Tag: tariffs

While Know-It-Alls Lecture on Tariffs Against China, Trump Dials Up New Trade Deals with UK, Europe and Japan

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by Robert Romano   While President Donald Trump continues to bring the pressure to China, so far with 10 percent tariffs on $200 billion of Chinese goods shipped to the U.S., rising to 25 percent in Jan. 2019, which comes atop another 25 percent tariff on $50 billion of goods from China, he is dialing up new trade deals with traditional U.S. allies. Trade agreements with South Korea, Mexico and Canada are already going to Congress, accounting for a combined $1.4 trillion in trade with the U.S. And now, Trump has notified Congress of his intent to negotiate deals with the UK, Europe and Japan, with whom the U.S. carried on a combined $1.7 trillion in trade. These were supposed to be mutually exclusive things, according to all the experts. Trump could either put up more trade barriers or lower them, but he could not do both. Instead, Trump is proving that the U.S. can walk and chew gum at the same time as it pursues the Trump trade agenda. If nations act fairly and reciprocally with the U.S. to lower trade barriers, they can get a good deal. If not, like China, then they face tariffs. “Under President Trump’s…

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Contrary to Nervous Nellie ‘Economic Experts,’ the Trump Economy is Booming with Elevated Aluminum and Steel Prices

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Donald Trump

By Robert Romano   One of the conventional wisdoms to do with the tariffs and duties levied by the Trump administration on steel, aluminum and lumber is that they will lead to higher prices and inflation, hurting producers and consumers, thus stunting economic growth. For example, billionaire Charles Koch warned on July 30 that the tariffs would lead to a recession. So far, however, that does not appear to be the case. In the second quarter of 2018, the U.S. economy boomed at an inflation-adjusted 4.1 percent annualized. And the latest consumer and producer prices, taking into account the period when many of the tariffs were levied, do not show the predicted price hikes. Consumer inflation is up 0.8 percent the past six months, below the Fed’s 2 percent 12-month target. As for producer prices, if you look at finished goods for final demand by commodity less energy and food, you see a 1.44 percent increase the last six months, averaging 0.24 percent a month. That is slightly below the historical average of 0.27 percent a month dating back to 1974. Americans for Limited Government President Rick Manning commented on the numbers, saying, “the six-month tracking demonstrates that the economic growth spurt generated through President Trump’s…

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Globalist Sen. Lamar Alexander Bemoans President’s ‘Shot to the Foot’ From Tariffs

Jason M. Reynolds
Lamar Alexander

Sen. Lamar Alexander (R-TN) bemoaned President Trump’s “shot to the foot’” over tariffs on Fox News’ Journal Editorial Report. Tennessee’s senior senator, praising globalism, introduced the Automotive Jobs Act of 2018 Wednesday to delay the tariffs. He said, “Zero tariffs is exactly the right policy.” He also called for an end to the steel and aluminum tariffs which he said are hurting Tennessee’s auto industry and raising prices of the autos they make. He claimed the state exports cars around the world but could not answer a question as to how many are shipped out of the country. “Tariffs are shooting ourselves in the foot, really shooting ourselves in both feet,” Alexander said. He called for the reauthorization of NAFTA by September and said it has been good for Tennessee. Steel and aluminum tariffs remain in place and car tariffs will remain on hold if negotiations continue, Commerce Secretary Wilbur Ross said. Fox News quoted him as calling auto tariffs a “national security threat.” Watch the latest video at foxnews.com Calling on globalists The automotive act, co-sponsored by Sen. Doug Jones, (D-AL), would delay the tariffs of 20 to 25 percent on imported vehicles, CNBC said. The bill would require…

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US Lawmakers Warn Trump Tariffs Threaten Local Newspapers

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newspapers

About a dozen members of Congress warned Tuesday that newspapers in their home states are in danger of reducing news coverage, laying off workers or going out of business if the United States maintains recently imposed tariffs on Canadian newsprint. The Trump administration ordered the tariffs in response to a complaint from a paper producer in Washington state. It argues that Canadian competitors take advantage of government subsidies to sell their product at unfairly low prices. About a dozen lawmakers testified against making the tariffs permanent during a United States International Trade Commission hearing. The commission is reviewing whether U.S. producers of certain groundwood paper products, including newsprint, have been materially injured because of the imports from Canada. The commission’s findings help determine whether the Department of Commerce makes the tariffs permanent. Newsprint is generally the second-largest expense for local papers. The tariffs have generally increased newsprint prices by 25 to 30 percent. Sens. Susan Collins and Angus King of Maine both argued that the tariffs will hurt the industry they’re designed to help because it will diminish the market for newsprint in America as newspapers shrink or close. “If you end up with a smaller market, you haven’t helped…

