If you’re looking for a new car, you’d better spend your tax refund now. Donald Trump wants to build another trade wall, this time with tariffs that will hammer the automobile industry:
Trump said on Friday that tariffs protect industry and also help win trade agreements.
“I love tariffs, but I also love them to negotiate,” he said.
A report from the Center for Automotive Research in Ann Arbor, Michigan, published on Friday showed its worst-case scenario of a tariff of 25 percent would cost 366,900 U.S. jobs in the auto and related industries.
U.S. light duty vehicle prices would increase by $2,750 on average, including U.S.-built vehicles, reducing annual U.S. sales by 1.3 million units and forcing many consumers to the used car market, the think tank’s report said [David Lawder and David Shepardson, “U.S. Agency Submits Auto Tariff Probe Report to White House,” Reuters via KELO Radio, 2018.02.17].
Trump is keeping the Commerce Department report on auto tariffs secret, creating uncertainty that by itself is bad for the auto industry and the overall economy.
Deficit up 43% this year already. Drumpf, the stable genius wants it higher.
https://www.bloomberg.com/news/articles/2019-02-13/u-s-budget-deficit-widens-to-319-billion-amid-flat-revenue
So I’m thinking if more workers lose their jobs and more businesses move away, there should be more tax revenues, right?:
The only thing tariffs do is tax the manufacture and consumer.Trumpsters are not smart enough to recognize that. Republican politicians love it because its a tariff, not a tax and their lemming followers suck it up like a dry sponge.
When 7 million of us are 3 months late on car payments for vehicles that are already used and new vehicles, that is gonna mean a 4th part time job. How can you work the 3 part time jobs needed to survive if you cannot afford to have the transportation to get to work.
Excellent point, CIBVet. China isn’t paying the tariffs; we are. Trump raised taxes on Americans.
Just like Trump, Mike, spending money we don’t have on folly that doesn’t serve American interests.
What refund?
Nat debt hit 22 TRILLION today. Moar taxcuts needed, wingnuts?
Bicycles are also getting trumped. https://www.youtube.com/watch?v=ifZ-TXLWvQU
Taxation without representation!
South Dakota soybean farmers will get trumped again with tariffs as the EU will put a halt to them. Fellers, face it, trump is just not into you. Find a new dance card to fill, perhaps look at slow dancing with the Democrats as the Republicans only want to step on your toes with a smile on their faces. https://thehill.com/policy/transportation/430480-eu-threatens-swift-and-adequate-action-if-trump-imposes-tariffs-on
Where do you think the replacement soybeans will come from for the EU will be the new South Dakota parlor game.
Drumpf likes tariffs because none of his stuff made over seas is hit with tariffs.