Trump's Terrible Tariffs

 

Here's a helpful status on the Malignant Fascist's ignorant, economy-hobbling, recession- starting, stock market- crashing, job-destroying tariffs:

--Steel and aluminum: A 25% US tariff on imports of steel and aluminum from all countries took effect on Wednesday, March 11. Trump threatened to raise that tariff to 50% for Canadian imports of the metals, but reconsidered after Canada suspended a new tax on US-bound electricity and the countries made plans for new trade talks.

--European Union: The EU has responded to those metals duties with counter-tariffs on $28 billion in US goods from April, bringing Trump's trade war across the Atlantic. Trump has threatened targeted tariffs on the bloc of European countries.

--Canada and Mexico: Trump's 25% across-the-board tariffs on its US neighbors went into effect on Tuesday, March 4. Just two days later, Trump confirmed the US would pause tariffs on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. However, Trump said late last week that he could impose reciprocal tariffs on Canadian lumber and dairy products soon.

--China: Initial 10% on China went into effect in early February, and China retaliated. Trump's second move doubled the rate of tariffs on Chinese imports to 20% from March 4. China has responded with up to 15% duties on US farm goods such as chicken and pork, to start on Monday, March 10.

Trump has also signed a measure that could lead to the implementation of reciprocal tariffs on US trading partners as soon as April 2, aiming to fulfill a frequent campaign promise and raise revenue as Republicans ready a tax and spending bill.

The trade posturing could have ramifications for inflation, with the potential to push prices higher. That, in turn, could influence where the Federal Reserve takes interest rates in the coming months — and years.

Assuming the Very Stable Genius doesn't backpedal on some or all of these (a crashing stock market and the pain being felt by his billionaire buddies might have him do yet another flip flop), the recessionary effects on American consumers and producers will be felt immediately, starting with their 401ks losing value, then building as they pay for the tariffs with rising prices on gas, food, raw materials, and higher inflation and interest rates.  The incredibly stupid person making decisions about the American economy based on whim, grievance, and crackpot 19th century economics is going to trash the "better than Goldilocks" economy that was handed to him by President Biden and Democrats. 

Now, we'll all be paying the price for the decision of tens of millions of Americans whose vibes told them that voting in the proven buffoon again would usher in better days.

BONUS:  Countries affected are targeting their retaliatory tariffs where they should -- at red states:

... The EU duties aim for pressure points in the U.S. while minimizing additional damage to Europe.

The tariffs — taxes on imports — primarily target Republican-held states, hitting soybeans in House speaker Mike Johnson’s Louisiana, but also beef and poultry in Kansas and Nebraska.

Produce in Alabama, Georgia and Virginia is also on the list...

Sad!

(Photo: "Oo, oo, me hold chart me not understand."/ Jacquelyn Martin, AP, Rex, Shutterstock)