Tariffs Bring Wealth – A Blatant Lie
Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
Tariffs Will Buy Agricultural Goods – WTF?
Trump’s Proposal in Two Sentences
- For starters, tariffs are a tax on consumers.
- Thus, the bottom line of this idiocy is Trump proposes taxing US citizens to send free food to poor and starving countries.
US Lost $500 Billion – A Lie
We have lost 500 Billion Dollars a year, for many years, on Crazy Trade with China. NO MORE!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
- The US most assuredly has not lost $500 billion. US buyers received goods and services in return for dollars the Fed continues to debase.
- If China is indeed selling goods below cost, it is a subsidy, thus a gain to US buyers.
Aid for Farmers
The Wall Street Journal reports With Trade Deal in Jeopardy, Trump Pledges Aid to Farmers
With a U.S.-China trade deal in danger of collapse, the Trump administration said it will begin work on a new program to provide aid to farmers—sending a signal to Beijing that Washington is preparing for a prolonged conflict.
Farm sales and incomes have slumped during the continued trade tensions with China, and new tariffs imposed Friday raise the prospect of more hardship ahead.
As negotiators for the U.S. and China continued talks Friday, Mr. Trump said on Twitter that the U.S. could use tariff revenue to buy “agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance.”
Prolonged Trade War
Here’s the the subtitle of that WSJ article: Administration signals it is ready for a prolonged standoff as new tariffs on China take hold.
That’s a bit ironic given the following Tweet from today.
Negotiations Going Well – Might Conclude This Week
https://twitter.com/GregMannarino/status/1126528174483918848
Hey, We are Really Close
US Tsy Sec. Mnuchin: Trade Talks Were ‘Constructive’
— LiveSquawk (@LiveSquawk) May 10, 2019
Beautiful Letter
Let’s not forget yesterday’s beautiful letter: Trump says he has received ‘beautiful’ letter from China’s Xi.
Once again, we are close, really, really close. We are so close that Trump is ready for a prolonged standoff.
Don’t worry, there will be money left over after we send free food to the world.
Message Not Heard
On April 29, Chuck Grassley, a Republican Senator from Iowa warns Trump over tariffs.
In reference to USMCA (Trump’s NAFTA replacement) Senator Grassley warned “Trump’s Tariffs End or His Trade Deal Dies“.
Grassley concern is the devastating impact Trump’s tariffs have had on US agriculture.
Trump believes the tariffs will pay for themselves and then some.
Money Left Over
….If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else. China would greatly slow down, and we would automatically speed up!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
If there will be money left over, why bother with deal?
Economic Illiteracy
Dear president Trump. You are an economic illiterate. I suggest some light reading.
Reading List
- Economics for Real People by Gene Callahan
- Economics in One Lesson by Henry Hazlitt
- What Has Government Done With Our Money? by Murray N. Rothbard
- Case Against the Fed: Murray N. Rothbard
- Tomorrow’s Gold Marc Faber
- Capitalism For Kids: Growing Up To Be Your Own Boss by Carl Hess
- Debunking Modern Monetary Theory (MMT) & Understanding it First by Erik Zimerman
- An Introduction to Austrian Economics by Thomas C. Taylor
Items two, three, four, and eight are free downloads at mises.org. Item seven is a free website article.
Where should Trump Start?
This is easy. Trump should start with number 6: Capitalism for Kids.
That’s the correct level for him to pick up some essential basics.
Mike “Mish” Shedlock
To SAVE the climate, stopping imports from the OTHER side of the world is exactly whats needed.
Usa makes plenty of cars, so why import cars from Japan / germany ect. ?
When an american car factory worker buys a Jap/hitler wagon, then he deserves to be “fired”
Buy local & kill the global village scam.
From WAPO – a liar who sets BOTH the indoor and outdoor record for lies: ” President Trump has made more than 10,000 false or misleading claims … Now, on his 801st day [April 1, 2019], the count stands at 9,451, …”
Think about it, that’s 11.79 lies A DAY on average!
For all you anti-free trade folks, if tarrifs are so powerful to promote US interests, would someone please explain to me CONCISELY why both democratic and republican presidents since Eisenhower have never used them.
