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Thu Mar 1, 2018, 01:29 PM

Stocks sink on Trump tariff announcement

Source: The Hill

U.S stocks sunk Thursday moments after President Trump said heíd would set tariffs on steel and aluminum next week.

Trumpís abrupt announcement sent the Dow Jones industrial average down 330 points (1.3 percent) shortly after 1 p.m. The Nasdaq and S&P 500 also fell roughly 1 percent each.

Trump said he will announce tariffs of 25 percent on imported steel and 10 percent on aluminum from all countries that send their metals to the United States, a decision sure to lead to retaliation by trade partners.

The tariffs are an effort to bolster the U.S. steel and aluminum industries, which Trump pledged to revive on the campaign trail.

Read more: http://thehill.com/policy/finance/376280-stocks-sink-on-trump-tariff-announcement



He and his cronies will destroy the economy yet.

33 replies, 2951 views

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Arrow 33 replies Author Time Post
Reply Stocks sink on Trump tariff announcement (Original post)
Julian Englis Mar 2018 OP
C_U_L8R Mar 2018 #1
Fred Sanders Mar 2018 #6
C_U_L8R Mar 2018 #9
Weed Man Mar 2018 #10
enid602 Mar 2018 #27
Weed Man Mar 2018 #28
enid602 Mar 2018 #31
Watchfoxheadexplodes Mar 2018 #2
OnlinePoker Mar 2018 #3
harun Mar 2018 #4
progree Mar 2018 #12
malthaussen Mar 2018 #29
ashling Mar 2018 #30
SunSeeker Mar 2018 #5
lapfog_1 Mar 2018 #7
NastyRiffraff Mar 2018 #8
Kensan Mar 2018 #11
SunSeeker Mar 2018 #13
Bernardo de La Paz Mar 2018 #15
mr_lebowski Mar 2018 #17
Bernardo de La Paz Mar 2018 #14
BumRushDaShow Mar 2018 #16
barbtries Mar 2018 #18
LeftInTX Mar 2018 #19
iluvtennis Mar 2018 #20
Javaman Mar 2018 #21
Major Nikon Mar 2018 #22
duforsure Mar 2018 #23
moondust Mar 2018 #24
Cold War Spook Mar 2018 #25
Cryptoad Mar 2018 #26
Major Nikon Mar 2018 #33
Marthe48 Mar 2018 #32

Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:30 PM

1. Doh !!

Wow, he really does like to make a mess of things

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Response to C_U_L8R (Reply #1)

Thu Mar 1, 2018, 01:36 PM

6. Pledged to bring back Coal...how is that going!? Pledge means "lie".

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Response to Fred Sanders (Reply #6)

Thu Mar 1, 2018, 01:41 PM

9. After Trump tanks the economy

We'll be digging coal all right, digging it up in our backyards to heat our homes.

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Response to Fred Sanders (Reply #6)

Thu Mar 1, 2018, 01:41 PM

10. Just saw Canada destroy two giant smokestacks near Lake Erie

 

Canada said "It is the end of the coal-fired electricity".

Canada is in the right direction, U.S. is not.

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Response to Weed Man (Reply #10)

Thu Mar 1, 2018, 04:05 PM

27. Sure

Sure. Take a look at the Tar Sands.

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Response to enid602 (Reply #27)

Thu Mar 1, 2018, 04:14 PM

28. What do you think Canada is trying to do?

 

Get rid of it, through us.

Let Canada pipe that shit through their country out to the Atlantic or the Pacific instead of the Gulf.

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Response to Weed Man (Reply #28)

Thu Mar 1, 2018, 04:30 PM

31. Quit

Better yet, they should become citizens of the world and quit producing that shit.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:30 PM

2. Fox business talking heads moving in chairs as if

Their hemmorids were itchy

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:31 PM

3. Don't tariff's have to be approved by Congress? n/t

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Response to OnlinePoker (Reply #3)

Thu Mar 1, 2018, 01:44 PM

12. Not in the case of a "national security threat" declared by his appointee

https://www.cbsnews.com/amp/news/trump-institutes-steel-and-aluminum-tariffs-live-stream/

... (Commerce Secretary) Ross said last month that the imports "threaten to impair our national security," noting, for example, that only one U.S. company now produces a high-quality aluminum alloy needed for military aircraft.

Section 232 of the Trade Expansion Act of 1962 gives the president authority to restrict imports and impose unlimited tariffs if a Commerce Department investigation finds a national security threat.

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Response to progree (Reply #12)

Thu Mar 1, 2018, 04:14 PM

29. Damn, it is so hard to keep up.

That one totally snuck by me, thanks.

-- Mal

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Response to progree (Reply #12)

Thu Mar 1, 2018, 04:15 PM

30. GOP Tax Cut

That tax cut scam that the GOP just foisted on the American public
was nothing if not a national security threat !!!

