Stocks sink on Trump tariff announcement

[Julian Englis]

Source: The Hill

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

Trump’s 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.

[C_U_L8R]

1. Doh !!

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

[Fred Sanders]

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

[C_U_L8R]

9. After Trump tanks the economy

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

[Weed Man]

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.

[enid602]

27. Sure

Sure. Take a look at the Tar Sands.

[Weed Man]

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.

[enid602]

31. Quit

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

[Watchfoxheadexplodes]

2. Fox business talking heads moving in chairs as if

Their hemmorids were itchy

[OnlinePoker]

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

[harun]

4. Congressional oversight is so 20th Century

http://money.cnn.com/2016/11/14/news/economy/trump-tariffs-china-mexico-trade-war/index.html

[progree]

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.

[malthaussen]

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

That one totally snuck by me, thanks.

-- Mal

[ashling]

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 !!!

[SunSeeker]

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.

[lapfog_1]

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.

[NastyRiffraff]

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

Oh, wait...OBAMA'S FAULT!

[Kensan]

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.

[SunSeeker]

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

[Bernardo de La Paz]

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

[mr_lebowski]

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 ...

[Bernardo de La Paz]

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

[BumRushDaShow]

16. I think most of our improted steel

apparently comes from our neighbors to the north and south.

[barbtries]

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.

[LeftInTX]

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

[iluvtennis]

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

[Javaman]

21. here comes the recession. nt

[Major Nikon]

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

When Trump inevitably tanks the economy, they ain’t gonna get much mileage blaming it on Obama.

[duforsure]

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.

[moondust]

24. 40 years late?

Last edited Thu Mar 1, 2018, 05:10 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.

[Cold War Spook]

25. I would like to see more of this.

until the 2018 election.

[Cryptoad]

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!

[Major Nikon]

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

And someone will pick it up on the roll.

[Marthe48]

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