The Tarriff Hype.

Ron in Regina

"Voice of the West" Party
Apr 9, 2008
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Regina, Saskatchewan
Well, here’s a new twist. The U.S. president does not enjoy “unbounded authority” to impose tariffs as he sees fit, the U.S. Court of International Trade has ruled in a decision that places a strict curb on a tool Donald Trump has used as a cudgel in international relations? How ‘bout dem apples?
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The ruling, which will almost certainly be appealed, applies only to tariffs imposed under the International Emergency Economic Powers Act, or IEEPA.😳
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(Some of the levies Mr. Trump imposed on Canadian imports, including those on steel, aluminum and cars, have been set in place under other authorities not covered by the ruling)
Nonetheless, the unanimous ruling — written by a panel of three judges, one of them appointed by Mr. Trump — is a strong rebuke of the tariffs Mr. Trump placed on Canada and Mexico for fentanyl-related grounds, as well as global tariffs he ordered on so-called Liberation Day. Hmmm…
“They may be popping some champagne corks in Ottawa as well as we are doing here,” said Ilya Somin, a law professor George Mason University who is co-counsel on one of the cases, filed on behalf of several U.S. businesses.

“The ruling is not just limited to the plaintiffs in the case. It’s a permanent injunction against the tariffs overall,” he said. “And so if it stands, then it will stop all of these tariffs — both the Liberation Day tariffs against almost every country in the world, and also the specific ones against Canada, Mexico and China.”
The ruling covers two cases filed against the tariffs, one by businesses that rely on imports and another filed by a dozen states.

In the decision, the Court of International Trade says the text of IEEPA that allows the president to regulate imports does not authorize ”the President to impose whatever tariff rates he deems desirable. Indeed, such a reading would create an unconstitutional delegation of power.”🤔
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Will this change anything though? Will Trump even care? Will he have Elon use Dodge or whatever to furlough these three judges as wasteful to the taxpayers?
The U.S. Constitution specifically places the powers to tax and tariff in the hands of congress, although legislators have in past decades delegated “some” of that authority to the presidency. But much of that authority, the ruling says, must be exercised using other legal authorities, which have much more stringent regulatory requirements and cannot be imposed at the presidents whim.
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For that reason, the decision says Mr. Trump’s “Worldwide and Retaliatory tariffs” — including the baseline 10 per cent tariff imposed on April 2 — are “contrary to law.”
The court rejected an argument that Mr. Trump was exercising political judgment in assessing and responding to an emergency, and therefore his actions could not be scrutinized by a court.
Instead, it said, to use emergency powers under IEEPA, a president must: act in response to a foreign threat; that threat must be “unusual and extraordinary”; a national emergency must be declared; and the president’s actions must “deal with” the threat as it has been identified.
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The court rejected the fentanyl-related tariffs against Canada and Mexico because they do not deal with the problem of illegal narcotics importation into the U.S. Merely using tariffs as a tool of leverage is not allowed under the law, the court wrote.

”A dam deals with flooding by holding back a river,” the court wrote. The Trump administration’s argument, by contrary, is far more expansive. ”If ’deal with’ can mean ‘impose a burden until someone else deals with,’ then everything is permitted” whether the dam is fictional or real???
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Instead, the court found, IEEPA was specifically written to constrain presidential powers.
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The decision cited a comment from the late John Bingham, a former member of the House of Representatives who chaired the House International Relations Committee’s Subcommittee on Economic Policy. Mr. Bigham criticized a predecessor piece of legislation as giving “the president what could have been dictatorial powers that he could have used without any restraint by the Congress.”
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The attorney general of New York, one of 12 states involved in the lawsuit, welcomed the decision.

"The law is clear: no president has the power to single-handedly raise taxes whenever they like," Letitia James said.
"These tariffs are a massive tax hike on working families and American businesses that would have led to more inflation, economic damage to businesses of all sizes, and job losses across the country if allowed to continue," she added.
 
