Trump’s next round of tariffs on China will hit things like diapers, strollers, infant formula, and children’s products in general.
To alleviate concerns, Mnuchin says he’s talked to Walmart.
The U.S. recently raised the tariffs it had applied to roughly $200 billion of Chinese goods to 25% from 10% and has proposed a 25% tariff on the remaining $300 billion of Chinese goods not yet subject to those levies.
Responding to Rep. Ben McAdams, a Utah Democrat who pointed out that his state leads the nation in children per household, Mnuchin replied that he’s talked on the phone with Walmart’s — Brett Biggs, though Mnuchin didn’t name him — to find out what things the company can source from other areas and what they can’t.
“We haven’t made any decisions yet but we will be especially sensitive to the consumer items,” Mnuchin said. The Treasury secretary said there will an exclusion process if there are any additional tariffs and said a decision on those additional tariffs will be made in 30 to 45 days.
Weakening Yuan
From the February 2018 low until May of 2019, the Yuan fell 9.6% vs the US dollar. That mitigated much of Trump’s 10% tariffs on Chinese goods.
The next 25% will be much more painful, and it will fall directly on US consumers with lower-income groups suffering the most pain.
Not to Worry
Trump loves collecting big tariffs.
Tax Hike on the Poor
Note that Big Tariffs Equate to Largest Tax Increase Since 1993
Rare Earths
China produces 80% of the world’s rare earth elements. They are used in weapons, cell phones, hybrid cars, and magnets.
And as Trump ponders still more tariffs, in retaliatory trade hardball, China Threatens to Cut Off US Supply of Rare Earth Elements.
Who Will Win the Trade War?
So, Who Will Win the Trade War?
Some say China, others say Trump.
Steve Bannon, former White House chief strategist, says the result will be win-win.
The correct answer is nobody, click for discussion.
Mike “Mish” Shedlock
Why would anyone in the US ever buy new baby supplies? There has to be a glut of used stuff out there, what with 1.7 kids per household. Unless strollers are designed to only last the two years or so before the kid starts walking…
“Trump’s next round of tariffs on China will hit things like diapers, strollers, infant formula, and children’s products in general.
To alleviate concerns, Mnuchin says he’s talked to Walmart.”
A real man of the people, that Mnuchin. He wants to know about their hardship…and who would know more about the pain of the common man than the WalMart CFO?!
Geez, consumers pay while farmers get welfare checks based on where they live (not even their crops or anything really loss based!). “WASHINGTON (Reuters) – The U.S. Department of Agriculture said on Thursday that farmers will receive $14.5 billion in direct payments as part of a $16 billion aid package designed to offset the financial pain from trade disputes with China and other nations.
Farmers will receive the first direct payment in July or August, with subsequent payments planned for late fall and early 2020, the USDA said. The payments will be based on the counties in which farmers live, not by crop, according to the agency..”
If Walmart could get away with raising prices on their items, why haven’t they already? Are they a bunch of socialists?
The tariffs will impact corporate profits first, not consumer prices. Which is why Congress cares about this.
When I go to Walmart, it seems most purchases are for food and household items like shampoo and soap. I would guess less than 10% of what people buy comes from China. It will hurt low income households a little, but nothing to be alarmed about.
“Who Will Win the Trade War?”
Who won the closure of 60,000 American factories? Nothing happens in a vacuum.
The suicide rate increased 24% in Ohio as it de-industrialized. What happened to the Peavey factory workers featured on Undercover Boss, after the company closed the factory and moved production out of country? The loss of a factory can be devistating for a small community, where it is a major employer.
Yes, we have gotten cheaper goods, but what has been the cost across society?
Damn it there go my harbor freight trips! Dont lecture me on quality hf has their place for certain things.
Business will migrate to other non tax countries. Time to let other countries experience the growth China has enjoyed. Philippines Vietnam Cambodia Korea’s Japan can take over easy and fast.
When inflation hits poor people is typically when the violence starts… Note that we’ve mostly been in deflation for the past decade, and there’s been plenty of EBT and big government welfare to go around. Hence falling violence, except Chicago and Baltimore.
Yeah – I remember the real violence started when America hit 15% inflation in the mid 1970s…oh wait, that never happened.
Now we have predictions of “tanks in the streets” if interest rates touch 3%.
In fact – the only violence I see is from the radical left pushing for socialism and trying to silence anyone who disagrees with them. Maybe they just need “more room to destroy” as so eloquently stated by the Mayor of Baltimore.
Pretty sure NYC wasn’t a good place to be in the 1970s…. I wasn’t alive then, but there were lots of riots and civil unrest in the 70s, were there not?
The “riots” in NYC in 1977 was cause by an extended power blackout. Something to think about with the rolling blackouts that will surely come with “GreenEnergy”
New York hit bottom in the late 60s, early 70s. Just when the incomes of productive American workers hit their peak.
Then Nixon severed the last tie of the currency to Gold, effectively giving the deadweight banksters; which were, and are, largely what’s left in New York; a free, unconstrained license to rob productive people to their hearts’ content.
Hence, entirely predictably to anyone with more brains than a doorknob: Since then, the fortunes of New York’s legions of deadweight leeches have been going up, up, up. And, by extension, so has the fortunes of the Trumps who were there to build them overpriced digs in exchange for their growing mountains of stolen loot.
While the fortunes of the productives, whose role is to be robbed to pay for the Goldman Trump party, have, just as predictably, taken a turn in the opposite direction.
It was during the late 60s and it was to protest the Vietnam war because draft was still in force. Kids didn’t understand the value of killing Vietnamese so they didn’t want the war to continue. That was what eventually caused President Johnson to not run for a second term.
