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Title: Tariffs Are Not the Answer
Source: Ron Paul Institute for Peace and Prosperity
URL Source: http://www.ronpaulinstitute.org/arc ... 12/tariffs-are-not-the-answer/
Published: Mar 12, 2018
Author: Ron Paul
Post Date: 2018-03-13 09:06:10 by Deckard
Keywords: None
Views: 314
Comments: 45

President Trump’s planned 25 percent tariff on steel imports and 10 percent tariff on aluminum imports may provide a temporary boost for those industries, but the tariffs will do tremendous long-term damage to the American and global economies. Tariffs raise the price of, and reduce demand for, imported goods. Tariffs ensure the preferences of politicians, instead of the preferences of consumers, determine how resources are allocated. This reduces economic efficiency and living standards.

Some justify these economic inefficiencies as being worth it to save American jobs. This ignores how tariffs increase costs of production for industries reliant on imported materials to produce their products. These increased costs lead to job losses in those industries. For example, President Trump’s proposed steel tariff could cost nearly 40,000 jobs in the steel-dependent auto manufacturing industry. Tariffs also cause job losses in industries reliant on exports. This is especially true if — as is likely to be the case — other countries respond to President Trump’s actions by increasing tariffs on US products.

Many of President Trump’s critics do not themselves support true free trade, which is the voluntary exchange of goods and services across borders. Instead, they support the managed (by government) trade of NAFTA and the World Trade Organization (WTO). NAFTA and the WTO promote world government and crony capitalism, not free markets. Any libertarian or free-market conservative who thinks the WTO promotes economic liberty should remember that the WTO once ordered Congress to raise taxes!

Foreign manufacturers may make convenient scapegoats for the problems facing US industry. However, the truth is that most of the problems plaguing American businesses stem from the US government. American businesses are burdened by thousands of federal regulations controlling every aspect of their operations. The tax system also burdens businesses. Until last year’s tax reform bill, the US had the highest corporate tax rates in the developed word. The tax reform bill lowered corporate taxes, but the US corporate tax rate is still higher than that of many other developed countries.

The United States not only spends more on “defense” than the combined budgets of the next eight biggest spending countries, but also spends billions subsidizing the defense of developed counties like Germany, Japan, and South Korea. Bringing US troops home from these countries is an excellent place to start reducing spending on militarism.

The biggest cause of our economic problems is the Federal Reserve. America’s experiment with fiat currency has enabled a system based on private and public debt. This makes trade imbalances inevitable as the US government needs foreign investors to purchase its debt. Foreign investors get the money to purchase the US government’s debt by selling products to American consumers. A trade war could cause foreign investors to stop buying US debt instruments and could end the dollar’s world reserves currency status. This would cause a major economic crisis — but at least it would stop our shores from being flooded with “cheap foreign goods.”

President Trump’s claim that trade wars can be easily won is as credible as the neoconservative claim that the Iraq War would be a cakewalk. A trade war would likely push the global economy into a recession or worse. Instead of imposing costs on American businesses and consumers and putting those whose livelihoods depend on imports out of s job, President Trump should address the real causes of our economic problems: the welfare-warfare state, the IRS, and the Federal Reserve.

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#1. To: Deckard (#0)

Trade adviser Peter Navarro says a 10% tariff on aluminum would mean a cent- and-a-half increase in the price of a six-pack of beer.

And everyone goes apeshit crazy.

Yet when Chicago proposed a one cent per ounce soda tax, everyone thought that was a good idea. It was "for the children".

misterwhite  posted on  2018-03-13   9:30:29 ET  Reply   Trace   Private Reply  


#2. To: misterwhite (#1)

Peter Navarro says

Navarro said nothing about the effects of an aluminum tariff on the Automotive, building and construction, or electrical industries......

"selective shilling"

Jameson  posted on  2018-03-13   9:44:26 ET  Reply   Trace   Private Reply  


#3. To: Deckard (#0)

For example, President Trump’s proposed steel tariff could cost nearly 40,000 jobs in the steel-dependent auto manufacturing industry.

