House passes Tariff bill

Discussion in 'Politics, Religion, Social Issues' started by mikeyredk, Sep 29, 2010.

  1. mikeyredk macrumors 65816

    Joined:
    Mar 13, 2003
    #1
    NY Times Link

    First I don't know what's the bigger news the fact that the Republicans actually voted on a bill with the Dems (99 republicans voted for the bill) or the fact that the USA is actually contemplating putting the tariffs on China

    your thoughts?

    My thoughts:
    Lets see how it does in the Senate I don't think it will pass the Senate because lobbyist will scream bloody murder on the 25% tariff that it may impose.

    While I don't agree that tariffs are the way to go something has to be done to recapture all these manufacturing jobs we have lost. Eventually we will turn into Great Britain who has lost a significant majority of their manufacturing knowledge back in the 70's and 80's.

    Ex. GB use to be known for Deep Draw stamping technologies; if you wanted a Deep draw die you went to GB. Know if you want a Deep Draw die you have to go to France for it because all of that manufacturing knowledge left the country.
     
  2. KingYaba macrumors 68040

    KingYaba

    Joined:
    Aug 7, 2005
    Location:
    Up the irons
    #2
    Which lobbyists?
     
  3. mikeyredk thread starter macrumors 65816

    Joined:
    Mar 13, 2003
    #3
    Lets see take a trip down the Walmart aisles; this bill would allow the Department of Commerce to impose an across the board tariffs. I couldn't see a company try not to fight the bill.
     
  4. flopticalcube macrumors G4

    flopticalcube

    Joined:
    Sep 7, 2006
    Location:
    In the velcro closure of America's Hat
    #4
    You shouldn't be pissing off your creditors like that. Why do you want these ****** manufacturing jobs any how? You should be designing things, not building them. If the yuan is revalued too quickly, cost-push inflation will rise in the US. Bonds will fall and this will be accelerated as the Chinese sell their holdings. Trade wars do no one any good.
     
  5. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
  6. Shivetya macrumors 65816

    Joined:
    Jan 16, 2008
    #6
    So instead of correcting our uncompetitive business taxes; we are one of the highest in the world; we are going to go after only one of the countries who takes advantage of it?

    BTW, you don't have to go to Wal-Mart to see Chinese goods, any big box retailer will do, hell many small specialty shops are the same way.
     
  7. barkomatic macrumors 68040

    Joined:
    Aug 8, 2008
    Location:
    Manhattan
    #7
    That's the quickest way to start World War III. I don't think China would do that even if this does pass.
     
  8. Peterkro macrumors 68020

    Peterkro

    Joined:
    Aug 17, 2004
    Location:
    Communard de Londres
    #8
    I doubt the Senate will pass it and Obama certainly won't sign it.
     
  9. fivepoint macrumors 65816

    fivepoint

    Joined:
    Sep 28, 2007
    Location:
    IOWA
    #9
    Attacking free trade in an attempt to prop up a failing labor market... yet another mistake our government is duplicating from FDR and the Great Depression which will inevitably draw the problem out over more years. (yes I know China manipulates markets with subsidies, etc.)




    I wouldn't be so sure...

     
  10. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #10
    Link?

    What does it matter what the tax rate is when most companies have countless ways to get out of paying them anyway?
     
  11. fivepoint macrumors 65816

    fivepoint

    Joined:
    Sep 28, 2007
    Location:
    IOWA
    #11
    Now I KNOW that NT1440 isn't advocating a 'fair' or 'flat' (i.e. ultra-simplified) tax structure to avoid this, are you? ;)

    BTW - corporate taxes are a joke. Those expenditures simply get built into the cost of operation and prices are raised on the customers to compensate. Liberals love corporate taxes, but they don't even seem to realize that we're the ones paying them through each purchase we make!
     
