Trump to Impose Sweeping Steel and Aluminum Tariffs

Discussion in 'Politics and Religion' started by Joe L, Mar 2, 2018.

  1. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    This of course really heated up over the weekend with China making it perfectly clear they were not backing down and that if Trump institutes more tariffs, they are fully prepared to follow suit and will, like Canada, target Trump voter regions with some of their tariffs. They said they do not want to do so but called Trump greedy and arrogant and said they are not going to give in to him.

    Yeah trade wars are a good thing and easy to win Trump right?

    And the major stock market future indices are all way down this morning and have been getting worse 45 minutes from the open.

    Chuck Schumer of all people came out in support of the tariffs on China. I fully get that they steal IP and other things, everyone in Silicon Valley is aware of that, but the way Trump is going about it is just cutting off your nose to spite your face. He's going to hit other parts of the country VERY hard, and it won't have any impact on China stealing IP.
     
  2. GuernseyCard

    GuernseyCard Registered

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    China is certainly involved in industrial espionage, as are others past and present.

    But, most of the IP they acquire is based on an agreement to transfer for access to the Chinese market and the purchase of companies throughout the world. I've noted many planned sales of assets to the Chinese, which have been turned down as not in the country's national interest.
     
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  3. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    That's all true but they are also just outright stealing IP. At my last company we did annual training on security that included slides direct from DSS and DOD. One of them included a story of a company(forget the name) that was so sure the Chinese were going to try and steal their IP that they brought in a laptop with a dummy file of old IP they'd abandoned because the thing had some major software issues including very specific things, they built in a "backdoor" and then went to their meetings. A few months later sure enough that Chinese company was in the process of releasing a product but had a major performance issue that was the EXACT one that company had included in the file. That is they set up the Chinese company, who stole the IP not knowing about the bugs. We were told if you go to China you should assume within 12 hours of getting to your hotel, your laptop and phone will be hacked.

    In that regard I agree with Trump they need to stop, but those aren't the tariffs he's targeting for the most part.
     
  4. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    I think I'm understanding this one but maybe not. CNN and CNBC were both reporting on US chip stocks being hurt by the tariffs in a way that makes no sense at all. US chip companies make chips, send them to China for testing, and now when the Chinese send them back to the US after testing, Trump is slapping a tariff on the chips! So they're not even Chinese made but he's taxing them.
     
  5. MrYeahbut

    MrYeahbut 4 Food groups: beans, chili, cheese, bacon Contributor

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    This doesn't even take into account the increase in steel/freight/aluminum... affects HVAC duct work, windows, trusses, plumbing, lighting etc


    https://www.housingwire.com/articles/43690-nahb-lumber-tariffs-increasing-cost-of-homebuilding
     
  6. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    All the market futures down 1 to 1.5% after a global sell off caused by Trump's stupid trade war fears.

    DOW futures down 380 points, yesterday the markets actually held up pretty well and closed near the session highs, will be interesting to see what happens today, I'm guessing the opposite but hard to guess with this market.

    The man is just stubborn and stupid
     
  7. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    Trump telling his minions to find a bunch more things to slap Tariffs on, these ones at 10% until China stops their trade practices and rolls back the new tariffs they announced over the weekend.

    Cramer on CNBC when asked what he thinks the long term plan is for Trump , I think the Chinese markets tanked last night, a lot of stocks fell 10% overnight. The Nikkei fell 1.8%, I think Trump believes the US can take a trade war caused downturn longer than China can, and sort of outlast them.

    So that's the plan, we can take trade war, inflation and recession better than China can so they'll eventually give up? I really hope the SEC is paying attention to who is shorting in this market you can be pretty sure many of them are "Friends of Trump" who are trading on insider knowledge of coming tariffs.
     
  8. GuernseyCard

    GuernseyCard Registered

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  9. GuernseyCard

    GuernseyCard Registered

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  11. DWKB

    DWKB Registered

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    Harley-Davidson will move the production of motorcycles bound for European countries out of the United States, citing rising costs from European Union (EU) tariffs on their products.

    The company said in a filing Monday that the EU tariffs on motorcycles exported from the U.S. rose from 6 percent to 31 percent, the Associated Press reported. Motorcycles bound for European countries will now be produced in overseas factories.

    Harley-Davidson Inc. said that it will not raise its prices due to “an immediate and lasting detrimental impact to its business in the region," according to the AP.

    The EU announced earlier this month that it would impose retaliatory tariffs on a range of U.S. goods in July, including motorcycles.

    The measures came in response to Trump’s steep tariffs on imported aluminum and steel from the EU and other key U.S. allies, including Canada and Mexico.


    http://thehill.com/policy/finance/i...idson-to-move-production-for-some-motorcycles
     
  12. UncleChris

    UncleChris Retirement Doesn't Suck Contributor

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    M A G A!
     
  13. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    The don't look over here look over there style of misdirection governing is blowing up in Trumps' face now. He got too much negative press over his kidnapping of immigrant children so he decided to ramp up the tariffs and trade wars overnight and so now the markets are cratering today all down well over 1 percent. Nasdaq is 1.6% because Trump announced he's going to bar investment in tech companies by China.

    the sad thing is even when he's trying to do something I actually agree with, trying to get China to stop stealing US IP, the way he goes about doing it is so destructive you can't agree with him. Yes China steals IP and doesn't play fairly in tech, yes we need to try and stop it, but the way Trump is going about it all he succeeded in doing is getting the European Union and China to meet, and agree to work together AGAINST the US! Yep he's turned one of our greatest allies, Europe, against us in his ill fated trade war.

    I was watching CNBC briefly today and it's apparent like me they suspect that Trump has friend who are benefiting from this by shorting in advance of Trump making such announcements, apparently there was an unusually high amount of getting into ETF's that short the markets and some "suspicious" options activity recently that is now resulting in large gains for whoever did it.
     
  14. GuernseyCard

    GuernseyCard Registered

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    It's Ross, the Commerce Secretary.
     
  15. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    Trump is cratering Nasdaq right now, it's down 2.5%.
     

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