https://www.cnbc.com/2024/11/04/trump-tariffs-retail-price-spikes-nrf-report-2024-election.htmlFormer President Donald Trump’s universal tariff proposals could cause prices to skyrocket on clothing, toys, furniture, household appliances, footwear and travel goods, according to a new report from the National Retail Federation.The study, released on the eve of Election Day, adds to the pile of economic and industry analysis warning of the inflationary impacts of the Republican presidential nominee’s hardline approach to trade.Trump has said he would impose a 10% or 20% tariff on all imports across the board. He has also floated tacking on a specifically high China rate of between 60% and 100%.In both cases, the NRF found that the impact of Trump’s tariffs would be “dramatic” double-digit percentage price spikes in nearly all six retail categories that the trade group examined.For example, the cost of clothing could rise between 12.5% and 20.6%, the analysis found. That means an $80 pair of men’s jeans would instead cost between $90 and $96. A $100 coat? That would cost between $112 and $121.These new prices would squeeze consumer budgets, especially for low-income households that spend triple as much of their monthly budgets on apparel as high-income households spend, according to the Bureau of Labor Statistics.The report found that the greatest price spikes could occur for toys: between 36.3% and 55.8%. The price of a $200 crib would also rise to between $213 and $219.On the macro level, those price increases would also erode consumer spending. The report found that the more expensive retail goods would lead to a $46 billion decrease in purchasing power, if Trump imposes both universal tariffs and especially high China rates.
“Broad-based tariffs on the scale former President Trump has proposed will act as a massive tax increase on American families as they pay more for all imports, cutting into their purchasing power and thus weighing heavily on their spending and the overall economy,” Chief Moody’s Economist Mark Zandi told CNBC.The report did not factor in Trump’s new proposal, announced Monday, to impose a 25% tariff rate on Mexico if the country does not impose stricter border regulations, which he announced at his rally in Raleigh, North Carolina.Vice President Kamala Harris has capitalized on the economic criticism of Trump’s broad tariff plans, framing them as a “Trump sales tax” on American consumers. Instead, she favors a more targeted approach to the duties.But many voters respond well to Trump’s tariff proposals, feeling that years of free trade decimated factory towns across America.However, Trump’s tariffs during his first presidential term, including duties on foreign metals and washing machines, failed to raise the overall number of jobs in the relevant industries, a nonpartisan working paper found.“If higher taxes are placed on these imports from China, their production will move to other less developed countries,” said Mary Lovely, a senior fellow at the Peterson Institute for International Economics.Given the relatively higher wages in the U.S., Lovely said, “it is very unlikely that many jobs will be created in these industries.”That means Americans won’t see additional jobs but will see prices rise.
Not a problem at all. Solar panel companies are already moving. Other industries will follow suit. Tariff laws need a complete overhaul if they're to be effective.https://www.reuters.com/business/energy/chinese-solar-firms-ever-nimble-go-further-afield-where-us-tariffs-dont-reach-2024-11-03/
I hope to fuck he implements his tax plan and everyone screams in agony at how difficult their lives will be.
>>1360520You will scream in agony because you are hypnotized by fear porn.Everyone else with jobs will enjoy a lower tax rate just like they did last time he was president
>>1360522>Everyone else with jobs will enjoy a lower tax rate just like they did last time he was presidentWhat good is that if everything gets more expensive?
>>1360526>if everything gets more expensiveLuckily, democrats will no longer be running the show so that won't be an issue
>>1360530>Luckily, democrats will no longer be running the show so that won't be an issueI don't give a flying fuck which party is running what. Will it actually involves people paying for shit is what matters here. I am not seeing any answers from either party.
>>1360531>I don't give a flying fuck which party is running whatYeah, I bet.
>>1360533Let's be honest, neither presidential candidate is actually good. We are going to be screwed either way. Its just a matter of how.
>>1360534COOOOPINGCOPING AND SEEEETHING
>>1360530Trump's tariff policy will make nearly everything more expensive.
>>1360717I don't see how people don't realize this.>See the plan is simple>Step 1: Make tariffs>Step 2: Foreign goods become more expensive!>Step 4: People will buy more American made goods!>Wait but how does this make the American made stuff cheaper?>Missing Step, return to Step 1>Don't the majority of American products also need foreign materials too? Wouldn't that mean they'd also increase in price compared to current prices?>Missing Step, return to Step 1>How will this do anything about low wages too?>Missing Step, return to Step 1
>>1360719>Wait but how does this make the American made stuff cheaper?It doesn't make things cheaper. It bolsters the domestic labor market by cutting out foreign competition so Americans can actually afford things like milk and eggs.
