•   
  •   
  •   

Offbeat How Trump's trade war is already costing consumers

17:10  11 july  2018
17:10  11 july  2018 Source:   cbsnews.com

People have started calling Trump's draft bill to abandon world trade rules the 'FART Act'

  People have started calling Trump's draft bill to abandon world trade rules the 'FART Act' Axios reported on Sunday that the Trump administration has drafted a bill that would abandon America's commitment to the World Trade Organization's rules. It is called 'United States Fair and Reciprocal Tariff Act,' but many are now simply calling it the 'FART Act.'Axios reported on Sunday about a "stunning" piece of legislation that has been drafted up by the White House - but it's the acronym of the proposed bill that has caught the attention of Twitter.

This is how a trade war begins. The Trump administration imposed a 25 percent tax on billion worth of Chinese imports July 6, mostly on parts Here' s a list of goods whose prices are already up or are expected to rise shortly: Everyday consumer goods. Goods that use parts for products subject

It has taken just days, but the tariff battle is already hitting home. On Friday, the U. S . imposed tariffs on billion of Chinese imports, and China

This is how a trade war begins. The Trump administration imposed a 25 percent tax on $34 billion worth of Chinese imports July 6, mostly on parts imported to manufacture U.S. goods.

China retaliated with taxes on an equal amount of U.S. products, including soybeans, electric cars and pork. An additional $16 billion in U.S. tariffs on Chinese goods may take effect at the end of July. And Mr. Trump is threatening hundreds of billions more. 

The current China-U.S. tit-for-tat comes on top of U.S. steel and aluminum tariffs on imports from allies including the EU, Canada and Mexico. All three struck back with tariffs on U.S. exports of products including blue jeans, motorcycles, whiskey and even ketchup.

Largest US business group attacks Trump on tariffs

  Largest US business group attacks Trump on tariffs The U.S. Chamber of Commerce, the nation's largest business group and customarily a close ally of President Donald Trump's Republican Party, is launching a campaign on Monday to oppose Trump's trade tariff policies.With some of America's tightest trading partners imposing retaliatory measures, Trump's approach to tariffs has unsettled financial markets and strained relations between the White House and the Chamber.

2Fhow- trumps - trade - war - is - already - costing - consumers %2F#referrer … pic.twitter.com/5Ug9ixl1ay. Dear Momma: I was all in for the Great Trade War of 2018, however the enemy has cut my supply lines to Chik Fil A. I fear I will starve.

Six billion dollars that we will waste because Donald Trump decided to start a trade war because of That additional six billion dollars in cost that consumers are going to have to pya, is only based on They would rather face the 30,000 angry constituents back home, because that ' s how spineless they

That costs U.S. companies money. So even if a company has enough pre-tariff supplies stockpiled or is protected by a contract for imported goods to make its products, eventually tariffs will catch up with them.

That means consumers will ultimately pay, no matter if companies figure out ways to avoid some higher costs by shifting suppliers or supply chain routes, according to an analysis from Peterson International Institute of Economics. Here's a list of goods whose prices are already up or are expected to rise shortly:

Everyday consumer goods

Goods that use parts for products subject to Mr. Trump's tariffs and made in the U.S. will eventually cost consumers more as manufacturers are forced to pass on the higher cost, according to the National Retail Federation.

Here’s when Americans will start feeling the pain from escalating Trump-imposed tariffs

  Here’s when Americans will start feeling the pain from escalating Trump-imposed tariffs Very few Americans have paid a price from escalating U.S. tariffs, but if trade fights get worse, the first big bill will come due shortly after the school year starts. An initial blast of tariffs, mostly targeting $50 billion in Chinese goods, was tailored by the Trump administration to minimize the damage to the U.S. economy. Consumers or businesses could more easily find substitutes for goods whose prices would rise due to higher U.S. tariffs.

How China Became Trump ’ s Trade Nemesis. The Trump administration is waging trade wars on multiple fronts as it imposes tariffs on foreign steel, aluminum Brent Bible, a farmer who cultivates 5,000 acres of corn and soy in western Indiana, said the trade war was already damaging his farm

The Trump administration imposed a 25 percent tax on billion worth of Chinese imports July 6, mostly on parts imported to manufacture U. S . goods. And Mr. Trump is threatening hundreds of billions more. That costs U. S . companies money. So even if a company has enough pre-tariff

The tariffs enacted last week will push prices higher for tool sets, batteries, remote controls, flash drives and thermostats, the NRF said in a statement last week.

"And students could pay more for the mini-refrigerator they need in their dorm room as they head back to college this fall," the group said.

Housing

Tariffs on Canadian lumber are adding about $9,000 to single-family home prices and more than $3,000 to multifamily homes, Randy Noel, chairman of the National Association of Homebuilders said last month.

Some companies can shield themselves, for now, with long-term contracts already in place for materials. Lennar, a major publicly traded U.S. homebuilder, said on a June 26 earnings call that it's protected by its existing national contracts from most rising costs tied to tariffs, like an increase of "a few hundred dollars per home" in steel bars used to reinforce concrete.

No trade talks unless US 'takes gun off' China's head: Beijing

  No trade talks unless US 'takes gun off' China's head: Beijing The United States should "take the gun off" China's head and start keeping its word in order to have useful talks on ending a trade war, Beijing's deputy commerce minister said Thursday.  Wang Shouwen, representing China during the country's policy review at the World Trade Organization this week, noted that the US "started the war" which has seen escalating threats to slap reciprocal tariffs on goods worth hundreds of billions of dollars.

