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Author Topic: Border wall billions for Trump?  (Read 2570 times)

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Re: Border wall billions for Trump?
« on: February 29, 2020, 09:59:08 am »
I have sometimes tried to find something unique about President Donald, and I think I finally find something that makes dirty Donald stand out from his corrupt predecessor presidents.
Donald seems to be the first in a long, long time that could be considered a genuine steel-president (opposed to the many, oil/bank-presidents we’ve seen).

The result of the 25% tariffs on steel imports since March 2018 is devastating on the US economy.
This results in higher prices for steel in the US, for which only the US-based steel companies profit. This inflatory effect on steel prices is even higher because of Trump’s approval of the Keystone XL oil pipeline and the US-Mexico border wall for which steel is needed.

While the American steel companies (ironically some of the owned by foreigners) profit from the policies of the Trump administration other sectors that use steel get into serious trouble. Because the higher prices for steel they have a competitive disadvantage compared to foreign firms.

According to the Trade Partnership Worldwide, higher costs from steel and aluminium tariffs would reduce US gross domestic product (GDP) by 0.2% annually. They also predicted that showed that for every job created in the steel or aluminium sector, 16 jobs would be lost in other US sectors, resulting in a loss of jobs due to the tariffs.
This isn’t surprising as jobs in steel-using industries outnumber those in steel production by about 80 to 1.

Brazil, Argentina, Australia, Canada, Mexico and South Korea are exempt from the additional tariffs on derivative steel products.
This means that the Ferrous Resources of Trump’s friend Carl Icahn, located in Brazil, will profit from the higher prices for exports to the US: https://economictimes.indiatimes.com/news/international/business/us-tariffs-on-derivative-steel-aluminium-imports-take-effect/articleshow/74038597.cms?from=mdr

I have seen some stories from the international media and politricksters about the terrors of these tariffs for steel exports. In a strange twist for many of his adoring fans, this really confirms that Trump is the threat to the “globalists” establishment that will Make America Great Again.
But the exact opposite is true.

While the steel prices in the US will rise, with a disastrous effect on other sectors in the US that use steel for their products, steel prices in other countries across the globe will drop...
While this is bad for the steel producing companies, other companies that use steel will profit from the lower prices. With the result that the tariffs will have a negative effect on the US economy, but a positive effect on the world economy.
Because of the higher prices for steel in the US, but lower prices in other countries, some companies (like Harley Davidson) have moved their production overseas. This will make the negative effects for the US economy even worse, while foreign economies will profit even more.

Some countries have understandably retaliated by imposing higher tariffs on products from the US.
Hypothetically speaking the US could profit from the better world economy caused by the lower international steel prices in foreign territories, but not if the higher tariffs are only between the US and the rest of the world.

According to the Peterson Institute, US consumers and businesses pay more than $900,000 (£690,750) a year, for every job saved or created by Trump’s steel tariffs, "The reason it's so high is that steel is a very capital intensive industry. There are not many workers".
According to experts, the effect is similar for Trump's other tariffs; the tariffs on washing machines cost consumers $815,000 per job created.

The Peterson Institute estimates the additional cost of the steel tariffs to the US economy at $11.5 billion a year, because steel prices are about 10% higher, with only 12,700 jobs created in the steel sector.
$11.5 billion / 12,700 jobs = $905,512 per job...

Supporters of Trump's steel tariffs include Tom Gibson, who said the tariffs are righting years of foreign nations like China undercutting US steel production. Gibson points out that imports have fallen from 29% a year ago to 20% and US steel mills are now running at more than 80% capacity, a level not seen in over a decade.
Supporters of the tariffs also boast that the US Treasury is receiving more revenue from the tariffs and that the longer the tariffs endure the more the domestic industry will thrive.

Of course in reality the longer the tariffs will remain, the more the US economy will suffer...
Trump has claimed other countries pay for the tariffs, but in reality the tariffs are paid for by Americans: https://www.independent.co.uk/news/world/americas/trump-tariffs-steel-aluminium-jobs-consumers-cost-a8904366.html

Tariffs imposed by President Donald Trump have cost American companies $46 billion since February 2018 and US exports hit by retaliatory tariffs have fallen sharply...

Total US exports in 2018 were higher than in 2017, but retaliatory tariffs slowed growth and exports have declined in 2019.

US exports of goods to China hit by retaliatory tariffs were 26% lower in the 12 months ending November 2018 than the year before.
Exports of items not facing such tariffs were 10% higher than 2017 levels.

In January, China’s Vice Premier Liu He signed a trade deal at the White House.
As part of that deal, the United States halves the 15% tariffs imposed in September 2019, but 25% tariffs on Chinese products instated earlier will remain: https://www.reuters.com/article/us-usa-trade-economy/trumps-tariffs-cost-u-s-companies-46-billion-to-date-data-shows-idUSKBN1Z8222


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