Economy, Free Republic, The Darnold, Tommy T

Today on Tommy T’s Obsession with the Freeperati – World’s Biggest Losers edition

Hello, sports fans! Well, The Darnold seems determined to do to our economy what he did to the Taj Mahal casino, so let’s get right to the mayhem!

US tariffs on China jump
CNBC ^ | 10 May 2019 | Jacob Pramuk | Everett Rosenfeld

Posted on 5/10/2019, 12:09:09 AM by BeauBo

The Trump administration is hiking duties on $200 billion worth of Chinese products to 25% from 10%… Industries and businesses affected by the tariff hike will not feel the effect right away: it will apply to goods exported after May 10, according to the Office of the U.S. Trade Representative. It will not affect products already in transit to the United States. Trump has prepared to put even more pressure on China as he pushes for an agreement. The president has threatened to slap 25% tariffs on $325 billion in Chinese goods that remain untaxed.

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This is going to rip whole industries out of China, if they don’t make a deal – but they may just not be able to.

Nah – they’ll just subsidize any affected industries with state resources, just like they always have. They can probably only afford to do this for 15-20 years, though.

This is a big deal, and Chinese markets should take it hard on the chin when they open.

1 posted on 5/10/2019, 12:09:09 AM by BeauBo

I think you’re worried about the wrong markets, shithead.
To: BeauBo

 

While a agree with Trumps actions here. It is going to be painful for our 401k accounts. I’ve lost 25% of the gains I have made this year already this week. I have painful memories of being up 11% in October of 2018 only to be down 1% for the year in December. I hope that does not happen again. Then again, I don’t need to access my 401k until about 2023. So should be recovered by then, provided we don’t elect another obama.

3 posted on 5/10/2019, 12:32:07 AM by JoSixChip (Trump stands alone.)

Commie.
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“cba123” wants to throw gasoline on the fire our 401Ks are currently burning in :
To: MtnClimber

 

I don’t know.

I think the Chinese should be punished for going back on the original aggreements.

Trump should enact 25% tariffs on everything as a new baseline, but should then announce they are going to 100% in a month, 200% in two months, then 500% in three months.

THEN start negotiating from there.

We do not repeal the 25% tariffs, ever.

8 posted on 5/10/2019, 12:47:32 AM by cba123 ( Toi la nguoi My. Toi bay gio o Viet Nam.)

Aren’t you glad there’s so many professional economists posting on Free Republic?
To: BeauBo

China says they will retaliate – but there is not $200 billion of US imports remaining to them to raise tariffs on. This round is the end of equivalent tit for tat exchanges of tariffs.China is running out of ammo. The next (final) round, if imposed, would be largely one sided, and would likely send Chinese our markets into crisis, their our economy into recession, and risk a debt and/or asset bubble and/or currency crisis.

FIFY.

I’d guess this round will be triggering some stops on Chinese stock markets tomorrow. Much of the industry getting these tariffs will simply be leaving China, if the tariffs stay in place.

6 posted on 5/10/2019, 12:41:20 AM by BeauBo

Meanwhile, in the real world…
To: BeauBo

China is running out of ammo.

They could recall the US debt we have to them. That would do some damage.

9 posted on 5/10/2019, 12:47:46 AM by JoSixChip (Trump stands alone.)
Ya think?
Oh and about that 401K thing :
To: JoSixChip

 

No one cares about your precious 401k.
This is about the fight for our Republic.

16 posted on 5/10/2019, 1:13:29 AM by mkleesma (`Call to me, and I will answer you and tell you great and unsearchable things you do not know.’)

More meta-economic stupidity below the fold….

Where were we?
Oh yes – the dotard-in-chief’s tariff threats will cripple the Chinese stock market…
To: JoSixChip
https://www.cnbc.com/asia-markets/
China markets started up, went down, and went back up …

Yuan holding steady.

Fun to watch,

Only if you plan on working until you die.

no idea what people are doing.

11 posted on 5/10/2019, 12:55:36 AM by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat/RINO Party!)

I’d say that having no idea what people are doing definitely qualifies you as a Republican.
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Meanwhile, over at that bastion of Communism, Forbes magazine:

Tonight’s the night. And in Trump’s baseland — the farm belt and the small to mid-sized business owner — everything is not all right.

Suffice it to say, they are in panic mode. Tariffs of 10% on some $200 billion worth of Made in China goods will go to 25% at midnight tonight. The only way tariffs do not go up is if Liu He, China’s chief trade negotiator, delivers a deal Trump cannot refuse.

Clearly, no one is betting on it. The Dow is down nearly 400 points and China’s A-shares, as represented by the CSI-300 Index, is down over 3%.

“I don’t think people really understand what is at stake,” says Alex Camera, CEO of Audio Control, a privately held, small business manufacturing audio sound equipment near Seattle, Washington. He imports electronic components from China and makes things like power amplifiers for cars. They design it and put it together in Washington. “Trump says China is paying these tariffs, but they are not. I am. U.S. companies are paying it at the port.”

Tariffs are port taxes due at the time of delivery and paid to the U.S. government. At best, companies like Audio Control can renegotiate its contract with its China supplier in order to lower — or in some cases — zero out the impacts of the current 10% port duty. But the hike to 25% is the real game changer. To say the business community, long seen as one of the key voter bases of the Republican Party, are terrified of an escalating trade war would not be an understatement.