I joined CNN's Brianna Keilar to discuss the disastrous impact of Trump ' s Trade War on Illinois families, businesses and farmers. In just two days, our

President Trump ’ s decision to renew his trade war with China could inflict lasting damage on the American economy, but the ultimate impact depends on how WASHINGTON — President Trump ’ s chief economic adviser said on Sunday that American consumers would bear some pain from the

"To a lesser extent, there are some minor increases in products such as garage doors, screws and nails," Chief Operating Officer Jon Jaffe told investors.

Washing machines

Whirlpool is hiring 200 more workers and praised the initial tariffs that went into effect in January, citing its long-running battle with Korea's LG.

But by April, the price of washing machines was up 9 percent, according to the U.S. Bureau of Labor Statistics. In May, prices climbed 6 percent. Both are the biggest jumps since the BLS started collecting statistics in 1977, according to the Washington Post.

Common electronics 

Buyers in the U.S. will soon see price hikes on computers, phones, thermostats and "everyday items," according to the Information Technology Industry Council, a group that represents tech companies.

Hundreds of Chinese components that the Trump administration penalized are used to make everything from LEDs to sensors to printer and scanner components. When manufacturers pay more for their parts, the costs are typically passed on to consumers, the ITI said.

Cramer: I think Trump is winning the China trade war, and the US stock market backs me up

  Cramer: I think Trump is winning the China trade war, and the US stock market backs me up President Trump is beating China in a trade war that could soon escalate, CNBC’s Jim Cramer says.President Donald Trump is beating China in a trade war that could soon escalate, CNBC’s Jim Cramer said on Friday.

President Trump says he is “winning big time, against China.” But his trade war is causing Forecasting firm Moody’s Analytics estimates that Trump ’ s trade war with China has already 1, Trump imposed a 15% tariff for the first time on finished consumer goods imported from China

Trump argued that additional tariffs were necessary to force concessions from the Chinese and would redound to the benefit of American manufacturers and the American In the meantime, the businesses and consumers sitting back and watching the trade war are bearing modest, but measurable costs .

Your Chick-fil-A sandwich

North American Food Equipment Manufacturers Association Vice President Charlie Souhrada told the Associated Press that tariffs may raise the price of pressure cookers made by one of its members, Henny Penny. Chick-fil-A uses the cooker for its sandwiches. The administration has placed "these import taxes squarely on the shoulders of manufacturers and by extension consumers," Souhrada told the AP in a recent interview.

Autos

Consumers may see an average price increase of $5,800 if a 25 percent import tariff that Mr. Trump has threatened goes into effect, according to estimates cited by the Alliance of Automobile Manufacturers (AAM), a lobbying group for carmakers.

That's a "$45 billion tax on consumers," the group said, citing an analysis of Commerce Department data.

America's top-10 best-selling vehicles will each come with a bigger price tag in a range from just under $1,000 to more than $3,600, according to AutoWise, an auto buying service.

Harley-Davidson motorcycles

European counter-tariffs are forcing Harley-Davidson to move some factories to Europe to avoid these levies put in place to retaliate for Mr. Trump's steel and aluminum tariffs.

Harley-Davidson said that it won't raise its prices due to "an immediate and lasting detrimental impact to its business in the region," although the tariffs are adding about $2,200 in costs per motorcycle exported from the U.S. to the EU. That means Harley is absorbing those higher costs, at least for now.

Tariffs drive consumers to buy big items before prices hike

  Tariffs drive consumers to buy big items before prices hike 'I'm hoping to get what's in stock in warehouses now'Families are scrambling to lock in big purchases now before new Trump tariffs kick in fully and hike prices higher.

Tariffs and protectionism - what do President Trump ' s new policies mean and what will they do? But what is a trade war ? How does protectionism work? A global trade war could hurt consumers around the world by making it harder for all companies to operate, forcing them to push higher prices

The Trump administration seems confident that consumers will not feel pain from its escalating trade war China has already vowed to retaliate, raising the possibility that Mr. Trump will announce, as soon Businesses are bracing for an unending trade fight. They’re not exactly sure how it will affect

Farm products

Zippy Duvall, the American Farm Bureau president, told Fox Business News July 6 that farmers are "already in a very bad farm economy," citing a February U.S. Department of Agriculture prediction that 2018 crop profits would drop 0.8 percent to $188.2 billion, a 12-year low. That largely reflects lower prices, according to a USDA presentation. 

Farmers, while supportive of Mr. Trump on many fronts, need stability, Duvall said, so they know when to harvest and when their operating loans to run their farms must be repaid to avoid going out of business.

"There are some harvests going on in South Texas. And as the months and days go on, the harvesting will move north into the heartland of America, and that will be a very difficult time if we don't fix or find some solutions to our trade issues," he said.

But China may not be able to avoid buying at least some soybeans, the biggest U.S. crop export, Axios reported. That's because other producing countries, like Brazil, can't match the U.S.'s capacity. That could ease at least some of the pain of China's tariffs for U.S. soybean growers.

However, wheat growers are already feeling the pinch. Chinese wheat buyers stopped making purchases in March after Beijing threatened a 25 percent tariff in retaliation for U.S. tariffs on Chinese imports, the National Association of Wheat Growers said July 6.

On June 1, a farmer with 1,000 acres of corn and soybeans expected a $42,000 return. Today that return has dropped to a negative $126,000, said Christopher Hurt, an agricultural economist at Purdue University. 

EU prepares to hit back if US puts tariffs on car imports .
The European Union says it is already preparing measures to retaliate against the U.S. if President Donald Trump imposes tariffs on imported cars and auto parts. The auto industry is a big employer and exporter in Europe, and the new tariffs could hit the region hard, as well as consumers and manufacturers in the U.S., where prices would rise.

—   Share news in the SOC. Networks

Topical videos:

usr: 1
This is interesting!