Yahoo news report that 25 states are suing Trump administration over new tariffs on 60 countries based on bogus claims of forced labor. After losing at supreme court, he is trying again to impose illegal taxes on American families. But US constitution gives power of the purse to congress. Not presidents.
@thirdperson
Quote Originally Posted by thirdperson:
Yahoo news report that 25 states are suing Trump administration over new tariffs on 60 countries based on bogus claims of forced labor. After losing at supreme court, he is trying again to impose illegal taxes on American families. But US constitution gives power of the purse to congress. Not presidents.
Oxford economics report warns that end of US-Canada-Mexico agreement could result in losses of 214,000 jobs and over $1 trillion GDP in the US by 2035. Manufacturing industries would be hard hit.
Oxford economics report warns that end of US-Canada-Mexico agreement could result in losses of 214,000 jobs and over $1 trillion GDP in the US by 2035. Manufacturing industries would be hard hit.
That is their absolute worst-case scenario, which they assign only a 10% likelihood to.
They make various assumptions and run them through their models.
Compare that to their more likely scenario that they assign a 50% likelihood to which assumes only 10% tariffs on targeted things like steel, dairy and aluminum.
Even the $1T in GDP does not mean it is $1T of money disappearing. All that means is that under their modeled scenario is lower than it would have been under continued USMCA.
That's what is known as a counterfactual estimate, not a prediction that the U.S. economy will literally shrink by $1 trillion.
So, to be fair, all of their models in that example should be looked at and not just the very extreme and very unlikely one that drives an anti-Trump bias and presents a false narrative.
That is their absolute worst-case scenario, which they assign only a 10% likelihood to.
They make various assumptions and run them through their models.
Compare that to their more likely scenario that they assign a 50% likelihood to which assumes only 10% tariffs on targeted things like steel, dairy and aluminum.
Even the $1T in GDP does not mean it is $1T of money disappearing. All that means is that under their modeled scenario is lower than it would have been under continued USMCA.
That's what is known as a counterfactual estimate, not a prediction that the U.S. economy will literally shrink by $1 trillion.
So, to be fair, all of their models in that example should be looked at and not just the very extreme and very unlikely one that drives an anti-Trump bias and presents a false narrative.
CBS reports 60,000 Canadians signed petition to expel US ambassador for interfering in Canadian politics and undermining relations between US and Canada. For example, promoting annexation. Under Trump administration, 100 ambassador jobs are vacant for almost half of all countries in the world.
CBS reports 60,000 Canadians signed petition to expel US ambassador for interfering in Canadian politics and undermining relations between US and Canada. For example, promoting annexation. Under Trump administration, 100 ambassador jobs are vacant for almost half of all countries in the world.
No deal between US and Canada as negotiations fail. Prime minister Carney plans retaliation by matching US 50% tariffs. If other countries retaliate, there are no winners as Trump trade war against the world escalate. Problem is any deal is as bad as no deal because Trump cannot be trusted to honor deals. If US courts strike down his illegal tariffs, he would seek replacement tariffs again. Contempt for rule of law is among characteristics of fascism in government.
No deal between US and Canada as negotiations fail. Prime minister Carney plans retaliation by matching US 50% tariffs. If other countries retaliate, there are no winners as Trump trade war against the world escalate. Problem is any deal is as bad as no deal because Trump cannot be trusted to honor deals. If US courts strike down his illegal tariffs, he would seek replacement tariffs again. Contempt for rule of law is among characteristics of fascism in government.
Trump claims Canada is ripping off the US in trade. But excluding oil, US has maintained trade surpluses in goods with Canada for last 18 years. Canada and Mexico are US top customers. US oil refineries import discounted Canadian oil which is refined and exported at higher price to the world. This industry generates over $600 billion annually and support 3 million jobs. However high tariffs might force US refineries to shut down. So Trump is actually threatening to rip off US and Canada.
Trump claims Canada is ripping off the US in trade. But excluding oil, US has maintained trade surpluses in goods with Canada for last 18 years. Canada and Mexico are US top customers. US oil refineries import discounted Canadian oil which is refined and exported at higher price to the world. This industry generates over $600 billion annually and support 3 million jobs. However high tariffs might force US refineries to shut down. So Trump is actually threatening to rip off US and Canada.
Former Canadian leader Justin Trudeau warns that Trump administration no longer serves the best interests of Americans. Since US does not produce enough aluminum, lumber and potash locally, they are normally imported from from overseas. But tariffs make beverage cans, houses and food crops more expensive. More risky for national security to abandon reliable allies to seek trade deals with sanctioned countries supporting Russia aggression against Ukraine.
Former Canadian leader Justin Trudeau warns that Trump administration no longer serves the best interests of Americans. Since US does not produce enough aluminum, lumber and potash locally, they are normally imported from from overseas. But tariffs make beverage cans, houses and food crops more expensive. More risky for national security to abandon reliable allies to seek trade deals with sanctioned countries supporting Russia aggression against Ukraine.
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