"So... What is their purpose, then?"

Bring manufacturing back to the US. Provide higher paying jobs for lower skilled workers. Protect the United State's strategic industrial interests.

Trump is a populist. If you're living paycheck to paycheck, the $5 trillion dollar loss in the stock market over the last few days didn't cost you anything.

Furthermore, Trump is entertaining taxes on the rich to reduce the burden on lower income earners. how can you not like that?

And if so, isn't free trade the antidote to this poison?

"Tariffs are a valid tool to be used in certain cases."

Which cases?

"But that's because their purpose isn't fighting trade imbalances. Their purpose is to break the system for the consolidation of wealth and power."

I don't buy that. You would have to walk me through it. But don't you think if that were the intent, it was the intent of all the left-wing politicians who supported limiting free trade as well?

"But, riddle me this - were Bernie Sanders, Schumer, and Pelosi stupid when they called for tariffs in the past or are they stupid now for opposing them? Only thing certain is that they are stupid - I just want your reason as to why."

I'm very curious as well.

For decades, limits on free trade and expansive tariffs were the purview of the far-left. Those who were not so far left as to consider themselves socialist, but still wanted the government to create protected economic classes. As I've said several times, Trump reminds me most of Dennis Kucinich and Huey Long, both populist democrats considered to be pretty far left.

Now it's Trumps "Republicans" who are supporting those same things. It's almost as if the Dems snuck in a surrogate Bernie Sanders...and republicans are LOVING it. And Democrats can't stand it.

"The one that explained tariffs were choking off the working man. IOW, pretty much any honest book describing the economic times. The Robber Baron class was paying very little, and tariffs fell to the middle and lower classes."

Again, which history book. Income taxes were only imposed permanently, in small amounts on a limited number of households, as a means of compensating for the government reducing tariffs.

"You didn't pick up that history book like I suggested, did you? Disappointing."

No, but I did go to the St. Louis Fed. Here's what they had to say on the matter:

"Origins of the Income Tax: The Civil War: The United States' first federal income tax was levied during the Civil War. It became clear to Congress that this would not be a quick war, and the government needed to generate more revenue. It was also during this period, in 1862, that a Commissioner of Internal Revenue was established."

"And pick up a history book, FFS. The income tax was instituted because the wealthiest weren't paying their fair share of taxes."

Which history book? The one by Howard Zinn?

Income taxes were first implemented during the civil war to raise money quickly.

How can you pay your fair share of the taxes if no one is getting taxed? It's like every response is some sort of post-Marxian knee-jerk.

Good ol' Bernie Trump.

#28

I moved my savings from USD into EUR. Something to consider with the value of the dollar declining relative to the Euro.

Snoofy mentioned that they had invested in Rheinmetall, which seems to be a really good move.

#31

There is a Facebook page for former and current bomber guys. Some have lost half a million dollars or more. And they're just normal dudes who invested well.

"Is that the reason the entire world uses them against US? They want to hurt themselves?"

Yes. It means the consumers in those countries are obligated to pay more for the products that they may want to purchase.

Tariffs can be low-impact if they applied like a sin tax. If you're in the market for a Patek Phillipe watch or a Lamborghini, you probably aren't very price conscious. A new toaster or a garbage bin-that's a different story.

#111

Most of the jobs that left the US-they left for a reason.

Short selling this week would have been smart as well.

Some of my co-workers did OK short-selling Tesla stock.

"And Rheinmetall."

Dude, that's SMART move!

#121

A long overdue market correction??

No. This is Trump's tariffs.

What was the market cap loss yesterday? $2 trillion?

It's not like COVID, where you knew the economy was going to pick back up. Normally I'd be looking at airline stocks, but I'm not confident that people will be vacationing this summer. Other than maybe Myrtle Beach or Santa Cruz or something.

"OK I know how to settle this. Make the law to apply the same tariffs on the same products that other countries charge us."

Why?

How would that benefit you or I?

Tariffs are a good way to hurt yourself.

#107

I converted my savings from USD into EUR on Monday. I also moved all my TSP funds into G. I won't make any money, but hopefully I don't lose much.

Had I done it on 28 Feb, or even earlier like you did. I would have been far better off.

"None of this affects him, so why care about the other 350,000,000 of us who aren't billionaires?"

If it's any consolation, many billionaires are on their way to being millionaires.

Many millionaires are on their way to being nothing at all.

I wouldn't plan on a European vacay this summer if I were any of you.

"I want what you're smoking! That's gotta be some good stuff."

Just a little bit of leafy green sarcasm.

Not really sure how anyone could have taken my comment seriously.

The $USD has dropped by around 8% in the last month relative to the Euro and Euro-tied currencies.

That's basically an 8% pay cut for me.

I converted my savings from $ into EUR on Monday.

It'll be fine. Manufacturing will be coming back.

That's what matters.

Only Clarence Beeks knows the answer...but he's stuck in a cage with a gorilla somewhere.

Is this true?

Or is it a scheme cooked up by brothers Randolph and Mortimer Duke?

This is retarded.

A better alternative would be for these protesters to offer to subsidize potential Tesla buyers if they went with another brand. I think that's what Elon would have done. He sorta did it in Wisconsin.

If you don't want a Tesla...don't buy one.

And if you want to destroy one, buy it and destroy it.

Otherwise, ---- off.

"Those are contradictory, but I wouldn't expect you to understand how or why."

And I wouldn't expect you to be able to explain it.

So... here's the thing. You can put Tariffs on luxury goods and survive without having any meaningful economic impact. If you've got to have that Hermes purse, you're already not considering the utilitarian value of the product.

This is different. Trump is taxing commodities and exchangeable goods. Nominally in an effort to "bring back good paying manufacturing jobs."

Not gonna happen. First-comparative advantage. The US already has a near absolute advantage in manufacturing, it's just not the best utilization of capital.

Second, bring manufacturing back to the US would cost tens, if not hundreds of billions of dollars. And at the end of it, the US companies are still not competitive with the global competition. Given the timelines involved, it's highly unlikey that investors would speculate in something so risk. There is a better than good chance that Trump will not be president in