Thx D. Great summary. Clearly some abuses to try and solve but smartly...
For a little levity -- The Lutnick, Navarro, Trump, Bessent banter feels like watching Shakespeare In Love when Geoffrey Rush the Theater Owner explains to the Theater Financier played by Tom Wilkinson how the Theater business works while heading for disaster:
Tom Wilkinson : "What do we do".
Geoffrey Rush: "Nothing. Strangely enough it all turns out well."
Tom Wilkinson: "How?"
Geoffrey Rush: "I don't know, it's a mystery."
I for one am perfectly comfortable with the decades long deficits I maintain with certain and specific vendors including the game of golf, my local butcher and Radiohead. A rounding error relative to the value I derive.
From a congressional representative this a.m. :"We should just trust Trump. He's a deal guy. The Art of the Deal guy and a businessman. A great negotiator". Hmm. He's talking about a guy who has independently bankrupted or closed at least 11 businesses that had his name on them and defaulted on billions of dollars of debt. Similar to his lifelong obsession with tariffs, Trump was once longtime obsessed with owning the Plaza. He bought the Plaza for $408mm, sold it for $325mm five years later to a buyer who ultimately sold it for $675mm. What could go wrong?
I am one of the few that is in FAVOR of tariffs. But smart ones. Plenty of countries tariff our goods - but they also massively subsidize industries, which has the same effect.
So trying to equilibrate those discrepancies makes sense.
If you look at their "equation" for how they "calculated" their reciprocal tariffs, their primary assumption that only 25% of the extra cost would be passed on to consumers is laughably low. Widespread, sweeping cost increases are almost always directly passed through to consumers. I wouldn't be surprised if they have taken down the page describing their process/assumptions due to some content creators starting to point this out en masse.
Thx D. Great summary. Clearly some abuses to try and solve but smartly...
For a little levity -- The Lutnick, Navarro, Trump, Bessent banter feels like watching Shakespeare In Love when Geoffrey Rush the Theater Owner explains to the Theater Financier played by Tom Wilkinson how the Theater business works while heading for disaster:
Tom Wilkinson : "What do we do".
Geoffrey Rush: "Nothing. Strangely enough it all turns out well."
Tom Wilkinson: "How?"
Geoffrey Rush: "I don't know, it's a mystery."
I for one am perfectly comfortable with the decades long deficits I maintain with certain and specific vendors including the game of golf, my local butcher and Radiohead. A rounding error relative to the value I derive.
From a congressional representative this a.m. :"We should just trust Trump. He's a deal guy. The Art of the Deal guy and a businessman. A great negotiator". Hmm. He's talking about a guy who has independently bankrupted or closed at least 11 businesses that had his name on them and defaulted on billions of dollars of debt. Similar to his lifelong obsession with tariffs, Trump was once longtime obsessed with owning the Plaza. He bought the Plaza for $408mm, sold it for $325mm five years later to a buyer who ultimately sold it for $675mm. What could go wrong?
Binksy, we were there at the scene of the craziness! Taj Mahal, Trump Shuttle, etc! Hope you are Kathy are well!
less quotes from Ted Cruz please
You’re reading it V! I’m honored
I am one of the few that is in FAVOR of tariffs. But smart ones. Plenty of countries tariff our goods - but they also massively subsidize industries, which has the same effect.
So trying to equilibrate those discrepancies makes sense.
This is just dumb. No thought, no plan, nothing.
Yep. I agree. Especially non tariff barriers.
If you look at their "equation" for how they "calculated" their reciprocal tariffs, their primary assumption that only 25% of the extra cost would be passed on to consumers is laughably low. Widespread, sweeping cost increases are almost always directly passed through to consumers. I wouldn't be surprised if they have taken down the page describing their process/assumptions due to some content creators starting to point this out en masse.