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Thread: Trump's private threat to upend global trade

  1. #1
    Wawa Skittletits BDBoop's Avatar
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    Trump's private threat to upend global trade

    I swear it never ends. There's always some toy flying out of the playpen as he tantrums.

    So. Opinions? Should we leave? Why or why not.

    Axios


    Why this matters: A U.S. withdrawal from the WTO would send global markets into a spiral and cast trillions of dollars of trade into doubt.


    • It would also blow up an institution that for 70-plus years has been a pillar of global economic and political stability.
    • The consequences of a U.S. withdrawal are so profound that, like Trump’s senior advisers, the trade community hasn’t seriously entertained the possibility that Trump would try to withdraw.
    • A top trade lawyer in Washington said: “We think he’s nuts, but not that nuts."


    I think they're wrong about "not that nuts."

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    Dick with my Buzz...Try DebateDrone's Avatar
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    None...not one of Trump's great ideas has worked.

    Gov Greg Abbott wrote a letter telling Trump his tariff on rolled sheet metals will harm Texas' economy. Texas imports more rolled sheet than any other state.

    We have not herd one word that US producers are beginning to gear up production...and adding to the pipeline of product manufacturers need now.


    Look at what I found. Looks like Trump wants to be just like GW...recession and all.


    With tariffs on foreign steel, sheet metal price on a roll

    Stronger economy and weaker dollar also aid comeback


    July 03, 2002|By Kristine Henry | Kristine Henry,SUN STAFF

    It has been a little more than three months since President Bush slapped tariffs on much of the foreign steel sold in the United States, and since then domestic spot prices have soared while imports have fallen. But the correlation between the two is not as strong as one might think, say domestic producers and analysts.

    Spot-market prices for hot-rolled sheet, the industry benchmark and the main product of Bethlehem Steel Corp.'s Sparrows Point plant, were at $340 a ton last month, up 42 percent from year-ago levels. Overall steel imports were down 25 percent in May, the latest figures available, compared with a year ago.

    But those changes didn't take place in a vacuum. The combination of a stronger economy - bringing greater demand for steel - and a weaker dollar that makes imports more expensive has been a boon to the industry. Also, a loss of domestic producers means there is less supply to meet that increasing demand, also driving up prices.
    Tariffs On Foreign Steel | With tariffs on foreign steel, sheet metal price on a roll - tribunedigital-baltimoresun
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    Wawa Skittletits BDBoop's Avatar
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    Quote Originally Posted by DebateDrone View Post
    None...not one of Trump's great ideas has worked.

    Gov Greg Abbott wrote a letter telling Trump his tariff on rolled sheet metals will harm Texas' economy. Texas imports more rolled sheet than any other state.

    We have not herd one word that US producers are beginning to gear up production...and adding to the pipeline of product manufacturers need now.


    Look at what I found. Looks like Trump wants to just like GW...recession and all.


    With tariffs on foreign steel, sheet metal price on a roll

    Stronger economy and weaker dollar also aid comeback


    July 03, 2002|By Kristine Henry | Kristine Henry,SUN STAFF


    Tariffs On Foreign Steel | With tariffs on foreign steel, sheet metal price on a roll - tribunedigital-baltimoresun
    I assume the obscenely wealthy can ride out a recession just fine.
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    Dick with my Buzz...Try DebateDrone's Avatar
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    Quote Originally Posted by BDBoop View Post
    I assume the obscenely wealthy can ride out a recession just fine.
    Rich folk own our debt. They make money off lending the US money to operate. Its a win win win win win win ...proposition.
    Thanks from Ian Jeffrey

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    Veteran Member bajisima's Avatar
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    Quote Originally Posted by DebateDrone View Post
    Rich folk own our debt. They make money off lending the US money to operate. Its a win win win win win win ...proposition.
    They also make massive money on these wild swings in the stock market. When Trump talks about trade and tariffs and the stock market tanks, they buy more stock. Then when it goes back up they own a bigger piece of the pie and are wealthier.
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    Thought Provocateur NightSwimmer's Avatar
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    Quote Originally Posted by BDBoop View Post
    I think they're wrong about "not that nuts."

    Yep. When someone tells you who they are, believe them.

    We are so doomed.

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    Wawa Skittletits BDBoop's Avatar
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    Aside from all that:

    Should we leave the WTO?

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    RNG
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    Trump's private threat to upend global trade

    Your stable genius successful businessman at work again. Fortunately, apparently withdrawing from the WTO could not be legally done by EO, it would have to be done by Congress.

    Well, for now anyway. With the coming Supreme Court, all bets are off.

    President Trump has repeatedly told top White House officials he wants to withdraw the United States from the World Trade Organization, a move that would throw global trade into wild disarray, people involved in the talks tell Axios.

    What we're hearing: “He’s [threatened to withdraw] 100 times. It would totally [screw] us as a country,” said a source who’s discussed the subject with Trump. The source added that Trump has frequently told advisers, "We always get fucked by them [the WTO]. I don’t know why we’re in it. The WTO is designed by the rest of the world to screw the United States."
    https://www.axios.com/trump-threat-w...28e97d715.html

    China has benefited enormously from its accession to the WTO and it does not want global trading disrupted by anyone else. It also sees massive propaganda value in portraying itself as a responsible actor in contrast to the U.S. under President Trump, and it is finding many supporters among nations that in a different time would be on the U.S.' side.

    The EU agreed this week to work to shore up the global trading systems.
    https://www.axios.com/world-trade-or...ad87a341b.html

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    Thought Provocateur NightSwimmer's Avatar
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    I'd like to know just how many Rubles Trump owes to Russian oligarchs.
    Thanks from RNG and BigLeRoy

  10. #10
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by RNG View Post
    Your stable genius successful businessman at work again. Fortunately, apparently withdrawing from the WTO could not be legally done by EO, it would have to be done by Congress.

    Well, for now anyway. With the coming Supreme Court, all bets are off.



    https://www.axios.com/trump-threat-w...28e97d715.html



    https://www.axios.com/world-trade-or...ad87a341b.html
    But Trump has this craven Republican Congress totally cowed. They're afraid 'to poke the bear', as Senator Bob Corker said. So maybe Trump could actually get them to approve withdrawing the U.S. from the WTO. At this point, I wouldn't put it past him. This is no longer the Republican Party. It is the Party of Trumpism. Plain and simple. He is Der Furor. If they go against him, he will Tweet and possibly destroy their career, because 87% of Republicans APPROVE of President Trump at this point. Which is purely astonishing. He's got a large chunk of the country completely mesmerized. It's downright CREEPY. They'd follow him right off a cliff, if he wanted to do that.
    Thanks from RNG

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