Bingo! Also if the tariffs are so good for americans, why does Trump impose only 25% on imported goods, why not increase thr tariffs to 100% or higher?
In theory there is no difference between practice and theory, but in practice there is. I doubt Adam Smith, the free trade proponent, would advocate asymmetrical disadvantaged free trade with a county that is your economic and military enemy who’s ultimate goal is to subjugate you. That is the ultimate example of being penny wise. Pay up now and stand up to the communists or pay a lot later. If you want peace prepare for war. This is economic war, What is despicable is that not one prior administration tried to correct this. Could Trump go about this in a better way? Most likely yes but I am not sure what other options there are. Companies agreeing to allow IP theft, technology transfers etc are doing so by their own volition of course. But their greed at any cost is harming the US and its the govt job to protect the country’s interests by not allowing this. I am not saying they need to stop soe’s or govt subsidies to some of their industries, we all do that. The hacking, stealing theivery, however needs to stop. Forcing private companies to make the Chinese govt a partner allows them to steal and duplicate their manufacturing expertise and then shortly thereafter they open a clone Chinese company and put their foreign partners out of business. The lists goes on and on. Besides an uptick in consumer prices will make the fed wet their pants in joy as they need inflation “badly” because its so good.
Denninger: “I think it’s delicious that in effect we can force the Chinese to feed a bunch of hungry third-world kids.”
A point no one else has made.
US consumer is not paying for these tariffs. We are only shifting supply chains.
The govt jdoesn’t just wake up and decide to come up with a list of Chinese imports to slap with a tariff, without the input of industries to be affected. It’s essential for them to minimize the adverse effects of these tariffs on the economy.
Check the last sentence of the article in the link below to see the full list of $200 Billion Chinese imports under 25% tariff.
There’s a lot of seafood, agricultural produce, textile products, chemicals, Wood and Leather products, metals and selected consumer electronics that could be sourced elsewhere.
If USTR together with corporations agreed that Chinese imports could be sourced from other countries, it was to be slapped with a 25% tariff. That’s why there’s still another list of $325Billion of Chinese imports that won’t be tariffed for now.
Check last sentence in this article.
Some of the products can easily be sourced from better countries than China. Less reliance on China is a net positive.
Total Ag exports to China are $24B/yr, or 0.12% of our economy. The impact on US consumers is negligible. I suppose the Trump haters think we should continue letting China steal our technology, and that Hitlary or the dozens of establishment candidates (D’s and R’s) would be changing the trajectory they put us on.
Call me crazy, but I’m beginning to think that modern economics and conventional wisdom on trade and immigration is either false or has been inconsequential. The NAFTA trade agreement decimated the mid west, which is how Trump got elected in the first place. These workers have not and likely will not be “retrained” as the common economic theory goes. Modern economists continue to push this idea that manufacturing is gone and that we should essentially gut our blue collar middle class, it is “inevitable”. This is a dream a of corporate raiders who see massive profits from off shoring and outsourcing, the truth being that wages have hardly budged since the 1970s. All wealth we have is in spite of economic policy, and is mostly due to technological advances.
Trumps tariff policy is done because the Chinnese are trying to wait out his term, seeing whether he will get reelection. The chinnese are praying for an open borders democrat, who will be weak on trade and immigration. The result being the USA creeping further towards a third world welfare state, where current low income Americans compete with low wage immigrants and the increasing equilibrium between our wealth distribution and all of the third world wealth distributions.
You’re only seeing one side of tariffs – the economists “ceterus paribus”. Tariffs will benefit a lot of US workers because it will incentivize business to make product within the US and in doing so they will avoid these tariffs. Yes it will be more expensive but the average worker will benefit by the demand based wage increase more than they will lose by the increase product cost. The US losers will be the retired – arguably the wealthy non-workers who will have to pay more for product without a wage based increase. However one of the Lefts more effective arguments against Capitalism is the increasing wealth split within society. Whilst on the face of it tariffs seem anti Adam Smith “Wealth of Nations” do recall that trade was supposed to based on each country specialization leading to increased relative efficiency. Practically what we have now is not this at all – just other countries don’t have the embedded hurdles like environmental, minimum wage, or workers rights of any form, green taxes etc etc. We’ve loaded Western economies with costs that other countries don’t have – that is the specialization only and its a faux result. If those countries wont allow their standards to rise as they should then tariffs are effective way of levelling the playfield.