  12. bruinsrme macrumors 601

    bruinsrme

    Joined:
    Oct 26, 2008
    #12
    Are you for real?
    My company is moving the manufacturing process to China. That equates to 450 jobs with various levels of education. That is 450 tax payers and consumers. The consumer aspect is the concerning one. Many of the people in my group are holding off on big purchases; cars, tv, recreation toys etc.
    The more people working the more money being fed into the economy.
    Elimanating manufacturing jobs affects the all levels of the workforce.
    As far as tariffs go, the costs will be past on to the consumer. The majority of the items being taxed probably aren't being manufactured here anyway
     
  13. mikeyredk thread starter macrumors 65816

    Joined:
    Mar 13, 2003
    #13
    If that happens it would make Chinese currencies worthless as well; the chinese peg their currencies against the US dollar one of the ways it manipulates their own currencies. Why would china cut the legs out of one of its biggest customers? If the chinese sunk our economy it would cripple their own economy as well. Heck the whole global economy would suffer as well; Oil and various other major commodities are valued on the US dollar. Its like the mortgage companies here in the US; they have consumers coming to them saying they cannot pay their loans off instead they foreclose on them now they have houses in which they cannot do anything with but take huge losses upon.


    On the tariff passing on to consumers. Yes most likely the tax would be shifted to the consumer as a form of increase price on foreign products coming in from china or paying the increased price of goods from the US manufacturing sector. The mexican steel mills do this all the time raise the price just low enough that you cannot import from the US but at a much higher cost of production. Name a protectionist country over the last 100 years and you can see when they implemented this type of policy that same pattern appears. If implemented my feeling is that the government would want to manipulate the buying habits of the populous in order to buy more american made products. Though I think they will find that you won't be able to buy the same products you did 10 years ago because that manufacturing has died of completely and moved overseas. I also suspect that companies may just shift their strategies away from china and start to use other low wage countries as another solution.
     
  14. mikeyredk thread starter macrumors 65816

    Joined:
    Mar 13, 2003
    #14

    Yes they might not think the same way and cut their own legs at the same time; but what happens when 300k+ chinese workers loose their jobs? What happens to their political structure?
     
  15. Sydde macrumors 68020

    Sydde

    Joined:
    Aug 17, 2009
    #15
    So Smoot-Hawley was Roosevelt's idea. Thanks for helping me understand these things.
     
  16. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #16
    Um, I don't know what you're reading into, but I'm sure as hell not advocating for a flat tax system.

    Simplified, yes, but flat? No.

    Nice try though:rolleyes:
     
  17. mikeyredk thread starter macrumors 65816

    Joined:
    Mar 13, 2003
    #17
    The world isn't the same as it was under Mao, there are communication devices that shatter the rule of communism. The new form of control is not to control the populous in china but the corporations that hire and sell in to them. Without them China may loose control of that burgeoning middle class that expects more now. But we are getting way off topic…

    Tariffs are a bad idea but how can our manufacturing sector compete against these low cost countries? Don't say technology because the rest of the world is catching up to us very quickly.
     
  18. Desertrat macrumors newbie

    Joined:
    Jul 4, 2003
    Location:
    Terlingua, Texas
    #18
    You gotta be dumber'n hammered dirt to legislate a trade war. Particularly one with somebody who already has you by the Ultimate Tender Parts.

    China already has a growing middle class; they're the world's largest market for Gucci, Rolex and Mercedes--so internal consumption is increasing. Exports to the U.S. are declining as they increase exports to other Asian countries and to Europe--as well as Russia.

    Not only do we need them to buy our debt, we need to pray hard, long and strong that they don't start selling what they already have.
     
  19. fivepoint macrumors 65816

    fivepoint

    Joined:
    Sep 28, 2007
    Location:
    IOWA
    #19
    +1


    Just out of curiosity - how would you describe/label your political beliefs if you choose to do so? Marxist? Communist? Socialist Democratic? Maybe I'm way off base. Not a slam - honestly interested as you've had some of the most interesting viewpoints in the past few days. Thanks.
     
  20. flopticalcube macrumors G4

    flopticalcube

    Joined:
    Sep 7, 2006
    Location:
    In the velcro closure of America's Hat
    #20
    Yep.
     

Share This Page