Morningstar analysts predict the price of a car will rise 1% (approx. $300.) overall due to the tariffs, based on its conversations with Ford Motor Co. and General Motors.

So if the price of a car goes up 300 bucks, that will put 40,000 people out of work? Out of 200,000 in the auto manufacturing industry? Give me a break.

misterwhite  posted on  2018-03-13   9:45:01 ET  Reply   Trace   Private Reply  


#4. To: Jameson, misterwhite, Deckard (#2)

Navarro said nothing about the effects of an aluminum tariff on the Automotive, building and construction, or electrical industries......

What good is cheap shit if no one has a decent job to buy this cheap shit? We can't all work for the government!

We have gone to extreme where we the middle class compete with the world slave labor while being held back with crony capitalist regulations to benefit big global companies(That wasn't good enough for these shits so they bring in 10's of millions of slave labor to take what jobs are left). Its a receipt for disaster of the middle class as we have seen since it started. America first everyone else second. Why is that so hard to do? Do you care more about your neighbor than your own family? No! You take care family first everyone else second. Its natural law. Doesn't mean you shit on everyone else but put your family first!!

Justified  posted on  2018-03-13   10:54:38 ET  Reply   Trace   Private Reply  


#5. To: Justified (#4)

What good is cheap shit if no one has a decent job to buy this cheap shit?

The ultimate goal is increase exports -- which would increase domestic employment.

misterwhite  posted on  2018-03-13   12:07:59 ET  Reply   Trace   Private Reply  


#6. To: Deckard (#0)

How can any adult be stupid and superficial enough to accept the faulty primises assertited in this article? Maybe you need to go to college and get an MBA first to avoid throwing up.

rlk  posted on  2018-03-13   12:09:05 ET  Reply   Trace   Private Reply  


#7. To: Justified (#4)

What good is cheap shit if no one has a decent job to buy this cheap shit?

Nice rant. Feel better?

Good.

Now try to put your emotions aside.

On Steel Tariffs, The Math Just Doesn't Add Up

https://www.forbes.com/sites/jeffreydorfman/2018/03/04/on-steel-tariffs-the- math-just-doesnt-add-up/#382c4f6f5615

"...The really bad trade barriers are when you take action against products that are what economists call intermediate goods, something used as an input to make something else. Steel is one of the most widely used such inputs, being used to produce cars, trucks, buildings, highways, home appliances (like washing machines), and thousands of other items. Because so many American jobs manufacture things that use steel, the damage done by making steel more expensive is massive. In fact, a study done when President George W. Bush imposed tariffs on imported steel found that more American workers lost their jobs in steel-using industries than the number of jobs in the entire U.S. steel industry itself.

- Jeffrey Dorfman Economics professor, University of Georgia

Jameson  posted on  2018-03-13   12:12:04 ET  Reply   Trace   Private Reply  


#8. To: Jameson (#7)

In fact, a study done when President George W. Bush imposed tariffs on imported steel found that more American workers lost their jobs in steel-using industries than the number of jobs in the entire U.S. steel industry itself.

"... employment in the same industries had fallen by 281,000 from March to December 2001, prior to the tariffs.

misterwhite  posted on  2018-03-13   12:32:39 ET  Reply   Trace   Private Reply  


#9. To: misterwhite (#8)

"... employment in the same industries had fallen by 281,000 from March to December 2001, prior to the tariffs.

Those were dark times for the middle class

Jameson  posted on  2018-03-13   12:42:50 ET  Reply   Trace   Private Reply  


#10. To: Jameson (#7)

A bunch of rich guys telling me tariffs hurt when in fact its just the opposite. Big corrupt crony global capitalist(progressive socialist elites) hurt honest hard working for the sake of a few pennies. Thats the truth!

Federal government only has a few real jobs. Protecting America from foreign powers is one of them and they refuse to do so.

