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Trump's trade war is economic suicide


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Steel stocks are getting whacked after Trump expands tariff exemptions for 3 countries

 

  • Steel stocks dropped after President Donald Trump announced that he was allowing the Commerce Department to grant "targeted relief" from quotas on imports from South Korea, Argentina, and Brazil.
  • Steel stocks have been volatile this year amid Trump's tariff policies.
  • Watch United States Steel, AK Steel and Steel Dynamics trade in real-time here.

 


Steel stocks are getting whacked in Thursday trading after President Donald Trump announced Wednesday the Commerce Department would "provide targeted relief" from quotas imposed on steel from South Korea, Argentina, and Brazil, and aluminum from Argentina. 

Here's the scoreboard:

"President Trump has once again shown his commitment to American workers and businesses, protecting our national security from the threat posed by steel and aluminum imports," Wilbur Ross, the Secretary of Commerce, in a press release.

“This proclamation provides the Department the same product exclusion authority for quotas that we already have for tariffs."

An existing exemption allows steel companies to apply for product-specific exclusions and avoid tariffs if US companies cannot meet their demand. Under Trump's new directive, companies can be granted quota exemptions but still have to pay a 25% tariff if they had ordered high volumes of steel prior to the quotas being enacted. 

Steel stocks have been volatile this year under Trump's tariff policies.

Back in May, steel stocks surged after Trump reiterated his tough stance on imposing 25% and 10% duties on steel and aluminum imported from China, and expanded the tariff lists to US allies including European Union, Mexico, and Canada.

Shares of United States Steel are down 23% this year; AK Steel's are down 31% and Steel Dynamics's are up 2%

https://www.yahoo.com/finance/news/steel-stocks-getting-whacked-trump-152825977.html

 

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Fake News...Your going to have a problem when 2020 rolls around and more folks then ever will be Voting Donald J. Trump for the POTUS.... 

NOT A REPUBLICAN    NOT A REPUBLICAN  NOT A REPUBLICAN  NOT A REPUBLICAN    These LOOSERS are R.I.N.O.s and establishment HACKS.  THEY ARE ENIMIES of FREEDOM.

I think once the "free ride" ends the entire world economy will be better off. They have be slopping at our trough long enough.

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China Urges U.S. to Make ‘Right Decision’ as $200B Tariffs Near

China urged the Trump administration to back away from imposing new tariffs on another $200 billion tranche of its goods, as the end of a formal comment period on the measures nears.

The U.S. should “take note of the calling from businesses and consumers in both countries, the fact that both countries are linked closely in the supply chain and the fundamental interest of the two peoples to make the right decision,” Ministry of Commerce spokesman Gao Feng said at a regular briefing in Beijing on Thursday. Over 90 percent of businesses consulted on the tariffs oppose them, Gao said.

President Donald Trump has imposed additional tariffs on $50 billion of Chinese imports and identified another $200 billion in goods targeted for duties of as much as 25 percent, ranging from chemicals and seafood to vacuums and bicycles. Those duties could take effect after a comment period ends Sept. 6. Such an escalation of the trade conflict could shave as much as 0.3 percentage point off China’s output growth next year.

More from Bloomberg.com: Macron and Merkel Are Signaling They’ve Finally Had Enough of Trump

Trump Tariffs Are Roadblock for Companies Hoping to Grow in U.S.

Gao repeated Beijing’s line that U.S. “bullying” won’t work, and that the nation is confident of stable and sound trade this year.

On Wednesday, Trump accused China of undermining U.S. efforts to pressure North Korea into giving up its nuclear weapons, indicating his trade war with Beijing is starting to exacerbate geopolitical tensions

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EU ready to scrap auto tariffs with US

 

Brussels (AFP) - The European Union is prepared to scrap tariffs on cars with the United States in its proposed trade deal with Washington, EU Trade Commissioner Cecilia Malmstrom said Thursday.

"We are willing to bring down ... our car tariffs to zero, all tariffs to zero if the US does the same," Malmstrom told members of the European Parliament meeting in Brussels.

"It has to be reciprocal. If that would happen, it would be good for us economically and good for them," she said in comments that shifted from an earlier position.

At the White House in July, US President Donald Trump and European Commission President Jean-Claude Juncker pledged to work towards a limited trade accord that would eliminate transatlantic customs duties, but excluded the automobile sector.

The White House meeting defused a trade dispute that erupted after the US slapped tariffs on EU metals imports in June despite a months-long effort by top EU leaders and officials to appease Trump.

