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From WSJ: "U.S. Sets $12 Billion in Farm Aid to Ease Trade Fight Impact"
WASHINGTON—The Trump administration on Tuesday will announce a plan to extend some $12 billion in emergency aid to farmers amid growing concerns that the U.S. agricultural sector could suffer from President Donald Trump’s escalating trade dispute with allies, a person familiar with the matter said.
The trade rift between the U.S. and some of its closest allies has prompted retaliations and legal actions following Mr. Trump’s decision earlier this year to impose tariffs of 10% on aluminum imports and 25% on steel imports from Canada, Mexico and the EU.
The president has also levied tariffs on $34 billion in imports of electronic goods, machinery and other products from China, with another $16 billion expected in the next few weeks. He has also said he would assess tariffs on a further $200 billion on a range of consumer products.
China, in response, has levied duties on $34 billion of U.S. products, covering 545 categories, ranging from soybeans, pork, chicken and seafood to sport-utility vehicles and electric vehicles.
The farm goods were chosen to hit U.S. states that supported Mr. Trump just months ahead of the midterm elections, according to people with knowledge of Beijing’s plan.
Yuuup! The genius is going to add $12 billion to his already growing federal deficit to ease the pain caused by his self induced trade war. I thought you repuglicans support free trade and are strongly against deficits. Wait,, there is more. I thought you repuglicans believe in standing up to russia and supporting our allies. But wait,,,, there is more,,,, I thought you repuglicans support the Federal Bureau of Investigation ,,, oh wait,, not when they are investigating YOU!
@Catch22.actually catch my original post tried to discuss sequence of return risk and other factors impacting near retirees.not the least of which is the president who thinks " tariffs are the greatest." Are you the new moderator?
Taxpayer-funded bailouts to reimburse the collateral damage to his base brought on by his trade idiocy and ignorance is not the answer. But then again, this guy is the master of spending other people's money ....
@rforno. I gather the mechanism that trade warrior is using to bail out victims of his mistake is the Commodity Credit Corporation. This was,of course, signed into law by FDR. Thanks New Deal,,,thanks Democrats. But seriously farmers, did you really think that voting for him would help you in ANY way?
@old joe, ,Thank You for your comment to larryB We need to think of others before someone makes hurtful remarks about someone else.Again thank you regards circa33
@larryB, Being new to MFO you may or may not be aware of a basic rule when posting. A post that discusses a mutual fund or an EFT is identified by the author of the post as "fund discussion". As important as it may be to discuss, this thread has no connection to a fund discussion. My suggestion...make it OT. Thanks to @Old_Joe for including the details (see below) on how to change the topic heading.
Yuuup! The genius is going to add $12 billion to his already growing federal deficit to ease the pain caused by his self induced trade war. I thought you repuglicans support free trade and are strongly against deficits
@larryB- I just noticed bee's comment regarding posting classification. It's really important to observe that, because (among other things) it helps to separate all of those "link posts" that we're so fond of from other traffic.
It's easy to change that: Just click on the gear at the upper right of your post, and use "Edit" to change the classification, the headline, or any text within the post itself. You can do that at any time.
@bee. Thanks for the input. Just so you know,,,, I have been a member since April of 2011. I find it very interesting that this thread, even if it breaks your rules, has engaged more participation that most of the properly fomatted links that are ingnored all day. And the unnecessary and unilateral trade war is likely to impact not one but most of our mutual fund investments. So if you can,,, think of this as macro mutual fund discussion. THIS THREAD IS TOTALLY CONNECTED TO A FUND DISCUSSION.
Now that I have your attention @larryB...continue.
What impact will tariffs have on funds?
I believe @Catch22 tried to offer some help regarding your OP which had to do with funding "retirement without a pension".
A worthy question that many here would be happy to discuss, but for some reason that wasn't worth retaining and instead you decide to react as if Catch22 was picking on you.
Relax. We are all here to learn and share. Being a member since 2011 I hope you can appreciate that.
For me, when it comes to political forces...I can't control the wind, but I can adjust my sails.
Tariffs are a tax on goods and services and an added cost to business, but free trade isn't always fair trade.
I'm brushing up on the topic of Tariffs which the US has imposed on trade as early as 1789. Tariffs were the greatest source of income for the federal government up until 1913. The US never adhered to free trade until 1945. We used tariffs as a form of protectionism for our industries and our workers.
What the US seems to be trying to protect today has more to do with intellectual property since China wishes to confiscate the intellectual property associated with the production of more and more sophisticated products. That's a problem.
As for your retirement portfolio, these market disruptions might be very good periods to buy good solid companies that have been temporarily hurt by this "unsettled news".
Jefferson's Embargo Act: might it be the most extreme example of a tariff? (Not just an extra duty charged. In fact, it said to Britain and France: "you can't come here.") Anyhow, not successful, by any measure. And in the next election, the Federalists--- his opponents--- fared well. https://en.wikipedia.org/wiki/Embargo_Act_of_1807
There have been problems with international trade FOREVER. Every country protects certain industries in various ways at different times. Geez, we've been subsidizing our sugar industry for ~200 years. This is why you have organizations like the WTO to resolve these ongoing differences.
Ergo, while much of his rationale is true, I disagree with Trumps tactics, which are sort of a "kill 'em all and let God sort 'em out" approach. Whether it develops into an all out trade war or not, doesn't lessen the negative impacts this is having on our economy. Coke just raised prices to cover the aluminum tariff increase.
