Well the EU too has agricultural subsidies which are unfair especially for devoloping economies who struggle to develope a primary sector but i guess its ok when westeners do it
All this talk of Trump tariffs might be just an election/negotiation strategy. Why is Elon so happy with Trump, if he wants to keep selling Teslas in China?
The large USD Treasury bonds held by Japan, China and other countries will likely be the major sources of funds to use to rescue their national debt repayments in 2025 ? For example, if a family has a lot of household debts, and why bother to keep the reserve savings when the debts are drowning the family's finances?
I don't understand the comparison of US tarrifs to Brexit. The UK's economy was dead long before Brexit. In comparison, the US is a much larger country with a vast array of natural and human resources. Its people are better educated, it is on the receiving end of brain drain from poorer countries, and is willing to incentivize domestic manufacturing. The UK has none of thpse attributes, and, intead seems focused on importing low-skill immigrants to work low-pay service-sector jobs while the countries public services and ability to exert influence diminishes by the day. If played well, tarrifs can be ultimately beneficial to the US, especially since repatriating manufacturing and resources from our geopolitical adversaries will be a prerequisite for fighting the likely war in East Asia in the next decade.
UK and US both have oil, both can attract talent immigration, and both is big on finance. Difference is UK is bad at attracting Investment leading to low productivity thanks to the EU.
@@ratsliveonnoevilstar1 EU put in all these regulations intends to favor small countries not to mention business tends to manufacture in low income countries rather than the UK.
The current geopolitical situation reflects a continuation of Cold War dynamics, characterized by great power competition between the US and China, ideological divides, proxy conflicts, a technological arms race, economic decoupling, alliance formation, and military buildups, all contributing to a significant geopolitical standoff.
If we play out cards just right, the UK could 'benefit' from brexit in a trade war, by not being tied to other economies. I doubt it though the biggest advantage of brexit is diplomatic, and therefore trade, flexibility; which has not been utilised so far.
Are you saying that thanks to tariffs you didn't wasted 100£ in a foreign market and looked for local options? I can't believe anyone would push for tariffs after such a thing!!! Why would anyone want to benefit their own instead of giving their money to others...
The UK economy was stuffed the second the population voted for Brexit and subsequently spent 4 years negotiating the terms of the less than ideal Brexit. Given that Starmer has not been particularly supportive of Trump and his Foreign Secretary was downright nasty to him the UK will not be given any leeway and we will have to suck up the consequences just like we currently do with the EU. The UK will continue to bounce along the bottom of the economic sea a victim of the people who govern the country.
Britain would happily have a free trade agreement with the EU but unfortunately the Europeans insist on political entanglement and control rather than simple trade.
We do have a second rate trade deal thanks to Johnson but that's like the other third party countries which do business with the EU. The difference is that Britain is now lost in a miasma of ill preparedness when it comes to complying with customs inspections,carnetsor declarations of pallet contents that only big companies are ready for or can afford.How simple was life for smaller UK enterprises when we were still EU members! 350k jobs lost,£140nbn in gdp growth lost and £40 bn in severance costs, so far but hey we have recovered our sovereignty!@riverraven7359
The UK should have returned to being an open economy after Brexit. The country has been crippling its economy with damaging taxes since the end of WW2, and the UK is by no means the worst.
I think you have been eating to much of msm propaganda. Western Companies are also heavy subsidised and still cant compete. Tesla for example is getting subsidies of 7.5k per car and their cars are still garbage. I think your problem lies with greed of the shareholders and because of that trying to sell mediocre products for insane prices. For example take Skydio(drone producer) pricing its drones 1.2k on average higher than DJI, best drone maker on the market. And then Skydio runs to congress and lobby to get DJI banned. Your problems run much deeper unfortunately for you.
they look at profits, if there is too little, they fight, nothing to do with feelings. Rational people in economics are those who have no tools to fight and have to be nice, kind and rational or they will get shown where they belong.
@@ratsliveonnoevilstar1 Brexit would have been a fantastic idea if we happened to have political figures/a civil service that actually wanted to improve the lives of British people.
@@harenvisavadia3711 I agree, but you can't avoid that be it a nation or a single person you still have the same problem. If you shut your country for external outputs, internal outputs will dominate, you go down to a small community and in that community there will still be some unit that dominates and so on. Capitalism is a monopoly maker. Until we change the system, we are trapped fighting against those monopolies.
