Re: Trump Trade War
Posted: Mon Aug 12, 2019 5:21 pm
Farmers are sick of this bs as they are getting killed. If this war is still going on when the elections happen it's not going to help him in the least bit.
That is not dead which can eternal lie, and with strange aeons bring us some web forums whereupon we can gather
http://www.octopusoverlords.com/forum/
According to fox news, they are sticking with him...Octavious wrote:Farmers are sick of this bs as they are getting killed. If this war is still going on when the elections happen it's not going to help him in the least bit.
I think it is safe to say that with Trump economic considerations are *not* a key factor for this segment.Scraper wrote: ↑Tue Aug 13, 2019 8:28 am According to CNBC he still has an approval rating with farmers near 80%, which is just mind boggling. https://www.cnbc.com/2019/08/10/trump-i ... china.html
If someone ever wants to write a thesis on the most widespread occurrence of Stockholm Syndrome in history, they can study Trump's base.tjg_marantz wrote: ↑Tue Aug 13, 2019 2:38 amAccording to fox news, they are sticking with him...Octavious wrote:Farmers are sick of this bs as they are getting killed. If this war is still going on when the elections happen it's not going to help him in the least bit.
If the remaining "I don't support Trump but..." people in my life are a barometer, they're blaming democrats for obstructing and for being an even worse choice that is forcing them to support what is going on. All government is fucking them the but socialist extremist liberal democrats are the worst. Maybe the lack of enthusiasm will keep them at home so they can blame the shit storm that is about to come on democratic leadership freshly controlling 1/2 of federal government instead of freshly controlling 1/6th of federal government.Blackhawk wrote: ↑Tue Aug 13, 2019 10:59 am Trump won by stoking peoples' pride. That same pride makes it impossible for them to admit that they were wrong now that 'us vs them' has advanced to a point that they see "I was wrong" as "you were right." Many people who still support Trump have such cognitive dissonance that they are outright blocking contradictory information from their thinking process.
They have an easy cognitive fall-back: "It's all about the Supreme Court." I'm hearing that more and more as his supporters lose everything but their hats.Blackhawk wrote: ↑Tue Aug 13, 2019 10:59 am Trump won by stoking peoples' pride. That same pride makes it impossible for them to admit that they were wrong now that 'us vs them' has advanced to a point that they see "I was wrong" as "you were right." Many people who still support Trump have such cognitive dissonance that they are outright blocking contradictory information from their thinking process.
That's what I was trying to say 2015. That was Lady Marmalade's never ending spiel on the campaign trail and Clinton rarely rallied in those terms, even as Obama was being obstructed for months on end. I couldn't understand it then and it's a primary source of my anger now. it's literally the root reason I say McConnell is the worst American of my lifetime and those that rally behind it and consider it a victory, there's no point in engaging with them. They've hit 160F. They are where I finally gave in to Us and Them.LawBeefaroni wrote: ↑Tue Aug 13, 2019 11:47 am They have an easy cognitive fall-back: "It's all about the Supreme Court." I'm hearing that more and more as his supporters lose everything but their hats.
“We’re doing this for the Christmas season,” Trump told reporters on an airport tarmac around noon Tuesday. “Just in case some of the tariffs would have an impact on U.S. customers.”
“But so far they’ve had virtually none,” the president added. “But just in case they might have an impact on people, what we’ve done is we’ve delayed it, so that they won’t be relevant to the Christmas shopping season.”
The White House, while delaying tariffs on big-ticket consumer products until December, decided to push ahead with 10% tariffs on Chinese agricultural products as well as antiques, clothes, kitchenware and footwear from Sept. 1. The list ranges from the exotic -- live primates, whales and foxes -- to the more usual fare of milk and edible oils.
But the amount of farm products China exports to the U.S. is much smaller than what it imports from America, even with the retaliatory tariffs in place. China shipped $3.1 billion worth of farm goods to America in the first half of this year, while it purchased $5.6 billion of U.S. agricultural items over the same period, according to Chinese customs data.
The Dow fell more than 600 points Wednesday after the bond market, for the first time in over a decade, flashed a warning signal that has an eerily accurate track record for predicting recessions.
