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Thread: Trump's trade deals make things worse. Record-breaking $891.2 billion trade deficit.

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    Default Trump's trade deals make things worse. Record-breaking $891.2 billion trade deficit.

    BREAKING NEWS: U.S. posted record-breaking $891.2 billion merchandise trade deficit in 2018, despite Trump’s ‘America First’ policies

    By David R. Lange Fox News March 6 at 8:32 AM
    President Trump’s tariffs and tough policies have failed to shrink a trade gap that he argues represents a massive transfer of wealth from Americans to foreigners. He begins his reelection drive with a core campaign promise unfulfilled — and with a recent flurry of economic research showing that his embrace of tariffs is damaging the U.S. economy.

    The nation’s trade gap with China also is likely to set a record, underscoring the stakes for the president’s bid to reach a deal with Chinese President Xi Jinping as soon as this month.

    The department’s final 2018 trade report, which was delayed by the government shutdown, is expected to show that the United States bought nearly $900 billion more in foreign goods than it sold to customers in other countries. That would top the 2006 record of $838.3 billion, set as the housing bubble was peaking, and would mark the third consecutive year of rising trade deficits.

    It has been evident for months that the president was failing to shrink a trade gap that he calls “unsustainable” and that he says represents a massive transfer of wealth from Americans to foreigners. Over the past year, even as he imposed tariffs on foreign-made solar panels, washing machines, steel, aluminum and assorted goods from China, imports roared ahead of exports.

    The president thus begins his reelection drive with a core campaign promise unfulfilled — and with a recent flurry of economic research showing that his embrace of tariffs is damaging the U.S. economy.

    Economists say the trade deficit is swelling because of broad economic forces, including a chronic shortfall in national savings that was exacerbated by last year’s $1.5 trillion corporate and personal income tax cut. As cash-flush businesses and consumers increased their spending, purchases of imported goods rose while the overvalued dollar weighed on exports.

    “Macroeconomics end up ruling. You can’t wish it away. You can’t tariff it away,” said William Reinsch, a former Commerce Department official now at the Center for Strategic and International Studies.

    The Commerce Department report comes amid indications that negotiations with China over a sweeping trade agreement may be in their final weeks. China has offered to buy a reported $1.2 trillion in additional American products over the next six years in a deal that reportedly would ease each side’s tariffs, usher in changes to Beijing’s state-led economic model and include tough new enforcement mechanisms.

    But most economists say that such increased Chinese purchases would likely only divert U.S. shipments from other foreign customers, shrinking the trade gap with China but leaving the global balance largely unchanged. With the economy at or close to full employment, U.S. farms and factories have a limited ability to sharply increase output to meet a sudden increase in Chinese orders.

    “That reality is not going to change,” said economist Matthew Slaughter, dean of the Tuck School of Business at Dartmouth College.

    Any deal with China would mark a milestone in Trump’s tariff war, though not its end. The Commerce Department on Monday began investigating whether imports of titanium sponges, used in chemical plants and military hardware, represent a national security threat.

    The president has used similar studies to impose tariffs on steel and aluminum and has threatened to apply them to imported cars and car parts.

    Trump persists with the import levies even as some supporters push for him to also act on other forces fueling the trade deficit, including a robust dollar.

    The dollar is now valued 19 percent above its 10-year average against the currencies of major U.S. trading partners, according to Federal Reserve data.

    The high dollar acts as a price increase for American exporters, making it harder to compete with foreign rivals. “A competitive dollar is the most important tool we have to spur economic growth and job creation in the U.S. economy,” said Michael Stumo, chief executive of the Coalition for a Prosperous America.

    On Wednesday, a broader measure of the nation’s trade performance, which includes the services sector, is likely to show a $600 billion-plus deficit. That will reflect a deterioration of around $100 billion from the figure that Trump inherited from President Barack Obama.

    The United States typically runs a sizable surplus in its global services trade, which includes spending by foreign tourists and students, financial services or consulting, partially offsetting the larger goods gap.

    The best chance of the trade deficit shrinking any time soon would require an economic downturn that no one wants. In 2009, amid the Great Recession, the trade deficit fell 40 percent from the peak three years earlier to about $506 billion.