For many US corporations, corporate profit is the difference between what the corporation pays a Chinese manufacturer (+freight, marketing, design, some small tax, etc) and what it can sell for in the US. This profit is then distributed as dividend and/or stock buyback –> US stock market goes up, 401K savings go up. This ‘system’/supply chain has come together over several decades now. Loss of the Chinese manufacturing base will cause loss of profit and loss of 401K at least in a short to mid term, and a massive dislocation and reorganization of the supply chain in the middle to long term. Those companies that are good at outsourcing may turn out to be very bad at manufacturing in the US.
The hit to the US consumer will be through higher prices on consumer goods (a $5 t-shirt for $200) and lower payout from 401K (never to be able to retire even for those ‘lucky’ to have 401K).
Also, there is no guarantee that corporations will start manufacturing in the US or what they manufacture will be technologically innovative or any better in quality than the Chinese made stuff. Corporations’ purpose is to generate money income. Education has been degraded. Just because US had in the past a great manufacturing base does not mean that manufacturing will return. Other outcomes are possible — US becomes an agricultural/raw resource backwater or instead of industrial innovation, it pursues a ‘service’ economy in which 90% of the population cock, wash, deliver and clean after the top 10%. So, elimination of the Chinese manufacturing base has go hand in hand with an industrial policy to ensure stability and investment for innovative manufacturing to take hold.
The “good” news is tariffs may finally produce the elusive consumer inflation that central bankers have dreamed about for the past decade. Time to buy I-bonds?
The problem is that inflation will never show up in the fake statistics the monetary politburo publishes. It can’t , it would bankrupt the govt as interest on their largess borrowing would skyrocket
It’s not just the “damn trade lies” that should stop.
It is an impressive list, if one is so inclined to categorize…
jobs, immigration, foreign policy, etc.
It’s not really about trade or tariffs. They are trying to force China into submission and it won’t work because Trump is demanding things that violate their sovereignty.
European Union is also following US on tackling Chinas unfair practices. There was a recent article on this on WallstreetJournal
If all free market economies refuse to trade with China’s, they have no option rather than to do massive structural changes that would allow them to trade with Free Market economies.
The Chinese aren’t perfect but Trump has made demands that are absurd in going too far, to restrain China from challenging the US.
Worse, Trump is great at creating pressures on other nations but it’s largely futile because he can’t close deals – with North Korea/Iran/China/Russia and so on.
China has realized it’s lacking technical capacity needed to transform it’s industries to modern high-end industries.
They tried to achieve what we have achieved within a very short time and then they realized, they are lacking by a great deal and they just can’t do this on their own.
So their govt decided to target our success. To achieve this transformation in industrial scale, CCP came up with policies that undermine our economy and industries that we have taken so much time and worked so hard to build.
China is completely determined to get what we have and they will stop at nothing until this is achieved. They have decided they will play all dirty games, break all rules in the book, push other countries down and step on them until they get what they want.
They have studied our system and have decided to exploit every loophole in our democratic and capitalist system. They have their eyes peeping on every keyhole, their ears eavesdropping through cracks on our walls, and they have their hands picking our pockets.
Please take some time and read these two Investigation reports from the office of Trade Representative. Read it through and tell me if the United States is making unreasonable demands if these are the actions of your government.
Remove the brackets { } and text – DOT – after USTR in the link below
INVESTIGATION INTO CHINA’S ACTS, POLICIES, AND PRACTICES RELATED TO TECHNOLOGY TRANSFER,
INTELLECTUAL PROPERTY, AND INNOVATION – March 2018
https://ustr {DOT}gov/sites/default/files/Section%20301%20FINAL.PDF
UPDATE ON CHINA’S CONTINUED MALPRACTICES – Nov 2018
Trump is a despicable person – I don’t like who he is as a person but I like some of his policies especially his position on China and Immigration, and the strong economy that we have now.
I wish a different better person with the same Trump policies could run for the presidency. I would give him my vote and drop Trump.
