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Thread: Biden Continues Trump’s Misguided Trade Policies

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    Default Biden Continues Trump’s Misguided Trade Policies

    I'm curious to those who spoke out against these tariffs the last couple of years if you still think they should be removed? (Answering for myself, I didn't like then and I don't like them now)



    Biden Continues Trump’s Misguided Trade Policies


    When it comes to U.S. trade policy, so far, Joe Biden has continued Trump administration policies that economists and other analysts found to be harmful and misguided. Biden’s rhetoric is less confrontational toward other countries and foreign leaders, but the unwelcome news for companies and consumers is the new president’s substance on trade has remained “America First.”

    “On trade, Biden has voluntarily extended key Trump protectionist policies, including tariffs on metal imports and an effort to undermine the World Trade Organization’s appellate process,” writes Zack Beauchamp for Vox. “He even added to some of them, signing an executive order tightening “Buy American” rules for the federal government and proposing tax incentives for ordinary citizens to purchase American-made electric cars.”

    Beauchamp quotes Tufts University professor Daniel Drezner: “It’s totally America First. I don’t think they’re more protectionist than Trump per se. But they’re not less either.”

    When one examines Donald Trump’s trade record, it’s unclear why the Biden administration finds the policies appealing. (A new video from the National Foundation for American Policy details the shortcomings of an “America First” trade policy.)

    First, Trump’s trade policies were harmful to consumers. As economists know, tariffs are another word for taxes. The Congressional Budget Office has calculated the Trump tariffs cost the average U.S. household more than $1,200 a year. Since Biden has continued the tariffs, at some point, they will be called the “Biden tariffs,” and the cost to U.S. households will be similar.

    Second, Trump’s policies, particularly the tariffs on steel and aluminum, cost jobs in manufacturing. “Tariffs on steel may have led to an increase of roughly 1,000 jobs in steel production,” according to economists Lydia Cox of Harvard and Kadee Russ of the University of California, Davis. “However, increased costs of inputs facing U.S. firms relative to foreign rivals due to the Section 232 tariffs on steel and aluminum likely have resulted in 75,000 fewer manufacturing jobs in firms where steel or aluminum are an input into production.”

    Some estimates of job losses in manufacturing are higher. In 2019, the St. Louis Post-Dispatch reported on the layoffs that the steel tariffs caused at Mid-Continent Nail in Poplar Bluff, Missouri: “The plant, the largest U.S. nail manufacturer, was hit hard by President Donald Trump’s steel tariffs . . . Its sales fell by 60%, it’s been losing money, and employment fell from more than 500 last June to fewer than 300 now.”

    The irony is that two years after the Trump administration levied the tariffs, the U.S. primary metals industry employed only about 2,500 more people than when the tariffs were announced, according to the Bureau of Labor Statistics, as noted by Shawn Donnan of Bloomberg. In March 2018, 376,000 people were employed in primary metals, a number that increased to only 378,500 by March 2020.

    Third, the tariffs on China hurt U.S. farmers—leading to more than $28 billion in government aid from taxpayers—and harmed the stock value of many companies. “We find that U.S. and Chinese tariff announcements lowered U.S. aggregate equity prices in our sample of close to 3,000 listed firms by 6.0 percentage points: a $1.7 trillion reduction in market value for our sample of listed firms,” according to research by Mary Amiti, an economist at the Federal Reserve Bank of New York, and Columbia University economists Sang Hoon Kong and David Weinstein. The study noted that 3.4 percentage points of the 6.0 percent decline in equity prices “can be attributed to the common effects” [effects that matter in general to companies] and “2.6 percentage points can be attributed to the differentially poor performance of firms importing from, exporting to, or selling in China.”

    The Trump administration’s trade tactics harmed consumers and companies and failed to achieve their stated objectives with China or America’s other trading partners.

    “President Trump is the worst president on trade policy in at least 90 years,” according to Bryan Riley, director of the National Taxpayers Union’s Free Trade Initiative. It remains a mystery why the Biden administration wishes to continue policies that were unsuccessful and harm Americans.


    https://www.forbes.com/sites/stuarta...h=3dc368734385

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    'Even Playing Field'.
    It's hard to 'compete' with Chinese Companies that are subsidized by the Government of China.

    'Critical Industries'.
    The 'Communications Sector' may be something the US doesn't want to relinquish to China. We don't make Nuclear Submarines in China, even though it might be cheaper. 'Communications' might have to be viewed as a National Security industry.

    And, on the more practical and pragmatic side, the Republicans are trying to promote themselves as 'The Party of the Working Class', so Democrats may have to consider THAT in their overall calculations.

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    Maybe Trump was not wrong.
    This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.

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    Quote Originally Posted by Hawkeye10 View Post
    Maybe Trump was not wrong.
    Trump made an issue out of it.
    I think Trump went it 'alone', while Biden seems to want to go at China with as many allies*as possible.