    “If you want to lower the trade deficit, have a recession,” said Reinsch.

    Trump has long been convinced that the United States gets a raw deal from its trade ties. As a New York real estate magnate in the 1980s, he routinely complained about Japanese auto companies and investors who purchased iconic American properties such as Rockefeller Center or Pebble Beach.

    In a 2016 campaign speech in Pennsylvania, Trump called the trade deficit a “politician-made disaster” and promised swift change. “We can turn it all around — and we can turn it around fast,” he said.

    Trump has used tariffs or import taxes more aggressively than any American president since the 1930s. In a March 2 speech to a conservative political group, he called them “the greatest negotiating tool in the history of our country” and credited them with bringing trade partners such as China to the bargaining table.

    The president has successfully negotiated new agreements with South Korea and North American neighbors Canada and Mexico, and he appears close to a deal with China. But it’s too early to say what effect — if any — those agreements will have on the deficit.

    Changes in U.S. tariffs called for in the South Korean deal took effect only on Jan. 1, while Congress has yet to act on the new North American agreement.

    Still, tariffs so far have proven to be a blunt weapon. The president often boasts about how much money the U.S. government is reaping from tariffs.

    “Billions of dollars, right now, are pouring into our Treasury,” he told the Conservative Political Action Conference on March 2, adding that Chinese exporters are absorbing almost the entire burden of the tariffs.

    But a pair of new studies concludes that he is wrong. “When we impose a tariff, it is the domestic consumers and purchasers of imports that bear the full cost of the tariffs,” said David Weinstein, an economics professor at Columbia University, who co-authored one of the papers.

    Weinstein said the president appears to be relying on a 2018 analysis of data from the 1990s, when the United States represented a larger share of the global economy and enjoyed more leverage over exporters in other countries.

    Weinstein’s study, co-written with Mary Amiti of the Federal Reserve Bank of New York and Princeton University’s Stephen Redding, reviewed what actually occurred last year after U.S. tariffs took effect. It concluded that Americans paid the entire tariff bill.

    A second study by four economists from the University of California at Los Angeles, Yale University, the University of California at Berkeley and Columbia University reached the same conclusion.

    That study also found that workers in Republican-leaning counties, especially in farm states, suffered the greatest losses from tariffs that U.S. trading partners imposed in retaliation for the president’s actions.

    Trump’s tariffs also may cause U.S. companies to write off sizable investments in their Chinese factories as they scramble to shift operations to safer venues, said the study by Weinstein, Amiti and Redding. If the tariffs continue, about $165 billion worth of trade would be redirected each year, they added.

    The study also found sizable costs relative to any expected benefits. If the tariffs led to the creation of 35,000 new manufacturing jobs — equal to all the steel and aluminum jobs lost in the past decade — they would cost $195,000 per job, the study found.

    “The costs of the trade war are quite large relative to optimistic estimates of any gains that are likely to be achieved,” wrote the trio of economists.

    Republican Congressman Ken Buck:
    “We’re at a time in American politics, that I am not going to lie on behalf of my presidential candidate, on behalf of my party. And I’m very sad that others in my party have taken the position that, as long as we get the White House, it doesn’t really matter what we say,”



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    Hope they remember that at the Voting Booth
    ONE-N-DONE, YOU GOT PLAYED; Time To Play-On
    Remember ... ELECTIONS HAVE CONSEQUENCES ... So STFU Bitch

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    NAFTA2 is signed but not ratified -will Congress ever get around to it?

    China trade talks are doing well -but not finalized.
    Hopefully the Trump/Xi meeting late this month gets it wrapped up in April.

    So nothing is different in terms of trade yet.. The Big Question is whether Congress "acts" on it

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    Quote Originally Posted by Bourbon View Post
    Hope they remember that at the Voting Booth
    I doubt it, Teapublicans never really cared about the deficit, it was just the black guy they were after.

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    Quote Originally Posted by Bourbon View Post
    Hope they remember that at the Voting Booth
    Since free trade deals are anti working man (as my man Cypress says), what’s a blue collar guy to do? Who speaks an anti-trade non trade war language?

