“We're going to put a 100 percent tariff on every single car that comes across the line, and you're not going to be able to sell those guys if I get elected.” -DJT
Here's a few excerpts from the article......
It could be catastrophic. At a time when so many worry about inflation, past experience with other goods suggests a tariff likely would drive up the cost of motor vehicles, domestic as well as imports, used cars as well as new. And rather than add jobs, as Trump insists, these tariffs likely would send thousands of US workers to the unemployment line.
What would a tariff on imported autos and parts mean?
More Inflation, Fewer Jobs
What would the economic impact of auto tariffs look like? Immediately, a 100 percent tariff on imported vehicles would come close to doubling their price since most of the tax would be passed on to consumers.
But that would just be the beginning. Domestic producers likely would take the opportunity to raise their own prices, even before figuring in their higher costs from tariffs on the overseas parts they need to assemble their vehicles.
In addition, the jobs of many of the 1 million American workers who manufacture vehicles and parts and the 1.2 million employed by auto dealerships would be at risk.
Because Trump’s proposals are vague, no one has yet figured their impact on US employment. But 2018’s more modest 25 percent tariff on imported steel cost as many as 175,000 US jobs, according to some estimates. And they reduced net US income by more than $7 billion, according to one analysis.
Careful what you wish for. Do we remember the supply chain issues during Covid when import goods weren't being sent over here? How in the hell do you attack the flow of imported goods when you don't have a substitute already in place? Wouldn't it make more sense to build the domestic factories here and work out the bugs and put those labor forces in place for particular commodities and only after that's done, then do what's necessary to stop or slow down the flow of that commodity that's being imported?
Trump's plan is the opposite. Cut off our goods from overseas and then try to figure out how to keep up with the demand here at home. It would create a massive shit show which would have us begging for 3% inflation. We don't have the raw materials, facilities, labor, or even a plan to do all of our own manufacturing. There's a shortage of workers now, where are all of these new workers going to come from to fill these new factories pumping out, wait for it........91,605 truck, rail, and sea containers of goods PER DAY. That's in addition to the goods that our domestic factories are already producing. The US imports $9.2 Billion in goods PER DAY.
“We're going to put a 100 percent tariff on every single car that comes across the line, and you're not going to be able to sell those guys if I get elected.” -DJT
Here's a few excerpts from the article......
It could be catastrophic. At a time when so many worry about inflation, past experience with other goods suggests a tariff likely would drive up the cost of motor vehicles, domestic as well as imports, used cars as well as new. And rather than add jobs, as Trump insists, these tariffs likely would send thousands of US workers to the unemployment line.
What would a tariff on imported autos and parts mean?
More Inflation, Fewer Jobs
What would the economic impact of auto tariffs look like? Immediately, a 100 percent tariff on imported vehicles would come close to doubling their price since most of the tax would be passed on to consumers.
But that would just be the beginning. Domestic producers likely would take the opportunity to raise their own prices, even before figuring in their higher costs from tariffs on the overseas parts they need to assemble their vehicles.
In addition, the jobs of many of the 1 million American workers who manufacture vehicles and parts and the 1.2 million employed by auto dealerships would be at risk.
Because Trump’s proposals are vague, no one has yet figured their impact on US employment. But 2018’s more modest 25 percent tariff on imported steel cost as many as 175,000 US jobs, according to some estimates. And they reduced net US income by more than $7 billion, according to one analysis.
https://www.forbes.com/sites/howardgleckman/2024/03/28/what-trumps-100-percent-auto-tariff-would-mean-for-the-us-economy/?sh=5b3eaabe40fd
Careful what you wish for. Do we remember the supply chain issues during Covid when import goods weren't being sent over here? How in the hell do you attack the flow of imported goods when you don't have a substitute already in place? Wouldn't it make more sense to build the domestic factories here and work out the bugs and put those labor forces in place for particular commodities and only after that's done, then do what's necessary to stop or slow down the flow of that commodity that's being imported?
Trump's plan is the opposite. Cut off our goods from overseas and then try to figure out how to keep up with the demand here at home. It would create a massive shit show which would have us begging for 3% inflation. We don't have the raw materials, facilities, labor, or even a plan to do all of our own manufacturing. There's a shortage of workers now, where are all of these new workers going to come from to fill these new factories pumping out, wait for it........91,605 truck, rail, and sea containers of goods PER DAY. That's in addition to the goods that our domestic factories are already producing. The US imports $9.2 Billion in goods PER DAY.
Stop (CJB) I'm getting misty!
https://memes.getyarn.io/yarn-clip/68a274dd-4a93-4c68-b312-daa4b625c5a5