“The 10% tariff required us to curtail some of our investments,” Camera says. “The potential of a 25% tariff from tonight would have a major impact on our investment and on our pricing. It frustrates me a little bit about how people see tariffs as an attack on the Chinese economy. Tariffs are an attack on my ability to use my cash to grow my business.”

It pretty much frustrates everyone who isn’t a fucking Freeper.
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Just sayin’.
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And from that OTHER bastion of Communism, FOX news:

OtherwiseOK6

And in other news…

Et Tu, Sen. Burr?
Townhall.com ^ | May 10, 2019 | David Limbaugh

Posted on 5/10/2019, 5:48:26 AM by Kaslin

How nauseating that RINO Sen. Richard Burr, as chairman of the Senate Intelligence Committee, is doing the bidding of vindictive Democrats in issuing a subpoena to Donald Trump Jr.

Burr has joined the Democrats’ investigatory vendetta against President Trump, most recently exemplified in the House Judiciary Committee’s vote to hold Attorney General Will Barr in contempt of Congress. Democrats claim Barr is in contempt for failing to release an unredacted report by special counsel Robert Mueller, allegedly lying twice to Congress and refusing to appear before the committee. All three claims are absurd on their face and, if heard by an impartial tribunal, will be rejected.

(…)

Now Sen. Burr has climbed aboard the Democrats’ Witch Hunt Train, where he’ll be consigned to the caboose as long as Conductor Jerrold Nadler, House Judiciary Committee chairman, insists on chugging his locomotive down this partisan track.

(…)

It would be too charitable to accuse the Democrats and Burr of going on a fishing expedition because they know there’s only dead fish in their toxic lake. They don’t stand a snowball’s chance of impeaching Trump or laying a glove on Don Jr. But they think they have plenty to gain in harassing the president, his family and anyone in his administration or wider orbit.

(…)

Sen. Burr is probably shell-shocked to have stuck his finger in this hellhole thinking he would be drenched with praise, only to draw back a bloody stump. He is being uniformly condemned as the sanctimonious opportunist he is.

(…)

Sen. Mitch McConnell said the case was closed. Sen. Thom Tillis also criticized Burr’s subpoena, affirming that the Mueller report cleared Donald Trump Jr. and that “he’s already spent 27 hours testifying before Congress.” Sen. Rand Paul tweeted that Burr apparently didn’t get McConnell’s memo that the case was closed. House Minority Leader Kevin McCarthy likewise tweeted that “Endless investigations — by either party – won’t change the fact that there was NO collusion.” Acting White House chief of staff Mick Mulvaney said that failing to notify the White House before issuing the subpoena was “bad form.”

It would be one thing for Burr to walk out on this brittle limb if he were pursuing a noble cause, but self-aggrandizement has never been considered virtuous. He is just going to be one more Republican who falls flat on his face while trying to ingratiate himself to the Trump-loathing mafia.

1 posted on 5/10/2019, 5:48:26 AM by Kaslin

Wait for it….

Burr needs to be send(sic) packing

2 posted on 5/10/2019, 5:49:26 AM by Kaslin

I’m going to hell for this, but I initially read that as “Butt”
RomneyFudge
To: Kaslin

 

He has really screwed up and he is going to get a visit late at night that will be most unpleasant.

3 posted on 5/10/2019, 5:52:29 AM by DarthVader (Not by speeches & majority decisions will the great issues of today be decided but by Blood & Iron)

BarrNone

Nice job ya got here – be a shame if something happened to it.

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OH JEEZ!! He shot Barr instead of Burr!!

ABORT MISSION !!!!!  ABORT!! ABORT!!

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So – in the meantime, how’s that Trump Bump going?

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Dow

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Get your wallets out, Freepers – this one’s going to be a doozy.

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Oh – and a late entry – courtesy of the GOS – from someone who just returned from Shanghai:

” There are 27 million consumers in Shanghai alone and products are filling the spaces in from New Zealand, Australia, Brazil, Africa, India, EU and lo and behold, Israel, among the many seeking access to that market. Everyone in the world is making a killing in this city alone while our chief fraudster and his band of angry tariff masters in Beijing are ineffectually waving the threat of more tariffs at them. To say this is not effectively stifling anything but our future market growth in China is blatant mendacity. Not to mention all the loves and kisses it’s generating among the populace.

Iowa farmers, sorry, you and your soybeans are fucked. They are coming in by the bushel from South America mas barato. Unimpeded by those pesky tariffs.

Midwest cattle, not when Japan can undercut you with fresh Kobi steaks cheaper, fucked, fucked, and more fucked.

Wine and beer companies: they’ve removed every vineyard and brewery in favor of cheaper NZ and Aussie wines, mate. I ate in five star restaurants catering specifically to the Chinese. Nary a Budweiser nor a California Chardonnay to be found. Whoa, so fucked.”

irishgurl

 

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See you fine people next Monday.

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One thought on “Today on Tommy T’s Obsession with the Freeperati – World’s Biggest Losers edition”

  1. Interesting that our mainstream news media, in a misguided attempt to be non-partisan, is not reporting anything like what irishgurl is seeing on the ground in Beijing. That should be shouted from the rooftops at every opportunity. We are losing and losing big time. Anyone who knew who Donald Trump really was saw this sort of thing coming a mile away.

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