Justified  posted on  2018-03-13   13:58:44 ET  Reply   Trace   Private Reply  


#11. To: misterwhite (#5)

The ultimate goal is increase exports -- which would increase domestic employment.

Never seen it happen. We gain 1 job and lose 10. Not good odds in my book?

Justified  posted on  2018-03-13   14:00:16 ET  Reply   Trace   Private Reply  


#12. To: Justified (#11)

As I pointed out in my post #8, we lost 281,000 jobs with NO tariffs.

misterwhite  posted on  2018-03-13   14:04:19 ET  Reply   Trace   Private Reply  


#13. To: misterwhite (#12)

That is tainted data from 911 attack. The truth is you have to give the market time to adjust. You can say the same about Brexit and now all is good except EU socialist are at war with England.

Justified  posted on  2018-03-13   14:10:03 ET  Reply   Trace   Private Reply  


#14. To: Justified (#10)

A bunch of rich guys telling me tariffs hurt when in fact its just the opposite.

I understand this is your opinion, and I can respect your position.

Please cite some recent (post 1913) examples of how tariffs on imported raw materials were successful in creating even a single month's worth of new jobs.

Jameson  posted on  2018-03-13   14:19:04 ET  Reply   Trace   Private Reply  


#15. To: Jameson (#14)

There arn't any because we have been removing tariffs my whole lifetime and jobs have been flying to other countries my whole lifetime.

In a perfect world non tariffs would be the way to go but we do not live in a perfect world. If you do not protect your homeland it will not be your homeland for long. People are getting to figure this out. There is a difference between lab or classroom studies and real life. Things that work great in labs don't always translate into reality. Tariff free America with tax on labor is an absolute disaster.

Justified  posted on  2018-03-13   14:34:26 ET  Reply   Trace   Private Reply  


#16. To: Justified (#15)

There aren't any.

Thank you.

Jameson  posted on  2018-03-13   14:55:04 ET  Reply   Trace   Private Reply  


#17. To: Jameson (#16)

There aren't any.

Thank you.

I don't know why you are thinking me?

Because there isn't doesn't prove Tariffs are bad. Removing specific tools from your tool box just means you won't be able to do the work you are paid to do with out great expense to those paying you to do the job. If countries cheat are you going to huff and puff then just take it in the backside? No you fight back and if that means tariffs that means tariffs!

Justified  posted on  2018-03-13   15:24:15 ET  Reply   Trace   Private Reply  


#18. To: Justified (#17)

I don't know why you are thinking* me? (thanking)*sp

Because you answered correctly and honestly, there are no instances where adding an import tax has produced a material number of new jobs.

Jameson  posted on  2018-03-13   15:33:53 ET  Reply   Trace   Private Reply  


#19. To: Jameson (#18)

I do not believe removing tariffs helps jobs or growth either.

Its the abuse of using or not using tariffs that hurts. To do away with them is crazy and childish.

Justified  posted on  2018-03-13   15:40:46 ET  Reply   Trace   Private Reply  


#20. To: Jameson (#18)

Japan, Korea, Taiwan after Wii.

China today. Idiot.

A K A Stone  posted on  2018-03-13   15:41:48 ET  Reply   Trace   Private Reply  


#21. To: A K A Stone (#20) (Edited)

Japan, Korea, Taiwan after Wii.

China today. Idiot.

Following WWII the US promoted GATT which became the World Trade Organization.

If you recall from Grade 12 American Government class, the purpose of GATT was to REDUCE tariffs.

And please put down the 40 of Olde English - the recently signed tariff on Steel and Aluminum hasn't produced a single new job, let alone a month's worth of new jobs (over 200,000)

Jameson  posted on  2018-03-13   15:58:15 ET  Reply   Trace   Private Reply  


#22. To: Justified (#19)

I do not believe removing tariffs helps jobs or growth either.

Believe whatever you wish.

Facts are facts.