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Dixie Cup

Senate Member
Sep 16, 2006
6,187
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Edmonton
Well, here’s a new twist. The U.S. president does not enjoy “unbounded authority” to impose tariffs as he sees fit, the U.S. Court of International Trade has ruled in a decision that places a strict curb on a tool Donald Trump has used as a cudgel in international relations? How ‘bout dem apples?
View attachment 29296
View attachment 29294
The ruling, which will almost certainly be appealed, applies only to tariffs imposed under the International Emergency Economic Powers Act, or IEEPA.😳
View attachment 29300
(Some of the levies Mr. Trump imposed on Canadian imports, including those on steel, aluminum and cars, have been set in place under other authorities not covered by the ruling)
Nonetheless, the unanimous ruling — written by a panel of three judges, one of them appointed by Mr. Trump — is a strong rebuke of the tariffs Mr. Trump placed on Canada and Mexico for fentanyl-related grounds, as well as global tariffs he ordered on so-called Liberation Day. Hmmm…
“They may be popping some champagne corks in Ottawa as well as we are doing here,” said Ilya Somin, a law professor George Mason University who is co-counsel on one of the cases, filed on behalf of several U.S. businesses.

“The ruling is not just limited to the plaintiffs in the case. It’s a permanent injunction against the tariffs overall,” he said. “And so if it stands, then it will stop all of these tariffs — both the Liberation Day tariffs against almost every country in the world, and also the specific ones against Canada, Mexico and China.”
The ruling covers two cases filed against the tariffs, one by businesses that rely on imports and another filed by a dozen states.

In the decision, the Court of International Trade says the text of IEEPA that allows the president to regulate imports does not authorize ”the President to impose whatever tariff rates he deems desirable. Indeed, such a reading would create an unconstitutional delegation of power.”🤔
View attachment 29303
Will this change anything though? Will Trump even care? Will he have Elon use Dodge or whatever to furlough these three judges as wasteful to the taxpayers?
The U.S. Constitution specifically places the powers to tax and tariff in the hands of congress, although legislators have in past decades delegated “some” of that authority to the presidency. But much of that authority, the ruling says, must be exercised using other legal authorities, which have much more stringent regulatory requirements and cannot be imposed at the presidents whim.
View attachment 29295
For that reason, the decision says Mr. Trump’s “Worldwide and Retaliatory tariffs” — including the baseline 10 per cent tariff imposed on April 2 — are “contrary to law.”
The court rejected an argument that Mr. Trump was exercising political judgment in assessing and responding to an emergency, and therefore his actions could not be scrutinized by a court.
Instead, it said, to use emergency powers under IEEPA, a president must: act in response to a foreign threat; that threat must be “unusual and extraordinary”; a national emergency must be declared; and the president’s actions must “deal with” the threat as it has been identified.
View attachment 29299
The court rejected the fentanyl-related tariffs against Canada and Mexico because they do not deal with the problem of illegal narcotics importation into the U.S. Merely using tariffs as a tool of leverage is not allowed under the law, the court wrote.

”A dam deals with flooding by holding back a river,” the court wrote. The Trump administration’s argument, by contrary, is far more expansive. ”If ’deal with’ can mean ‘impose a burden until someone else deals with,’ then everything is permitted” whether the dam is fictional or real???
View attachment 29302
Instead, the court found, IEEPA was specifically written to constrain presidential powers.
View attachment 29298
The decision cited a comment from the late John Bingham, a former member of the House of Representatives who chaired the House International Relations Committee’s Subcommittee on Economic Policy. Mr. Bigham criticized a predecessor piece of legislation as giving “the president what could have been dictatorial powers that he could have used without any restraint by the Congress.”
View attachment 29301
The attorney general of New York, one of 12 states involved in the lawsuit, welcomed the decision.

"The law is clear: no president has the power to single-handedly raise taxes whenever they like," Letitia James said.
"These tariffs are a massive tax hike on working families and American businesses that would have led to more inflation, economic damage to businesses of all sizes, and job losses across the country if allowed to continue," she added.
It'll be interesting to see what the SCOTUS has to say.
 