Have a look at his accomplishments in Trade Deals in the link below
Big gov’t desperately needs the cash,DC burnin through cash like a hot knife through butter,raise tariffs or raise taxes…..your choice!
Tariffs increase the tax base as corporations relocate to USA and jobs return.
Or maybe, just maybe. Cut defense spending?
This one too…
This one too
If this goes like George Costanza negotiations then the US will come out worse.
No one is going to win a trade war. Not Americans, and not the Chinese. Anyone foolish enough to think this trade war will not affect U.S. consumers, is either ignorant or not paying attention. U.S. farmers are already mortgaging themselves up to their eyeballs trying to stay afloat.
Politicians, lobbyists, lawyers and other creatures of the swamp which the gullibles are dumb enough to believe Trump is there to drain, do win trade wars. Which is why they are being fought.
So we pay more, and have to pay farmers to grow crap for poor people in other countries while cutting the poor off subsidies at home? Go to hell!
Somehow “poor people” I see in the Boston area can afford the latest Iphone, $150 sneakers, Cigarettes and vapes , are always playing lotto at 7-11 and own late model SUVs
I like the tariffs. The economy is doing well. Business is great again and economists are once again detached from the real world. Maybe this is the new normal.
Clearly PPT intervened today
There is no PPT Trump drained the swamp. Havent you heard
Mish, you don’t get it. Trump is not displaying his economic ignorance, but is playing 7D chess with the Chinese and the voters. Soon enough the rest of the world will catch on. Instead of prodding their own industry and agriculture, they will import everything, charge the importers huge tariffs, and use it to give away stuff to other lands. Everyone will be much better off than before.
Dear Mish. The China situation concerns politics, not economics. Trump thinks some economic damage is worth it. You may disagree.
Then Trump should go about economically damaging himself by overpaying for Chinese goods. Leaving Mish to decide for himself whether he wants to be equally stupid.
How do the preceeding 5 Presidents that got us into this financial black hole rate in comparison?
Ask and ye shall receive. Comparing Trump to the last 5 Presidents (back to Reagan) we can rate them by the percentage of debt increase or by dollar amount.
By percentage (most to least):
By dollar amount (most to least):
The financial black hole is not only a debt issue, as witnessed by this list that makes Clinton look the least responsible. It was Clinton that rescinded Glass-Steagall, which allowed the banksters to speculate with grannies deposits; and made student loan debt non-dischargable in bankruptcy, motivating banks to lend to anyone with a pulse, and taking advantage of the most economic illiterate and creating a generation of debt slaves that can’t afford to buy a house, much less start a family. Besides, Clinton totally manipulated the debt maturity to make his budget look better, at the expense of the long term –
Agreed, Clinton wasn’t a good President and repealing Glass-Steagall was unforgivable. He was also the benificiary of timing in the 90s with a giant tech bubble and the last pre 9/11 administration.
It’s very sad that his era was the last of “America”, before we went bonkers with ZIRP and the Forever Wars. Of course, his actions helped pave the way for it all.
The scary thing to me is that both sides are making rookie mistakes. For the Chinese, not keeping the SOEs and other Chinese economic interests obviously to be impacted by a trade deal in tow was a blunder. Sending them all a copy of what had been preliminarily agreed only in the 11th hour for their approval resulted in predictably massive markups, the same kind you’ll get every time you do a deal behind your contracts lawyer’s back and then hand it to him for approval on your way out the door to ink the deal.
For us, diarrhea of the mouth is epidemic. It’s as if the village idiot is sitting at the negotiating table and stepping out every few minutes to shout the latest comments to passersby.
SOEs, State Owned Enterprises, are the closest thing China has to a social safety net. They are not going to dump millions of Chinese on the street just to tick off a negotiating point. Think of us cutting Social Security at the behest of China.
Surely by now, both parties have grasped the two key issues: Persistent, large trade imbalance is a growing problem, and it can’t be fixed tomorrow.
US is not demanding that China, should divest from it’s SOEs.
We don’t care who owns their corporations. All the US is asking, is that Chinese SOE’s should operate like privately held companies in free market economies.
Chinese corporations should not receive loans from their govt at below-market rates. Chinese govt should not subsidize the cost of production and should not seek to protect these companies by shielding them from competition from foreign companies that seek to enter their markets.
