Trump Mercilessly Mocked Over Frighteningly False Tariff Claim

[Magnus]

Mark Cuban joined a number of critics who mocked Donald Trump on Saturday after the Republican presidential nominee’s false claim that imposing tariffs doesn’t “affect our country.”

The former president, in a meandering speech at a campaign rally, pledged to impose tariffs on foreign-made products from China and other countries in order to bring jobs “back home” in an effort to take in “billions and billions of dollars.”

“A tariff is a tax on a foreign country, that’s the way it is, whether you like it or not. A lot of people like to say, ‘Oh, it’s a tax on us.’ No, no, no,” Trump told the crowd at the rally in Wilkes-Barre, Pennsylvania, on Saturday.

He later added, “It’s a tax on a country that’s ripping us off and stealing our jobs. And it’s a tax that doesn’t affect our country.”

Trump has previously pushedthe false claim on tariffs despite multiplemediaoutlets noting that American consumers and industries have bore much of the cost of Trump’s tariffs.

Several economists recently told Newsweek that his tariff proposal would raise prices for U.S. consumers and that such a plan would hurt American companies as well.

Trump Mercilessly Mocked Over Frighteningly False Tariff Claim

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How can a guy who bills himself as a businessman not know what tariffs are? He not only got tariffs wrong, he also forgot where he was and thought he was in North Carolina! The poor guy is losing it. In more ways than one!

 

[Magnus]

 

[shockedcanadian]

Mark Cuban joined a number of critics who mocked Donald Trump on Saturday after the Republican presidential nominee’s false claim that imposing tariffs doesn’t “affect our country.”

The former president, in a meandering speech at a campaign rally, pledged to impose tariffs on foreign-made products from China and other countries in order to bring jobs “back home” in an effort to take in “billions and billions of dollars.”

“A tariff is a tax on a foreign country, that’s the way it is, whether you like it or not. A lot of people like to say, ‘Oh, it’s a tax on us.’ No, no, no,” Trump told the crowd at the rally in Wilkes-Barre, Pennsylvania, on Saturday.

He later added, “It’s a tax on a country that’s ripping us off and stealing our jobs. And it’s a tax that doesn’t affect our country.”

Trump has previously pushedthe false claim on tariffs despite multiplemediaoutlets noting that American consumers and industries have bore much of the cost of Trump’s tariffs.

Several economists recently told Newsweek that his tariff proposal would raise prices for U.S. consumers and that such a plan would hurt American companies as well.

Trump Mercilessly Mocked Over Frighteningly False Tariff Claim

---

How can a guy who bills himself as a businessman not know what tariffs are? He not only got tariffs wrong, he also forgot where he was and thought he was in North Carolina! The poor guy is losing it. In more ways than one!

Send Mark Cuban over to me. If he can control his emotions as he does seem to suffer from some form ADD or something judging by the way he continued to cut off Vivek who debated him; I will happily educate him on tariffs. He will surely lose the debate even for all the wealth he has accumulated. S

See the number of posts I have made on this issue. The problem is today that most are taught in Business School that something is bad, without it being in context. It's why so many contrarian investors have made bank over their careers.

I'm a libertarian, but I don't believe in being abused by foreign nations. Thus, reciprocity is important.

Cuban is clearly not a man who manufactures in the U.S. Therefore, he can fly a kite in a thunderstorm and go swim in his billions. Tariffs do NOT affect America. They contribute to the treasury and consumers have a choice.

If the importer passes the tariff on to the consumer, there is no law that says that the consumer has to support the company. Perhaps they will find a domestic manufactured product which is cheaper (and made better) as the local manufacturer doesn't have to pay the tariff. Tariffs make it more unappealing to manufacture outside of the U.S. That's all.

If it contributes to higher prices it is only because the consumer accepted THAT manufacturing passing it on to them.

 

[Mashmont]

Mark Cuban joined a number of critics who mocked Donald Trump on Saturday after the Republican presidential nominee’s false claim that imposing tariffs doesn’t “affect our country.”

The former president, in a meandering speech at a campaign rally, pledged to impose tariffs on foreign-made products from China and other countries in order to bring jobs “back home” in an effort to take in “billions and billions of dollars.”