Tariffs are a double edged sword. What goids and seevices the US tariff, so too, will other countries that import Americam goods n services. No country wins.
Wasting your time mentioning, people would rather stay poor & sick of telling family & friends about crypto. Hopefully alt coins will also perform, no gloating from me but will have to mention I tried to advise you...
We are not in the same situation. We have an older, sicker population and most manufacturing is already offshore. Our economy is a service economy. Tariffs will do nothing to help us.
He bullied Japan and Germany into devaluing and destroying their economies so they could get access to the american market. He pushed free trade until Japan had better products then pulled the tariffs. America doesnt make a lot the tariffs will hurt every day consumers but perhaps better they stop consuming so much
China were still riding bicycles in 1981. So Reagan's policies wouldn't work now. China is now the largest rivaling economy in the world having beaten the US GDP two years in a row during the pandemic. BYD its leading electric vehicle maker topped Tesla for global sales in forth quarter 2023. Musk wants these tarrifs so that Tesla remain no 1 but the kickback on US citizens will be damaging. Tarrifs are paid by the importer and the cost is passed to the customer so its US buyers who will feel the increase particularly on any tech item purchased. About 6 months a go Trump was interviewed by a savvy business journalist who proved Trump doesn't even understand how tarriffs work when he was left speechless at the journalist pointing this out. But neither do his base voters who believe tarrifs are still a viable reprimand so they get excited when they hear the word. If Mexico apply tarriffs in retaliation it will wipe off 800 billion in cross border US trade. America will suffer. The problem is, 98% of the globes semiconductors are manufactured in Taiwan and imported to the US. It will take the US over 5 years to set up semiconductor manufacturing that could sustain just the US market. So when Trump says buy only American he is forgetting America first needs to build the manufacturing base that will require many years. Add to that 90% of the worlds rare earth minerals and metals are only available in China and have to be imported into the US demonstrates Trumps tarrif threat will destroy the US economy overnight when those vital raw materials such as Lithium and Manganese triple in price due to his tarrifs. America mines less than 9% of the Lithium it requires used in every piece of tech on the market today. No tech, no war machines like jets, missiles and tanks, submarines etc as a starting issue. Factor in that 29 countries are now signed onto Brics and walking away from the global dollar trading currency and the US is teetering on a precipice it is not prepared for. The turning point was Saudi Arabia refusing to renew its 50 year dollar currency contract and instead choosing to trade in Yen, bitcoin and Euro's for its oil exports.
@@ljt3084 Sounds like you'd be happier living in China, where your every move is monitored and your life is restricted. If we allow one nation to have a monopoly on production of everything, what do you suppose will happen to prices? Tariffs are vital to level playing fields.
In your shipping to Denmark example, you make it sound like the additional costs are 'shipping' costs. I'm sure they're not, so what are they really? Import duty? Danish VAT payable on import, perhaps? I imagine this could be a problem, since the UK has no VAT on books, right?, so it's not like you can knock it off at your end so that the customer pays about the same.
@@riveness Obtaining English language books and publications is a serious problem in the EU and is a major difficulty for students and academics, especially in countries like Sweden where so many courses are taught in English. This isn't new, because most publications come from the US. Here in Sweden you will pay 6% VAT, a hefty handling charge, 25% VAT on the handling charge, and 2 weeks delay. It's a disaster caused by the EU.
@physiocrat7143 that's definitely a sweetish problem. Doesn't exist in the uk aside from post brexit duties if using uk. Can also use Ireland. So some real stories please.
Rather strange you difficulties selling to the EU when sellers in the EU don't have the same problem. Equally difficult to understand how trade with the rest of the world including China and Japan works so easily.
The Presenter seems to be saying in a sort of roundabout way that Britain should be back in the E U ... But when one looks at the major economies of the E U.. France /Germany/ Italy.. they are either currently very sluggish or forecast to go back into contraction..So they have free trade within the E U but all are possibly performing worst than the UK ...not that these sort of things matter to these types of Europhile Economist .! 🧐
Denmark better off Wealthy compared to United Kingdom Thomas . Awesome Thanks. Dionne Muller Danish citizen she told me ask vote Labour party UK general election in July 4 she Age 54 she retired police officer. She pleased Labour party win ir 412' Lsbour MP's.
