Hatch: Trump steel and aluminum tariffs are a 'tax hike on Americans'

[mystery-ak]

Hatch: Trump steel and aluminum tariffs are a 'tax hike on Americans'
By Jordain Carney - 05/31/18 10:29 AM EDT

GOP Sen. Orrin Hatch (Utah), the chairman of the Senate Finance Committee, on Thursday, blasted the Trump administration's decision to slap steel and aluminum tariffs on the European Union, Canada and Mexico saying the financial penalties are a "tax hike on Americans."
"My position remains unchanged: Tariffs on steel and aluminum imports are a tax hike on Americans and will have damaging consequences for consumers, manufacturers and workers," Hatch said in a statement.

Commerce Secretary Wilbur Ross announced earlier Thursday that President Trump has decided to slap hefty tariffs on the EU, Mexico and Canada, ending the temporary exemptions for the key trading allies despite their two months of lobbying to avoid the tariffs.

Hatch added that he would urge the administration to reverse its decision but did not specify what steps he would take to try to pressure them to do so.

more
http://thehill.com/blogs/floor-action/senate/390043-hatch-trump-steel-and-aluminum-tariffs-are-a-tax-hike

[Frank Cannon]

Sure thin Orrin. We should just continue to bend over and take having our products taxed to hell over seas while their shit just floods the hell out of our markets. It's so much better that our wealth go to them anyway.

BTW Orrin. How's that Geneva Steel plant doing that you used taxpayers money to bail out for your pals? Oh yeah. It went belly up because of cheap overseas steel.

[Formerly Once-Ler]

http://money.cnn.com/2018/05/31/investing/stock-market-today-dow-jones-nasdaq-steel-aluminum/index.html
Dow drops 250 points on Trump's tariffs

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[Frank Cannon]

http://money.cnn.com/2018/05/31/investing/stock-market-today-dow-jones-nasdaq-steel-aluminum/index.html
Dow drops 250 points on Trump's tariffs

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Yeah. Your CNN article cherry picks Caterpillar as the reason for this after the markets have been open for only 2 hours and they begrudgingly admit that steel and aluminum manufacturers are up.........and totally skipping that the Euro contagion is getting worse which is the real reason stocks are soft today.

[Formerly Once-Ler]

Yeah. Your CNN article cherry picks Caterpillar as the reason for this after the markets have been open for only 2 hours and they begrudgingly admit that steel and aluminum manufacturers are up.........and totally skipping that the Euro contagion is getting worse which is the real reason stocks are soft today.

Whew...Just unfortunate timing I guess.  I was starting to worry President Trump didn't know what he was doing.

[Suppressed]

Well, Hatch is occasionally correct, as in this instance.

[the_doc]

Well, Hatch is occasionally correct, as in this instance.

Pardon my cynicism, but I suspect that Hatch is mainly being a RINO Mormon trying to help another anti-Trump RINO Mormon win a Senate seat in Utah.

(No, I don't like the tariffs, but I am hopeful that they are going to be temporary.) 

[Hoodat]

Trump steel and aluminum tariffs are a 'tax hike on Americans'

Paging Captain Obvious.  Please pick up the white courtesy phone.  Paging Captain Obvious  .  .  .

[Hoodat]

they begrudgingly admit that steel and aluminum manufacturers are up........

Of course they're up.  They were able to implement a 25% across the board price increase on everything they sell.

[corbe]

   Mexico, Canada and the EU are learning the hard way what happens when you can't expedite Ivanka's Trademarks through your bloated bureaucracy.

[libertybele]

http://money.cnn.com/2018/05/31/investing/stock-market-today-dow-jones-nasdaq-steel-aluminum/index.html
Dow drops 250 points on Trump's tariffs

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Yeppers ... the nose-dive is indeed beginning.  Not sure "wee" is the word, rather  "hold on to your seats"!

[Frank Cannon]

Of course they're up.  They were able to implement a 25% across the board price increase on everything they sell.

25%? What are you talking about? Aluminum is still way off the high it had a month ago. It's at around $2300 now and it was as high as $2700 in the last 6 months.

[Hoodat]

Steel, Aluminum Prices Rise on U.S. Tariffs
Some analysts expressed concern that retaliatory tariffs might ultimately slow global trade

Benjamin Parkin and David Hodari     |     May 31, 2018 2:52 p.m. ET

Upcoming U.S. tariffs on steel and aluminum imports from European and North American allies boosted markets for the metals on Thursday.

Commerce Secretary Wilbur Ross said the U.S. would impose duties of 25% on steel and 10% on aluminum from Canada, Mexico and the European Union starting Friday. The duties were first outlined in March, though those countries were given temporary waivers.