“A tariff is a tax on a foreign country, that’s the way it is, whether you like it or not. A lot of people like to say, ‘Oh, it’s a tax on us.’ No, no, no,” Trump told the crowd at the rally in Wilkes-Barre, Pennsylvania, on Saturday.

He later added, “It’s a tax on a country that’s ripping us off and stealing our jobs. And it’s a tax that doesn’t affect our country.”

Trump has previously pushedthe false claim on tariffs despite multiplemediaoutlets noting that American consumers and industries have bore much of the cost of Trump’s tariffs.

Several economists recently told Newsweek that his tariff proposal would raise prices for U.S. consumers and that such a plan would hurt American companies as well.

Trump Mercilessly Mocked Over Frighteningly False Tariff Claim

---

How can a guy who bills himself as a businessman not know what tariffs are? He not only got tariffs wrong, he also forgot where he was and thought he was in North Carolina! The poor guy is losing it. In more ways than one!

Cuban is so angry and jealous he can't be Trump. Trump was a multi-billionaire. Cuban wanted to be rich. Trump owned a pro sports team. Cuban wanted to own a team. Trump was a reality TV star. Cuban wanted to be a reality TV star. Trump was president. Cuban wanted to be president. Cuban is so obsessed with the great man, he can't see straight.

 

[Magnus]

Send Mark Cuban over to me. If he can control his emotions as he does seem to suffer from some form ADD or something judging by the way he continued to cut off Vivek who debated him; I will happily educate him on tariffs. He will surely lose the debate even for all the wealth he has accumulated. S

See the number of posts I have made on this issue. The problem is today that most are taught in Business School that something is bad, without it being in context. It's why so many contrarian investors have made bank over their careers.

I'm a libertarian, but I don't believe in being abused by foreign nations. Thus, reciprocity is important.

Cuban is clearly not a man who manufactures in the U.S. Therefore, he can fly a kite in a thunderstorm and go swim in his billions. Tariffs do NOT affect America. They contribute to the treasury and consumers have a choice.

If the importer passes the tariff on to the consumer, there is no law that says that the consumer has to support the company. Perhaps they will find a domestic manufactured product which is cheaper (and made better) as the local manufacturer doesn't have to pay the tariff. Tariffs make it more unappealing to manufacture outside of the U.S. That's all.

If it contributes to higher prices it is only because the consumer accepted THAT manufacturing passing it on to them.

What the fuck are you babbling about? "If the importer passes the tariff on to the consumer, there is no law that says that the consumer has to support the company." LOL

You retards are up in arms over inflation and yet see no issues with your orange fuhrer and his tariffs? And you idiots wonder why we say you are in a cult.

 

[Magnus]

Cuban is so angry and jealous he can't be Trump. Trump was a multi-billionaire. Cuban wanted to be rich. Trump owned a pro sports team. Cuban wanted to own a team. Trump was a reality TV star. Cuban wanted to be a reality TV star. Trump was president. Cuban wanted to be president. Cuban is so obsessed with the great man, he can't see straight.

Sure, that is the issue. Cuban is jealous.

Thanks, retard. I would be shocked if you retards had anything but an idiotic response.

 

[shockedcanadian]

What the fuck are you babbling about? "If the importer passes the tariff on to the consumer, there is no law that says that the consumer has to support the company." LOL

You retards are up in arms over inflation and yet see no issues with your orange fuhrer and his tariffs? And you idiots wonder why we say you are in a cult.

You move your factory to China, I hit you with a tariff. You now have to pay that tariff when you import into the U.S

Tell me how that affects me, the consumer?

Does the manufacturer have to pass that on to the consumer? If they do, am I forced to buy "Made in China" or can I buy a domestic product instead that didnt have a tariff to pass on to me?

There is no law that a business has to manufacture in China nor that the consumer has to buy that product. They are getting a major break on wages and environmental regulations when they make a product in China, so, they should pay a premium. Instead of calling it a tariff, call it "environmental damage subsidy".

You just reflexively scream "tariffs cost me money"! Call the company and ask them why they are manufacturing in China then.