It is the EU that imposes *tariff-like taxes on the UK, and not the other way around. As a result, the UK must impose duties of her own in reaction to the EU, and make things more expensive for everyone. Therefore, the real problem is with the protectionist EU policy, not the UK free market policy. Yes, the UK chose to leave the EU tariff club, the defence system against other trading blocs, but the British people weighed political freedom over economic self-harm, and it is probably better to be pro-freedom than anti-freedom. Brexit was an opportunity for the UK to largely trade tariff-free, and to undercut the EU world-wide. However, this has proved difficult since the UK is no longer part of a larger trading bloc, the UK still doesn't have a proper trade deal with the EU, and because the UK's pro-EU politicians are gutless and have tried to stifle divergence from EU law. Trump's main concern is with China and Mexico, so to say that his strategy of raising tariffs will be universally applied is not accurate. In fact, Trump's rhetoric has been quite encouraging, since if he wants to defend US interests from threatening forces, and not from those independent countries willing to trade fairly, then the UK's outlook is favourable. In fact, a benefit of Brexit is that the UK won't be included in this collective punishment and will be able to manoeuvre outside of this sphere with greater ease. *Edit: Although VAT and the fines for non-compliance function like a tariff, they are not exactly tariffs. Thank you, for those who have pointed it out.
Tell me, on what goods sold from the UK to the EU, tariffs are imposed? The TCA explicitly exclude any tariffs, for goods produced in the UK and sold to the EU and vice versa. But yes, there is a VAT tax levy to be acknowledged. You are dreaming if a Trump administration is excluding the UK from any tariffs. Wise up and educated.yourself.
I don’t share your enthusiasm for UK freedom, whatever that is but it might be the Trump administration imposes lower or no additional tariffs on UK goods and services simply because we do not have the same trade surplus with the US the EU has. If, as his tea say, the purpose is to realign trade to a better balance there is little reason to punish us. But we will all have to wait and see
You are aware that if Britain becomes "tariff-free" then its domestic industry will be wiped out by cheaper imports? And what makes oyu think that Trum will not apply tariffs against Britain? He already did it when his chum Johnson was PM.
British Labour party sent 100 people to campaign for Harris in a swing state. Trump's team filed a complaint against them in a US court for election interference. UK is in a very weak position to negotiate anything with US.
@@hughjohns9110 Inventories of unsold EVs in the US will exceed 13,000,000 vehicles. No one wants them, they don't have a reduced carbon footprint, they are inefficient and can't compete with internal combustion engines.
@@Zenkrypt If you take all the carbon expended to make all their components, including batteries, you will find they don't have a reduced carbon footprint.
Ideally speaking, any country should produce their necessity goods by their own hands, which allows them to be truly independent and self-determined. It's all about the trade-off between the security and prosperity. Outsourcing jobs to produce essential commodities and focusing on more profitable businesses makes your country wealthy in short term but that will eventually destroy your country. A good example I can think of is Kingdom of Kongo who built great wealth from slaving trading but once slaving trading ceased to be sexy and profitable business, the Kingdom collapsed miserably. Kingdom of Kongo could have built their own industry like steel making, manufacturing guns or warships by investing their hard-earned money from slaving trading. But they didn't, they only focused on their most profitable business and outsourced everything else, which made sense from the economical point of view, but that didn't end well.
it does not make your country wealthy, it makes top 5% wealthy, the rest has to deal with inflation new money causes. You are wealthy only as long as you have assets during that period and beyond. Once you can't find a job and have to sell your assets to get some money to live on, you are a new poor ...
@@julianshepherd2038Ricardo wrote two centuries ago, before globalization and interconnected markets. And outsourcing production to save 5% makes your country loose 100% of that wealth. In that way tariffs prevent huge losses of wealth for minor margins while allowing imports of goods with a clear competitive advantage.
@@ab-ym3bf Last time the UK was hit because we were still in the EU. Now we are not and the US has no quarrel with us, their argument is with the EU and the EU will be hit, the UK probably won't, he'll play divide and conquer with us.
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Every country or union has import charges, why should the EU be the exception? In fact, the EU has less tariffs and especially for 3rd world countries special programs to bypass those tariffs. But in certain circles it is normal to always point the finger at the EU.
@@ab-ym3bf "Why should the EU be the exception?" Because it would be of great benefit to people and business in the EU. The case for tariffs was demolished early in the 18th century. The Mercantilst argument was shown to be based on fallacious reasoning. The EU policy is a continuation of the Autarky policy introduced by the German goverment in 1934, following the resurrection of long dead mercantilist thinking by Werner Sombart at the start of the 20th century, and promoted in Mein Kampt.