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    Changes in U.S. tariffs called for in the South Korean deal took effect only on Jan. 1, while Congress has yet to act on the new North American agreement.
    ...

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    El Oh Elle, Rama back to calling people racist again while confusing the national deficit for the trade deficit. Too funny.

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    Trump promised to shrink the trade deficit. Instead it exploded.








    The Commerce Department said Wednesday that -- despite more than two years of President Trump’s “America First” policies -- the United States last year posted a $891.2 billion merchandise trade deficit, the largest in the nation’s 243-year history.

    The trade gap with China also hit a record $419 billion, underscoring the stakes for the president’s bid to reach a deal with Chinese President Xi Jinping as soon as this month.

    The department’s final 2018 trade report, which was delayed by the government shutdown, showed that the U.S. bought far more in foreign goods than it sold to customers in Europe, Asia, North America and Africa. The goods shortfall topped the 2006 record of $838.3 billion, set as the housing bubble was peaking, and marked the third consecutive year of rising deficits.

    A broader measure of the nation’s trade performance, which includes the services sector, showed a narrower, but still large $621 billion deficit. That reflected a deterioration of more than $100 billion from the figure that Trump inherited from President Barack Obama.

    It has been evident for months that the president was failing to shrink a trade gap that he calls “unsustainable” and that he says represents a massive transfer of wealth from Americans to foreigners. Over the past year, even as he imposed tariffs on foreign-made solar panels, washing machines, steel, aluminum and assorted goods from China, imports roared ahead of exports.


    https://www.washingtonpost.com/busin...4cf_story.html


    ONE-N-DONE, YOU GOT PLAYED; Time To Play-On
    Remember ... ELECTIONS HAVE CONSEQUENCES ... So STFU Bitch

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    Quote Originally Posted by anatta View Post

    So nothing is different in terms of trade yet.. The Big Question is whether Congress "acts" on it

    STFU comrde annie, that Soviet propaganda is getin REALLY old


    President Donald Trump's tariffs on Chinese goods began Friday.
    The tariffs target $34 billion worth of Chinese imports to the US, with a second wave expected in a few weeks.
    The tariffs affect industrial parts, vehicles, chemicals, and more.
    Here are some of the highlights of the lists and the full breakdown of the tariffs.


    https://www.businessinsider.com/trum...roducts-2018-6

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    Quote Originally Posted by reagansghost View Post
    STFU comrde annie, that Soviet propaganda is getin REALLY old


    President Donald Trump's tariffs on Chinese goods began Friday.
    The tariffs target $34 billion worth of Chinese imports to the US, with a second wave expected in a few weeks.
    The tariffs affect industrial parts, vehicles, chemicals, and more.
    Here are some of the highlights of the lists and the full breakdown of the tariffs.


    https://www.businessinsider.com/trum...roducts-2018-6
    you cannot be this stupid and still be breathing.....

    Did you bother to look at the date of your article?
    Nothing is different in trade yet in terms of TRADE AGREEMENTS -we all know the first round of tariffs were imposed last year- why China came to the table..

    Apparently Dead Republicans don't do economics

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    Quote Originally Posted by anatta View Post
    you cannot be this stupid and still be breathing.....

    Did you bother to look at the date of your article?
    Nothing is different in trade yet in terms of TRADE AGREEMENTS -we all know the first round of tariffs were imposed last year- why China came to the table..

    Apparently Dead Republicans don't do economics

    STFU up you lying piece of shit, stuff your Soviet propaganda ...



    SIOUX FALLS, S.D.-It’s been a tough year for farmers as they were hit with bad weather and tariffs. A trade war between China and the US started back in July of last year and is still ongoing.

    Farmers are used to uncertainty as they deal with different weather conditions each year. This year wasn’t as good of a year.

    “In our area it’s been an extremely wet year. We’ve had an abundance of rain, so our yields were a little below average in this area,” said Dave Poppens, a Lennox Farmer.

    However, this year has been especially difficult as they’ve also had to deal with tariffs. China is normally the number one buyer of soybeans for US farmers, but Chinese tariffs severely reduced the market.

    Since the demand decreased, soybean prices dropped $2 a bushel, meaning farmers did not have as profitable of a summer.