Here's a newsflash for you, ALL countries have tariffs on foreign made goods.

 

[Hellokitty]

Mark Cuban joined a number of critics who mocked Donald Trump on Saturday after the Republican presidential nominee’s false claim that imposing tariffs doesn’t “affect our country.”

The former president, in a meandering speech at a campaign rally, pledged to impose tariffs on foreign-made products from China and other countries in order to bring jobs “back home” in an effort to take in “billions and billions of dollars.”

“A tariff is a tax on a foreign country, that’s the way it is, whether you like it or not. A lot of people like to say, ‘Oh, it’s a tax on us.’ No, no, no,” Trump told the crowd at the rally in Wilkes-Barre, Pennsylvania, on Saturday.

He later added, “It’s a tax on a country that’s ripping us off and stealing our jobs. And it’s a tax that doesn’t affect our country.”

Trump has previously pushedthe false claim on tariffs despite multiplemediaoutlets noting that American consumers and industries have bore much of the cost of Trump’s tariffs.

Several economists recently told Newsweek that his tariff proposal would raise prices for U.S. consumers and that such a plan would hurt American companies as well.

Trump Mercilessly Mocked Over Frighteningly False Tariff Claim

---

How can a guy who bills himself as a businessman not know what tariffs are? He not only got tariffs wrong, he also forgot where he was and thought he was in North Carolina! The poor guy is losing it. In more ways than one!

The facts are his tariffs didn't raise, but in fact lowered prices.

Right before the pandemic would hit a few months later, despite two years of doomsayer predictions from Wall Street’s professional punditry, all of them said Trump’s 2017 steel and aluminum tariffs on China, Canada and the EU would create massive inflation – it just wasn’t happening!



Overall, year-over-year inflation was hovering around 1.7 percent [Table-A BLS]; yup, that was our inflation rate. The rate in the latter half of 2019 was firmed up with less month-over-month fluctuation, and the rate basically remained consistent. [See Below] The U.S. economy was on a smooth glide path, strong, stable, and Main Street was growing with MAGAnomics at work.

A couple of important points. First, unleashing the energy sector to drive down overall costs to consumers, and industry outputs was a key part of President Trump’s America First MAGAnomic initiative. Lower energy prices help the worker economy, middle class and average American more than any other sector.

Which brings us to the second important point. Notice how food prices had very low year-over-year inflation – 0.5 percent. That is a combination of two key issues: low energy costs, and the fracturing of Big Ag’s hold on the farm production and the export dynamic:

(BLS) […] The index for food at home declined for the third month in a row, falling 0.2 percent. The index for meats, poultry, fish, and eggs decreased 0.7 percent in August as the index for eggs fell 2.6 percent. The index for fruits and vegetables, which rose in July, fell 0.5 percent in August; the index for fresh fruits declined 1.4 percent, but the index for fresh vegetables rose 0.4 percent. The index for cereals and bakery products fell 0.3 percent in August after rising 0.3 percent in July. (link)

For the previous twenty years, food prices had been increasingly controlled by Big Ag, and not by normal supply and demand. The commodity market became a ‘controlled market’. U.S. food outputs (farm production) was controlled and exported to keep the U.S. consumer paying optimal prices.

President Trump’s trade reset was disrupting this process. As farm products were less exported, the cost of the food in our supermarket became reconnected to a ‘more normal’ supply and demand cycle. Food prices dropped, and our pantry costs were lowered.

The Commerce Dept. then announced that retail sales climbed by 0.4 percent in August 2019, twice as high as the 0.2 percent analysts had predicted. The result highlighted retail sales strength of more than 4 percent year-over-year. These excellent results came on the heels of blowout data in July, when households boosted purchases of cars and clothing.

The better-than-expected number stemmed largely from a 1.8 percent jump in spending vehicles. Online sales, meanwhile, also continued to climb, rising 1.6 percent. That’s similar to July 2019, when Amazon held its two-day blowout Prime Day sale. (link)

Despite the efforts to remove and impeach President Trump, it did not look like middle class America was overly concerned about the noise coming from the pundits. Likely that’s because blue collar wages were higher, Main Street inflation was lower, and overall consumer confidence was strong. Yes, MAGAnomics was working.