It is never good when the government intervenes in the economy as it cause distortions and interferes with the functioning of the free market. The steel industry being protected will continue to be fat, lazy and non-competitive. In fact, it will get worse. The jobs created in steel number ~28K while the jobs lost already are pushing 500K. If you want to protect these workers, you Educate them to take other jobs. Find me a coal miner that wouldn't rather be making wind turbines or solar panels.
Oh, and while we're currently blaming Trump, this craps been going on in Washington for decades by BOTH parties with officials so busy lining their pockets and selling us out.
Many farmers want to sell their crops, not taking government handouts. Then there are the meat producers and ranchers. This only adds to the already large deficit.
Comments
Good to go.
Prices for US consumer goods will only increase that much faster if we engage in a trade war. How is this good?
WASHINGTON—The Trump administration on Tuesday will announce a plan to extend some $12 billion in emergency aid to farmers amid growing concerns that the U.S. agricultural sector could suffer from President Donald Trump’s escalating trade dispute with allies, a person familiar with the matter said.
The trade rift between the U.S. and some of its closest allies has prompted retaliations and legal actions following Mr. Trump’s decision earlier this year to impose tariffs of 10% on aluminum imports and 25% on steel imports from Canada, Mexico and the EU.
The president has also levied tariffs on $34 billion in imports of electronic goods, machinery and other products from China, with another $16 billion expected in the next few weeks. He has also said he would assess tariffs on a further $200 billion on a range of consumer products.
China, in response, has levied duties on $34 billion of U.S. products, covering 545 categories, ranging from soybeans, pork, chicken and seafood to sport-utility vehicles and electric vehicles.
The farm goods were chosen to hit U.S. states that supported Mr. Trump just months ahead of the midterm elections, according to people with knowledge of Beijing’s plan.
(More to Come) (that is, from the Journal)
Your original post text had a question at the end about how to navigate retirement without a pension. What happened?
Have a pleasant remainder.
I threw up part of my lunch when I saw that.
Taxpayer-funded bailouts to reimburse the collateral damage to his base brought on by his trade idiocy and ignorance is not the answer. But then again, this guy is the master of spending other people's money ....
come on
to them, he hates the right people
https://www.reuters.com/article/us-usa-trump-ivanka/trumps-daughter-to-shutter-fashion-line-focus-on-government-idUSKBN1KE2JN
,Thank You for your comment to larryB We need to think of others before someone makes hurtful remarks about someone else.Again thank you
regards
circa33
'Making America 1929 Again': GOP Sen. Sasse Rips Trump on Tariffs, Planned Farmer 'Bailout'
http://insider.foxnews.com/2018/07/24/donald-trump-tariffs-are-greatest-ben-sasse-rips-president-over-tweet-vfw-speech-remarks
It's easy to change that: Just click on the gear at the upper right of your post, and use "Edit" to change the classification, the headline, or any text within the post itself. You can do that at any time.
What impact will tariffs have on funds?
I believe @Catch22 tried to offer some help regarding your OP which had to do with funding "retirement without a pension".
A worthy question that many here would be happy to discuss, but for some reason that wasn't worth retaining and instead you decide to react as if Catch22 was picking on you.
Relax. We are all here to learn and share. Being a member since 2011 I hope you can appreciate that.
For me, when it comes to political forces...I can't control the wind, but I can adjust my sails.
Tariffs are a tax on goods and services and an added cost to business, but free trade isn't always fair trade.
I'm brushing up on the topic of Tariffs which the US has imposed on trade as early as 1789. Tariffs were the greatest source of income for the federal government up until 1913. The US never adhered to free trade until 1945. We used tariffs as a form of protectionism for our industries and our workers.
Tariffs_in_United_States_history
What the US seems to be trying to protect today has more to do with intellectual property since China wishes to confiscate the intellectual property associated with the production of more and more sophisticated products. That's a problem.
On the topic:
trade-tariffs-are-not-the-endgame-intellectual-property-is
As for your retirement portfolio, these market disruptions might be very good periods to buy good solid companies that have been temporarily hurt by this "unsettled news".
https://en.wikipedia.org/wiki/Embargo_Act_of_1807
https://reuters.com/article/us-fiatchrysler-ceo/fiat-chryslers-marchionne-dies-shares-dive-on-profit-slide-idUSKBN1KF1ST?il=0
https://msn.com/en-us/money/companies/fords-profit-tumbles-by-almost-half/ar-BBL3yjP
It is likely to see more poor reporting in coming weeks.
There have been problems with international trade FOREVER. Every country protects certain industries in various ways at different times. Geez, we've been subsidizing our sugar industry for ~200 years. This is why you have organizations like the WTO to resolve these ongoing differences.
Ergo, while much of his rationale is true, I disagree with Trumps tactics, which are sort of a "kill 'em all and let God sort 'em out" approach. Whether it develops into an all out trade war or not, doesn't lessen the negative impacts this is having on our economy. Coke just raised prices to cover the aluminum tariff increase.
It is never good when the government intervenes in the economy as it cause distortions and interferes with the functioning of the free market. The steel industry being protected will continue to be fat, lazy and non-competitive. In fact, it will get worse. The jobs created in steel number ~28K while the jobs lost already are pushing 500K. If you want to protect these workers, you Educate them to take other jobs. Find me a coal miner that wouldn't rather be making wind turbines or solar panels.
Oh, and while we're currently blaming Trump, this craps been going on in Washington for decades by BOTH parties with officials so busy lining their pockets and selling us out.
and so it goes,
peace,
rono
https://www.nytimes.com/2018/07/26/opinion/trump-tariffs-trade-war-rural-america.html