No, Mr. President, China isn’t paying your tariffs. We are
S E E D E D C O N T E N T
Yesterday President* Trump announced a delay in the next round of tariffs on Chinese products entering the U.S. Trump says that he is delaying the tariffs, which were set to start Sept. 1, until mid December with the intention to not have them disrupt the Christmas shopping season.
Trump went on to say that tariffs on China so far have cost the U.S. consumer virtually nothing and that China has paid the United States 60 billion dollars in tariffs.
Why does the American media continue to let Trump lie about tariffs?
jr
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https://www.latimes.com/business/story/2019-08-11/newsletter-how-tariffs-work
Welcome to the weekly newsletter of the L.A. Times Business Section . I’m consumer columnist David Lazarus , here today with a handy explainer on how tariffs work.
President Trump keeps insisting that China, not U.S. consumers, are paying for his tariffs on Chinese goods. He is, to put it politely, wrong.
Tariffs Hurt the Heartland, a coalition of business and trade groups, issued a report last week saying American consumers and businesses paid $6 billion in tariffs in June, up 74% from the same month a year ago. More than half that total came from Trump’s tariffs.
The trade coalition called June “one of the highest tariffed months in U.S. history.”
To hear Trump tell it, this is great news. “It is now even more obvious to everyone that Americans are not paying for the Tariffs — they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars!” he tweeted .
That’s just not true. The New York Federal Reserve estimates that tariffs already imposed by the administration are costing about $830 per U.S. household. The next round of tariffs, scheduled to begin next month, could add roughly $200 per household to that annual cost.
For those who don’t know (including, it seems, the president of the United States), tariffs aren’t penalty fines. They’re taxes, paid to U.S. Customs and Border Protection by companies that import goods from abroad. Such companies — manufacturers, retailers, electronics firms — typically pass along their higher costs to customers in the form of higher prices.
Customs duties collected in the fiscal year that started last October have now hit $50 billion, up from $28.3 billion for the same 10 months in 2018, according to the U.S. Treasury. This puts us on track for about $72 billion in tariff revenue for the year.
“We have billions of dollars coming into our Treasury — billions — from China,” Trump crowed in January. “We never had 10 cents coming into our Treasury; now we have billions coming in.”
Again, those billions are not from China. They’re from you.
If there’s some trade leverage to be had, it’s from American consumers possibly buying fewer Chinese-made goods because the products are becoming more expensive. That could place economic pressure on Chinese authorities.
However, because nearly everything is made in China these days, it can be difficult to find a domestically produced alternative. So the reality is that U.S. consumers, more often than not, will simply adjust to higher prices — which means having less money to spend elsewhere.
“Taxing hardworking Americans isn’t doing a thing to address China’s trade abuses,” said Tariffs Hurt the Heartland spokesman Jonathan Gold. “Instead, these tariffs are costing American jobs, raising prices, hurting farmers and derailing U.S. economic growth.”
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Why does the American media continue to let Trump lie about tariffs?
China is waiting and hoping that Trump loses in 2020. If he wins they will deal - you heard it here first!
Trump is QUOTED as saying yesterday (and I heard the audio) that US consumers are not paying the tariffs, and China is. "The only impact (from the tariffs) is that we have collected 60 billion dollars from China".
Every expert on tariffs I have seen says this is not true.
Why do you support a liar in the presidency?
China is paying the tariffs like Mexico is paying for the wall.
Why do you want to carry on the massive trade imbalance with China? Every President since Bill Clinton who got China into the WTO has allowed to this to go on, only Trump had the guts to take it on!
They are suffering! Patiently hoping like Iran, Comey, McCabe, Clapper, the msm and liberals that Trump loses in 2020.
International trade 101....The importer pays the tariff to US Customs. Always has, always will.
You can check on US Customs harmonized code to determine what the tariff will be on each item imported.
What the hell is the left griping about? First they bitch about the "Trump" tax cuts not being "paid for"; which is an oxymoron. Now they are bitching about paying for tariffs; which is nothing more than a tax. Seems that a tax on income is good; but a tax on products is bad in their minds. Forget that there are already several sale taxes placed on every item. Seems the left would be thrilled that the US government is increasing revenue.
As for China. They are playing long ball hoping that Trump loses the next election and newly elected Democrat will take things back to the same broken system that was ripping off the US before. The left is simply playing short ball, remove Trump at all costs. Nothing else matters.
Another one who supports Trump lying to the American people.
Where did I claim that we weren't paying for the tariffs? Go ahead, show me. What part of my statement isn't true? That the left isn't bitching about the "Trump tax cuts". Don't make me laugh. That the tariff is nothing more than another tax on products- which already have several sale taxes on them? Prove me wrong. You can't so just fall back on "Tttrrummmmpppp!!!!!"
Now, do you want to address the real issue- China and the rest of the planet taking advantage of the US through unfair trade agreements?
Or are you claiming the status quo was great for the US?
Oh please, take your trump love to someone who cares. If the tariffs are so good for the American economy why is Trump constantly lying about it?
I agree that China has taken advantage of the US and it needs to be redressed through strong negotiation, but again, why is Trump lying about it?
Of course the answer is he wants it both ways. He wants his voters and other saps to believe that HE and he alone has created this way to not only reset our trade relationship with China, but also get them to pay us tens of billions of dollars , and HE did it all !
If you are happy being bamboozled by this con man do everyone else a favor and keep it to yourself.
So anyone that actually agrees with what Trump is doing, not what he says has Trump love? Trump lies about anything and everything. Concentrate on his actions, not his words.