Jameson  posted on  2018-03-13   15:59:19 ET  Reply   Trace   Private Reply  


#23. To: Jameson (#22)

So you say no tariffs at the cost of American jobs for cheap products is better than moderate tariffs to keep the playing field even to save American jobs is bad?

You can take American and put any country in that position.

Justified  posted on  2018-03-13   16:08:05 ET  Reply   Trace   Private Reply  


#24. To: Justified (#23)

So you say no tariffs at the cost of American jobs for cheap products is better than moderate tariffs to keep the playing field even to save American jobs is bad?

No, that is not at all what I am stating.

That fact remains, imposing a tax on imported raw materials has never in modern history caused a meaningful long-term increase in American jobs.

A better approach would be targeted tax cuts that reward American Industry for job creation in the US. It would be a truly incentive based tax break.

Jameson  posted on  2018-03-13   16:16:20 ET  Reply   Trace   Private Reply  


#25. To: Jameson (#24)

A better approach would be targeted tax cuts that reward American Industry for job creation in the US. It would be a truly incentive based tax break.

That would be crony capitalism. I do not like tax breaks for just some people or companies because it promotes them above others. Tax law is complicated enough.

Best thing is to do away with tax on labor and tax final sale products.

BTW Getting screwed by countries who do not give a crap about our laws and not doing something about it is not the answer either. That's why we have tariffs. Use them wisely and all is good.

I think we kinda are in the same realm of thinking I just come from a background of middle class people and it kills me that they always pay the price for idiots ruling the country.

My thought on government is protect middle class at all cost or die trying. Without a middle class you have serfs and kings which is not a society but slavery.

Justified  posted on  2018-03-13   16:28:58 ET  Reply   Trace   Private Reply  


#26. To: Justified (#25)

That would be crony capitalism.

False

It would reward companies that protect middle class and not increase the cost of products produced under the confiscatory taxation of a tariff.

My advice to you, my friend is to turn off Faux News and stop listening to AM radio - you're clearly smart enough to do your own investigations - stop allowing yourself to be a tool.

Jameson  posted on  2018-03-13   18:33:31 ET  Reply   Trace   Private Reply  


#27. To: Jameson (#26)

Crony capitalism

Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, or other forms of state interventionism.

I listen to all news and yes 90% is crap.

Tariffs beat "tax breaks for some" because some are always companies big enough to payoff our representatives in government. I see the world through small business and middle class. I despise global corporations because they always work against the middle class to squeeze out a few more pennies to make their quarterly reports look good so they can get that big bonus. All you have to do is look at GE.

Clearly these tariffs are to get other countries to renegotiate their one side trade deals which harm American workers for the benefit of a few.

I don't want tax breaks for some. I want proper taxation for all.

Justified  posted on  2018-03-13   18:51:02 ET  Reply   Trace   Private Reply  


#28. To: Jameson (#24)

A better approach would be targeted tax cuts that reward American Industry for job creation in the US. It would be a truly incentive based tax break.

Trump is ALREADY doing that too.

Liberator  posted on  2018-03-13   19:33:28 ET  Reply   Trace   Private Reply  


#29. To: Jameson (#24)

That fact remains, imposing a tax on imported raw materials has never in modern history caused a meaningful long-term increase in American jobs.

"Modern history" -- can you define IT?

Like many others, you must stop listening to CNN, Mark Levin, and various Globalists who cite Dubya Bush's supposed tariff scheme.

China is profiteering on its slave labor and undercutting all competition by monopolizing Steel Manufacturing (while selling inferior product.)

A tax levy on steel doesn't mean they no longer make a profit; it mean American industry can COMPETE.

Bottom Line: The US must be self-reliant with respect to OIL and STEEL.

Don't Commie-Progs always speak of "level playing fields"? Why is this any different?

Liberator  posted on  2018-03-13   19:39:54 ET  Reply   Trace   Private Reply  


#30. To: Liberator (#28)

Trump is ALREADY doing that too.