@@physiocrat7143 so are the existing tariff barriers all over the world any different? What is that sick need to refer everything back to the nazi´s. You know what, never mind. You have shown your prejudices, not worth any further time. Have a good afternoon.
The EU strikes against its own citizens yet again. Obtaining English language books and publications is a serious problem in the EU and is a major difficulty for students and academics, especially in countries like Sweden where so many courses are taught in English. This isn't new, because most publications come from the US. Here in Sweden you will pay 6% VAT, a hefty handling charge, 25% VAT on the handling charge, and 2 weeks delay. It's a disaster caused by the EU
@hshdudhshduduxubes1162 Because economies specialise. The UK would be stupid to put tarrifs on German cars/chemicals. But we could put tariffs on other services such as cars if they were to shut down the mini factory or retaliate with other services.
Trump's terrified didn't benefit anyone last term. His agricultural tariffs and the resulting Chinese counter tariff almost collapsed the US soybean sector requiring vast amounts of taxpayer subsidy.
@physiocrat7143 and geographically, would we be better outside that wall, having great free trade agreements with Australia, which add 0.02% to GDP and Trump tariffs, or inside that wall? 🤔
@@colinmassey527 "Free trade agreement" is an oxymoron. Countries like the UK need free trade, period. If other countries don't reciprocate, its their loss. It is not the main purpose of an economy make stuff and flog it to foreigners. The EU cuts its people off from the goods and services produced by 95% of the world's population. That is not smart.
@@colinmassey527 Think about it. I live in Sweden. Most university courses are taught in English and we need English language text books, which must be got from outside the EU. If you send me a book from England, even as a gift, it will be impounded by customs and I will have to pay about 10p in VAT. On top of that I will have to pay a £5 handling charge, and another £1.25 VAT on the handling charge - a total of £6.85 to pay 10p in tax. In addition there is a two week delay, if they don't lose the goods altogether. If you subscribe to a periodical, you pick up this charge on each issue. If that is not cutting oneself off, what is it? It is a real nuisance for students and libraries.
All of it would be less of an issue if the UK had remained in the EU. The economy would be larger, the tax burden less. Leaving more room for economic manoeuvres.
Tariffs will not hurt the US economy, they will hurt everyone else and benefit the US economy. This is because the US imports far more than it exports because of the use of cheap labour and state subsidisation abroad. As soon as the US applies these tariffs they will gain extra revenue from these tariffs and have more companies move or stay in the US, providing more jobs and tax revenue. Looking forward to you eating your lunch when this happens as you are parroting what nearly all Austrian economists say
This is cope, you saw the data. America gained one job at the cost of $600,000 in consumer spending. American growth is reliant on consumer spending, and if that decreases, then so will American growth.
@@Zenkrypt Real household income grew significantly under Trump in the first term. Exactly the same will happen again, except at the same time the cost of living will decrease significantly because he will reduce the price of oil once they start drilling again
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Love your channel! I always learn so much, even as just a non-economics student!
The UK can't afford the highest taxes in 70 years either.
peoplem will stop being productive and work outside the system.
It’s easy to cut taxes, go the US route stop free healthcare. It’s not simple, if you want to cut taxes, then suggest where you would cut spending.
@@JamesKerr-z4oExactly. People always say to change spending and tax rates but never give specifics.
@@JamesKerr-z4o- Charlotte Gill's sub stack has loads of examples of government wasted spending
Tbf swapping Pizza Hut for home cooked food sounds like a small win from Brexit 🤷🏼♂️
No no no we're the UK, we'll get this through this, Boris told me so
i getting ready to work to own nothing as we speak.....
oven ready deal.
Well the EU too has agricultural subsidies which are unfair especially for devoloping economies who struggle to develope a primary sector but i guess its ok when westeners do it
Always nice to have a new video from you! Thanks!
All this talk of Trump tariffs might be just an election/negotiation strategy. Why is Elon so happy with Trump, if he wants to keep selling Teslas in China?
Maybe he is hoping for state subsidies
AND in the European Union
I think Musk is happy to sell more Teslas to Americans, who won't buy better and cheaper Chinese EVs.
