Trump Mulls Imposing Tariffs by Executive Order

[DonViejo]

By Eric Levitz

December 22, 2016
10:30 a.m.

Donald Trump has decided that liberals shouldn’t be the only ones asking Santa for Xanax this Christmas: The president-elect has informed Republican-aligned business groups that he may impose a 5 percent tariff on all imports, according to CNN.

The network reports that future White House chief of staff Reince Priebus shared this plan with “key Washington players,” and was met with a torrent of panicked lectures on economics.

Priebus, the sources said, was warned such a move could start trade wars, anger allies, and also hurt the new administration’s effort to boost the rate of economic growth right out of the gate.

One of the sources said he viewed the idea as a trial balloon when first raised, and considered it dead on arrival given the strong reaction in the business community — and the known opposition to such protectionist ideas among the GOP congressional leadership.

more
http://nymag.com/daily/intelligencer/2016/12/trump-mulls-imposing-tariffs-by-executive-order.html

[1965Comet]

1. I remember a time when everyone (on the right) hated on President Obama

for his use of executive orders...

[yeoman6987]

2. Executive orders will be used by every president from here on out

[LanternWaste]

11. I remember a time when people took each EO on its own merit.

I remember a time when people took each EO on its own merit... since we're merely reminiscing and all.

[Yo_Mama_Been_Loggin]

3. Is that legal?

I thought congress could only impose a tax.

It's said that the Great Depression was started in part by tariffs imposed by the Smoot-Hawley act.

[Girard442]

6. LOL. Beat me by a nose. NT

[LanternWaste]

12. Not so much started the Depression, yet was however, both a reaction to it

Not so much started the Depression, yet was however, both a reaction to it and a contributor to both its severity and length.

[madinmaryland]

14. The US Constitution. It's only a stinkin piece of paper. Shread it!!

Cheynee did!

[Elwood P Dowd]

17. Not true. International trade was only about 2-3% of our economy then. Smoot-Hawley

passed in 1930 and only applied to certain imports. The Depression was already raging at that time, and all trade was heading to the toilet regardless of where the products came from.

[Girard442]

4. Paging Mr. Smoot. Paging Mr. Hawley.

Your tariff is ready.

[SHRED]

5. Including his products?

[Sanity Claws]

7. Isn't this a violation of all those free trade agreements?

Countries we trade with would file complaints with WTO.
There would be retaliatory tariffs.
Does he even know this?

[sarah FAILIN]

8. serves them right

We may land deep in the poop from his actions, but these idiot reps need to learn that their actions have consequences. They should have fought harder to get a decent candidate.

[RDANGELO]

9. Unfortunately, that would absolutely be unconstitutional.

It is clear in the constitution, that congress has the power to regulate tariffs.

[madinmaryland]

15. See Post #14. *Rump has higher authoriy than the constitution.

[LanternWaste]

10. Necessarily by an immediate recession, resulting in higher cost of production...

All things being equal, new tariffs followed necessarily by an immediate recession, due to higher cost of production, higher cost to consumer, followed by a reduction of discretionary spending leading to a decline in demand for other goods produced in the US.

My guess is Trump will limit this artificial protection to only those industries he has a financial stake in.

[RDANGELO]

13. At 5%, yes ,that might be a little high.

At 2 or three percent , I think you could get away with it. If you are ever going to make a dent in income inequality, you have to have two things. You have to have a strong minimum wage, and you have to stop running huge trad deficits.

[madinmaryland]

16. Good point. *Rump is only interested in enriching himself.

[Vinca]

18. Another election promise bites the dust. He said 35%. Over and over and over again.

So now we're at no Hillary in jail, no ouster of all of "those people," no Muslim ban, no draining the swamp, no saving everyone's job. Up next: no wall, no repeal of Obamacare (it may be tweaked and renamed Trumpcare).