Here's what happened: The 10-year Treasury bond yield fell below 1.6% Wednesday morning, dropping just below the yield of the 2-year Treasury bond. It marked the first time since 2007 that 10-year bond yields fell below 2-year yields.
US stocks fell as investors sold stock in companies and moved it into bonds. The Dow (INDU) was about 2.4% lower. The broader S&P 500 (SPX) was down 2.4% and the Nasdaq (COMP) sank 2.6% Wednesday.
CNN Business' Fear and Greed Index signaled investors were fearful. The VIX (VIX) volatility index spiked 20%.
Hmm, better nail down that large order of primates quick...Isgrimnur wrote:Bloomberg
The White House, while delaying tariffs on big-ticket consumer products until December, decided to push ahead with 10% tariffs on Chinese agricultural products as well as antiques, clothes, kitchenware and footwear from Sept. 1. The list ranges from the exotic -- live primates, whales and foxes -- to the more usual fare of milk and edible oils.
But the amount of farm products China exports to the U.S. is much smaller than what it imports from America, even with the retaliatory tariffs in place. China shipped $3.1 billion worth of farm goods to America in the first half of this year, while it purchased $5.6 billion of U.S. agricultural items over the same period, according to Chinese customs data.
Pro-tip: remember Amazon Prime won't let you order primates as just an "Add-on".$iljanus wrote: ↑Wed Aug 14, 2019 3:35 pmHmm, better nail down that large order of primates quick...Isgrimnur wrote:Bloomberg
The White House, while delaying tariffs on big-ticket consumer products until December, decided to push ahead with 10% tariffs on Chinese agricultural products as well as antiques, clothes, kitchenware and footwear from Sept. 1. The list ranges from the exotic -- live primates, whales and foxes -- to the more usual fare of milk and edible oils.
But the amount of farm products China exports to the U.S. is much smaller than what it imports from America, even with the retaliatory tariffs in place. China shipped $3.1 billion worth of farm goods to America in the first half of this year, while it purchased $5.6 billion of U.S. agricultural items over the same period, according to Chinese customs data.
I just saw a a collection of the ups and downs yesterday and I can't remember where I put a link and I can't find it today.
Ordinarily I would give such accusations some credence, but I find it hard to believe that this administration has the soft power to pull off something like that, or the ability to keep anything clandestine...unless they're doing it without Trump's knowledge.
Stocks tanked last week amid signs of a worsening slowdown in Germany and China, and bond investors flashed the clearest signal yet that the U.S. is courting a self-inflicted recession. Hopefully these cries of alarm from financial markets will cause President Trump and his advisers to stop and think. If not, steel yourself for worse to come.
Slowing growth in Europe and China has various causes, but high on the list is trade — because Trump has made disrupting commerce his main instrument of economic policy. Right now, damage to the flow of goods and services is the least of it. Far more dangerous is the blow to confidence and investment. Firms and investors are starting to ask where the president’s willingness to wreck the global economic architecture might actually lead.
Until now, the tendency has been to see the administration’s protectionist initiatives as a combination of tactical (hence temporary) disruptions and threats that will come to nothing. This is presumably why stock markets have mostly been betting on further expansion. But Trump, erratic in so many other respects, has been consistent on one thing: his disdain for international cooperation in general, and for the liberal order of global trade in particular. An idea seems to be dawning at last: Perhaps he really is willing to see both destroyed.
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If this happens, the costs would be staggering. The mere risk that it might happen, once the possibility begins to be taken seriously, could easily be enough to push the U.S. and the world into another recession.
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Sadly, even if he wanted to, Trump couldn’t entirely undo the damage he’s caused. The world now knows what it’s dealing with. With trust gone, the president can’t repair the partnerships he has so blithely fractured, and restoring confidence in the stability of the global trading order will take years of wiser leadership. Yet the president and his officials can at least refrain from making matters any worse, by ending their policy of reckless aggression on trade. And Congress should start reaffirming its constitutional responsibility for tariff policy and claim back the trade powers it has delegated to the White House.
With luck, this glimpse of a Trump slump will do some good. But if the president just plows on, and Congress lets him, the economic consequences could be dire.