Additionally, remember all those MSM hours and newspaper column inches where the professional financial pundits were claiming Trump’s tariffs were going to cause massive increases in prices of consumer goods?

Well, exactly the opposite happened [BLS report] Import prices were continuing to drop:



[Table 1 – BLS report link]

This was a really interesting dynamic that no one in the professional punditry would dare explain.

Donald Trump’s tariffs were targeted to specific sectors of imported products. [Steel, Aluminum, and a host of smaller sectors etc.] However, when the EU and China responded by devaluing their currency, that approach hit all products imported, not just the tariff goods.

Because the EU and China were driving up the value of the dollar, everything we were importing became cheaper. Not just imports from Europe and China, but actually imports from everywhere. All imports were entering the U.S. at substantially lower prices.

This meant when we imported products, we were also importing deflation.

This price result is exactly the opposite of what the economic experts and Wall Street pundits predicted back in 2017 and 2018 when they were pushing the rapid price increase narrative.

Because all the export dependent economies were reacting with such urgency to retain their access to the U.S. market, aggregate import prices were actually lower than they were when the Trump tariffs began:

[…] Prices for imports from China edged down 0.1 percent in August following decreases of 0.2 percent in both July and June. Import prices from China have not advanced on a monthly basis since ticking up 0.1 percent in May 2018. The price index for imports from China fell 1.6 percent for the year ended in August.

[…] Import prices from the European Union fell 0.2 percent in August and 0.3 percent over the past 12 months.

[Page #4 – BLS Report, pdf] – BLS press release.

The Empirical MAGAnomic Reality that Destroys Gary Cohn's Claim About Trump Tariffs - The Last Refuge

Our own analysis of U.S. consumer prices in 2019 showed that prices of imported goods actually declined despite the tariffs. A recent report from CPA takes a look at the impact to Chinese exports to the U.S. [SEE DATA HERE] Bottom line, the tariffs worked to reduce Chinese imports. CPA – […]...

theconservativetreehouse.com

 

[Magnus]

You move your factory to China, I hit you with a tariff. You now have to pay that tariff when you import into the U.S

Tell me how that affects me, the consumer?

Does the manufacturer have to pass that on to the consumer? If they do, am I forced to buy "Made in China" or can I buy a domestic product instead that didnt have a tariff to pass on to me?

There is no law that a business has to manufacture in China nor that the consumer has to buy that product. They are getting a major break on wages and environmental regulations when they make a product in China, so, they should pay a premium. Instead of calling it a tariff, call it "environmental damage subsidy".

You just reflexively scream "tariffs cost me money"! Call the company and ask them why they are manufacturing in China then.

Here's a newsflash for you, ALL countries have tariffs on foreign made goods.

Are you actually a Republican or pretending to be one? I am surprised that you are asking such silly questions.

Tariffs typically lead to higher prices for consumers. It also shields domestic companies from foreign competition. So, you either pay higher prices or get lower quality goods since there is no competition.

This was supposed to be the Republican bedrock. Being competitive. Free Enterprise. What the heck happened to you guys?

 

[SassyIrishLass]

Nobody with any integrity listens to a yellow belly

 

[Magnus]

You move your factory to China, I hit you with a tariff. You now have to pay that tariff when you import into the U.S

Tell me how that affects me, the consumer?

Does the manufacturer have to pass that on to the consumer? If they do, am I forced to buy "Made in China" or can I buy a domestic product instead that didnt have a tariff to pass on to me?

There is no law that a business has to manufacture in China nor that the consumer has to buy that product. They are getting a major break on wages and environmental regulations when they make a product in China, so, they should pay a premium. Instead of calling it a tariff, call it "environmental damage subsidy".

You just reflexively scream "tariffs cost me money"! Call the company and ask them why they are manufacturing in China then.

Here's a newsflash for you, ALL countries have tariffs on foreign made goods.