Senior officials, led by Malmstrom on the European side and by US Trade Representative Robert Lighthizer for Washington, have been tasked with drawing the outlines of this agreement over the coming weeks.

"On the timetable ... Obviously we would seek to try to finalise this during the mandate of the Commission (which ends in autumn 2019)," Malmstrom said.

If negotiations are "limited ... I think that can be done," she said.

Malmstrom also insisted that whatever deal was reached would fall well short of the ambitions of the TTIP talks, an earlier attempt by Brussels and Washington to reach a wide-ranging trade deal that collapsed after the protectionist Trump took office.

 

 

 

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Donald Trump, President of the United States of America
  


 Arab and international


Economy News Baghdad

US President Donald Trump said on Wednesday that the United States was not yet ready to reach an agreement on trade disputes with China, but added that the talks would continue.

The world's two largest economies impose customs duties on goods worth $ 50 billion from the other side in a reciprocal trade war, and Trump is considering imposing tariffs on additional Chinese imports worth $ 200 billion.

"We have done well in the negotiations with China, but we are not ready to conclude the agreement they are looking forward to," Trump told reporters at the White House, without elaborating.

"We will continue to talk to China, and I have great respect for (Chinese) President (Xi) Jinping," he said.

Washington is demanding Beijing to improve the opening of its markets, protect intellectual property rights of US firms, halt industrial subsidies and reduce a US trade surplus of 375 billion dollars.

China accuses Trump of using hard-line tactics and calling for more talks.


Views 12   Date Added 06/09/2018

 
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WASHINGTON (AP) -- Ford won't be moving production of a hatchback wagon to the United States from China — despite President Donald Trump's claim Sunday that his taxes on Chinese imports mean the Focus Active can be built in America.

Citing Trump's new tariffs, Ford on Aug. 31 said it was dropping plans to ship the Focus Active from China to America.

Trump took to Twitter Sunday to declare victory and write: "This is just the beginning. This car can now be BUILT IN THE U.S.A. and Ford will pay no tariffs!"

But in a statement Sunday, Ford said "it would not be profitable to build the Focus Active in the U.S." given forecast yearly sales below 50,000.

For now, that means Ford simply won't sell the vehicle in the United States. Kristin Dziczek of the Center for Automotive Research said that Ford can make Focuses "in many other plants around the world, so if they decided to continue to sell a Focus variant in the U.S. market, there are several options other than building it in the United States."

In April, Ford announced plans to stop making cars in the United States — except for the iconic Mustang — and to focus on more profitable SUVs. It stopped making Focus sedans at a Wayne, Michigan, plant in May. The plan, said industry analyst Ed Kim of AutoPacific, was to pare down the Focus lineup to Active wagons and import them from China. "Without the tariffs, the business case was pretty solid for that model in the U.S. market," Kim said.

The tariffs changed everything. The United States on July 6 began imposing a 25 percent tax on $34 billion in Chinese imports, including motor vehicles. Last month, it added tariffs to another $16 billion in Chinese goods and is readying taxes on another $200 billion worth. China is retaliating with its own tariffs on U.S. products.

The world's two biggest economies are clashing over U.S. allegations that China deploys predatory tactics — including outright cybertheft — to acquire technology from U.S. companies and challenge American technological dominance.

 

 

Well I guess I better sell my FORD stock, I'm sure the Trump supporters will boycott FORD and put them out of business... JMHO

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China asks WTO to impose sanctions on America

01:18 - 11/09/2018

 
image
 
 

Follow - up - the balance of News 
showed the agenda of meeting on Tuesday that China will ask the WTO to allow it to impose sanctions on the United States because of Washington 's commitment to the verdict in a dispute over a US - dumping duties after a complaint made by China in 2013. 
Demand is expected to lead to a debate Has been legal for years on the justification and size of sanctions. Last year, China won a WTO ruling in a dispute involving several industries, including machinery, electronics, light industry and metals, with annual exports of $ 8.4 billion.

 
 
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As Trump embraces more tariffs, U.S. business readies public fight

WASHINGTON (Reuters) - After months of waging a behind-the-scenes war against President Donald Trump's trade tariffs that have escalated far beyond what business groups once imagined, more than 60 U.S. industry groups are launching a coalition on Wednesday to take the fight public.

Emergence of the group, Americans for Free Trade, comes after Trump has warmed to the use of tariffs, implementing billions of dollars worth in an effort to use them as a threat to win concessions or in the belief they will create U.S. jobs.

