Tariffs are taxes

[Harry Bosch]

RVonse seems to have an impressive stable of equal and opposite "experts".

I can be my own expert since I am living in the middle of this, working for US Steel in the St louis area. Locally, jobs have gone from bust to boom! These are good union middle class jobs that can support families. The job market is so tight they are still looking but not finding enough skilled labor! That is a (good) problem for the rest of us who are making up for that in mandatory overtime.
US Steel is spending $millions in capital improvements right now. Locally the economic conditions have drastically improved and housing values rapidly on the rise.

So I can understand how the boom I am part of would not be seen other places; and I respect that. But the rest of the economy can't really be sucking wind that horribly either. Not with a 4.1 gnp growth.

The experts can go on and tell us Trumps tariffs are raining on the economy. But tell that to the people I know who are working high paying jobs at US Steel right now!

.

And how much is that due to the economy... which Trump inherited verses the tariffs?

Yep. It's party time at RVonse's plant. Good for them. However, if the tariff war leads to another recession, US Steel will be hurting just like everyone else.

 

[Elixir]

And how much is that due to the economy... which Trump inherited verses the tariffs?

Yep. It's party time at RVonse's plant. Good for them. However, if the tariff war leads to another recession, US Steel will be hurting just like everyone else.

Zackly. "If it's good for me, it must be good for everyone else" is a myopic view of a huge problem.

 

[phands]

It's a logical fallacy - anecdotal. With a side of confirmation bias.

 

[Loren Pechtel]

Curious, who produces all of the products imported from China?

The United States will. When it is cheaper to manufacture in the US than China (due to the tariffs), the corporations will quickly move back home.

Disagree. They know the situation won't last forever, they'll look at the long term cost of building new factories. They won't move it here.

US already has a strong manufacturing industry and produces a good deal of steel, around the same output since the 80s. Out Industrial Production continues to grow... we are just a lot more efficient.

Sadly, not any more. China is by far the largest producer of steel and has been for many years. During Obama's last term US Steel stock dropped below $8/share which was actually below the value of their plant and equipment. Since Trump elected, it is up to $30 now, but their future is also very much tied right now to Trump and his tarriffs. The US could still very well lose its steel industry.

Something to understand--our manufacturing has actually been going up. It's just our consumption has gone up even faster. US Steel's stock was in the shitter because of $3 billion in "unusual expense" (I haven't been able to figure out what that was) causing it to lose money. That "unusual expense" spending isn't there in 2017, it was going up anyway.

- - - Updated - - -

RVonse seems to have an impressive stable of equal and opposite "experts".

I can be my own expert since I am living in the middle of this, working for US Steel in the St louis area. Locally, jobs have gone from bust to boom! These are good union middle class jobs that can support families. The job market is so tight they are still looking but not finding enough skilled labor! That is a (good) problem for the rest of us who are making up for that in mandatory overtime.
US Steel is spending $millions in capital improvements right now. Locally the economic conditions have drastically improved and housing values rapidly on the rise.

So I can understand how the boom I am part of would not be seen other places; and I respect that. But the rest of the economy can't really be sucking wind that horribly either. Not with a 4.1 gnp growth.

The experts can go on and tell us Trumps tariffs are raining on the economy. But tell that to the people I know who are working high paying jobs at US Steel right now!

.

You're living high on the hog at the expense of many, many other Americans. The net effect is negative.

 

[phands]

Despite a “Trump bump,” steelworkers are mad as hell — and ready to revolt

As usual, anything trump touches is befouled....

[FONT=&quot]U.S. Steel says it's offering some of its windfall to its workers. But the workers say they're being asked to make sacrifices at a time when their industry is raking it in. As a result, the USW is ready to strike — and the order starting a 48-hour shutdown process could come at any moment.[/FONT]

https://news.vice.com/en_us/article...elworkers-are-mad-as-hell-and-ready-to-revolt

 

[Axulus]

Jack Ma: Trade war has killed my pledge to create 1 million US jobs

The Alibaba (BABA) chief grabbed attention at the start of last year when he made the highly ambitious pledge following a meeting with Donald Trump, who was president elect at the time.

But in an interview published late Wednesday by China's official news agency, Xinhua, Ma said the waves of new tariffs imposed by Washington and Beijing in recent months have undermined the plan.

https://money.cnn.com/2018/09/19/technology/alibaba-trade-war-jobs/index.html

 

[Elixir]

Jack Ma: Trade war has killed my pledge to create 1 million US jobs

The Alibaba (BABA) chief grabbed attention at the start of last year when he made the highly ambitious pledge following a meeting with Donald Trump, who was president elect at the time.

But in an interview published late Wednesday by China's official news agency, Xinhua, Ma said the waves of new tariffs imposed by Washington and Beijing in recent months have undermined the plan.

https://money.cnn.com/2018/09/19/technology/alibaba-trade-war-jobs/index.html

Yeah well - he's really funny-looking. Not from central casting, so whatever he does, doesn't matter.