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Bob Corker Attacks Trump with Likely Pointless Gesture in DC While POTUS is Traveling Overseas

John Bryant
Bob Corker

If you ever wondered how low Sen. Bob Corker (R-TN) might go in trying to disrupt President Trump’s agenda on negotiating better trade deals, yesterday may have provided the answer. Fox News‘ Chad Pergram took  to Twitter to cover the outgoing Senator Corker’s effort to create additional problems for President Trump on the tariff issue with legislation and even pointed out the complete lack of decorum on Corker’s part by pushing it while the president is traveling abroad. Corker on if it was inappropriate to have the tariff vote with the President overseas: Votes kind of happen when they happen. — Chad Pergram (@ChadPergram) July 11, 2018 It is often said that foreign policy stops at the water’s edge. It's taboo for lawmakers to criticize the President when he is overseas. But the Senate fired a salvo at Trump, voting 88-11, to assert Congressional authority on imposing tariffs on national security grounds — Chad Pergram (@ChadPergram) July 11, 2018 To be clear, this was very much Corker’s effort despite previously being blocked from doing anything with real “teeth” by the Senate. It was his motion after all. Text of Corker motion today on tariffs: Mr. Corker moves that the mgrs…

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Marsha Blackburn Praises President Trump’s Selection of Brett Kavanaugh for SCOTUS, Phil Bredesen Silent on the Pick

John Bryant
Marsha Blackburn, Brett Kavanaugh, Phil Bredesen

Rep. Marsha Blackburn (R-TN-07), the GOP candidate to replace retiring Sen. Bob Corker (R-TN) in the November general election, led Tennessee Republicans on Monday evening in praising President Donald Trump and his nominee for justice to the U.S. Supreme Court, federal appeals court judge Brett Kavanaugh. “Judge Brett Kavanaugh will make a fine Supreme Court Justice, and I thank President Trump for nominating a strong constitutionalist with a proven track record of upholding the rule of law,” Blackburn said in a statement included in this tweet sent out at 9:27 pm eastern, just 20 minutes after Trump announced his pick: Tennesseans will be well served by Judge Brett Kavanaugh, and I encourage the Senate to consider his nomination expeditiously and to continue to confirm strict constitutionalist judges to our federal courts. pic.twitter.com/CD3NclJiop — Marsha Blackburn (@VoteMarsha) July 10, 2018 In contrast, former Gov. Phil Bredesen, the Democratic candidate for the U.S. Senate, offered no comments on the president’s pick of Kavanaugh. Instead, Bredesen’s campaign released this statement during the day on Monday “in advance of President Trump’s nomination of a new justice to the U.S. Supreme Court,” which largely restated the words Bredesen used in a campaign commercial last month: “An important…

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Big Business and GOP Fighting Trump on Tariffs, But Will it Work, Or Is It All Just Talk?

John Bryant
Donald Trump

Per Vox, Big Business and the GOP establishment are  teaming up to undermine President Trump’s America First agenda. Unsurprisingly, the effort is being led by The US Chamber of Commerce and is supported by many Senate Republicans. The largest business lobbying group in America is declaring war on President Donald Trump’s trade agenda. The US Chamber of Commerce, an advocacy group that represents more than t3 million American businesses, launched a new campaign on Monday designed to persuade policymakers and the public that the Trump administration’s increasingly aggressive trade policies represent a huge threat to the American economy. The Chamber released an interactive graphic that maps out how Trump’s trade conflicts with China, Europe, Canada, and Mexico could affect each state in the country in the coming months. It details how many of each state’s exports to foreign countries are vulnerable to retaliatory tariffs against Trump’s tariffs — and warns that they could cause millions of job losses. “Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home,” US Chamber President Thomas Donohue said in a statement. “The administration is threatening to undermine the…

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Globalist Phil Bredesen Cuts Commercial Attacking President Trump on Tariffs

