"If 25 percent tariffs were imposed on $150 billion of Chinese imports annually, it would translate to $37.5 billion in tax increases in 2018. That amount is more than one-quarter of the $135.7 billion in reduced tax burdens that the Joint Committee on Taxation estimated would occur in 2018 due to the new tax law, the Tax Foundation noted"
from The Hill BY NAOMI JAGODA
...and trump wants to increase it considerably, Kiss your tax cut goodbye. And some Harley workers will kiss their jobs goodbye as jobs are transferred to Europe. More winning I guess.
and...
Steel tariffs could force the nation's largest nail manufacturer to close or move to Mexico.
The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the company raised its prices to deal with higher steel costs.
The company is in danger of shutting production by Labor Day unless the Commerce Department grants it an exclusion from paying the tariffs, company spokesman James Glassman told CNN's Poppy Harlow.
Glassman said the company might relocate to Mexico, where it could buy the steel without the tariffs — and then export the finished nails back to the United States without tariffs, which only apply to raw materials.
Some members of Congress want to take control away from trump on tariffs, but TBA.
from Reuters today:
The greatest threat to the U.S. automotive industry at this time is the possibility the administration will impose duties on imports in connection with this investigation,” wrote the Association of Global Automakers representing major foreign automakers. “Such duties would raise prices for American consumers, limit their choices, and suppress sales and U.S. production of vehicles.”
The group added: “Rather than creating jobs, these tariffs would result in the loss of hundreds of thousands of American jobs producing and selling cars, SUVs, trucks and auto parts.”
from The Hill BY NAOMI JAGODA
...and trump wants to increase it considerably, Kiss your tax cut goodbye. And some Harley workers will kiss their jobs goodbye as jobs are transferred to Europe. More winning I guess.
and...
Steel tariffs could force the nation's largest nail manufacturer to close or move to Mexico.
The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the company raised its prices to deal with higher steel costs.
The company is in danger of shutting production by Labor Day unless the Commerce Department grants it an exclusion from paying the tariffs, company spokesman James Glassman told CNN's Poppy Harlow.
Glassman said the company might relocate to Mexico, where it could buy the steel without the tariffs — and then export the finished nails back to the United States without tariffs, which only apply to raw materials.
Some members of Congress want to take control away from trump on tariffs, but TBA.
from Reuters today:
The greatest threat to the U.S. automotive industry at this time is the possibility the administration will impose duties on imports in connection with this investigation,” wrote the Association of Global Automakers representing major foreign automakers. “Such duties would raise prices for American consumers, limit their choices, and suppress sales and U.S. production of vehicles.”
The group added: “Rather than creating jobs, these tariffs would result in the loss of hundreds of thousands of American jobs producing and selling cars, SUVs, trucks and auto parts.”
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