*POOF* Tariffs gone down to 10%, except for China

[thewayne]

I am shocked, shocked I say, to find that the tariffs have been altered so soon.

China is at 125%, and they've responded in kind.

Democrats had several Republicans signed on to a bill to claw back the POTUS's ability to unilaterally enact tariffs, a power normally reserved to Congress. The only reason he's been able to is he invoked an 'emergency', granting him extraordinary powers. Pretty transparent power grab is what it is.

Now, how much money did the top 0.1% make, shorting the stock market? My investment fund is down 7% since this fiasco started, 9% since he was elected to office, though it's up a tic today.

https://www.huffpost.com/entry/donald-trump-pauses-tariffs_n_67f3ecfbe4b0afc2a9d7c2a7

Comments

[moonhare]

When I checked last weekend two of my meager 401’s were liberated of 7-8 percent from March 31. Ka-bang! If he touches SS, I’m screwed…

I don’t know how he thinks his bullying Winnie the Pooh is going to help the US- so, so much of our things come from China, from cheap electronics, clothes, and even furniture, and phones, of course. But American manufacturing decided to go offshore to begin with to avoid paying living wages here can we say?

Bah!

[thewayne]

Apparently he thinks re-shoring American factories - and the people who can operate/manage everything - can spring fully formed overnight from the brow of Zeus.  He also seems to think smartphones are hand-assembled.

[garote]

Given how old his old ass is, the image in his head is probably of clock radios being assembled at soldering stations in factories in postwar Japan.

What’s even more hilarious? Is the absurd belief that doing the equivalent of assembling clock radios eight hours a day is a desirable job for a human being, blue-collar or otherwise. If you want to re-shore something, why the hell would you re-shore a human-driven factory? Or does he think we’ll be constructing factories full of robots? He obviously has no idea how hard it is to constantly retool a factory full of robots in pursuit of an evolving market.

[thewayne]

Ignorance in any number of fields is one of his most notable qualities. 

[spiralsheep]

I'm sure, as you say, the extremely paper-rich resource hoarders are doing very well out of this chaos as they always do in wars and depressions.

[disneydream06]

I hate to think what my LITTLE investment is down to.
So much for retirement any time soon, I'm assuming.

With all his crap that he sells coming from China, I'm surprised he's attacking them so hard. :o
Hugs, Jon

[moonhare]

“ With all his crap that he sells coming from China…”

Right? :D

[kaishin108]

Argh!!

[silveradept]

It was never really an economic policy, but a shakedown and protection racket. The changes there are probably because he feels like he's gotten enough people to cave to him and beg for relief that he feels like a powerful man. Or, possibly, because nobody caved to him and he has to blink because he never really intended to go through with it. Except maybe the ones against China.

[thewayne]

He doesn't seem to have policies except Project 2025 and petty revenge.

[silveradept]

And those seem to be accomplishing him what he wants, I guess.

[thewayne]

The simplest of plans are the easiest to keep to.  And the easiest for simple brains to follow.

[garote]

I’m pretty sick of this “emergency” shit. Like, “the emergency is that we really want to”. Basically taking a giant dump on the whole concept of rule of law.

[thewayne]

One of the problems is too much of our government was predicated on norms and respect for the institutions.  And along comes someone with no respect for anything, and we find out that norms have no legal interpretation.  And in this case, even if the norms were codified into law, we now find out that the current Speaker of the House has no interest in enforcing the system of checks and balances, so what would the point be.

[moxie_man]

I am so thankful my financial advisor pulled out of the stock market prior to the election. Now if the precious metals market tanks...

[murakozi]

If only there was some historical example, say from around a century ago, that showed how bad big ol tarrifs could be...

[thewayne]

That's the curious thing.  It was called The Gilded Age, or Golden Age, but for whom was it golden?  I guess just the robber barons, which is what he wants to be?