>>1360722Hey anon you left out the part where you explain how this makes the price of those things go down.
>>1360723Please read closely.Inflation makes the price of everything go up.The healthier the labor market is, the more people get paid for their jobs.American citizens are paid shit in America because big corporations outsource their job opportunities to foreigners who work more for less pay.More tariffs = more domestic job opportunities = American citizens get paid more = easier to afford more thingsThe price of things isn't going down. Your ability to purchase them is increasing. Get it?
>>1360723Holy fuck you can't read. Typical you self righteous fart huffers.
>>1360727Anon you left out the part where this results in pay going up. See what I mean when I say this plan is missing steps? Also, remember this'll still result in higher prices regardless of wages because a lot of US production relies on trade goods that'll be more expensive under these tariffs. So even if this does magically convinced big CEOS to stop inflating their own paychecks and leaving their workers out to dry like they have been for the last 2 decades, it might not even balance out.
>>1360732Real wages went up under trump and down under Biden, you retarded fart huffing cultist
>>1360733>real wages went up under TrumpNo they didn't lmao. They were going up the same rate as Biden and Obama. That big jump you see in the charts is from when covid cost working class people their jobs and only the higher pay CEOs were left.
>>1360734>>1360734>No they didn't lmao. They were going up the same rate as Biden Wrong again you fart huffing retard https://www.epi.org/nominal-wage-tracker/
>>1360735Looking again, that chart even shows that "Workers' share of corporate income" dropped during Obama, bigly, rose during trump, and dropped bigly again under Biden>>1360734Man you fart huffing retards really need to get off their cultist-go-round
>>1360735>Still not noticing the massive spike up and down as a result of covid Trump is not going to help the fact CEOs are making 500x the average worker anon. Especially not while he's a publicly traded asset by those same CEOs.
>>1360738Trump actually got those ceos you hate so much to pay additional bonuses to their workers, while Biden just fucked up their cost of livinghttps://www.cnbc.com/2017/12/20/tax-reform-reaction-att-is-giving-bonuses-to-200000-employees.html
>>1360738>Trump is not going to help the fact CEOs are making 500x the average worker anon.Who is unironically looking at CEOs and thinking "fucking hell, that guy is too successful, this is terrible".Motherfucker, I can't afford a new pair of shoes. I'm wearing the same clothes I did ten years ago. I'll never be able to afford a new home, and if I did sell my house, I would be nothing more than a rent slave.I want CEOs to succeed. I want my neighbors to succeed. The only people I want to fail are those FUCKING RETARDS who tell me that being successful is a moral wrong. Those cunts can hang first.
>>1360744Good postGreat post, actually
>>1360743>U.S. workers who are union members
>>1360744Anon that CEO paying himself millions of dollars because of what your labor gets him is the reason you aren't able to afford shit. He's stealing the money you're earning.
>>1360747>He's stealing the money you're earning.My contract doesn't stipulate millions of dollars. I negotiated my own wage before I even started. And even if I DID make millions of dollars, you faggots would try to steal it from me.
>>1360747>He's stealing the money you're earningNo, and you should stop huffing your own farts.
>>1360748>No it's perfectly fine that CEO pay has gone up 500% while wages remain stagnantThis is economic cuckoldry.
>>1360750Not trump fault Biden fucked shit up tho
>>1360729>fart huffersNext to the schizo Indian coprophile, we now have the thing that is >>1360729. Both obsessed with that part of the body. Weird.
>>1360761Take the L and move on, America decided we don't want you deranged fart-huffers making any decisions.
>>1360719Don't forget Step 5.>Domestic producers raise their prices to match the tariffs to price gouge more.
>>1360762Good morning saar
>>1360719>>1360767Or, Step 1: Threaten country that has tarriffs on our products with import tariffs Step 2: That country drops their tariffs Step 3: We export more and import just as much as ever, at the same prices. You people are midwits.
>>1360767domestic price increases are taxable income by the domestic corporation. Also they're going to attempt to increase their market share, and have an incentive not to raise their prices much.
