Originally posted by: David Miller
Australia refuses to 'join hands' with China to fight US tariffs --https://www.foxbusiness.com/politics/australia-refuses-join-hands-china-fight-us-tariffs ---
That's because they had preexisting disputes with China not because they owe some sort of loyalty to us.
OK Tom - so lets put it this way. AMericans now have a national sales tax of 10% on nearly everything they buy at Kohls, Best Buy, Walmart, and their local car dealership.....unless what they buy comes from China in which case they have %145 sales tax.
And thats policy that was unilaterally done by a president without Congress and that policy changes on a daily basis.
Is that more accurate, Tom? And you think thats a positive development.
Pj lets try again that your 10% is wrong
$7T imports divided by $30T GDP = 23% of the GDP is imported product. A 10% tariff on $7T is $700m. Divide the $700m by $30T you get a 2.5% increase. .
You are forgetting the Chinese tarrifs and the effect of a final product that may contain parts that came from several different countries.
Chinese imports are less than $500B or 1.7% of GDP. Overall impact of the tariff will be small.
Originally posted by: tom
Pj lets try again that your 10% is wrong
$7T imports divided by $30T GDP = 23% of the GDP is imported product. A 10% tariff on $7T is $700m. Divide the $700m by $30T you get a 2.5% increase. .
Huh? Take the divisor of GDP and multiply it by the quotient of trade deficit...and bla-bla-bla...? WTF?
70% of the the country's GDP is services (not goods)....so your pull-out-of-your-ass equation is already fried right there.
This is not rocket science.
If a bottle of wine from France costs $20 pre tarriff and then you add a 10% tariff to it - it now costs $22.
Thats a sales tax on US consumers/distributors.
Rinse and repeat for everything on the planet we import. Thats most everything you buy at any big box retail store.
Wow are you dense! Imports are only 23% of the economy; so only 23% of the economy is subject to tariffs.
If a bottle of wine from France costs $20 pre tarriff and then you add a 10% tariff to it - it now costs $22. Thats a sales tax on US consumers/distributors
Instead of buying wine from France one can but wine from California and there is no tariff. So your 10% tax is a fantasy.
By the way the EU is coming in on Monday to discuss trade.
And you keep making the same bullshit point. Our economy is overwhelmingly services.
1/3 of the stuff we buy at stores is imported.
And thats great - I'll buy California wine. DO they make Coffee in California? Shirts? TV sets? tools? auto parts? According to Tom there's a US-made alternative for everything you buy at the store.
If thats true then what the hell is Trump crying about nothing being made here? You contradict yourself and you make up bullshit math,
Items in daily expenses that are not affected by pj's phantom 10% tax
Mortgage or rent
Utilities only 1% of electricity is
Imported
gasoline - only 7% is imported
All insurance
Food - only 15% is imported.
See much ado about nothing. American consumer will receive a 2,5% increase
How often does pj buy a tv? What percent of coffee auto parts tools and clothing make up pj's monthly expenses?