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Ron in Regina

"Voice of the West" Party
Apr 9, 2008
28,559
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Regina, Saskatchewan
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????
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???? A federal appeals court “paused” (for 10 days to sort shit out) a trade court’s ruling that found most of President Trump’s tariffs unconstitutional.
It'll be interesting to see what the SCOTUS has to say.
???? Might be going that way….Trump’s tariffs could make their way to the Supreme Court.
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(YouTube & ‘Tariff whiplash’)
 

Ron in Regina

"Voice of the West" Party
Apr 9, 2008
28,559
10,751
113
Regina, Saskatchewan
Because? Because why the Hell not!! The increase will take effect Wednesday, Trump said in a Truth Social post shortly after he announced the new rate for steel imports at a rally with steelworkers in Pennsylvania. That’ll kickstart Detroit or something something…go team!!!

“Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers,” Trump wrote, ‘cuz in 150 days of flip flops, all industries have had enough time to adapt, build factories, industrial smelters, etc…and it’s a Friday.

Trump initially announced the boosted duties on steel during a rally at U.S. Steel’s Mon Valley Works–Irvin Plant near Pittsburgh Friday evening, where he criticized countries for “dumping” their “garbage” steel products into the U.S. at a lower cost (?) so…America has had that 150 days to find new ore deposits, developed them, develope the energy infrastructure for the refining process…so get with the program ‘cuz it might only last until Tuesday!!
1748658726956.jpegSteel prices have climbed 16 per cent since Trump became president in mid-January, according to the government’s Producer Price Index, & that’s before this latest grandstanding with, “We are going to bring it from 25 per cent to 50 per cent the tariffs on steel into the United States of America which will even further secure the steel industry in the United States,” Trump told the crowd.

Such a dramatic increase could (?) push prices even higher? Seriously…could? Trump on Friday said he was thinking about a 40 per cent tariff, but said “the group” (?) wanted it to be 50 per cent?

Trump used national security powers to impose a 25-per-cent tariff on steel imports and a 10-per-cent tariff on aluminum imports in March 2018.

Nearly a year later, the White House announced a deal had been reached to prevent “surges” in steel and aluminum supplies from Canada and Mexico, ending the trade dispute? Really?

(A report by the Washington-based Tax Foundation said during that time that American companies were forced to pay higher prices and the duties resulted in the loss of about 75,000 manufacturing jobs🤫)

The Peterson Institute for International Economics found that each job saved in steel-producing industries came at a high cost to consumers – roughly $650,000 per job.

** FAFO (Fuck Around and Find Out) - Although the acronym also came into being well before Trump's inauguration, it is being heard with increasing frequency in trading desk conversations. It is used to capture the financial market's volatility and chaos that Trump's policymaking process has created. Mark Spindel, chief investment officer of Potomac River Capital LLC, described the market as being caught in a "pinball machine as a result of that policymaking process."
(The Canadian steel industry has warned the return of Trump’s tariffs would bring back the disruption and harm seen in 2018. There were also job losses and production pauses in Canada)
 
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petros

The Central Scrutinizer
Nov 21, 2008
116,542
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Low Earth Orbit
Because? Because why the Hell not!! The increase will take effect Wednesday, Trump said in a Truth Social post shortly after he announced the new rate for steel imports at a rally with steelworkers in Pennsylvania. That’ll kickstart Detroit or something something…go team!!!

“Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers,” Trump wrote, ‘cuz in 150 days of flip flops, all industries have had enough time to adapt, build factories, industrial smelters, etc…and it’s a Friday.

Trump initially announced the boosted duties on steel during a rally at U.S. Steel’s Mon Valley Works–Irvin Plant near Pittsburgh Friday evening, where he criticized countries for “dumping” their “garbage” steel products into the U.S. at a lower cost (?) so…America has he had that 150 days to find new ore deposits, developed them, develope the energy infrastructure for the refining process…so get with the program ‘cuz it might only last until Tuesday!!
View attachment 29324Steel prices have climbed 16 per cent since Trump became president in mid-January, according to the government’s Producer Price Index, & that’s before this latest grandstanding with, “We are going to bring it from 25 per cent to 50 per cent the tariffs on steel into the United States of America which will even further secure the steel industry in the United States,” Trump told the crowd.