"A lot of other interest groups thought they wouldn't go this long or go this deep, but the layering effect (of tariffs) has finally gotten everyone to say: 'Enough is enough,'" said Nicole Vasilaros, the top lobbyist for the National Marine Manufacturers Association, whose members are weighing laying off workers after seeing costs rise as much as 35 percent.

Trump has imposed 25 percent tariffs on $50 billion worth of Chinese goods, mostly industrial machinery and intermediate electronics parts such as semiconductors.

A pending $200 billion list would extend further into consumer goods, and the threat of an additional $267 billion would basically cover every Chinese export to the United States. China has threatened retaliation, which could include action against U.S. companies operating there.

Washington has demanded that Beijing better protect American intellectual property, cut its U.S. trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs.

The business coalition includes groups representing some of the nation's largest companies. Among them, the American Petroleum Institute, which represents the largest refiners like Exxon Mobil Corp and Chevron Corp , and the Retail Industry Leaders Association, which represents companies like Target Corp and Autozone Inc .

"There has been a lot of work that has been going on over the last eight months to try to persuade the president and the administration that tariffs are not going to work. Our view is that it's not too late," said Dean Garfield, chief executive of the Information Technology Industry Council, whose members include Microsoft Corp , Google owner Alphabet Inc and Apple Inc .

While Trump threatened tariffs on the campaign trail and ended America's participation in the Trans Pacific Partnership, a large multinational trade pact, few observers took his threat seriously.

Trump has since demonstrated he is serious on tariffs, ramping up the attacks on China, threatening car import levies and pushing for a more pro-American North American Free Trade Agreement, even at the risk of killing the three-country pact.

RETAIL LEAD

The coalition grew out of weekly meetings featuring industries organized by the National Retail Federation (NRF), whose members include Amazon.com , Macy's Inc and Walmart Inc .

"This is almost every sector of the American economy involved," said David French, the top lobbyist for the NRF.

The group will target Republican members of Congress in five states - Ohio, Pennsylvania, Illinois, Indiana and Tennessee. While not engaging in electioneering ahead of Nov. 6 elections where control of Congress is at stake, it will urge constituents to discuss the trade issue with lawmakers. The group plans to expand that effort to a dozen states by the end of the year.

Members of Congress have failed to slow Trump's protectionist march and few have been willing to speak publicly for fear of arousing the ire of Trump and the Republican base.

The coalition hopes to push Republican lawmakers to press Trump to abandon tariffs by convincing him that his trade policy could undo his tax and deregulation push.

"The sugar high of the lower taxes and the reduced rules that have fueled the stock market since the president was elected are in jeopardy," said Gary Shapiro, head of the Consumer Technology Association, whose members include IBM Corp and Facebook Inc He warned that some of his members were considering layoffs.

Steve Pasierb, head of the Toy Association, whose members include Mattel Inc , Hasbro Inc and Barnes & Noble Inc said members of Congress were slow to be persuaded they needed to be concerned.

"It's been this kind of slow build that got worse and worse and worse. I don't think anybody in D.C. saw this coming."

 

But, but, but, Trade Wars are good!

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Some U.S. businesses postponing investment due to trade concerns: Fed

WASHINGTON (Reuters) - U.S. businesses have scaled back or postponed investments in several parts of the country due to concerns about international trade tensions, the Federal Reserve said on Wednesday.

The U.S. central bank also said in its Beige Book report that the effects of tariffs appeared to be modest, though they were boosting input prices, particularly among manufacturers.

The report, a snapshot of the economy gleaned from discussions with business contacts in the Fed's 12 districts, detailed business worries about the Trump administration's trade war with China and simmering tensions with other major trading partners.

"Most districts noted concern and uncertainty about trade tensions - particularly though not only among manufacturers," according to the report.

In several districts, the Fed said, businesses reported scaling back or postponing investments due to worries about the trade outlook. The Fed did not give specific examples of postponed or scaled back investment.

However, it said: "One utility firm noted that tariffs on some construction materials may force them to scale back capital investment a bit."

President Donald Trump has slapped tariffs on imports from a range of trading partners, including China the European Union, Canada and Mexico, prompting retaliation against U.S. exports.

Despite the trade tensions, the Fed said the economy was expanding at a moderate pace and a tight job market has led to labor shortages across the country and in many occupations. Companies for several years have reported shortages of construction workers, truck drivers and engineers.