Saic is the main seller of EV's in China under the "Roewe" brand - the brand name a rip off of Rover. Chinese "Roewe" cars in Europe are branded "MG".
He thinks crashing the world economy is a price worth paying for his imagined preferred new world order. Seriously: read his public statements
Trump MUST watch your video. Excellent presentation! Thank you
He hasn't a clue how tarrifs work and he doesn't care anyway.
Toyota invested 16b expanding their north carolina factory. The art of the deal lesson 1.
people cant afford toyotas though ?
Toyota has been manufacturing in the US way before Trump😂😂😂
Detective of Money Politics is following this very informative content cheers from VK3GFS and 73s from Frank from Melbourne Australia
The large USD Treasury bonds held by Japan, China and other countries will likely be the major sources of funds to use to rescue their national debt repayments in 2025 ?
For example, if a family has a lot of household debts, and why bother to keep the reserve savings when the debts are drowning the family's finances?
I don't understand the comparison of US tarrifs to Brexit. The UK's economy was dead long before Brexit.
In comparison, the US is a much larger country with a vast array of natural and human resources. Its people are better educated, it is on the receiving end of brain drain from poorer countries, and is willing to incentivize domestic manufacturing. The UK has none of thpse attributes, and, intead seems focused on importing low-skill immigrants to work low-pay service-sector jobs while the countries public services and ability to exert influence diminishes by the day.
If played well, tarrifs can be ultimately beneficial to the US, especially since repatriating manufacturing and resources from our geopolitical adversaries will be a prerequisite for fighting the likely war in East Asia in the next decade.
UK has higher ranking education I’m afraid.. jog on Toby
UK and US both have oil, both can attract talent immigration, and both is big on finance. Difference is UK is bad at attracting Investment leading to low productivity thanks to the EU.
@ when you say thanks to EU? Can you expand? I’m not clear on why?
@@ratsliveonnoevilstar1 EU put in all these regulations intends to favor small countries not to mention business tends to manufacture in low income countries rather than the UK.
@ understood
Awesome thanks. Spot on. Brilliant content Well said.
The current geopolitical situation reflects a continuation of Cold War dynamics, characterized by great power competition between the US and China, ideological divides, proxy conflicts, a technological arms race, economic decoupling, alliance formation, and military buildups, all contributing to a significant geopolitical standoff.
Smugglers based in Canada will be doing a roaring trade
you bet. Rather than rum running, blender running. Al Capone will be turning over in his grave
If we play out cards just right, the UK could 'benefit' from brexit in a trade war, by not being tied to other economies. I doubt it though the biggest advantage of brexit is diplomatic, and therefore trade, flexibility; which has not been utilised so far.
Are you saying that thanks to tariffs you didn't wasted 100£ in a foreign market and looked for local options? I can't believe anyone would push for tariffs after such a thing!!! Why would anyone want to benefit their own instead of giving their money to others...
The UK economy was stuffed the second the population voted for Brexit and subsequently spent 4 years negotiating the terms of the less than ideal Brexit. Given that Starmer has not been particularly supportive of Trump and his Foreign Secretary was downright nasty to him the UK will not be given any leeway and we will have to suck up the consequences just like we currently do with the EU. The UK will continue to bounce along the bottom of the economic sea a victim of the people who govern the country.
Good. That would help the bottom 40% more than if it did very well.
Because doing very well will just cause property and rents to go up even more.
Britain would happily have a free trade agreement with the EU but unfortunately the Europeans insist on political entanglement and control rather than simple trade.
We do have a second rate trade deal thanks to Johnson but that's like the other third party countries which do business with the EU. The difference is that Britain is now lost in a miasma of ill preparedness when it comes to complying with customs inspections,carnetsor declarations of pallet contents that only big companies are ready for or can afford.How simple was life for smaller UK enterprises when we were still EU members! 350k jobs lost,£140nbn in gdp growth lost and £40 bn in severance costs, so far but hey we have recovered our sovereignty!@riverraven7359
@@Lifelongloser
Yours is an argument for fixing the problem of rents and property prices.
The UK should have returned to being an open economy after Brexit. The country has been crippling its economy with damaging taxes since the end of WW2, and the UK is by no means the worst.
Surely unfair competition is exactly what is behind Trump’s thinking?
From whom?
Taking steel, major importers into the usa do not gain subsidies (Canada, eu, mexico).
@ China, Einstein.