Here is the WSJ back in 2022:

President Biden has rolled back some of Donald Trump’s destructive tariffs, but not enough, and they’re still doing economic harm. New analyses of Mr. Trump’s Section 232 steel and aluminum tariffs show how consumers and manufacturers are still paying for the border taxes that benefit only a few companies.

A study by Harbor Aluminum for the Beer Institute finds that the 10% tariff on imported aluminum cost U.S. beverage manufacturers $1.7 billion from March 2018 through August 2022. About 93% of the $1.7 billion has been pocketed by domestic aluminum producers and smelters in the U.S. and Canada. Only $120 million has gone to the U.S. government.

More than 70% of aluminum in cans is made from recycled scrap metal, which isn’t subject to tariffs. Most aluminum imports come from Canada, which since 2019—aside from a brief reversal in 2020—is no longer covered by the Section 232 tariffs. So beverage manufacturers don’t have to pay tariffs on the vast majority of metal that goes into beer and soda cans.
Yet the tariffs still increase costs for beverage makers as they let domestic aluminum producers raise prices for U.S. manufacturers that buy the metal. This is what tariffs typically do.

By raising the cost of production, tariffs constrain manufacturers, who cut jobs and pass costs to consumers. A recent paper from the Tax Foundation estimates that repealing the Section 232 tariffs would “boost long-run GDP by 0.02 percent and create about 4,000 jobs.”

https://www.wsj.com/articles/call-them-the-biden-trump-tariffs-now-section-232-aluminum-steel-tariffs-beverage-manufacturers-11666721317

 

[Fort Fun Indiana]

A tariff is a tax on a foreign country, that’s the way it is, whether you like it or not.

Grade A moron

 

[shockedcanadian]

Here is the WSJ back in 2022:

President Biden has rolled back some of Donald Trump’s destructive tariffs, but not enough, and they’re still doing economic harm. New analyses of Mr. Trump’s Section 232 steel and aluminum tariffs show how consumers and manufacturers are still paying for the border taxes that benefit only a few companies.

A study by Harbor Aluminum for the Beer Institute finds that the 10% tariff on imported aluminum cost U.S. beverage manufacturers $1.7 billion from March 2018 through August 2022. About 93% of the $1.7 billion has been pocketed by domestic aluminum producers and smelters in the U.S. and Canada. Only $120 million has gone to the U.S. government.

More than 70% of aluminum in cans is made from recycled scrap metal, which isn’t subject to tariffs. Most aluminum imports come from Canada, which since 2019—aside from a brief reversal in 2020—is no longer covered by the Section 232 tariffs. So beverage manufacturers don’t have to pay tariffs on the vast majority of metal that goes into beer and soda cans.
Yet the tariffs still increase costs for beverage makers as they let domestic aluminum producers raise prices for U.S. manufacturers that buy the metal. This is what tariffs typically do.

By raising the cost of production, tariffs constrain manufacturers, who cut jobs and pass costs to consumers. A recent paper from the Tax Foundation estimates that repealing the Section 232 tariffs would “boost long-run GDP by 0.02 percent and create about 4,000 jobs.”

https://www.wsj.com/articles/call-them-the-biden-trump-tariffs-now-section-232-aluminum-steel-tariffs-beverage-manufacturers-11666721317

Yes, focus on the sentence "pass costs to consumers". That is the manufacturers choice.

I don't believe that a broad tariff should be applied, however, getting rid of the debt is difficult if you don't have foreign countries paying their share. Regardless, I definitely believe that tariffs against those nations who hit ones country with a tariff, should be repaid.

Tariffs aren't ideal, I would prefer ALL countries eliminate tariffs. I would also prefer all countries don't subsidize their companies and flood other nations which cheap goods to try and bankrupt companies, which is what China is doing. This, above and beyond the slave labour and lack of environmental protections.

See below, China applies more than double the rate of tariffs that the U.S does. Canada has half of the tariffs the U.S has, but yet our economy is in the ditch and we pay WAY more than you do. You know why? Taxes and more domestic competition in the U.S. We have outsourced so much from Canada that we don't have consumers and we don't innovate locally.

Infographic: Where Global Tariffs Are Highest And Lowest

This chart shows the average weighted tariff rate applied across all products in 2016.

www.statista.com