But more recently, "a number of districts also noted shortages of lower-skill workers at restaurants, retailers, and other types of firms," the Fed said.

The Fed has raised interest rates twice this year and is widely expected to lift them again at its Sept. 25-26 monetary policy meeting.

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Prime Minister of Japan: Trump warned of the seriousness of his remarks on currencies

Prime Minister of Japan: Trump warned of the seriousness of his remarks on currencies

 17 September 2018 02:29 PM
Direct : Japan 's prime minister said he told US President Donald Trump that there is a danger of discussing the issue of currency exchange rates, at a time when Donald Trump criticized the many countries , accusing them of manipulating the value of their currencies against the dollar.

"Shinzo Abe" in a televised debate with parliamentarian Shigeru Ishiba, his rival in the Liberal Democratic Party (LDP) election, broadcast on Sunday that Trump had not attacked Japan on the currency issue since their first meeting, Bloomberg reported.

In January 2017, Trump accused Japan and China of intentionally devaluing their currencies, a charge categorically denied by Japanese officials.

Last August, Trump accused China of manipulating its own currency, "I think the euro is also being manipulated."

When asked about Japan's public finances, Abe explained that Tokyo needs to fully escape the deflation of prices to achieve financial integration.

The prime minister of the world's third-largest economy stressed that the plan to increase the sales tax due in October 2019 would be realized if there was no new financial crisis at the same levels of the Lehman Brothers crisis a decade ago.

 
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Attention Wal-Mart Shoppers

 

 

Walmart warns Trump tariffs may force price hikes - letter

(Reuters) - Walmart Inc (WMT.N) said that it may hike prices of products if the Trump administration imposes a tariff on Chinese imports, according to a letter the company wrote to U.S. Trade Representative Robert Lighthizer two weeks ago and seen by Reuters on Thursday.

The letter comes days after U.S. President Donald Trump slapped tariffs on $200 billion worth of Chinese goods.

Walmart, the world's largest retailer, in its letter said the tariff would impact prices of everything from food products to beverages and personal care items.

Walmart confirmed it sent the letter and in a statement to Reuters urged the two countries to find solutions.

The U.S. Trade Representative's office was not immediately available for comment.

Earlier this week, Trump escalated his trade war with China by imposing 10 percent tariffs on about $200 billion (£151 billion) worth of Chinese imports, including consumer products like gas grills, luggage and travel bags, mattresses and helmets.

"As the largest retailer in the United States and a major buyer of U.S. manufactured goods, we are very concerned about the impacts these tariffs would have on our business, our customers, our suppliers and the U.S. economy as a whole," Walmart wrote in its letter to Lighthizer.

In its list of consumer products that could be affected by these tariffs, Walmart included gas grills, bicycles, Christmas lights and bicycles.

https://finance.yahoo.com/news/walmart-warns-trump-tariffs-may-001314977.html

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The hits just keep on coming!!!

 

Micron outperforms, but trade war costs emerge

BOISE, Idaho (AP) -- Micron's stock is down nearly 6 percent ahead of the opening bell with collateral damage from the U.S.-China trade war overshadowing a strong performance from the chipmaker in its most recent quarter.

The company topped profit and revenue expectations, but Chief Financial Officer David Zinsner told industry analysts in a call late Thursday that gross margins are going to be squeezed by the Trump administration's 10 percent tariff on $200 billion in Chinese goods, going into effect Monday.

The U.S. says Beijing pilfers foreign trade secrets and forces U.S. companies to hand over technology in return for access to the Chinese market.

The Bosie, Idaho, company now expects gross margins between 57 percent and 60 percent this quarter, a drop from the financial period that just ended.

https://finance.yahoo.com/news/micron-outperforms-trade-war-costs-122234331.html

 

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If you just go by the numbers.............since March when the "trade wars" were started............Markets are up to all time highs..........400,000 new industrial jobs.......unemployment at all time lows........and the dollar is showing unusual strength.........while currency values in 80 other countries around the world.....(China).... are on the decline.......

 

What a freaking mess...........The sky is falling.........just read the MSM......they'll tell ya...!!!!        CL

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Trump: Japan agreed to start talks on a free trade agreement

Trump: Japan agreed to start talks on a free trade agreement
 

 26 September 2018 11:43 PM
Direct US President Donald Trump said he agreed with the Prime Minister of Japan to start talks between the two parties on a free trade agreement.