>>1360719>>1360767Get a load of this uneducated fart huffing economics dropout
>>1360534Unironically this. Though Trump is marginally better than Kamala.
>>1360719Or>locally produced goods have high cost due of low demand for locally produced goods>imported goods become more expensive due to tariffs>demand for locally produced goods increases, local producers reduce their prices to encourage consumers to purchase their goods
>>1360787anon why the fuck would they reduce their prices if the alternatives are becoming more expensive? Especially when imported materials would become more expensive.
>>1360780Anon they literally get to sit back and watch competitors become more expensive. Why would they decrease prices when both alternative products are becoming more expensive and imported materials potentially required for their products are becoming more expensive? At most this results in domestic goods that aren't reliant on imports staying the same price. And that's assuming they don't start price gouging to increase them slightly more while still being cheaper than foreign produced alternatives.
>>1360790>>1360788Nta but tariffs are effective everywhere in the world at increasing demand for domestic goods, except when Trump does them, even when Biden retains trumps tariffs they are effective, the only edge case on tariff efficiency is when it's a trump presidency
>>1360791The problem is tariffs need to be done for specific goods in specific amounts, not thrown around everywhere. The reason his old tariffs are still in effect is in part because he fucked up and we have no way of guaranteeing that China will drop their tariffs on our goods in response.Like he's saying blanket tariffs; you know how many domestic goods still require materials from China? Things are going to get a lot more expensive generally.
>>1360788Imported materials will eventually drop in price, in spite of the tariffs, because we will be importing less overall from foreign markets. So if they want to sell the same amount as they did before they will need to lower their prices, otherwise it will create a glut of supply on the seller's end.
>>1360778The opposite of that happened with Trump's original tariffs
>>1360788Bro, they had this figured out until WW2 made it unpopular: just invade them and take it. A few wars would do the youth of this country some good.
>>1360804How are you going to convince the youth to fight in a war after what happened with Afghanistan?
>>1360787That's nice but you do realize that there are many, MANY goods that no longer have domestic producers, right? We've spent literal generations gutting American manufacturing. Tariffs are nice when domestic producers can step up to fill the gap but if those producers no longer exist, consumers are just fucked.
>>1360526More and higher quality jobs from onshoring. More people having more. It'd be the one fucking time the inflation tax goes to workers and this why your talking heads are screeching and mobilizing you to oppose it. The natural order being inflation as a hidden tax to devalue work outputs and capture the spoils of productivity for the capital class.Trump's play is contrary to the usual Federal Reservist usury.
>>1360805It’s called a draft.
>>1360805Propaganda and elimination of antagonistic news sources.
>>1360810It's called draft dodging and there's more reason for young people to do it than Vietnam. 60 years ago there was a lot more financial security and young people had something to fight for, nowadays they have fuck all.
>>1360813In the old days, that would get you executed. Not surprisingly, you didn’t have a lot of draft dodging back then either.
>>1360823>In the old daysPlease tell me how to destroy all technology and institutions, both private and public, to set the clock back 100+ years, and actually how to convince the public to go with it, and then how to convince China not to take advantage of this to leave the US in the dust.
>>1360813>>1360805GenZ and GenA men overwhelmingly support Trump. They would be willing to fight for him, unlike Millennials.
>>1360827We don’t have to destroy it, just use new tech to apply tried and tested methods with better efficiency. The youth of Russia and China love war more than their parents did, for instance, and that’s because of the embrace of new technology.
>>1360828GenZ and GenA were raised to look at a pad for 10 hours a day, not to go to some shithole country and to patrol with the risk of getting IED'd or drone'd every day.
>>1360829>just roll back the clock to simpler times when authority was more respected>....by using more technology that has historically only led to less respect of authority
>>1360831>>1360830The porn, vidya, and anime bans will get them ready for a fight.
>>1360832He’s not doing that. Sure, the evangelicals would love it (which is why he put it in his policy proposal) but they are a captured audience already.
>>1360832Oh yes the flagrant violation of the first amendment on a vast technologically sophisticated network will be sure to work when this near 80 year old boomer tries to implement it.
>>1360835You can totally do it. Supreme court upheld roundabout bans in red states already. Also, making it prohibitively or liability too expensive to run content you don’t like is totally allowed. For instance, Texas requires smut sites to store personal verification info (like IDs) but also makes them liable if this info is stolen, which makes it too risky for them to operate in that state. Trump plans to target the ISPs, which is also allowed and fixes the VPN loopholes.
