is increasing taxes on everybody (not just the wealthy) through tariffs. Unlike tax Biden’s proposed tax hikes, the tariffs actually incentivize Americans to purchase US goods. A 70% tax hike (primarily on corporations and shareholders) would kill the stock market, as it makes owning stocks more expensive.
oh please
biden wasn't give autocratic ability to change the economic course of the nation all by his lonesome, without congress. and if he had been given that, he wouldn't have used it.
the problem here is that trump is bypassing congress to do terrible things to us, in the name of phony national emergencies.
congress wouldn't agree to any crazy biden plan and it wouldn't have agreed to this crazy trump plan either.
this is all on you idiots for voting for this. And on congress for handing over the government to a moran.
This post was edited 38 seconds after it was posted.
There is a big problem with the reciprocal tariffs. Most of them are too low to change anything. A 10% tariff on a country that producing cheap goods because people work for a few dollars a day (or less) and environmental laws do not exist isn't going to suddenly shift production to the US. Then the problem with Trump's tariffs is that it makes no sense to put tariffs on things we can't make or grow in the US. Save and except for Hawaii, the US does not grow coffee. Putting a tariff on coffee isn't going to cause a boom in coffee production in the US because other than in Hawaii there is nowhere in the US where you can grow coffee. Same goes for raw materials that are not found in the US. The targeted countries have no reason to negotiate about their tariffs because the US has no choice but to buy their products. So, they won't see coffee exports decline. People in the US will just pay more. This is just a federal sales tax and nothing more. But there is more. To the extent there is a serious policy of onshoring (and there should be given the demographic collapse that is happening in China), there needs to also be a serious investment in the infrastructure needed to support massive growth in US manufacturing. Many of the industrial processes that Trump wants to bring back to the US take a tremendous amount of electricity. The US grid would have to be expanded by about 50% to meet the rise in demand. There would also be huge demand for materials needed to build out new facilities. The US would need massive amounts of steel, copper aluminum, etc. Putting tariffs on importing these materials would just make it more expensive to build in the US and make imports cost competitive even with the tariffs. Finally, the US just cannot go it alone in replacing China's manufacturing that will be in decline due to China's demographic collapse. The US needs to work closely with Mexico and Canada to be able to have the resources (labor, land, raw materials, etc.) needed to massively rebuild the manufacturing sector. postscript: the process to reindustrialize the US is going to be incredibly capital intensive. You will need a thriving economy to be able to generate the kind of capital that is needed to build out billions of dollars in manufacturing capacity. In a recession, everyone puts their money in safe havens and sits on the sidelines. Worse still, we could see capital flight from the US to other countries that have not decided to purposefully tank their economy with massive tariffs.
There is a big problem with the reciprocal tariffs. Most of them are too low to change anything. A 10% tariff on a country that producing cheap goods because people work for a few dollars a day (or less) and environmental laws do not exist isn't going to suddenly shift production to the US. Then the problem with Trump's tariffs is that it makes no sense to put tariffs on things we can't make or grow in the US.
Agreed on bolded part but you are missing that Trump just tariffed low labor cost countries to heck. Vietnam 46%, Sri Lanka 44%, Cambodia 49%, Thailand 36%, etc. We are screwed.
There is a big problem with the reciprocal tariffs. Most of them are too low to change anything. A 10% tariff on a country that producing cheap goods because people work for a few dollars a day (or less) and environmental laws do not exist isn't going to suddenly shift production to the US.
If the tariffs are too low to change anything then it will be a giant amount of revenue for our government.
It will change some areas though, and big investments are already being made in the US.
Most tariffs are B2B and each side will absorb a little of the tariff. The customer won’t see a 10% increase in price. They will see an increase in most cases right after a time where we already had a large inflation cycle recently. It will be delicate here for a while, and recession is not out of the question.
I think overall, this will be good for the US. Bill Maher just went to have dinner at the White House with Trump and Governor Newsome had a podcast with Charlie Kirk. The smart left/center liberals are getting on board, or at least having conversations with the other side. I hope we can go back to disagreeing about politics but not disinviting Uncle Jim to Thanksgiving because he voted for the other side.
This post was edited 1 minute after it was posted.
If the tariffs are too low to change anything then it will be a giant amount of revenue for our government.
It will change some areas though, and big investments are already being made in the US.
Most tariffs are B2B and each side will absorb a little of the tariff. The customer won’t see a 10% increase in price. They will see an increase in most cases right after a time where we already had a large inflation cycle recently. It will be delicate here for a while, and recession is not out of the question.
I think overall, this will be good for the US. Bill Maher just went to have dinner at the White House with Trump and Governor Newsome had a podcast with Charlie Kirk. The smart left/center liberals are getting on board, or at least having conversations with the other side. I hope we can go back to disagreeing about politics but not disinviting Uncle Jim to Thanksgiving because he voted for the other side.
^^^^Trump University School of Economics hot take.