Such a dramatic increase could (?) push prices even higher? Seriously…could? Trump on Friday said he was thinking about a 40 per cent tariff, but said “the group” (?) wanted it to be 50 per cent?

Trump used national security powers to impose a 25-per-cent tariff on steel imports and a 10-per-cent tariff on aluminum imports in March 2018.

Nearly a year later, the White House announced a deal had been reached to prevent “surges” in steel and aluminum supplies from Canada and Mexico, ending the trade dispute? Really?

(A report by the Washington-based Tax Foundation said during that time that American companies were forced to pay higher prices and the duties resulted in the loss of about 75,000 manufacturing jobs🤫)

The Peterson Institute for International Economics found that each job saved in steel-producing industries came at a high cost to consumers – roughly $650,000 per job.

** FAFO (Fuck Around and Find Out) - Although the acronym also came into being well before Trump's inauguration, it is being heard with increasing frequency in trading desk conversations. It is used to capture the financial market's volatility and chaos that Trump's policymaking process has created. Mark Spindel, chief investment officer of Potomac River Capital LLC, described the market as being caught in a "pinball machine as a result of that policymaking process."
(The Canadian steel industry has warned the return of Trump’s tariffs would bring back the disruption and harm seen in 2018. There were also job losses and production pauses in Canada)
I know of an industry that'll consume every lick of aluminum, steel, nickel, cobalt silver and gold we produce keeping manufacturing booming.


Arms.
 
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Ron in Regina

"Voice of the West" Party
Apr 9, 2008
28,559
10,751
113
Regina, Saskatchewan
I know of an industry that'll consume every lick of aluminum, steel, nickel, cobalt silver and gold we produce keeping manufacturing booming.


Arms.
WEST MIFFLIN, Pennsylvania, May 30 (Reuters) - U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war.
1748691782080.jpeg
U.S. President Donald Trump said on Friday that he will double the tariffs on steel and aluminum imports to 50 per cent because…?

The doubling of steel and aluminum levies intensifies Trumps global trade war and came just hours after he accused China of violating an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals.

Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security."

"Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement.
1748691910993.jpeg
 

petros

The Central Scrutinizer
Nov 21, 2008
116,542
14,052
113
Low Earth Orbit
WEST MIFFLIN, Pennsylvania, May 30 (Reuters) - U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war.
View attachment 29328
U.S. President Donald Trump said on Friday that he will double the tariffs on steel and aluminum imports to 50 per cent because…?

The doubling of steel and aluminum levies intensifies Trumps global trade war and came just hours after he accused China of violating an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals.

Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security."

"Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement.
View attachment 29330
All the more reason to convert auto and auto parts manufacturing lines into arms manufacturing.
 

Ron in Regina

"Voice of the West" Party
Apr 9, 2008
28,559
10,751
113
Regina, Saskatchewan
All the more reason to convert auto and auto parts manufacturing lines into arms manufacturing.
Well, I’ll have to replace the old Dakota eventually, so I might as well have something that’s armour plated, nuclear & biological resistant, seats twelve, hopefully somewhat reasonable fuel economy, that I know is designed to suit our climatic extremes, and I can still get groceries in or tow a trailer with or boost a Freightliner with…like I do regularly with my tired old truck now. Canadian made would be a bonus.
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petros

The Central Scrutinizer
Nov 21, 2008
116,542
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Low Earth Orbit
Well, I’ll have to replace the old Dakota eventually, so I might as well have something that’s armour plated, nuclear & biological resistant, seats twelve, hopefully somewhat reasonable fuel economy, that I know is designed to suit our climatic extremes, and I can still get groceries in or tow a trailer with or boost a Freightliner with…like I do regularly with my tired old truck now. Canadian made would be a bonus.
View attachment 29331
I'd go with a Roshel

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