If you agree, then you should support the tariffs. Chuck Schumer does. As for the lying, why did Obama lie about the PPACA? Because the truth sucks- and w/o the support of the US sheeple politicians lose their jobs. They have to stay in power in order to get things done.
Or is Schumer now a Trump lover as well?
Propaganda to get things done over the truth. Funny how the left defended Obama for it.
You think I am being bamboozled.
Look in the mirror. I haven't made one false statement. So that shows I believe Trump lying about who is paying for the tariffs? I can't stand the man; but when he does something I agree with I will state so. I just don't have rampant TDDS.
They're only thrilled when taxes are raised on somebody ELSE.
Taxes on them = bad. Taxes on other people = good. See how this works?
I heard an analyst on tv this morning say that the average GDP growth (year to year) per quarter since Trump took office is 2.5%, which is considerably less than Trump promised.
The media is failing the American people by wholeheartedly accepting whatever Trump says about the economy. The GDP was 2.1 for the second quarter of 2019 and there was barely a peep about it in the news.
Again, some seem to miss short term pain for long term gain.
China gets it; which is the reason they are not panicking. The left in their get rid of Trump at all costs, do not.
2.1%?
So back to Obama era levels, then...which weren't terrible, TBF.
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Before you complain too much, look at the stock market on Election Day 2016 and compare it to yesterday's closing.
That IS rather odd, isn't it?
Had it been Obama as President, the news would have been all abuzz about that number.
"No, Mr. President, China isn’t paying your tariffs. We are"
Who are these "WE" people anyway !
I seem to remember "Liberals" telling everyone, "It's only a penny or two more per burger, in order to give some burger flipper a huge raise to 15 bucks an hour.
What's another penny here and there for anything else, right ?
I think everyone above who is sucking Trumps cock and bashing "liberals", fails to realize that no one has said the tariffs are bad, or they don't want to pay them. They are saying the president is a fucking liar and he just needs to tell the truth.
Everyone already knows the answer of why the truth is not told, it is because the poor red state voters would lose their minds if Trump honestly said the tariff war with China has cost YOU the consumer of goods in the U.S $60B this year and that it will equate to $1K by the years end, money you no longer have, because of my choices. Say seeya to 2020 election if the truth was told.
Of course.
Really, have you read all of the posts bitching about how much US households had to pay more for tariffs in the month of June? Or about the economy or stock market slipping?
As if the left lemmings aren't already losing their minds? Where was the left when Obama was lying his ass off about the PPACA and the effects it would have on peoples' wallets, choice of doctors, and coverage?
Yes, just like Obama would have if he didn't lie. Trump is just being held to a different standard.
" US households had to pay more for tariffs in the month of June? Or about the economy or stock market slipping? "
Sorry, can people not point out the facts of a situation anymore, or has your party before country rhetoric banned that practice now?
"Where was the left when Obama was lying his ass off about the PPACA and the effects it would have on peoples' wallets, choice of doctors, and coverage?"
Salty tears, Obama was not lying, just incorrect in how it would be executed. The PPACA did not mandate you use any different doctor or network or change your coverage (unless it was shitty coverage that didn't really cover you anyway, as the law was designed) Keep playing that broken record though, i never get tired of listening to it. Last i checked capitalism was alive and well in America which is where insurance companies and the doctors made business decisions unilaterally to screw the American consumer to once again reap the largest profits from a growing pool of suckers...i mean customers.
"I have personally, kept my same coverage, Kept same insurance carrier, kept my same doctors, and pay relatively the same amount or at least it has not went so much i cared.
There is a difference between having faith in good actors and getting burned as Obama did and just outright fucking lying as Trump is.
"Trump is just being held to a different standard"
Sure, lets cut off our nose despite our faces...Lets have two wrongs equal a right..... lets run around and say, but mom Billy did it too. Hate to break it to you but life is not fair and everyone is held to different standards, its called life and it is a gift given from human nature, don't like it take it up with God. Don't know how tired i am of the but Obama did it too bullshit.
Sorry, but it kinda did. Whether that was an unintended consequence or not really doesn't matter to the people impacted.
Prepare for a Cliff Clavin moment.....
The law mandated that any policies issued between the passage of the act in 2010 and the full implementation of the new "metallic" policies must meet certain upgraded standards. The previous policies, which were not up to those standards, were grandfathered and people were allowed to keep them.
On January 1, 2014, the upgraded "non-grandfathered" plans issued between 2010 and 12/31/13 were abolished and replaced by new "metallic" plans.
So the "better" plans were abolished and the "shitty" plans were kept.
As the ACA wore on, losses mounted and then the risk corridors were repealed, most insurers just withdrew from the individual markets. A great failing of the law is that it allows insurers to avoid these high claimants by simply opting out of participating. This was not the case before the ACA, where most states required them to participate in a high risk pool, subsidizing the sickest people.
As those companies withdrew, the plans left for huge numbers of Americans were all HMO plans, which only cover in-network doctors.
So contrary to the angry defensiveness of many on the left, the ACA did take away coverage for millions of people and has forced millions to change their providers.
I might have over reached on the intent of the PPACA purpose was to improve some existing plans as seen below.
Secretary of Labor Hilda Solis announced a new rule that protects the ability of individuals and businesses to keep their current plan. It outlines conditions under which current plans can be ‘grandfathered’ into the system, minimizing market disruption and putting us all on the path toward the competitive, patient-centered market of the future
Think the question is, what ever happened to that rule, who cut it?