    “It’s been a tough year for us in this area. The cash flow just hasn’t been there like it’s been in the past,” said Poppens.

    Poppens usually exports his beans, but this season he’s sold them domestically to local processors. Now he has about a third of his soybeans left to sell. Like many farmers, he’s holding on to most of what’s left, hoping the trade war ends soon.

    “Well hopefully they can get a resolution resolved here and get China’s market back,” said Poppens.


    https://www.kdlt.com/2019/02/16/trad...ybean-farmers/

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    That's WINNING RIGHT? Biggest, most, the 'top'. He set records! Nothing ever seen like it before!
    WK1 3/28-/4 _Cases 301k--Dead 18.1k Lethality 2.72%
    WK2 4/5-/13 _Cases 555k--Dead 22.1K Lethality 3.9%
    WK3 4/20-/21 Cases 774k -Dead 37.2K Lethality 4.8%
    WK4 4/22-/29 Cases 1M --Dead 58.8K Lethality 5.9%
    WK5 5/1-/8__ Cases 1.3M -Dead 75.7K Lethality 6.1%
    WK6 5/9-16__Cases 1.4M --Dead 85.8K Lethality 6.1%
    WK7 5/17-24_Cases 1.7M - Dead 97.6K Lethality 5.9%
    WK8 5/28 Cases 1.7M - DEAD 101.2K - Same

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    Quote Originally Posted by anatta View Post
    Nothing is different in trade yet ....
    So imposing new tariffs is 'nothing different'????? lol you're an imbecile

    The Trump tariffs are a series of tariffs imposed during the presidency of Donald Trump as part of his economic policy. In January 2018, Trump imposed tariffs on solar panels and washing machines of 30 to 50 percent.[1] Later the same year he imposed tariffs on steel (25%) and aluminum (10%) from most countries.[2][3] On June 1, 2018, this was extended on the European Union, Canada, and Mexico.[3] The only countries which remain exempted from the steel and aluminum tariffs are Australia and Argentina.[4] Separately, on July 6, the Trump administration set a tariff of 25% on 818 categories of goods imported from China worth $50 billion.[5] ~ Wiki

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    Quote Originally Posted by reagansghost View Post
    So imposing new tariffs is 'nothing different'????? lol you're an imbecile

    The Trump tariffs are a series of tariffs imposed during the presidency of Donald Trump as part of his economic policy. In January 2018, Trump imposed tariffs on solar panels and washing machines of 30 to 50 percent.[1] Later the same year he imposed tariffs on steel (25%) and aluminum (10%) from most countries.[2][3] On June 1, 2018, this was extended on the European Union, Canada, and Mexico.[3] The only countries which remain exempted from the steel and aluminum tariffs are Australia and Argentina.[4] Separately, on July 6, the Trump administration set a tariff of 25% on 818 categories of goods imported from China worth $50 billion.[5] ~ Wiki
    Which alter ego is anutta? I'm thinking Havana Moon, PostMortemPussy or volsrock. Who knows? Maybe anutta and those three are all one person. That's the way Russian Trolls work.

    Sad


    Coast Guard Officer Arrested And Accused Of Being A 'Domestic Terrorist'

    A U.S. Coast Guard officer stationed in Washington D.C. is accused of being a domestic terrorist. FBI agents arrested Lieutenant Christoper Paul Hasson and seized a stockpile of weapons and ammunition from his home in Silver Spring, Maryland.
    The filings claim he planned to kill politicians and journalists from a list of targets that included House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, and CNN anchor Don Lemon.*Prosecutors described Hasson as a white nationalist who planned "to murder innocent civilians on a scale rarely seen in this country."
    "The defendant is a domestic terrorist, bent on committing acts dangerous to human life that are intended to affect governmental conduct," prosecutors wrote.
    They said that Hasson was inspired by Anders Behring Breivik, the Norwegian terrorist who killed 77 people in a pair of attacks in 2011.
    Hasson was arrested on charges of illegal weapons and drug possession but prosecutors said that those charges are the “the proverbial tip of the iceberg.”



