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ThinkProgress: Trump confidant dumped millions in steel-related stock last week (Also the Trade War thread)


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I'm still holding the line and saying the tariffs never go into effect.

 

https://www.washingtonpost.com/business/economy/ryan-splits-with-trump-as-gop-lawmakers-move-to-block-planned-tariffs/2018/03/05/cbb5c786-2094-11e8-94da-ebf9d112159c_story.html?utm_term=.2c95a1c670d6

 

Quote

Congressional Republicans are maneuvering to stop President Trump from levying harsh tariffs on steel and aluminum imports, arguing the move runs counter to the core of their economic agenda and could even cause political problems heading into the 2018 midterms.

 

“We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan,” AshLee Strong, a spokeswoman for House Speaker Paul D. Ryan (R-Wis.), said in a statement Monday. “The new tax reform law has boosted the economy and we certainly don’t want to jeopardize those gains.”

 

Members of the House Ways and Means Committee were also circulating a letter arguing against the tariffs, and high-ranking Senate Republicans have voiced their opposition.

 

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Still, she profited from insider trading, was prosecuted and was sent to Federal prison. 

 

Icahn has gotten away with grifting and law breaking for decades. It's time to prosecute this guy. Asshole too if he told Icahn of his plans for tariffs. Get Icahn to flip by lots of counts with long prison terms. I doubt he wants to spend his few remaining golden years behind bars.

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Been thinking some more about this post I made:  

 

On 3/2/2018 at 4:44 PM, Larry said:

 

Assume steel makers are ecstatic.  

 

Assume that the direct effect of the proposed tariff will be that US steel makers will raise their prices by 20%.  (After all, the competition's price just went up 25%).  And will likely not add more jobs or pay.  Their costs remain the same, and their profits will skyrocket.  

 

Maybe some of them will make splashy announcements of hiring a few more people, that Trump can use for photo ops.  

 

 

And thinking further.  

 

Let's just look at the direct effects of this tariff.  And just to keep things simple, let's pretend that we're in a fictional world where there is no international retaliation to this move.  (Yeah, right.)  

 

OK, Trump passes his tariff.  

 

Immediately, the price of steel in the US goes up by 20%.  

 

But, only in the US.  Everywhere else, the price stays the same.  

 

Now, imagine you're the owner of some business that uses steel.  (There's just a few of those, right?)  Suddenly, you're looking at a 20% increase in your cost for steel.  Your car, washing machine, bulldozer, I-beam, whatever, now has to price in that 20% increase.  

 

If your factory is in the US.  Put your factory anywhere else, and you can still buy steel at the lower price.  (A lower price which your international competitors are still paying.)  

 

(Oh, by the way:  You have to price this 20% increase in steel prices into anything you want to sell outside the US, too.)  

 

Boy, this will really help America's manufacturing segment, huh?  

 

And again - this is if there is no international retaliation whatsoever.  

Edited by Larry
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"Trade wars aren't so bad."

 

The mental midget is really on a tear lately. He's running this country like one of his many failed businesses, though I wonder if he realizes he can't discharge America's debt through bankruptcy court.

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https://twitter.com/Hadas_Gold/status/971104895976792065?s=19

 

Kidney beans, lipstick, bourbon whiskey, motorboats, rice, cranberries, orange juice, peanut butter, tobacco, grills, sinks & ladders: Some of the U.S. products EU plans to hit w/ 25 percent duties to retaliate against Trump’s tariffs https://t.co/rnQkYu8uVk via @POLITICOEurope

Edited by @SkinsGoldPants
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