This is the full list of reciprocal tariffs that Trump announced: China: 34% European Union: 20% South Korea: 25% India: 26% Vietnam: 46% Taiwan: 32% Japan: 24% Thailand: 36% Switzerland: 31% Indonesia: 32% Malaysia: 24% Cambodia: 49% United Kingdom: 10% South Africa: 30% Brazil: 10% Bangladesh: 37% Singapore: 10% Israel: 17% Philippines: 17% Chile: 10% Australia: 10% Pakistan: 29% Turkey: 10% Sri Lanka: 44% Colombia: 10%
(34% for China is only the reciprocal portion. Total is 54% including the 20% already announced)
When asked how countries like China, which will see a 54% total tariff rate on imports, should respond, Bessent said, “We’ll see what they do.
Be ready for the normal $140 running shoe to be $180–$200. Huge increase in prices soon for everything else not made in USA, like your electronics, clothes, toasters, etc.
If the tariffs are too low to change anything then it will be a giant amount of revenue for our government.
It will change some areas though, and big investments are already being made in the US.
Most tariffs are B2B and each side will absorb a little of the tariff. The customer won’t see a 10% increase in price. They will see an increase in most cases right after a time where we already had a large inflation cycle recently. It will be delicate here for a while, and recession is not out of the question.
I think overall, this will be good for the US. Bill Maher just went to have dinner at the White House with Trump and Governor Newsome had a podcast with Charlie Kirk. The smart left/center liberals are getting on board, or at least having conversations with the other side. I hope we can go back to disagreeing about politics but not disinviting Uncle Jim to Thanksgiving because he voted for the other side.
^^^^Trump University School of Economics hot take.
Says the guy who just repeats whatever AOC says....
If the tariffs are too low to change anything then it will be a giant amount of revenue for our government.
It will change some areas though, and big investments are already being made in the US.
Most tariffs are B2B and each side will absorb a little of the tariff. The customer won’t see a 10% increase in price. They will see an increase in most cases right after a time where we already had a large inflation cycle recently. It will be delicate here for a while, and recession is not out of the question.
I think overall, this will be good for the US. Bill Maher just went to have dinner at the White House with Trump and Governor Newsome had a podcast with Charlie Kirk. The smart left/center liberals are getting on board, or at least having conversations with the other side. I hope we can go back to disagreeing about politics but not disinviting Uncle Jim to Thanksgiving because he voted for the other side.
Why are you so happy about increased taxes?
Do you not realize that "a giant amount of revenue for our government" equals "a giant tax increase for you and me"?
If the tariffs are too low to change anything then it will be a giant amount of revenue for our government.
It will change some areas though, and big investments are already being made in the US.
Most tariffs are B2B and each side will absorb a little of the tariff. The customer won’t see a 10% increase in price. They will see an increase in most cases right after a time where we already had a large inflation cycle recently. It will be delicate here for a while, and recession is not out of the question.
I think overall, this will be good for the US. Bill Maher just went to have dinner at the White House with Trump and Governor Newsome had a podcast with Charlie Kirk. The smart left/center liberals are getting on board, or at least having conversations with the other side. I hope we can go back to disagreeing about politics but not disinviting Uncle Jim to Thanksgiving because he voted for the other side.
Why are you so happy about increased taxes?
Do you not realize that "a giant amount of revenue for our government" equals "a giant tax increase for you and me"?
(assumes that you reside in the US)
...and in terms of both sides absorbing costs, one toy manufacturer in Australia (Tonka Toys), has said he will eliminate some accessories that can be retrofitted there, i.e. batteries.
So Tonka Toys, plus 10% tariff, less 20% accessories which poor dad has to buy locally at more than 20%.
Do you not realize that "a giant amount of revenue for our government" equals "a giant tax increase for you and me"?
(assumes that you reside in the US)
Again, it will not be fully paid my you and me, but a lot will get absorbed by the market. Also, I’d rather pay tax on consumption than income.
The other side is reducing waste and fraud. I’ve never liked taxes, because I always assumed they were being wasted. If we can minimize the waste, the extra tax on consumption is reasonable.
I’m not saying this is going to be seamless or that the government will be a well oiled machine, but I think it only needs to be marginally better.
What is your solution for the tackling the $36.7T debt? We are now spending more on interest than we are on defense.
Trump is playing 5D chess on all these liberal countries that have been looting and pillaging us under for decades under Biden. Every fiscal sector of the American economy is booming under the Trump tariffs while liberal ideologues run around like chickens without their eggs.
There is a big problem with the reciprocal tariffs. Most of them are too low to change anything. A 10% tariff on a country that producing cheap goods because people work for a few dollars a day (or less) and environmental laws do not exist isn't going to suddenly shift production to the US. Then the problem with Trump's tariffs is that it makes no sense to put tariffs on things we can't make or grow in the US.
Agreed on bolded part but you are missing that Trump just tariffed low labor cost countries to heck. Vietnam 46%, Sri Lanka 44%, Cambodia 49%, Thailand 36%, etc. We are screwed.
I don't really care if a shirt goes up a bit
I wish the tariffs were more controlled though. Especially on China and a couple Southeast Asia countries - they make so much of our products. Do I think it's a good thing to have that much offshored? of course not. But it is what it is.