    On Friday, authorities arrested Sayoc, alleging in a criminal complaint that he was responsible for sending at least 13 potential explosive devices to prominent Democratic and media figures across the country in recent days — including Obama, Clinton, Soros, former attorney general Eric H. Holder Jr. and Rep. Maxine Waters (D-Calif.). “He was crazed, that’s the best word for him,” said Debra Gureghian, the general manager of New River Pizza and Fresh Kitchen in Fort Lauderdale, Fla., where Sayoc worked for several months. “There was something really off with him.”


    I hate the damn left-wing Liberals. There is a vast left-wing conspiracy in this country & these liberals are working together to attack every decent & honorable institution in the Nation, trying to turn the country into a communist state.
    Who I wanted to kill was every Democrat in the Senate & House, the 100 people in Bernard Goldberg’s book. I’d like to kill everyone in the Mainstream Media. But I know these people were inaccessible to me. I couldn’t get to the generals & high ranking officers of the Marxist movement so I went after the foot soldiers, the chicken shit liberals that vote in these traitorous people.
    Liberals are a pest, like termites. Millions of them. Each little bite contributes to the downfall of this great nation. The only way we can rid ourselves of this evil is kill them in the streets. Kill them where they gather.
    I’d like to encourage other like minded people to do what I’ve done. If life ain’t worth living anymore, don’t just kill yourself. Do something for your country before you go. Go Kill Liberals!




    Jeremy Christian shouted during his arrest after he brutally stabbed two Americans “Kill all Christians, Muslims and Jews. You call it terrorism. I call it Patriotism!”


    “You blacks are killing white people on the streets everyday and raping white women everyday,” Mr. Roof said during his shooting rampage that killed nine African-American churchgoers


    James Alex Fields Jr was charged with second-degree murder, one count of hit-and-run, failure to stop with injury and three counts of malicious wounding. On his social media accounts, Fields “expressed and promoted his belief that white people are superior to other races and peoples; expressed support of the social and racial policies of Adolf Hitler and Nazi-era Germany, including the Holocaust; and espoused violence against African Americans, Jewish people and members of other racial; ethnic and religious groups he perceived to be non-white.”
    Fields is registered as member of Trump's Republican Party.

    Republican Congressman Ken Buck:
    “We’re at a time in American politics, that I am not going to lie on behalf of my presidential candidate, on behalf of my party. And I’m very sad that others in my party have taken the position that, as long as we get the White House, it doesn’t really matter what we say,”



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    Quote Originally Posted by reagansghost View Post
    STFU up you lying piece of shit, stuff your Soviet propaganda ...



    SIOUX FALLS, S.D.-It’s been a tough year for farmers as they were hit with bad weather and tariffs. A trade war between China and the US started back in July of last year and is still ongoing.

    Farmers are used to uncertainty as they deal with different weather conditions each year. This year wasn’t as good of a year.

    “In our area it’s been an extremely wet year. We’ve had an abundance of rain, so our yields were a little below average in this area,” said Dave Poppens, a Lennox Farmer.

    However, this year has been especially difficult as they’ve also had to deal with tariffs. China is normally the number one buyer of soybeans for US farmers, but Chinese tariffs severely reduced the market.

    Since the demand decreased, soybean prices dropped $2 a bushel, meaning farmers did not have as profitable of a summer.

    “It’s been a tough year for us in this area. The cash flow just hasn’t been there like it’s been in the past,” said Poppens.

    Poppens usually exports his beans, but this season he’s sold them domestically to local processors. Now he has about a third of his soybeans left to sell. Like many farmers, he’s holding on to most of what’s left, hoping the trade war ends soon.

    “Well hopefully they can get a resolution resolved here and get China’s market back,” said Poppens.


    https://www.kdlt.com/2019/02/16/trad...ybean-farmers/
    Good point, Reagan. Anutta is a Trump dick sucker so he will disregard any evidence that Trump is a fucking moron.
    Of course, we all know you have to be a fucking moron to vote for a fucking moron.

    Republican Congressman Ken Buck:
    “We’re at a time in American politics, that I am not going to lie on behalf of my presidential candidate, on behalf of my party. And I’m very sad that others in my party have taken the position that, as long as we get the White House, it doesn’t really matter what we say,”



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