John Bryant
Phil Bredesen

Chuck Schumer’s hand-picked Tennessee Democratic U.S. Senate candidate Phil Bredesen went after President Donald Trump’s tariffs in a new television ad, “saying they hurt the state’s auto industry, farmers and exports like Jack Daniel’s whiskey,” according to this report. This may be the first time Bredesen has taken on Trump openly and in his own voice. Marsha Blackburn and the Republicans wasted no time in hitting back, pointing out that, no matter what Bredesen says in one ad, it’s inevitable that he becomes Schumer’s man in the Senate in the end. Schumer recruited him to run and helped him secure the backing of huge liberal donors, who will expect to see Bredesen deliver for the money they are spending attempting to elect him. There’s more here: Blackburn has said she’s “not a fan” of tariffs, high taxes or trade wars, but that she wants to find a way to “deal with this imbalance that we have when it comes to trade and our exports and imports.” The new Bredesen ad drew a quick response from the National Republican Senatorial Committee, which pointed to Bredesen’s opposition of Trump’s tax cuts last year. “Phil Bredesen’s vehement opposition to the tax cuts contradicts…

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Corker Won’t Quit Undermining Trump On Trade Negotiations

John Bryant
Mike Pence, Donald Trump, Bob Corker

According to a report by The Hill, outgoing Sen. Bob Corker (R-Tenn.) is pressing the Trump administration for details on the implementation of tariffs on steel and aluminum imports. As chairman of the Senate Foreign Relations Committee, Corker seems intent on making President Trump’s negotiating strategy as difficult as possible, undermining him at every turn. Also per The Hill, Corker sent a letter on Wednesday to Commerce Secretary Wilbur Ross “asking for details on how the Commerce Department is deciding which countries will be exempted from the steep financial penalties”, which Corker insists are having a “damaging” impact on U.S. businesses. As The Hill also reported: On the hot seat, Ross defended the tariffs as necessary to protect American businesses. “Actions taken by the president are necessary to revive America’s essential steel and aluminum industries,” Ross told lawmakers on the Senate Finance Committee. “Allowing imports to continue unchecked threatens to impair our national security.” The heated hearing comes as lawmakers in both parties have raised alarm over Trump’s moves in recent weeks to implement a series of tariffs on China as well as U.S. allies, including Canada, Mexico and the European Union. Those tariffs have rattled markets and sparked anger…

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Lamar Alexander Sides With Corker Over Trump on Tariffs

John Bryant
Lamar Alexander

SuperTalk 99.7 WTN veteran broadcaster Brian Wilson, host of Nashville’s Morning News, interviewed Tennessee Senator Lamar Alexander today, who made it very clear he sides with outgoing Senator Bob Corker over President Trump on the tariff issue. The two men also discussed the recent Inspector General’s report, which was highly critical for the FBI and former Director James Comey. Alexander praised Trump and stressed the need for the GOP to retain their majorities in Congress, As for the tariff issue, host Wilson asked him about his “fellow Senator Bob Corker who has been drawing a lot of fire lately in the state of Tennessee for his criticism of this president.” Responded Alexander, “What’s bother Senator Corker is he thinks we should have a vote on whether tariffs are a good idea. But I don’t think they’re a good idea either. I think we ought to have a vote on it. That’s the basis of his criticism. Tariffs on Aluminum and Steel are more likely to hurt Tennessee than any other state because we’ve got nearly a thousand auto parts suppliers and they nearly all use aluminum and Steel when they make their parts. If you add 25% to the cost of…

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Corker Throws Hissy Fit Over Trump On Senate Floor

John Bryant
Bob Corker

One might like to say outgoing Sen. Bob Corker (R-TN) was in rare, or unusual form in the Senate today; unfortunately, his anti-Trump’s tirades are increasingly the norm for the diminutive senator, as opposed to the exception, as CNN reports. Tennessee Republican Sen. Bob Corker accused his party of cowering before President Donald Trump in an impassioned speech on the Senate floor Tuesday. In an animated exchange, Corker — who was trying to get a vote on an amendment as part of an ongoing debate over the Senate’s defense bill — argued that Republicans were blocking his trade proposal because they were afraid of Trump and what he might do to the party if they upset him in an election year. “We might poke the bear!” said Corker, who is retiring at the end of his term. “My gosh, if the President gets upset with us we might not be in the majority,” he said referring to sentiments he often hears from colleagues. Corker has worked for the last week to try to get a vote on his amendment that would roll back Trump’s trade authority and give Congress the power to check the President’s ability to impose tariffs on…

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Corker Tries to Undermine Trump Again, Says President is Damaging Relationships With Friends