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    Quote Originally Posted by Jack View Post
    Trump made an issue out of it.
    I think Trump went it 'alone', while Biden seems to want to go at China with as many allies*as possible.
    Some say that the Revolution is determined to get concessions, that the problem is that no one has any interest in doing that because The Swamp will cave shortly.

    It is the same situation with IRAN.
    This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.

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    Quote Originally Posted by Hawkeye10 View Post
    Some say that the Revolution is determined to get concessions, that the problem is that no one has any interest in doing that because The Swamp will cave shortly.

    It is the same situation with IRAN.
    OK.

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    Quote Originally Posted by Jack View Post
    'Even Playing Field'.
    It's hard to 'compete' with Chinese Companies that are subsidized by the Government of China.

    'Critical Industries'.
    The 'Communications Sector' may be something the US doesn't want to relinquish to China. We don't make Nuclear Submarines in China, even though it might be cheaper. 'Communications' might have to be viewed as a National Security industry.

    And, on the more practical and pragmatic side, the Republicans are trying to promote themselves as 'The Party of the Working Class', so Democrats may have to consider THAT in their overall calculations.
    That doesn’t address the question about the tariffs. If you didn’t like them before do you like them now? Because they’ve basically been left in place.

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    Quote Originally Posted by Jack View Post
    OK.
    OH MAN TUCKER is going off on Vax safety, that we are quite obviously being lied to!

    Bret and Heather have been saying the same thing!
    This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.

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    At least there are reasonable arguments on either side of the trade issue.

    Wtf, on the border? Why did Biden not continue Trump’s policy on the border?
    Coup has started. First of many steps. Impeachment will follow ultimately~WB attorney Mark Zaid, January 2017

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    Quote Originally Posted by cawacko View Post
    That doesn’t address the question about the tariffs. If you didn’t like them before do you like them now? Because they’ve basically been left in place.
    Is this going to be about 'Trump's Tariffs Bad' ... 'Biden's Tariffs Good'?

    Let's get real. The WTO, the Capitalists, the Consumers, ALL benefit with FREE TRADE, meaning NO TARIFFS. Like YOU point out Tariffs are like Taxes ... on the Consumer. Unlike Trump claiming China is paying Billions and Billions and Billions of Dollars in Tariffs, which is NOT true, because Trump is a lying sack of shit.

    So, 'Tariffs' are a way to address the 'Uneven Playing Field' along with a 'Protectionist' policy that protects certain industries.

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    Quote Originally Posted by Hawkeye10 View Post
    OH MAN TUCKER is going off on Vax safety, that we are quite obviously being lied to!

    Bret and Heather have been saying the same thing!
    Do you have Tourette's syndrome? (asking for a friend)

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    Quote Originally Posted by Jack View Post
    Is this going to be about 'Trump's Tariffs Bad' ... 'Biden's Tariffs Good'?

    Let's get real. The WTO, the Capitalists, the Consumers, ALL benefit with FREE TRADE, meaning NO TARIFFS. Like YOU point out Tariffs are like Taxes ... on the Consumer. Unlike Trump claiming China is paying Billions and Billions and Billions of Dollars in Tariffs, which is NOT true, because Trump is a lying sack of shit.

    So, 'Tariffs' are a way to address the 'Uneven Playing Field' along with a 'Protectionist' policy that protects certain industries.
    Consistency isn’t a strong suit for many in politics. There were people who found religion on free trade because they didn’t like the person using the tariffs and there were people who were previously free traders who all of a sudden supported tariffs.

    I understand dealing with China is complicated and multi faceted. But we can look at old posts on this board of people speaking out against the tariffs. Where are those voices now?

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    Quote Originally Posted by Jack View Post
    Do you have Tourette's syndrome? (asking for a friend)
    I had better not see you claiming to be pro free mind.
    This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.

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    Quote Originally Posted by cawacko View Post
    Consistency isn’t a strong suit for many in politics. There were people who found religion on free trade because they didn’t like the person using the tariffs and there were people who were previously free traders who all of a sudden supported tariffs.

    I understand dealing with China is complicated and multi faceted. But we can look at old posts on this board of people speaking out against the tariffs. Where are those voices now?
    Yeah. You can say the same thing about Obama's plan to make surgical strikes*against Assad for using Internationally Banned Chemical Weapons against his own people. Republicans were Totally Against it!
    But ... when Trump proposed the SAME THING, Republicans were Totally For It!

    It's the 'Red Team/Blue Team' sport's team equivalent. Pretty useless if you actually are trying to have a conversation about a Policy.

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    Quote Originally Posted by Hawkeye10 View Post
    I had better not see you claiming to be pro free mind.
    You seem to be wandering off the Subject matter.

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