"Japan has been unwilling to do this for various reasons over the years, and now they are ready to do it," Trump told a news conference during a meeting with Shinzo Abe on the sidelines of the UN General Assembly on Wednesday.

Trump said the United States was very happy for Japan's agreement to hold talks on trade, stressing that the two sides would reach a satisfactory conclusion.

Trump said he was unhappy with Japan's $ 69 billion trade surplus with the United States and wanted a bilateral deal to deal with it.

But Japanese officials were concerned that Trump would demand a reduction in imports of Japanese cars and impose heavy tariffs on cars and spare parts, which would hit the export-oriented economy badly.

Trump pointed out to Japan very smart and has done very well so far and will continue to do so, noting: "We will have a wonderful relationship in the best trade ever."

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On 9/10/2018 at 7:37 AM, bostonangler said:

WASHINGTON (AP) -- Ford won't be moving production of a hatchback wagon to the United States from China — despite President Donald Trump's claim Sunday that his taxes on Chinese imports mean the Focus Active can be built in America.

Citing Trump's new tariffs, Ford on Aug. 31 said it was dropping plans to ship the Focus Active from China to America.

Trump took to Twitter Sunday to declare victory and write: "This is just the beginning. This car can now be BUILT IN THE U.S.A. and Ford will pay no tariffs!"

But in a statement Sunday, Ford said "it would not be profitable to build the Focus Active in the U.S." given forecast yearly sales below 50,000.

For now, that means Ford simply won't sell the vehicle in the United States. Kristin Dziczek of the Center for Automotive Research said that Ford can make Focuses "in many other plants around the world, so if they decided to continue to sell a Focus variant in the U.S. market, there are several options other than building it in the United States."

In April, Ford announced plans to stop making cars in the United States — except for the iconic Mustang — and to focus on more profitable SUVs. It stopped making Focus sedans at a Wayne, Michigan, plant in May. The plan, said industry analyst Ed Kim of AutoPacific, was to pare down the Focus lineup to Active wagons and import them from China. "Without the tariffs, the business case was pretty solid for that model in the U.S. market," Kim said.

The tariffs changed everything. The United States on July 6 began imposing a 25 percent tax on $34 billion in Chinese imports, including motor vehicles. Last month, it added tariffs to another $16 billion in Chinese goods and is readying taxes on another $200 billion worth. China is retaliating with its own tariffs on U.S. products.

The world's two biggest economies are clashing over U.S. allegations that China deploys predatory tactics — including outright cybertheft — to acquire technology from U.S. companies and challenge American technological dominance.

 

 

Well I guess I better sell my FORD stock, I'm sure the Trump supporters will boycott FORD and put them out of business... JMHO

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You should have sold it in 2014....just half the price it was then......pretty steady decline....perhaps half Obama and Trump.....or perhaps a poor business model...Hope you don't hold any GE or Tesla...you sure are quick to place blame Trump for the negatives.....why is that?

 

 

 

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On 9/21/2018 at 8:16 AM, coorslite21 said:

If you just go by the numbers.............since March when the "trade wars" were started............Markets are up to all time highs..........400,000 new industrial jobs.......unemployment at all time lows........and the dollar is showing unusual strength.........while currency values in 80 other countries around the world.....(China).... are on the decline.......

 

What a freaking mess...........The sky is falling.........just read the MSM......they'll tell ya...!!!!        CL

Liberals can't handle the truth because it interferes with their sinister plans to rule the world via their ONE WORLD GOVERNMENT. 

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4 hours ago, ladyGrace'sDaddy said:

Liberals can't handle the truth because it interferes with their sinister plans to rule the world via their ONE WORLD GOVERNMENT. 

 

Get ready to get rumped!

 

 

 

More US corporate giants warn tariffs will mean price hikes

 

DETROIT (AP) — From Ford to Walmart to Procter & Gamble, a growing number of iconic American companies are warning that President Donald Trump's tariffs on U.S. imports are raising their costs and prices.

Jim Hackett, CEO of Ford, the second-largest U.S.-based automaker, said Wednesday that Trump's taxes on imported steel and aluminum are costing Ford $1 billion and threatening to ignite price increases across the auto industry.

Likewise, Walmart, America's largest retailer, has told the administration that Trump's latest round of taxes — on $200 billion of Chinese imports — could increase prices for its shoppers. Walmart specifically mentioned items ranging from car seats, cribs and backpacks to hats, pet products and bicycles.

