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In the absence of a flair system on lemmy yet, let’s try to make it easier to scan through posts by type in here by using tags:
"It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam"
Source: https://truthsocial.com/@realDonaldTrump/posts/114784170652465525
So he's putting tariffs on Vietnamese imports but exports are unburdened... So he's basically creating a trade deficit? The thing he railed against months ago?
I don't think i follow your logic, theoretically this would reduce the trade deficit. The US would be importing less from Vietnam because the people in the US have to pay 20% more, and the US would be exporting more to Vietnam as the price of the US good would be cheaper then they were before with no duties.
The US would be exporting more and importing less so the trade deficit will go down.
I don't think that's how it will work on reality as even with that 20% goods produced in Vietnam will still be cheaper then those made in the US. Same with US goods in Vietnam, where even if they don't cost any more then the equivalent Vietnamese good due to tarrifs, they'll still cost a lot more due to labor and shipping costs.
Yep I had that backwards in my head. Could this actually end up not being terrible? Don't wanna give him any credit but I'm not read up on economics.
I'm not much of a doomer on the tarriffs. The US is already pretty self sufficient, more so then a lot of other developed nations, i think trade is around 17% of the economy, whereas in a lot of other countries it's more like 30%. We make most of our own necessities here like food, gas etc.
Vietnam is mostly making cheap clothes, shoes and electronics and I don't think the world's gonna end if those cost 20% more. I'm more of the mind that the world's going to end if we keep making more fast fashion and e waste but thats a different subject. It could cause larger appliances and vehicles downstream of the electronics to also cost more which are more on the necessity side.
Even if it may be better for the planet it's still not gonna be good for the economy. UPS just announced 20,000 people are getting layed off because Amazon is expecting lower orders due to tarriffs.
I don't think this is going to be made up for by American industry. People were buying $20 pants because they are $20, if it costs $50 to make them in America then people just won't buy them. We also probably won't increase exports much because American labor costs, especially after these deportation, are too high to compete
So at best, assuming this is the deal that the rest of the developing world will get, this will slow down the US economy and probably stall it, sort of where we're at right now. At worst it will cause a slight contraction.