Please have a look at this article to understand how China built it’s Steel behemoth using unfair practices
Neither the exporting country (e.g., China) nor the individual exporters pay the tariffs. The tariff-tax is paid by the importing business to the US Customs.
To the extent that the final product is price-inelastic, the cost will be pushed onto the consumer. (Whirlpool was able to do this by spreading the increase over both washers, which are subject to the tariffs and dryers, which are not – since they are often sold in tandem. Appliances tend to be price inelastic.) With more elastic goods, the brunt of the cost will be borne by business.
What portion of the tax that companies cannot shift to consumers will diminish margins. Such a company then has to decide how to respond to lower profits – and lower shareholder value. One Midwest manufacturer that sources parts from China has said that – while they could absorb the 10% tariff – the increase to 25% will compel them to move more production/assembly to Mexico as their least-cost alternative. But geographic shifts are not costless and do not happen overnight. Production cuts and layoffs are likely in the near term, depending on inventories.
There is no escaping the fact that tariffs are taxes paid by businesses and consumers in the importing country – here, the U.S. A full-blown tariff war just ratchets up costs all around. Mish is exactly right – as was Adam Smith in 1776.
Before USTR came up with a list of goods that will be tariffed, corporations were allowed to make their submissions on if they could source these goods from other countries. Most of these goods could be sourced elsewhere.
Which goods? Final goods or elements in the supply chain for final products? Which countries? Please be specific and comprehensive.
Check the last sentence of the article in the link below to see the full list of $200 Billion Chinese imports under 25% tariff.
I see a lot of seafood, agricultural produce, textile products, chemicals, Wood and Leather products, metals and selected consumer electronics.
If I had time, I could have gotten you an article from USTR website on the submissions made by corporations before they chose the goods that would be tariffed. Do some google search if you can.
The govt just doesn’t wake up and decide to come up with a list of Chinese goods to tariff without the input of the industries to be affected. They also want to minimize the adverse effects of these tariffs on the economy.
If USTR together with corporations agreed that Chinese imports could be sourced from other countries, it was to be slapped with a 25% tariff. That’s why there’s still another list of $325Billion of Chinese imports that won’t be tariffed for now.
Seems you can’t post a link with a direct download of PDF file in this comment section. Check the last sentence in this article – there’s a link to a PDF file.
Thank you. Appreciated.
I am not paying 25% more for Made In China. So I am not paying the tariff. Patriots agree. We are not paying the tariff. Thank Trump for making it easy to boycott Made In China, the high priced item.
Iowa is under water. The Missouri and Mississippi river valleys are flooded. Stored crops were ruined. Farmers are hurting, but not because of trade. China must eventually purchase soybeans or the Chinese don’t eat meat and they shrink back to five feet tall and ninety five pounds.
China must eventually buy soybeans. From Brazil and Argentina. Soybeans are fungible. Other countries not subject tariffs can buy American soy beans. Deals will still be made, perhaps less than optimal, but far from catastrophic.
For now . . . until China decides not to be subject to the whims of an American president anymore (or anyone else) and grows their own.
With african swine flu there is no need to import american soybeans. There is enough supply from the rest of the world
China pays the tariffs. American consumers are free to boycott the higher priced Chinese products and substitute American made products. Considering how strapped are American consumers they won’t be buying Chinese products. Tariffs spell opportunity for shrewd businessmen to manufacture in USA and undercut the Chinese competition by 25%. If business is slow to respond then tariffs can increase to 100%. I wouldn’t relocate manufacturing to Vietnam. You cannot outsmart President Donald Trump. President Trump is thinking six moves beyond Mish.
“You cannot outsmart President Donald Trump. President Trump is thinking six moves beyond Mish“
Totally agree but just in case lets ask Mish; Hey Mish just to compare how many times have you filed for bankruptcy? Is Trump really six moves ahead of you????
America may buy Mexican or South African. China may sell at a discount to other places. None of this takes place in closed circuits. Nobody will benefit, unless they suddenly discover better solutions than applied before the Meddler-in-Chief showered everyone with his genius.
Sigh . . . I see at least 4 ‘problems with this idea:
“Tariffs spell opportunity for shrewd businessmen to manufacture in USA and undercut the Chinese competition by 25%. If business is slow to respond then tariffs can increase to 100%.”
