Senate Republicans Are NOT Happy About Trump's Mexican Tariffs

Donald Trump 

Senate Republicans appear to be on a collision course with their own president over Donald Trump's announced plans to place big ticket tariffs on imports from Mexico.

Via The New York Times:

Republican senators sent the White House a sharp message on Tuesday, warning that they were almost uniformly opposed to President Trump’s plans to impose tariffs on Mexican imports, just hours after the president said lawmakers would be “foolish” to try to stop him.

“I want you to take a message back” to the White House, Senator Ted Cruz, Republican of Texas, told the lawyers, according to people familiar with the meeting. Mr. Cruz warned that “you didn’t hear a single yes” from the Republican conference. He called the proposed tariffs a $30 billion tax increase on Texans.

Texas would be hit the hardest by the proposed tariffs on Mexican products, followed by Michigan, California, Illinois and Ohio, according to the U.S. Chamber of Commerce.

A 25 percent tariff would threaten $26.75 billion of Texas imports. “We’re holding a gun to our own heads,” said Senator John Cornyn, Republican of Texas.

Speaker of the House Nancy Pelosi called the tariffs "a distraction:"

Pelosi on Trump's proposed Mexico tariffs: "It's wrong. I don't even think it rises to the level of policy. I think it's notion-mongering ... it's really, well, let's face what it is: It's a distraction from the Mueller report. And it's served its purpose. Here we are."
Via ABC pic.twitter.com/jSsie1m0By

— Kyle Griffin (@kylegriffin1) June 5, 2019

“Summing up the mood of the lunch, Sen. James Lankford (R-Okla.) said, according to sources familiar with the matter: The administration ‘trying to use tariffs to solve every problem but HIV and climate change.’” ⁦@burgessev⁩ & ⁦@JamesArkin⁩ https://t.co/hBldHNFDNC

— John Bresnahan (@BresPolitico) June 5, 2019

.@LACaldwellDC: "More than half a dozen Republicans stood up" to tell White House lawyers in a Tuesday meeting that they disagreed with administration's push for tariffs on Mexico.

"They offered tremendous warning signs to these White House officials saying: Don't move forward."

— Meet the Press (@MeetThePress) June 4, 2019

Meme Of The Day

(image via Facebook)

Donald Trump Proposes 20% Tariff On European Cars

Donald Trump

Donald Trump tweeted today his intention to slap a 20% tariff on all auto imports from Europe.

From The Washington Post:

Car tariffs are shaping up as the next battle in what officials here fear is developing into a full-blown trade war between the U.S. and its closest allies. Trump has already imposed tariffs on European steel and aluminum, and Europe on Friday imposed countertariffs on goods ranging from whisky to motorcycles.

Although auto tariffs would be aimed broadly at imports, with cars from major manufacturing hubs such as Mexico, Canada and Japan all likely to be affected, Trump has singled out German cars as the object of his ire.

Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!

— Donald J. Trump (@realDonaldTrump) June 22, 2018

Additionally, CBS News reports as many as 195,000 U.S. workers could lose their jobs over the next three years if demand for cars imported into the U.S. slows because of the tariffs.

If other countries retaliate and tax similar products another 624,000 U.S. jobs could be lost.

Team Trump Rips Canada's Prime Minister As "Weak" And "Dishonest"

Justin Trudeau, Prime Minister of Canada (L) and Donald Trump (R)

White House advisers attacked Canadian Prime Minister Justin Trudeau as being "weak" and "dishonest" after Trudeau held a press conference at the G7 summit addressing proposed tariffs by the U.S.

From The Daily Beast:

The name-calling underscores the growing rift between the U.S. and one of its closest allies over trade policies and tariffs, and it threatens to further upend the progress on key economic issues that world leaders say they made at the G7 summit over the weekend.

“There’s a special place in hell for any foreign leader that engages in bad faith diplomacy with President Donald J. Trump, and then tries to stab him in the back on the way out the door,” top White House trade adviser Peter Navarro said on Fox News Sunday, echoing the president’s similar attacks against Trudeau. “And that’s what bad-faith Justin Trudeau did with that stunt press conference. That’s what weak, dishonest Justin Trudeau did.”

Trudeau, whose country hosted the annual G7 summit, announced during the summit that Canada was preparing “retaliatory measures” against the Trump administration’s decision to impose new tariffs on steel and aluminum imports from his country.

“I have made it very clear to the president that it is not something we relish doing, but it is something that we absolutely will do, because Canadians—we’re polite, we’re reasonable, but we also will not be pushed around,” Trudeau said.

