That profile picture looks EXACTLY like I picture those people... I hope this is a joke.
Congress can take the power to set tariffs away from the president. But will they? Highly doubtful.
This is 39% of the voting population folks....
Big sad. :(
This is why I'm hesitant to believe the tariffs will be the death knell of MAGA.
It might be enough to get the idiots who voted for him because they don't understand how markets work and blamed Biden, but these committed idiots will look the truth in the face and spit in it's eye because it doesn't line up with what they've committed themselves to.
Maybe I'm pessimistic. We've got almost four full years and the one thing this idiot has been committed to where it comes to economics is tariffs, namely on the biggest producer of our shit and that's a long time to be paying a thousand dollars for a cellphone, but I have really lost faith in the ability of human beings to put narrow self interest over blind prejudice.
Is it ok that I want the all to outright die? I want them to decay slowly, like the living manure they are. They deserve nothing else.
Do your research.
Even the administration admits that it will make things more expensive. The "passthrough" of 0.25 in their equation means Americans will pay 25% of the tariff amount. And it's in the denominator, so if it was 0, the (limit of the) tariff rate would go to infinity, which means no amount of tariff would be effective.
i wish it was less embarrassing to be wrong so that people like this wouldn't feel compelled to (checks notes) do whatever comes after octuple down
You don't pay the import tax if you buy goods from within the country.
The goal seems to be to drive sales to American businesses with American goods. Until it's cheaper to buy American goods than it is to buy Chinese goods. Reversing the roles.
That's the face value goal, if they were being honest and following classical economics. It's entirely moot when tariffs are put on goods that can't sufficiently be brought stateside.
For example, coffee and chocolate.
Yeah shifting production to the US is much more complicated than just making it more expensive to import things. Even when it's on goods that can be produced here, I'm skeptical that any of these tariffs will result in increased production here.
Yeah but you need to have some sort of industrial policy in place as well - to build infrastructure and subsidize onshoring. He's doing the opposite. He even cancelled the CHIPS Act, which was aimed at onshoring semiconductor production. No company is going to open manufacturing facilities in the US under this enormous economic volatility and without any government help to get started.
He's an abject fucking moron who, I'm convinced, is trying to reset wages and create a class of low paid wage slaves while funeling huge amounts of money to the wealthy. He's certainly going to cause stagflation and astronomical wealth inequality. If he succeeds fucking with interest rates he may cause hyperinflation. If the US loses global reserve currency status, they are proper fucked.
At this point, it can only end one way. Even if he's out of the picture, the damage he's done will last for a generation at least. He may have already torpedoed US economic superpower status.
Wtf
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