Several senior White House officials have begun discussing whether to push for a temporary payroll tax cut as a way to arrest an economic slowdown, three people familiar with the discussions said, revealing the growing concerns by President Trump’s top economic aides.
The talks are still in their early stages, and the officials have not decided whether to formally push Congress to approve the cut, these people said, speaking on condition of anonymity because they weren’t authorized to disclose internal discussions. But the White House in recent days has begun searching for proposals that could halt a slowing economy.
Millions of Americans pay a “payroll tax” on their earnings, a 6.2 percent levy that is used to finance Social Security programs. The payroll tax was last cut during the Obama administration to 4.2 percent, as a way to encourage more consumer spending during the recent economic downturn. But the cut was allowed to reset back up to 6.2 percent in 2013.
Americans pay payroll taxes on income up to $132,900, so cutting the payroll tax has remained a popular idea for many lawmakers seeking to deliver savings for middle-income earners and not the wealthiest Americans. But payroll tax cuts can also add dramatically to the deficit and – depending on how they are designed – pull billions of dollars away from Social Security.
That's about it. Boomers paid for their parents. We're paying for them and the next generation pays for us. Making boomer investment stronger while drying the well of payroll taxes after cutting corporate taxes and public funding almost across the board as answer to trade you clamoring to kill is puppies.
Morris Coffman has been a truck driver for 35 years. And he's been a conservative for even longer than that — his whole life.
"That said," Coffman told Business Insider, "[Trump] is absolutely a moron. His idiotic ideas will tank the economy even further."
Truckers, like Coffman, lean conservative. A Verdant Labs analysis of Federal Elections Commission data found that nearly three-quarters of truck drivers are Republican — one of the most conservative jobs in America, along with surgeons and farmers.
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But a sharp downturn in the trucking industry and a slew of tax changes have hampered their ability to make a living. And many connect those two trends to Trump's economic policies.
"He has not affected our business in a positive way," said one truck driver who asked to be quoted anonymously for fear their small business might suffer. "He's killing our business. If consumers aren't buying, then there is no demand. This really isn't about my political leanings — it's pure business."
Trump's tax reworking in 2017 led to many truck drivers having to pay hundreds in taxes this year, thanks to a change in per-diem laws. Dennis Bridges, an accountant who specializes in doing taxes for truckers, told Mother Jones in April that 75% of his clients saw an unusually large tax payment, and about 20% had to fork over more than $5,000.
That might've been bearable in 2018, when trucking capacity was tight, the industry was raking in cash, and truckers saw their pay jump. But now the trucking "bloodbath," as Coffman and other truckers describe current transportation conditions, has meant low rates and low pay for truckers. Trucking has been in a recession since late 2018.
Maybe, but quite a few of them won't be truckers by the time the election rolls around.
No, they will have been put out of work by illegal immigrants and socialist Democrats. To hear them tell it, anyway.gilraen wrote: ↑Wed Aug 21, 2019 9:36 amMaybe, but quite a few of them won't be truckers by the time the election rolls around.
Shorter-dated Treasury yields once again eclipsed those for longer-dated notes on Thursday, signalling fears among bond market investors that the Federal Reserve will fail to cut its benchmark rate fast enough to shield the US economy from slowing global growth and an escalating trade dispute with China.
For the third time this month, the yield on two-year US Treasury bills jumped above that of the benchmark 10-year note. Another portion of the yield curve — reflecting the difference between the yields on three-month and 10-year Treasury securities — slipped deeper into negative territory, settling just shy of 40 basis points.
The inversion of the yield curve — which has occurred before every US recession of the past 50 years — came as Fed officials convened in Jackson Hole, Wyoming, for their annual meeting, to be capped off with a speech by Jay Powell, Fed chairman.
Less-than-dovish commentary from Esther George, the Kansas City Fed president, and Patrick Harker, the Philadelphia Fed president, fuelled concerns that the central bank was unlikely to meet market expectations and slash interest rates roughly 100bp by the end of 2020, as futures prices currently indicate.
In television interviews, both Ms George and Mr Harker said they saw little reason for additional interest rate cuts beyond the Fed’s quarter-point reduction in July.