>>1360835It falls under the FCC. It is allowed.
>>1360836You can also "totally do" the complete revival of the US manufacturing industry, as he promised last time.I'll wait and see what he actually manages to do.>>1360837>Nevertheless, what power the FCC has to regulate content varies by electronic platform. Over-the-air broadcasts by local TV and radio stations are subject to certain speech restraints, but speech transmitted by cable or satellite TV systems generally is not. The FCC does not regulate online content.>The FCC does not regulate online content.https://www.fcc.gov/consumers/guides/fcc-and-speech
>>1360835Supreme Court interprets the constitution and they’ve signaled they’d be okay with bans.
>>1360835We’ve had bans before (see Hays Code and Comic Book Ban). We can ban games and porn.
>>1360843Supreme court can't enforce diddly squat when the goods are going to be torrented, archived, and hosted from foreign countries. Enjoy putting more money into a government agency for a futile endless game of whack-a-mole.It's like the war on drugs didn't teach you shit.
>>1360846You go after the ISPs and require users to input ID information to go online. Having internet ID cards to access the internet, which is being floated, will also allow better control of degenerate media. And before you start, we have IDs to drive cars, we can have IDs for internet access as well.
>>1360847>ISP: "no we won't"okay lol
>>1360851Then they will not be allowed to operate in US. China and Hungary seems to have figured it out.
>>1360852>w-we will successfully regulate Comcast and AT&T>f-f-for sure this timepfthahaahahano, what would be funnier is if they pass a law that's easily made pointless through vpns, just like in China and Hungary
>>1360854>Thinking Corporations won't capitulate to Trump's demands He got Jeff Bezeo's to kiss his ring even before the election happened, they'll all fall in line now that he has the power to prosecute and financially harm them.
>>1360857He can drone strike them if he felt like it. He has the power.
>>1360854They’ve both gotten really good at taking out VPNs and the people who use them.
>>1360858Correct, the Republican supreme court ruled the president has the power to assassinate anyone they want because they're above the law.So he could legally just threaten to kill the people running ISPs of VPNs
Realistically, ISPs and game devs will just pay Trump not to screw with them. Any ban would be symbolic at best. Anime might still be on the chopping block, but it’s low priority.
>>1360861Blue states will fall in line once Trump drops a nuke on one of them. The next couple of years are going to be wild.
>>1360830That’s why a war would do them good.
>>1360835>Pornography, manifested today in the omnipresent propagation of transgender ideology and sexualization of children, for instance, is not a political Gordian knot inextricably binding up disparate claims about free speech, property rights, sexual liberation, and child welfare. It has no claim to First Amendment protection. Its purveyors are child predators and misogynistic exploiters of women. Their product is as addictive as any illicit drug and as psychologically destructive as any crime. Pornography should be outlawed. The people who produce and distribute it should be imprisoned and executed. Educators and public librarians who purvey it should be classed as registered sex offenders. And telecommunications and technology firms that facilitate its spread should be shuttered.As they said, no claim to first amendment protection.
>>1360867So much for being anti war
>>1360872I'm sorry to disappoint you buddy, but Trump isn't a hypercompetent statesman with a clear political vision, he's a bullshit artist with a talent with showmenship. He's just going to do the bare minimum to please his conservative base and (some) of his new CEO friends. His implementation of a wide society moral reform will go just as far as his effort to jail Hillary.
>>1360891>hypercompetentHe got a trifecta and is poised to make America a one party state. He's pretty damned good. Also, that is why he has high IQ men like Elon and JD in his cabinet. If anyone can finally kill the hydra of internet coom culture, it's them.
>>1360896>He got a trifectalike in 2016, when he solved all of America's problems in those 2 years, you mean?>high IQ men like Elonoh yes the moral saint Elon Musk is surely interested in that agenda
>>1360899>oh yes the moral saint Elon Musk is surely interested in that agendaHe'll do it because it's funny.
>>1360845>The Hays Code kept Hollywood on a short leash until the Supreme Court decided in 1952 that films were protected by the First Amendment.Also the Comic Book Code wasn't law and the Association of Comics Magazine Publishers wasn't a government organization.
