President Trump delivers a speech at the White House outlining a global trade reset established on the principle of trade and tariff reciprocity. [Primary Executive Order Here] – [Executive Order Here]
“The post-war international economic system was based upon three incorrect assumptions: first, that if the United States led the world in liberalizing tariff and non-tariff barriers the rest of the world would follow; second, that such liberalization would ultimately result in more economic convergence and increased domestic consumption among U.S. trading partners converging towards the share in the United States; and third, that as a result, the United States would not accrue large and persistent goods trade deficits.”
“Put simply, while World Trade Organization (WTO) Members agreed to bind their tariff rates on a most-favored-nation (MFN) basis and thereby provide their best tariff rates to all WTO Members, they did not agree to bind their tariff rates at similarly low levels or to apply tariff rates on a reciprocal basis. Consequently, according to the WTO, the United States has among the lowest simple average MFN tariff rates in the world at 3.3 percent, while many of our key trading partners like Brazil (11.2 percent), China (7.5 percent), the European Union (EU) (5 percent), India (17 percent), and Vietnam (9.4 percent) have simple average MFN tariff rates that are significantly higher.”
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Country-specific ad valorem rates of duty as specified in Annex I to the main Executive Order.
The tariffs generally target completed goods, not the imported chemical or component materials needed to by industry to manufacture the products domestically. Annex II are the exemptions to the Executive Order.
I have been going through the details and will have much more soon.
Now the deadbeats in Congress need to act. What’s happened in the last 2 days in the House & Senate, antithetical to PDJT & MAGA initiatives, is inexcusable
Anna Paulina Luna playing the “mommy” card to block President Trump!
Pull up your big girl panties. Represent your constituents.
OR — get the hell out of the way so someone else can get the job done.
No more collecting paychecks from home.
Go to work.
Do your job.
I am retiring this month– in my 7th decade. I raised two children — and worked.
Luna is amatt gaetz in a skirt, but she, like matt, was just playing a role.
McJohnson did not have to recess for a week, or a day.
However, maybe we now know why PDJT is endorsing Ladybug Lindsey, as LL just submitted a bill to get PDJT’s priorities thru the reconciliation process, includibg making tax cuts pemanent and raising the debt cieling …..
My wife is 73 and refuses to retire. She has worked with Dept of National defense for 50 years.
That’s a massive list of Exemptions in Annex II
Looks like raw materials for steel and computer manufacturing
It will take 3 years to build a plant from scratch, and Bethlehem Steel has been gone so long there’s nothing mothballed of any value to recover.
Tariffing core raw materials before we have restored domestic production will cause economic harm (inflation), yet without tariffs, there no incentive to rebuild our manufacturing capability.
So you end up with subsidies like the CHIPS act, or the Auto industry incentives to build domestic. And what did those companies like Intel and Ford do in Trump’s first term? They pocketed the money and never built the plants they promised; frankly, they waited out Trump’s term for a return to globalism.
It’s a real pickle. How do you fix the domestic economy when globalist CEOs have no desire to do so?
Make sure to read the exemption list. Many raw materiels are exempt.
Good thing Hyundai announced last week they are building a new $5.8 billion steel mill in Louisiana.
Embrace a new day America!
This is what we voted for…..not one more day of supporting the whole wide world at taxpayer and American consumer expense!
The phrases “free trade” and “protectionism” have been used too freely and without deep understanding for centuries now. After extended contemplation, I’ve begun to think that neither is truly meaningful in a world partitioned into States. I’ll be writing about this later today.
I remember hearing about “protectionism” and how it was bad, my whole life.
And, I absorbed a basic understanding that it involved doing things to try to protect American jobs, but that if WE (the U.S.) engage in protection, other countries will, and nobody wins…
I must say, I think President Trump and team have done a really good job of explaining it so that even a cave man (although not California Joe!) can understand it.
More broadly, with his emphasis on transperency, I think we are seeing a strategy for countering the false narratives he first deployed against the lawfare,…
After the MAL raid, for instance HE was the one that “broke the story” and he had his rapid responce team of Davis and Habida out in front of the cameras, almost immediately, so that 24 hrs later, Garlands press conference was anti-climactic, and PDJT’s narrative “Clinton sock drawer case, and Presidential records act” was already “out there”…
And in addition to all of his Oval office pressers, and tarmac gaggles, I think its obvious he wants his CABINET to also be very much “out there” constantly touting the administrations talking points.