Canadian Prime Minister Justin Trudeau says he will impose retaliatory measures to answer President Trump's tariffs on steel and aluminum: "Canadians: we're polite, we're reasonable, but we also will not be pushed around." https://t.co/qtUL2rS6Ik pic.twitter.com/z4Kw1DzdqA

— CNN (@CNN) June 10, 2018

PM Justin Trudeau of Canada acted so meek and mild during our @G7 meetings only to give a news conference after I left saying that, “US Tariffs were kind of insulting” and he “will not be pushed around.” Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!

— Donald J. Trump (@realDonaldTrump) June 9, 2018

Trump aide now saying “there’s a special place in Hell” for Trudeau. This has quickly gone from ridiculous to outrageous to dangerous. Republicans, are you really going to allow the WH to talk about our closest ally like this?!

— Bryce Tache 🇺🇸 (@brycetache) June 10, 2018

Trump Signs Order Imposing Tariffs On Imported Steel & Aluminum

Even though leaders from his own party disagreed with him, Donald Trump moved ahead on his own signing the orders to begin imposing steep tariffs on imported steel and aluminum.

From The New York Times:

After a week of furious lobbying and a burst of last-minute internal debates and confusion, Mr. Trump agreed to exempt, for now, Canada and Mexico and held out the possibility of later excluding allies such as Australia. But foreign leaders warned of a trade war that could escalate to other industries and be aimed at American goods.

“The actions we are taking today are not a matter of choice; they are a matter of necessity for our security,” Mr. Trump said in a ceremony at the White House where he officially authorized the tariffs, which will go into effect in 15 days.

More than 100 GOP members of Congress wrote Trump on Wednesday urging him to "reconsider the idea of broad tariffs to avoid unintended negative consequences." https://t.co/6zIQkdtMfa pic.twitter.com/jO0zMTH3Tq

— The Lead CNN (@TheLeadCNN) March 8, 2018

We know from history that tariffs inevitably lead to trade wars that hurt the economy. But Trump doesn't care about facts or analysis. We have never had a president so completely detached from reality.

— Robert Reich (@RBReich) March 8, 2018

Heritage Foundation Pres. Kay Coles James just now: “Tariffs are a tax increase on American workers and their families. The president’s decision today to impose tariffs on steel and aluminum imports is disappointing, economically regressive and counterproductive”

— Joe Perticone (@JoePerticone) March 8, 2018

Trump's tariff plan has spooked markets, prompted his chief economist's resignation, rattled major US allies and widened a rift with establishment Republicans. Still, he moved forward with 25% and 10% tariffs on steel and aluminum imports, respectively https://t.co/rkBIetxaAA pic.twitter.com/2kyjz5S17S

— CNN (@CNN) March 8, 2018

Donald Trump Doubles Down On Steel/Aluminum Tariffs

Donald Trump

Less than 24 hours after announcing tariffs on steel and aluminum imports, Donald Trump triumphantly tweeted, “Trade wars are good, and easy to win.”

From The New York Times:

Mr. Trump appeared eager to defend his decision to levy sweeping tariffs on all imports of those metals, issuing a series of morning tweets explaining the need for tariffs. “Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!” he said in one tweet.

Markets fell in response to Mr. Trump’s announcement on Thursday that he would impose tariffs of 25 percent on steel and 10 percent on aluminum, effectively placing a tax on every foreign shipment of those metals into the United States. Mr. Trump, at a hastily arranged meeting with industry executives on Thursday, said he would formally sign the trade measures next week and promised they would be in effect “for a long period of time.”

On Friday, he wrote that the measures would help to reduce the trade deficit, which is the gap between what the United States exports to other countries and what it imports. Mr. Trump has long lambasted the trade deficit as a sign of United States weakness.

“When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice,” he wrote.

The stock market did not enjoy the tariff announcement.

CNBC reported:

Stocks fell on Thursday after President Donald Trump said the U.S. will implement tariffs on steel and aluminum imports next week. The Dow Jones industrial average closed 431 points lower after rising more than 150 points earlier in the day. The 30-stock index fell as much as 586 points.

The S&P 500 declined 1.4 percent — erasing its year-to-date gains — with industrials as the worst-performing sector. It also briefly broke below its 100-day moving average, a key technical level. The Nasdaq composite fell 1.3 percent and dipped below its 50-day moving average.

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

— Donald J. Trump (@realDonaldTrump) March 2, 2018

And speaking of the stock market, in related news longtime Trump confidant (and billionaire investor) Carl Icahn just happened to sell $31.3 million of stock in a company heavily dependent on steel just seven days before Trump's announcement of 25% tariffs on foreign steel.

Now, if I were cynical (Who? Me?) my mind might wander into the insidious world of insider trading...?

Icahn sold off nearly 1 million shares of Manitowoc Company which is “a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.

Industries ranging from autos to oil to construction equipment all saw declines in their stock in the aftermath of the announcement.