Funny how the press and democrats could have cared less when “”low income consumers” beared the brunt of higher costs for:
Higher energy costs through Green Energy
obamacare
More insane and powerful public unions
Higher housing costs through QE, bailouts and ZIRP
Higher rental cost through QE, bailouts and ZIRP
Higher electric costs through closing coal plants
Higher taxes on cell phones and internet usage
Higher property taxes to pay for insane public union pensions
More and more regulations on every facet of life
Etc.
Here is the thing about tariffs.
They eventually will go away
In the mean time “Let them eat cake”
More like “in the meantime, let them watch the superbowl on a non 4K 72inch flatscreen… ”
Doesn’t have quite the same ring to it…
And a FYI. America is a massive food exporter. China is a massive food importer. Guess who has the upper hand?
It is call a metaphor… Anyway, tariffs are a regressive tax that hits medium to lower income the hardest. Walmart will eventually adjust by reducing employees with automation already in progress and sourcing from Vietnam, Mexico an others. The ones dreaming of those Chinese jobs moving back to the US are in denial. So the tariff will reduce employment at the low end and increase cost for all. I must say the serial bankruptcier is showing his business expertise again.
Choosing not to buy something is one thing. Being denied the opportunity by law is another. Free people should be able to choose to buy or not. Trump doesn’t care about freedom. Freedom annoys him.
Minimum wage burger flippers vote solidly Dimocrat and are unlikely to change. Inflation makes the US minimum wage more competitive to repatriation of manufacturing jobs. President Trump hit the bull’s eye again.
Wrong. Most Democratic voters are well educated. The Trump states are low education minimum wage hellholes like Alabama and West Virginia.
You have been reading the fake news, haven’t you.
You mean like every single poll… Besides, I always peg Trump supporters to be non elitist so why not embrace those polls…
85% of blacks are democrats as are 66% of hispanics. Both score far lower on IQ tests that whites and asians. Before calling me a racist, look it up.
And I did
I strongly recommend you not to do science you may hurt yourself. BTW what is the IQ of your president… Oh yeah he will not release it. Executive privilege. LOL
That article doesn’t refute what I wrote. It refutes that IQ tests are a valid measure of intelligence. Did you even read it? Or was is the first link you found that you thought disproved what I wrote?
Yes it does
“This, then, shows the limits to IQ tests: Though the tests are good measures of skills relevant to success in American society, the scores are only a good indicator of relative intellectual ability for people who have been exposed to equivalent opportunities for developing those skills – and who actually have the motivation to try hard on the test. IQ tests are good measures of innate intelligence–if all other factors are held steady. But if IQ tests are being used to compare individuals of wildly different backgrounds, then the variable of innate intelligence is not being tested in isolation. Instead, the scores will reflect some impossible-to-sort-out combination of ability and differences in opportunities and motivations. Let’s take a look at why that might be the case.”
The problem with IQ test is that they are biased to a articular cultural or ethnic group just like the article says. Moreover, IQ results are affected by the quality of children nutrition during ages 3 to 8 as it has been shown extensively by research. Also, economic background. The problem with your statement is that you make it look as if it was a race or ethnic background. You are as racist as Trump. Is not that Trump hates blacks or Hispanics it is mostly that he thinks that they should stay within their lines. Blacks in sorts for instance.
You sound like the people who want to weight the SAT scores based on race.
And back to your original comment. Do you have any evidence that most democratic voters are well educated?
BTW I see nothing wrong or negative about the trend. Is not that if you vote for a republican you are uneducated. people vote their interest or at least they should. Non college educated people were hit the hardest by the recessiondepression and the least to recover so I understand their vote. Not to mention the fact that democrats abandon the regular people in favor. However, that segment is and will be in trouble regardless of what Trump does. The reality is that technology has left them behind. Take coal for instance. There is no way in hell is coming back just like there is no way in hell that some very manual low wages are coming back to the US. That is just reality. That does not mean you abandon the people affected, you just try to find a way to help them move into something else.
In Detroit the High School graduation rate is 20%. Anyone who managed to graduate was give a free college education at a well regarded local university. Unfortunately the university had to d/c the program due to abysmal matriculation rates. Det Public Schools recieve about the state average in funding but have the worst graduation rates. This is a cultural issue that no amount of money will ever solve. Before the demographic shift in Detroit the graduation rates along with crime rates were just fine. Liberal don’t let facts get in the way of forming opinions. Look at how great the $300 million in donations to the Newark school system by Mark Zuckerberg et al was a big fail. Hailed by Obama and Oprah as proof of what good funding could do. Test scores were lower after all the money was pissed away. No media coverage on that however.
In Detroit the High School graduation rate is 20%
Sure. I on the other hand found this
Those are not the figures published by the local media. I have spoken to school principals in Detroit and have heard the 20% figure is probably high.
So your source is some principals who told you . Well now I am totally on board with your numbers.
There is also the local newspapers and an NPR report that for some reason I can’t post the link to. The current numbers are most likely manipulated for funding reasons. I definitely hold them suspect. Yeah you are correct a Detroit HS principal would have no idea.
I can’t copy the link but the local NPR station in 2007 has the graduation rate of less than 25% , I don’t know how the numbers can change so drastically but I do suspect fudging of the actual numbers for funding purposes.
So let me give you a more serious analysis. Income level is a better predictor of drop out rates and graduation rates.
BTW I can find towns in the Appalachia region with worst numbers than Detroit. I suppose is them whites…
Nobody in Utah votes democratic. Not many are Trump fans either, but they did hold their nose to cast a vote against Hillary.
“A man hears what he wants to hear and disregards the rest” – Simon and Garfunkel