Treepers here complain about Bondi, but she is doing as directed, and just as Lutnic, the Special envoy, Hegseth,Musk, etc. are doing; getting iut there and selling PDJT’s actions and policies, and controlling the narrative.
Its a great strategy, working real good, so far…
“Protectionist tariffs” was the lie FDR Democrats invented to blame for the Great Depression.
In reality there was a sharp but short recession 1929-30. The voters panicked and voted in FDR who imposed massive government controls and regulations. THAT was what actually turned a two year recession into a ten year depression.
Leftist historians have clung to the myth of the “Smoot Hawley tariff” causing the Depression because to admit that story is false would also be to admit it was FDR who was really at fault.
Tarriffs worked for a long time in this country.
https://www.forbes.com/sites/briandomitrovic/2018/03/09/when-tariffs-worked/
It is tough listening to the dems complain about tariffs. Apparently, dems would have no problem letting the income tax cuts enacted in PDJT’s first term expire, i.e. raise taxes on the American people. But they do have a problem putting a tariff on other countries. It tells us who the dems care about, and who they do not care about.
dems: raise taxes on the US worker, and on the US companies. Lower taxes on foreigners. Ignore the closed factories. Take money from foreigners (cleaned by a professional laundering operation.)
How did dems become so anti-American?? So against the ordinary person?
Creeping Communism.
They’ve been into darkness for a very long time.
And (Dammit! its NOT “DEMS”!!!). as the Repubs in Congress are just as opposed to MAGA as their comrades across the aisle.
They are all Globullusts, or owned by globullusts, which comes down to the same thing.
Big club and we ain’t in it,…and don’t WANT to be in it, as the price if admision is selling your soul, and sacrificing a child.
The Uniparty is a Punch and Judy puppet show; people cheer and jeer, never look beyond.
It’s way past time to follow the strings and root out the entire Conspiracy.
It’s Puppets all the way down!
I did an abridgement of the summary paragraphs in Jeff Childers’ post today as I sent a link to his work along to family members who are far more busy than I am and who make every possible effort to keep up with stuff.
“What Trump did wasn’t just a historic across-the-board trade action. It was a once-in-a-century power shift.
“To understand how truly historic it was, look back to Bretton Woods, 1944 — the postwar deal where America agreed to carry the world’s economic burdens in exchange for geopolitical dominance.
“After the devastation of WWII, the United States promised to help rebuild Europe and Japan, by opening our previously protected markets to foreign goods, keeping our tariffs low to nonexistent, providing the world’s reserve currency, and underwriting global security with American military power.
“In return, other countries were supposed to gradually liberalize their economies, buy American goods, and play by the rules. But they never did. ….Instead, they took our postwar deal —designed to help them— and ran with it. They piled up tariffs, non-tariff barriers, VAT taxes, and trade cheats while the U.S. kept its markets wide open.
“In short, Trump didn’t “adjust policy” — he dismantled Bretton Woods.
“…That is why foreign governments, corporate media, and the parasite class are howling. The postwar free ride is over. The host finally vomited up the parasite. And the Bretton Woods era is finally finished.
“Note that Trump didn’t just break with Biden. He broke with Eisenhower, Kennedy, Nixon, Reagan, Clinton, Bush, and Obama — every president who timidly swallowed the Bretton Woods bargain and passed the incalculable cost down to American workers.”
Link to Childers’ post:
https://www.coffeeandcovid.com/p/morning-in-america-thursday
Childers, along with Surber are on my daily reading list.
Both are outstanding!😄😉👍🏼
Actuslly, once you break the habit of expecting all your news and entertaient to be precooked and even predigested for you, like fast food, …and start “shopping the perimeter” and grazing, you find there are lots of great sources for news, analyses and entertament.
Tucker, Rogan are just two prominent examples of the 100’s of podcasts, and Suber, Sundance and many are putting out GREAT written content as well.
Surprising source (Axios) of a study showing the truth about tariffs during PDJT’s first term.