Stocks sink on Trump tariff announcement
Source: The Hill
U.S stocks sunk Thursday moments after President Trump said hed would set tariffs on steel and aluminum next week.
Trumps abrupt announcement sent the Dow Jones industrial average down 330 points (1.3 percent) shortly after 1 p.m. The Nasdaq and S&P 500 also fell roughly 1 percent each.
Trump said he will announce tariffs of 25 percent on imported steel and 10 percent on aluminum from all countries that send their metals to the United States, a decision sure to lead to retaliation by trade partners.
The tariffs are an effort to bolster the U.S. steel and aluminum industries, which Trump pledged to revive on the campaign trail.
Read more: http://thehill.com/policy/finance/376280-stocks-sink-on-trump-tariff-announcement
He and his cronies will destroy the economy yet.
C_U_L8R
(45,035 posts)Wow, he really does like to make a mess of things
Fred Sanders
(23,946 posts)C_U_L8R
(45,035 posts)We'll be digging coal all right, digging it up in our backyards to heat our homes.
Weed Man
(304 posts)Canada said "It is the end of the coal-fired electricity".
Canada is in the right direction, U.S. is not.
Sure. Take a look at the Tar Sands.
Weed Man
(304 posts)Get rid of it, through us.
Let Canada pipe that shit through their country out to the Atlantic or the Pacific instead of the Gulf.
Better yet, they should become citizens of the world and quit producing that shit.
Watchfoxheadexplodes
(3,496 posts)Their hemmorids were itchy
OnlinePoker
(5,729 posts)harun
(11,348 posts)progree
(10,938 posts)Section 232 of the Trade Expansion Act of 1962 gives the president authority to restrict imports and impose unlimited tariffs if a Commerce Department investigation finds a national security threat.
malthaussen
(17,235 posts)That one totally snuck by me, thanks.
-- Mal
ashling
(25,771 posts)That tax cut scam that the GOP just foisted on the American public
was nothing if not a national security threat !!!
SunSeeker
(51,796 posts)But of course, to enter trade agreements, you have to know how to negotiate and know what you are talking about. There is literally nobody in the Trump administration who can do that.
Shitler is utterly incompetent and is hurting the booming economy Obama handed off to him.
lapfog_1
(29,243 posts)when the US was the manufacturing capital of the world... but also turning into the industrial pollutant capital of the world.
It's not going to happen no matter what tariffs he imposes.
NastyRiffraff
(12,448 posts)Oh, wait...OBAMA'S FAULT!
Kensan
(180 posts)who made a ton of money with insider knowledge of his intentions? This administration is full of self-interested cheaters, and the folks who bankrolled the campaign are cut from the same cloth. There is no doubt in my mind that fortunes are being made due to "random" actions like this.
SunSeeker
(51,796 posts)Bernardo de La Paz
(49,069 posts)mr_lebowski
(33,643 posts)All working for their 'keep' at the Center (where they're un-entitled to hearings per SCOTUS) ... these mills owned by GOP/Trump contributors ... that's when the plan comes together ...
Bernardo de La Paz
(49,069 posts)BumRushDaShow
(129,950 posts)barbtries
(28,818 posts)and am afraid it will do the same for the Great Depression. sigh.
LeftInTX
(25,762 posts)iluvtennis
(19,905 posts)....in the end the tariffs will just be pushed down the food chain....buyers on this side will pay more for steel and aluminum and then push it on to their buyers. It'll just trickle down.
This is asinine policy. Putin is happy how the US is being destroyed little by little, that's why he put his puppet in office
Javaman
(62,534 posts)Major Nikon
(36,827 posts)When Trump inevitably tanks the economy, they aint gonna get much mileage blaming it on Obama.
duforsure
(11,885 posts)As the markets spiral downwards I wonder how long before China and others impose bans on trump and his daughters sweatshops located there, and other countries join in against the trumps. Countries are getting tired of his antics everywhere he goes and will eventually make him pay for his behavior with raised costs, or out right bans. Just more reasons to vote all Republicans out of office this Nov. . They won't stop this, Democrats will.
moondust
(20,025 posts)Last edited Thu Mar 1, 2018, 05:10 PM - Edit history (1)
Had they been imposed in the 1970s, such tariffs *might* have prevented some of the dumping and thus saved a lot of jobs in the Rust Belt and elsewhere. *Might* have even set a precedent that future globalized trade that costs American jobs may be taxed in order to offset any financial advantage to moving jobs offshore to cheap labor markets.
Drumpf proposed some kind of "wage equalizing tariff" back during the campaign vis-a-vis cars made in Mexico. Might be kinda late to be setting a precedent now, though.
Cold War Spook
(1,279 posts)until the 2018 election.
Cryptoad
(8,254 posts)Price of the AL cans will be goin up! They will be combing the sides of the roads again!
Major Nikon
(36,827 posts)And someone will pick it up on the roll.
Marthe48
(17,112 posts)The rolling mill my husband retired from. Boyle hated his employees so much that when he rode the formerly robust plant into bankruptcy, he gutted the plant to ensure it would never be used as a rolling mill again, and left about 800 steel workers unemployed. The reduction mill went into bankruptcy and closure because Gov. Kasich wouldn't allow an exemption for electrical power, so another 100 people left without jobs. The mills had been in operation since the 1950's, and it took boyle and his backers less than 10 years to run them into the ground.
tripe can put tariffs on imports, but are there any plants left that can open and run? Why the hell does he think they call it the Rust Belt?
This link describes a lock-out at one of boyle's other mills, that he also ruined: http://www.nytimes.com/1992/05/08/us/how-a-union-won-an-appalachian-struggle.html?pagewanted=all
There is a book called Men of Steel that also talks about ORMET, boyle, marc rich and other events in the aluminum industry