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:36 PM

5. This is what happens when you arbitrarily flail with tariffs instead of entering trade agreements.

But of course, to enter trade agreements, you have to know how to negotiate and know what you are talking about. There is literally nobody in the Trump administration who can do that.

Shitler is utterly incompetent and is hurting the booming economy Obama handed off to him.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:39 PM

7. His intent is to take the US back to the 1950s

when the US was the manufacturing capital of the world... but also turning into the industrial pollutant capital of the world.

It's not going to happen no matter what tariffs he imposes.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:40 PM

8. Waiting for his tweets on how great the stock market's doing

Oh, wait...OBAMA'S FAULT!

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:42 PM

11. I just wonder...

who made a ton of money with insider knowledge of his intentions? This administration is full of self-interested cheaters, and the folks who bankrolled the campaign are cut from the same cloth. There is no doubt in my mind that fortunes are being made due to "random" actions like this.

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Response to Kensan (Reply #11)

Thu Mar 1, 2018, 01:48 PM

13. Damn. I'm sure you're right. nt

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Response to Kensan (Reply #11)

Thu Mar 1, 2018, 01:51 PM

15. Check for short sales by Putin and Russian oligarchs. . . . . nt

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Response to Kensan (Reply #11)

Thu Mar 1, 2018, 01:57 PM

17. When the new steel mills are brought online with workers from immigrant detention centers ...

All working for their 'keep' at the Center (where they're un-entitled to hearings per SCOTUS) ... these mills owned by GOP/Trump contributors ... that's when the plan comes together ...

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:51 PM

14. 2nd longest expansion in US history overseen by Obama. Now, Trump Slump. . . . nt

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 01:56 PM

16. I think most of our improted steel

apparently comes from our neighbors to the north and south.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 02:01 PM

18. they will. i expect it will make 2008 look like the good old days.

and am afraid it will do the same for the Great Depression. sigh.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 02:04 PM

19. He's just saying that to see what the markets will do

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 02:31 PM

20. First solar power sales with 30% tariff, now 24% tariff on steel and 10% on Aluminium...

....in the end the tariffs will just be pushed down the food chain....buyers on this side will pay more for steel and aluminum and then push it on to their buyers. It'll just trickle down.

This is asinine policy. Putin is happy how the US is being destroyed little by little, that's why he put his puppet in office

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 02:32 PM

21. here comes the recession. nt

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 03:03 PM

22. Soon the GOP will be stepping over each other to impeach the dipshit

When Trump inevitably tanks the economy, they ainít gonna get much mileage blaming it on Obama.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 03:05 PM

23. Another day ,another stupid trump crisis,

As the markets spiral downwards I wonder how long before China and others impose bans on trump and his daughters sweatshops located there, and other countries join in against the trumps. Countries are getting tired of his antics everywhere he goes and will eventually make him pay for his behavior with raised costs, or out right bans. Just more reasons to vote all Republicans out of office this Nov. . They won't stop this, Democrats will.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 03:37 PM

24. 40 years late?

Last edited Thu Mar 1, 2018, 04:10 PM - Edit history (1)

Had they been imposed in the 1970s, such tariffs *might* have prevented some of the dumping and thus saved a lot of jobs in the Rust Belt and elsewhere. *Might* have even set a precedent that future globalized trade that costs American jobs may be taxed in order to offset any financial advantage to moving jobs offshore to cheap labor markets.

Drumpf proposed some kind of "wage equalizing tariff" back during the campaign vis-a-vis cars made in Mexico. Might be kinda late to be setting a precedent now, though.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 03:42 PM

25. I would like to see more of this.

 

until the 2018 election.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 03:54 PM

26. Good News for the Meth-Heads around here,,,,

Price of the AL cans will be goin up! They will be combing the sides of the roads again!

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Response to Cryptoad (Reply #26)

Thu Mar 1, 2018, 05:03 PM

33. In some areas you can throw a can out the window...

And someone will pick it up on the roll.

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Response to Julian Englis (Original post)

Thu Mar 1, 2018, 04:50 PM

32. Ratface emmitt boyle closed ORMET mill

The rolling mill my husband retired from. Boyle hated his employees so much that when he rode the formerly robust plant into bankruptcy, he gutted the plant to ensure it would never be used as a rolling mill again, and left about 800 steel workers unemployed. The reduction mill went into bankruptcy and closure because Gov. Kasich wouldn't allow an exemption for electrical power, so another 100 people left without jobs. The mills had been in operation since the 1950's, and it took boyle and his backers less than 10 years to run them into the ground.

tripe can put tariffs on imports, but are there any plants left that can open and run? Why the hell does he think they call it the Rust Belt?

This link describes a lock-out at one of boyle's other mills, that he also ruined: http://www.nytimes.com/1992/05/08/us/how-a-union-won-an-appalachian-struggle.html?pagewanted=all

There is a book called Men of Steel that also talks about ORMET, boyle, marc rich and other events in the aluminum industry

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