Procter & Gamble, the consumer products giant, has warned of both potential price increases and job losses as a result of the tariffs.

In the meantime, drinking Coca-Cola is costing more because of Trump's tariffs. Macy's, too, has warned of likely price increases. So has Gap.

On Wednesday, Federal Reserve Chairman Jerome Powell took on the issue at a news conference after the Fed announced its latest interest rate hike. Asked about the Trump tariffs forcing up prices for America's consumers, Powell agreed that Fed officials are hearing from businesses about forthcoming higher costs.

"You don't see it yet," the chairman said, referring to the data the Fed studies.

But, Powell acknowledged, "the tariffs might provide a basis for companies to raise prices in a world where they've been very reluctant to and unable to raise prices."

At his own news conference Wednesday in New York, Trump rejected any notion that his tariffs posed an economic risk, echoing assertions by his administration that consumers would barely notice the new taxes.

"It's had no impact ... on our economy," the president said after meetings with foreign leaders at the United Nations General Assembly.

Hackett, in a television interview Wednesday, revealed the $1 billion estimate that he said Trump's steel and aluminum tariffs are costing Ford. He said the figure is a year-over-year increase from March through 2019.

Ford buys most of its metals from U.S. producers, which have raised prices this year as a result of the tariffs on foreign competitors, the company has said.

Other automakers that produce vehicles in the U.S. are experiencing the same price increases, said IHS Markit Senior Analyst Peter Nagle. While they may be absorbing the increased costs at present, eventually they'll have to pass at least some of the costs on to customers, he said.

"They're maintaining pricing discipline now just because the consumer can't support those higher prices," Nagle said. But if the tariffs stay in place for the remainder of Trump's term, "obviously some of those costs would have to start being passed along to the consumer here."

Ford wouldn't comment specifically on price increases but said it will "continue to make the necessary decisions to remain competitive."

The Trump administration imposed a 25 percent tariff on imported steel and 10 percent tariff on aluminum from some countries, including China, in March. It added Canada, Mexico and the European Union in June. The administration justified the tariffs by calling foreign steel and aluminum a threat to U.S. national security.

Ahead of the tariffs, U.S. metals producers raised prices as companies tried to buy before the tariffs went into effect, Nagle said. He said steel prices are up 25 percent since the tariffs began, and he expects that to rise to near 30 percent next year.

Automakers would either raise sticker prices or cut discounts on new cars, trucks and SUVs, Nagle said. The administration also is studying 25 percent tariffs on imported vehicles, also based on national security concerns. Those tariffs would raise prices, slow auto sales and could cut U.S. economic growth in half by 2020, Nagle said. Other countries also are likely to retaliate on imports from the U.S.

"You can't have a trade war without automotive," he said.

 

 

 

 

First comes boom then comes crash... It's basic economics.

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Standard & Poor's records the best quarterly performance since 2013

Standard & Poor's records the best quarterly performance since 2013
 
 

September 28,
Direct: US stocks stabilized at the end of trading on Friday, but posted strong quarterly gains and achieved "Standard & Poor 's " best performance since the fourth quarter in 2013.

Tesla was the biggest loser on Wall Street today, falling 13.9 percent after the company's chief executive was accused  of fraud , while Intel was among the best performers after rising 3.1 percent.

Wall Street has been hit by trade tensions over Canada's and the United States 'failure to reach a new deal on NAFTA so far, as well as concerns about the Italian budget deficit, which was the focus of investors' attention after beating expectations.

In US economic data, US consumer confidence rose this month, while US personal spending grew at the slowest pace in six months.

At the end of trading, the Dow Jones index rose marginally by 0.07% to 26,458.1 points, but recorded a weekly loss of 1.1%, while gaining monthly and quarterly gains by 1.9% and 9%.

While Standard & Poor's stabilized at 2,913.9 points, but fell 0.5% this week, while it rose by 0.4% this month and its quarterly gain was 7.2%.

While the Nasdaq stabilized at 8046.3 points, but it gained weekly and quarterly gains by 0.7% and 7.1% respectively, while it fell 0.8% in September.

By 8:16 pm GMT, the major dollar index, which measures the performance of the currency against six major currencies, rose by 0.3% to 95.148.

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Why this Texas business owner loves the Trump tariffs

Quinn Robinson is getting hit with the Trump tariffs.