1. Moving manufacturing to China was a costly mistake. The only recovery is coming home.
Americans have rule of law and ethics lacking in China.
Competition. Higher Tariffs if necessary. There is no upper limit on tariffs. In fact higher tariffs and the ensuing inflation are necessary to bring the cost of American labor in line with the cost of Chinese labor.
Don’t bet against Donald Trump. Don’t even think about betting against President Donald Trump.
1. True, that increases the cost of doing business, so far US Co. have decided that that was worth it … who am I to second guess them?
2. Tariffs are an anathema to competition in a capitalist system . . . tariffs are a feature of mercantilism . . . or socialism (that dreaded word). SO just to make sure you are advocating the US leaves – and likely destroys it’s place – the global capitalist system . . . because you can COUNT on other counties putting tariffs in place and undoing that will take . . . forever.
3. I’m not, but even if he wins handily in 2020 what happens in 2024, are you advocating suspending the constitution? And with sky-high tariffs on US products the agricultural sector is going to crash (because make no mistake that’s what other countries are going to put THEIR tariffs on) and guess were most Trump voters live . . . so that will mean price support/controls (= socialism, there is that word again) for the agricultural sector if he want any chance of winning, as his opponents will surely promise that.
AND
and the US will have no option than to let them unless it wishes to use force to force them . . . hmm . . .
FINALLY
and here is the long term kicker . . . .
It’s these type of twits that are the orange buffoon’s base.
“orange buffoon’s base” — sounds sort of musical…
Thing is, there’s enough of them to keep Trump’s support going a little longer. Doesn’t say much for the education system, does it?
Additionally, 3+ years of RussiaGate BS has pushed those on the fence and more over to him. Almost, like it was planned that way. I forgot…they’re still pushing it even though all evidence has proven that it is complete BS. Nonetheless, I am thankful Hellary isn’t president.
Please list those American-made products – and only strictly American-made products, since that is your claim – that consumers can substitute for goods currently affected by the China tariffs. Please do not cheat by listing products assembled in the U.S. but relying on foreign supply chains. Please be complete. Thank you.
The bailouts and increased subsidies have to be part of the equation when looking at cost-benefit analysis of tariffs
Any analysis is a waste of time. Tariffs are just bad news. End of.
There is no realistic scenario under which China pays the tariffs. The goods are imported by American companies. If the companies import the goods they pay tariffs and pass on the cost to American buyers. If they don’t import the goods, no tariffs are paid. All this is doing is forcing American prices higher (and consequently lowering the standard of living in the U.S.).
GET REAL!
Tariffs are paid ALWAYS by the end buyer – American Consumer! Trump is displaying his stupid ignorance re economy/Tariff!
This is going to be funny watching the stock market crash and trump resign or get removed from office. The rest of 2019 and 2020 are going to bring a lot of instability to the United States and world.
Likely. It won’t be funny, but the sooner the next recession comes the better. Putting it off just makes for a harder landing down the road. Too many hard landings and the wheels will come off, in the form of monetary and social crises.
It will be funny. For the those who sell at the top and leave the bag holders behind.
Yep, it WILL be funny for those who sell at (or near) the top . . . are you CERTAIN you will be one of them?
I’m guessing from this statement Casual_Observer has everything in Tvix
This isn’t rocket science — selling stocks and going to cash is enough. Anyone who has ridden this rally has enjoyed massive returns and they’re not in the bag until you realise them. Even better, selling stocks now and buying some dividend paying gold stocks is probably the trade du jour.
S&P went from trough to over 300% since March ’09! Many are under the delusion that Stocks keep on growing to the Moon! The best cure for ignorance is the experience of going thru a secular BEAR mkt!
It is going to crash cause of idiots like you. Democracts are the cause of the economy to crash. They are playing you Americans like suckers. Trump isn’t going no where.
Tariffs are paid ALWAYS by the end buyer – American Consumer!
Trump is displaying his stupid ignorance re economy/Tariff!
The global labor arbitrage between America worker and others outside is still very high for US multi-nationals to bring back any significant manufacturing jobs back. There are other overseas locations other than china!