FALSE

Dumb-Ass Donnie's tax cut makes no demand on US based companies to create new US jobs.

Jameson  posted on  2018-03-13   19:50:00 ET  Reply   Trace   Private Reply  


#31. To: Liberator (#29)

"Modern history" -- can you define IT?

As I stated earlier, post 1913

Dubya Bush's supposed tariff scheme.

A tariff is a tariff, Stormy's bitch's tariff is no different.

Jameson  posted on  2018-03-13   19:53:30 ET  Reply   Trace   Private Reply  


#32. To: Justified (#27)

I want proper taxation for all.

I'm sorry to inform you, you're betting on the wrong horse...

Jameson  posted on  2018-03-13   19:58:19 ET  Reply   Trace   Private Reply  


#33. To: Jameson (#21)

And please put down the 40 of Olde English - the recently signed tariff on Steel and Aluminum hasn't produced a single new job,

You are uninformed or a liar.

Google it.

A K A Stone  posted on  2018-03-13   20:29:45 ET  Reply   Trace   Private Reply  


#34. To: Jameson (#21)

www.chicagotribune.com/bu...-steel-granite-city-jobs- 20180309-story.html

A K A Stone  posted on  2018-03-13   20:33:18 ET  Reply   Trace   Private Reply  


#35. To: Jameson (#33)

There I linked you to five hundred new jobs and you cannot cite a single job loss from Trump's tariffs. Checkmate.

A K A Stone  posted on  2018-03-13   20:35:21 ET  Reply   Trace   Private Reply  


#36. To: A K A Stone (#35)

five hundred new jobs

Typically, you failed to read, understand and embrace the premise of my position. During the discussion that Justified and I have enjoyed, my challenge was to cite examples of a time in modern history that a tax on imported raw materials produced a month's worth of new jobs. Because the economy organically grows by about 200,000 new jobs in an average month, I felt that was a fair barometer.

It has never happened.

Five hundred jobs, while fantastic news for those who will be hired, is hardly an example of how an import tariff will predictably rejuvenate an otherwise failing industry.

"...you cannot cite a single job loss from Trump's tariffs..."

Sadly, job losses will be happening in the months to come as demand wanes for products affected by this tax increase, because of higher prices. (Econ 101)

And, do you know what else? I hope I'm wrong. I hope for the first time in modern history tariffs successfully cause such an explosion of new manufacturing plants springing up across the nation, that every American will have a well paying, career position with a Cadillac health plan and a pension.

Nothing would make me happier.

Jameson  posted on  2018-03-14   7:55:07 ET  Reply   Trace   Private Reply  


#37. To: Jameson (#36)

Because the economy organically grows by about 200,000 new jobs in an average month

Not when your hero the magic negro were in office.

That wasn't the only employment gaai and it will last for more then a few months.

There have been zero zilch nada job layoffs. You lose its still checkmate.

A K A Stone  posted on  2018-03-14   8:05:04 ET  Reply   Trace   Private Reply  


#38. To: Jameson (#36)

otherwise failing industry.

The steel industry isn't failing. We are just competing against slave labor.

Tariffs are good on certain things.

A K A Stone  posted on  2018-03-14   8:06:30 ET  Reply   Trace   Private Reply  


#39. To: Jameson (#36)

Sadly, job losses will be happening in the months to come

Theory. We are talking reality.

A K A Stone  posted on  2018-03-14   8:07:59 ET  Reply   Trace   Private Reply  


#40. To: A K A Stone (#37)

There have been zero zilch nada job layoffs.

Yet.... it's been 8 days.

I see, you cannot understand basic economics. That's ok you are a successful operator of a chat-room on the internet, and that's good enough.

I get it. Your infatuation with your president knows no bounds, enjoy it while you can.

Maybe you'll get one of those new jobs at the steel mill. Good Luck!

Jameson  posted on  2018-03-14   8:14:08 ET  Reply   Trace   Private Reply  



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