The owner of D&F Battery & Electric in Mineral Wells, Texas, got a notice from his biggest supplier recently saying prices are going up 10% across the board, because of the new Trump tariffs on imports from China. And prices are likely to rise 25% by next year. D&F rebuilds alternators and starters on automotive and industrial equipment, and relies on components that used to be built in the United States, but are now mostly manufactured in China and sent here as imports. Those parts are included in the second batch of Chinese imports now subject to tariffs that went into effect in September.

But Robinson, 62, supports the Trump tariffs, even though they’re raising his costs. That’s because they’ll also raise the price of cheap Chinese-made products he competes against, giving him a pricing advantage, on net. “China has provided unrealistically cheap products to drive people out of the market over here,” Robinson tells Yahoo Finance. “Once that happens, they raise prices. Maybe the tariffs will fix that.”

As part of his protectionist trade policy, Trump has imposed new tariffs on about $307 billion worth of imports this year, most of them from China. And he has threatened more. While Trump has resolved a trade dispute with Canada and Mexico, the impasse with China could persist through the end of the year, and worsen before it gets better. Yahoo Finance is running a series of vignettes on workers and companies affected by the tariffs in various ways.

 

Economists expect the tariffs overall to modestly impair economic growth in the United States, perhaps lopping a couple tenths of a percentage point off GDP growth. They’ll hurt some companies more, especially those reliant on imports. “While the average firm in the U.S. can likely withstand a rise in costs, vulnerable firms will not,” investing firm UBS reported recently. “Many newly established manufacturing plants may close permanently, while other plans that would have expanded may pull back from hiring and investment.”

In a Yahoo Finance survey of business owners conducted Sept. 18 and 19, 49% said they expect the tariffs to have a favorable impact on their business, while 36% expected the impact of the tariffs to be negative. The tariffs are generally good for companies that compete with importers, since tariffs are a tax that make imported goods more expensive. They’re bad for companies that rely on imports and must deal with rising costs.

927a1c431facca7fb20c6b4b0f4bd797
 
Source: Yahoo Finance poll conducted via SurveyMonkey

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Robinson’s firm, which has five employees and caters to Texas oil and gas drillers, is in both categories. While D&F relies on imported components to conduct its repairs, it also competes with retailers selling new equipment, most of it from China. Instead of opting for a starter or alternator rebuild, some customers find it cheaper to simply buy a new one at a local shop, or at chains such as O’Reilly’s or AutoZone. “I can’t go toe-to-toe with the big chains on price,” Robinson says, “but I can outdo them on service and quality.”

Robinson thinks he’ll survive the higher costs caused by the tariffs, because he’ll be able to pass most of it onto his customers. But how he times his own price hikes is important. “I’m hoping to lag behind and then follow the chains when they raise their prices,” he says. To fully pass on a 10% price hike in Chinese components, he’ll have to rise his overall prices 6% to 8%. If the tariffs push component prices up 25% next year, his price hikes will have to reach around 15%.

That’s inflation. At the moment, overall inflation is subdued, with prices rising just 2.7% during the last 12 months. But inflation could become an economic problem if it crests 3% and the Federal Reserve feels it must intervene to prevent it from rising more. Tariffs, by definition, raise costs and prices. If Trump’s tariffs go far enough, they could turn inflation from a theoretical concern to a real problem forcing the Fed to tap on the brakes.

On the other hand, there could be a breakthrough on trade that dials back or ends the Trump tariffs, and the price hikes they will necessitate. Not everybody would be thrilled.

Edited by bostonangler
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On ‎9‎/‎29‎/‎2018 at 7:48 AM, yota691 said:

Direct: US stocks stabilized at the end of trading on Friday, but posted strong quarterly gains and achieved "Standard & Poor 's " best performance since the fourth quarter in 2013.

 

Hmmm 2013??? You mean the economy was good before Trump? Shazam!

 

B/A

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Ford Plans Layoffs After $1 Billion Trump Tariff Hit

Ford Motor Company is reportedly preparing to initiate major layoffs after suffering a blow to profits of at least $1 billion due to tariffs enacted by President Donald Trump.

The nation’s largest automaker hasn’t yet revealed how many workers will be affected. But a report by Morgan Stanley estimated that as many as 12 percent of the company’s 202,000 workers worldwide could be cut, NBC reported.

Layoffs will center on Ford’s 70,000-strong white-collar workforce as part of what the company is calling a “redesign” of its staff in an ongoing $22.5 billion reorganization, according to NBC.

Trump’s tariffs and the retaliatory tariffs they triggered are taking a toll on the U.S. auto industry.