Steel and aluminum prices rose, while shares of U.S. producers were also higher. Traders were betting that the duties would translate into higher domestic prices, though analysts said the disruption to trade could ultimately pressure international markets.

https://www.wsj.com/articles/steel-aluminum-prices-rise-on-u-s-tariffs-1527792759

[GrouchoTex]

I guess I'm fixing to find out if it will be a tax hike on us or not.

We use steel for a lot of our components that we manufacture.
We buy from local vendors, but they buy it from all over the world.
We will know soon how much of an increase they are going to pass on to us.

[Emjay]

Pardon my cynicism, but I suspect that Hatch is mainly being a RINO Mormon trying to help another anti-Trump RINO Mormon win a Senate seat in Utah.

(No, I don't like the tariffs, but I am hopeful that they are going to be temporary.)

Well, I gotta admit that I don't know enough about economics to judge the tariffs but I think they were an effort to call attention to the way that America is being abused (I wanted to say screwed but I am trying to avoid the crude and coarseness that is becoming common in today's language)
by other countries.

Anyway, I gotta say I trust Trump more than I trust Hatch on this issue. 

[Weird Tolkienish Figure]

Well, I gotta admit that I don't know enough about economics to judge the tariffs but I think they were an effort to call attention to the way that America is being abused (I wanted to say screwed but I am trying to avoid the crude and coarseness that is becoming common in today's language)
by other countries.

Anyway, I gotta say I trust Trump more than I trust Hatch on this issue.

Tariffs are a tax hike on consumers... how is that not abuse exactly?

[skeeter]

Well, I gotta admit that I don't know enough about economics to judge the tariffs but I think they were an effort to call attention to the way that America is being abused (I wanted to say screwed but I am trying to avoid the crude and coarseness that is becoming common in today's language)
by other countries.

Anyway, I gotta say I trust Trump more than I trust Hatch on this issue.

Back before the federal income tax tariffs & duties were the primary means the government used to fund itself, BTW.

Trump ran on changing the postwar trade dynamic, the one where the US is basically the world's patsy. There is no other way to reset that without going through this negotiating process.

[Formerly Once-Ler]

https://twitter.com/NoahCRothman/status/1002600043189276675
Noah Rothman @NoahCRothman

We're due for a recession. And when the business cycle reasserts itself, the Trumpian GOP's impulse will be the Democratic impulse: protectionism and inefficiency that prolongs and deepens the dip. We're in for a rough ride.

https://www.commentarymagazine.com/politics-ideas/its-a-lovely-day-for-a-trade-war/

It’s a Lovely Day for a Trade War

It has come to this. This week, an American president—a Republican, at that—found himself on the receiving end of a blistering lecture on the virtues of free-market economics and the perils of chauvinism and protectionism, and he absorbed this deserved scolding from, of all people, the president of France.

On Thursday, French President Emanuel Macron issued a broadside against President Donald Trump over his administration’s decision to levy substantial tariffs on steel and aluminum imports from American partners, including Canada, Mexico, and the European Union. “Economic nationalism leads to war,” Macron warned ominously. “This is exactly what happened in the 1930s.”

To impose these new tariffs, the Trump White House had to declare some of America’s closest European and North American allies threats to U.S. national security. After all, Congress has the power to regulate trade, and it only cedes to the executive branch the ability to execute stiff penalties on imports in a time of grave national crisis. But, of course, there is no crisis. There hasn’t been a crisis for some time.

More at link...

[Hoodat]

Well, I gotta admit that I don't know enough about economics to judge the tariffs

Understatement of the year

Anyway, I gotta say I trust Trump more than I trust Hatch on this issue.

I trust Milton Friedman more than Trump or Hatch.

[Oceander]

Understatement of the year


I trust Milton Friedman more than Trump or Hatch.

[Hoodat]

It amazes me to no end to see people here hold up a policy that failed miserably for Obama, and exclaim that somehow that same policy will work when Trump does it.

[IsailedawayfromFR]

http://money.cnn.com/2018/05/31/investing/stock-market-today-dow-jones-nasdaq-steel-aluminum/index.html
Dow drops 250 points on Trump's tariffs

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You gonna now announce how it is up 220 today or do you just play the one-way street?

[Emjay]

Understatement of the year


I trust Milton Friedman more than Trump or Hatch.

When did you get your PHD in economics.  I doubt if you know any more than I do.

[Emjay]

Tariffs are a tax hike on consumers... how is that not abuse exactly?

You do not know that and you cannot explain how tariffs are a tax hike on consumers.

How is that making sense?

[skeeter]

You do not know that and you cannot explain how tariffs are a tax hike on consumers.

How is that making sense?

Its funny how these 'economists' only mention the first part of the process - tarrifs raising consumer prices - and leave the second part out - higher prices encourage increased supply which drives prices back down.