Jason M. Reynolds
Bob Corker

U.S. Sen. Bob Corker (R-TN) is criticizing President Donald Trump once again, media outlets report. Fox News’ Congressionis al reporter Chad Pergram tweeted Tuesday, “Senate Foreign Relations Cmte chair Corker on Trump: I think there is no questions that we are damaging relationships with very close friends..it’s unnecessary..I don’t understand why we would go out an purposefully create negative discourse when it’s not necessary.” Senate Foreign Relations Cmte chair Corker on Trump: I think there is no questions that we are damaging relationships with very close friends..it’s unnecessary..I don’t understand why we would go out an purposefully create negative discourse when it’s not necessary. — Chad Pergram (@ChadPergram) June 12, 2018 Corker also unloaded on his fellow Republicans for supposedly cowering from Trump, Roll Call reported. The retiring Tennessee senator was angered that his amendment to the defense authorization measure that would reclaim congressional prerogatives on trade and tariffs would not be up for a vote, Roll Call said. He mocked senators for not standing up to Trump, including the No. 2 Republican, Majority Whip John Cornyn. “Gosh, almighty, I heard the senator from Texas, the senior senator from Texas saying the other day, well, gosh, we might upset the…

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US Steel Says It Will Add 800 Jobs Thanks to Tariffs

Jason M. Reynolds
steel factory

US Steel is hiring in the wake of President Donald Trump’s steel tariffs, CBS Pittsburgh says, citing a CNN Money report. US Steel said Tuesday it’s restarting the second of two blast furnaces at its plant in Granite City, Illinois, near St. Louis. It will bring on 300 workers to support the effort. The company previously announced it would reopen the first furnace, which would create 500 positions to be filled by new and returning employees. “After careful consideration of market conditions and customer demand, including the impact of Section 232, the restart of the two blast furnaces at Granite City Works will allow us to serve our customers’ growing demand for high quality products melted and poured in the United States,” US Steel CEO David Burritt said in a press release. Section 232 refers to the part of the trade law Trump invoked in March when he imposed steep tariffs on steel and aluminum imports, citing national security concerns. While waivers were at first granted to US allies, Trump last week slapped a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from Canada, Mexico and the European Union. All three are retaliating with…

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Corker Pushing Bill to Target Trump on Tariff Powers

John Bryant
Corker Senate For Rel Committee Trump

Outgoing Tennessee Sen. Bob Corker is now pushing a measure to empower Congress to block President Trump’s tariffs, “opening a GOP rift over how and whether to push back on the White House’s trade policy,” according to a Politico report. Corker’s proposal would set up a fast-track process for Congress to sign off on tariffs linked to national security and is picking up steam as he attempts to attach it to the annual defense authorization bill that’s expected to come to the floor later this week. Senate Majority Leader Mitch McConnell (R-Ky.) on Tuesday ruled out a stand-alone vote on the legislation but suggested that it could get consideration during the defense debate. The tariff effort remains a long shot, with McConnell describing it as “contentious,” but it still represents a critical test of the GOP’s willingness to take on the president. “There’s a lot of interest in it, for what it’s worth,” Corker told reporters. “But, you know, doing anything around here is like pushing a major boulder uphill, so we’ll see.” As The Tennessee Star reported on June 3rd, this isn’t the first time Corker has signaled his desire to take Trump on on trade and tariffs, even going so far…

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Mnuchin: ‘We Are Going to Proceed with Our Tariffs’ on China

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On “Fox News Sunday,” Secretary of the Treasury Steven Mnuchin said that “we are going to proceed with” the $60 billion in tariffs that President Donald Trump threatened against China for its unfair trade practices. Trump imposed a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum earlier in March to protect the U.S. economy and national security interests, although he announced Thursday he would exempt several countries.

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Marks Skoda Commentary: Trump Genius in Action

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by Mark A. Skoda   The recent announcement that President Trump decided to implement steel and aluminum tariffs was met with both condemnation and adulation. Looking at this action as a one-off is the absolutely wrong way to evaluate Trump’s decisions. However, as a broader strategy for job preservation and creation, Donald Trump is probably one of the economic geniuses of our time! Since his election in 2016, Trump has attacked all matter and sorts of regulations. He has begun to reduce the overreach of the EPA, reversed job-killing actions by the Obama administration and focused on re-building and regaining America’s preeminent position in everything from coal, energy production to manufacturing and now steel and aluminum. Unlike the “experts” who have never done a day’s work with their hands, Trump was building skyscrapers and hotels around the world. And what Trump understands better than all these academic critics is that you need two key elements to build these commercial projects: steel and concrete! His business acumen in the developer world offers a unique perspective that only Donald Trump fully recognizes. In addition, all of the actions together, represent a commitment to executing on his campaign promises which is unique in…

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