Ford CEO Jim Hackett told Bloomberg last month that tariffs on imported aluminum and steel alone dealt a blow to company profits.

“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” Hackett said. “The irony of which is we source most of that in the U.S. If it goes on any longer, it will do more damage.”

The ongoing trade war is expected to continue to hurt the company’s bottom line. Earlier this year, Trump said that “trade wars are good, and easy to win.”

Ford announced a shift earlier this year to produce almost exclusively SUVs and trucks. Those vehicles continue to grow in popularity and are more profitable. 

Its only passenger car will remain the popular Mustang, but production of the iconic brand could also be hurt if profits continue to fall.

The automaker said last month that it was ditching plans to sell its new Focus crossover vehicle in the U.S. The Ford Focus Active is manufactured in China. Because of the U.S.’s new tariffs on imported cars, it’s no longer profitable for the company to sell it in America, officials said.

“This is the first of potentially many vehicles that will disappear from the U.S. market” due to the trade war, Kristin Dziczek of the Ann Arbor, Michigan-based Center for Automotive Research warned.

 

Ouch

B/A

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9 minutes ago, bostonangler said:

Ford Plans Layoffs After $1 Billion Trump Tariff Hit

Ford Motor Company is reportedly preparing to initiate major layoffs after suffering a blow to profits of at least $1 billion due to tariffs enacted by President Donald Trump.

The nation’s largest automaker hasn’t yet revealed how many workers will be affected. But a report by Morgan Stanley estimated that as many as 12 percent of the company’s 202,000 workers worldwide could be cut, NBC reported.

Layoffs will center on Ford’s 70,000-strong white-collar workforce as part of what the company is calling a “redesign” of its staff in an ongoing $22.5 billion reorganization, according to NBC.

Trump’s tariffs and the retaliatory tariffs they triggered are taking a toll on the U.S. auto industry.

Ford CEO Jim Hackett told Bloomberg last month that tariffs on imported aluminum and steel alone dealt a blow to company profits.

“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” Hackett said. “The irony of which is we source most of that in the U.S. If it goes on any longer, it will do more damage.”

The ongoing trade war is expected to continue to hurt the company’s bottom line. Earlier this year, Trump said that “trade wars are good, and easy to win.”

Ford announced a shift earlier this year to produce almost exclusively SUVs and trucks. Those vehicles continue to grow in popularity and are more profitable. 

Its only passenger car will remain the popular Mustang, but production of the iconic brand could also be hurt if profits continue to fall.

The automaker said last month that it was ditching plans to sell its new Focus crossover vehicle in the U.S. The Ford Focus Active is manufactured in China. Because of the U.S.’s new tariffs on imported cars, it’s no longer profitable for the company to sell it in America, officials said.

“This is the first of potentially many vehicles that will disappear from the U.S. market” due to the trade war, Kristin Dziczek of the Ann Arbor, Michigan-based Center for Automotive Research warned.

 

Ouch

B/A

Since you provided no link with this article are we to assume that it is fake news?

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Just now, ladyGrace'sDaddy said:

Since you provided no link with this article are we to assume that it is fake news?

 

OR you could just type in FORD layoffs... It is everywhere... I can't understand why they markets are going down daily. Will people give Trump credit for this move over the last 5 days or is it Obama's fault? 

https://yhoo.it/2CzJN0l

 

B/A

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10 minutes ago, bostonangler said:

 

OR you could just type in FORD layoffs... It is everywhere... I can't understand why they markets are going down daily. Will people give Trump credit for this move over the last 5 days or is it Obama's fault? 

https://yhoo.it/2CzJN0l

 

B/A

ORRRRRRR , You could just follow forum rules and include the link with your posts. 

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The Ford layoffs have nothing to do with Trump's tariffs. Ford is going through a restructuring by moving production away from sedans to multi-role SUVs and Crossovers. This is related to a couple of factors. 1) The saturation of the market with cheap imported sedans ; 2)  The needs of the family to ferry children around to commuting back and forth to work, and 3) the demand for suvs and crossovers has been rising where consumer driveability and safety is at the core for the this rise.

 

Since Ford is restructuring to meet the needs of the market the layoffs do not appear to be that of the tariffs but a restructuring to meet market demand and consumer needs and wants. @bostonangler had you read a few of the articles you say is everywhere, instead of trying to smear Trump,  and conjectured less about the reason you would have found the reason plain as day. Your attempt while valiant is nothing more than fake news.

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