@hughjohns9110 such a,large impact so more expensive for usa consumers.
Ok Einstein move there
I think you have been eating to much of msm propaganda. Western Companies are also heavy subsidised and still cant compete. Tesla for example is getting subsidies of 7.5k per car and their cars are still garbage.
I think your problem lies with greed of the shareholders and because of that trying to sell mediocre products for insane prices.
For example take Skydio(drone producer) pricing its drones 1.2k on average higher than DJI, best drone maker on the market. And then Skydio runs to congress and lobby to get DJI banned. Your problems run much deeper unfortunately for you.
@saellenx3528 indeed. Musks' recent tocket launch had 2 billion in taxpayer funding with no return, but it's a private venture apparently
The consumers are paying for it daily and the state is collecting these tariffs.😊
Has UK GDP per capita fall been due solely to Brexit? What impact has mass migration of low skilled people had?
I like the insets, talking along with the on screen graphs
Problem is you and anyone who knows anything about economics talk rationally: Trump and his supporters rely on feelings
Don't believe that's true at all
they look at profits, if there is too little, they fight, nothing to do with feelings. Rational people in economics are those who have no tools to fight and have to be nice, kind and rational or they will get shown where they belong.
Sounds like Brexit
The problem is life is not only about economics.
@@ratsliveonnoevilstar1 Brexit would have been a fantastic idea if we happened to have political figures/a civil service that actually wanted to improve the lives of British people.
Some of us believe in circular economy that is to be neither exporter or importer.
like not eating and not excreting. Not going to work, we all need inputs and we all produce outputs.
@@swojnowski453 The problem with an open economy is dealing with trade and balance of payment deficient and surpluses
@@harenvisavadia3711 I agree, but you can't avoid that be it a nation or a single person you still have the same problem. If you shut your country for external outputs, internal outputs will dominate, you go down to a small community and in that community there will still be some unit that dominates and so on. Capitalism is a monopoly maker. Until we change the system, we are trapped fighting against those monopolies.
A bit like Tristan da Cunha
Tariffs = Sanctions
This is unlikely to happen, just another scare tactic.
Send this video to Pizza Hut so they negotiate a deal with the EU :D
99 euro? might as well fly over to uk and buy the book and then fly back
Tariffs are a double edged sword. What goids and seevices the US tariff, so too, will other countries that import Americam goods n services.
No country wins.
It doesn't matter just buy bitcoin and retire.. Bitcoin will reach 250K next year.
Wasting your time mentioning, people would rather stay poor & sick of telling family & friends about crypto.
Hopefully alt coins will also perform, no gloating from me but will have to mention I tried to advise you...
Inflation in USA will be mad
Reagan used tariffs in the 80s and America absolutely boomed because of them
We are not in the same situation. We have an older, sicker population and most manufacturing is already offshore. Our economy is a service economy.
Tariffs will do nothing to help us.
He bullied Japan and Germany into devaluing and destroying their economies so they could get access to the american market. He pushed free trade until Japan had better products then pulled the tariffs. America doesnt make a lot the tariffs will hurt every day consumers but perhaps better they stop consuming so much
China were still riding bicycles in 1981. So Reagan's policies wouldn't work now.
China is now the largest rivaling economy in the world having beaten the US GDP two years in a row during the pandemic.
BYD its leading electric vehicle maker topped Tesla for global sales in forth quarter 2023.
Musk wants these tarrifs so that Tesla remain no 1 but the kickback on US citizens will be damaging.
Tarrifs are paid by the importer and the cost is passed to the customer so its US buyers who will feel the increase particularly on any tech item purchased.
About 6 months a go Trump was interviewed by a savvy business journalist who proved Trump doesn't even understand how tarriffs work when he was left speechless at the journalist pointing this out.
But neither do his base voters who believe tarrifs are still a viable reprimand so they get excited when they hear the word. If Mexico apply tarriffs in retaliation it will wipe off 800 billion in cross border US trade. America will suffer.
The problem is, 98% of the globes semiconductors are manufactured in Taiwan and imported to the US.
It will take the US over 5 years to set up semiconductor manufacturing that could sustain just the US market.
So when Trump says buy only American he is forgetting America first needs to build the manufacturing base that will require many years.
Add to that 90% of the worlds rare earth minerals and metals are only available in China and have to be imported into the US demonstrates Trumps tarrif threat will destroy the US economy overnight when those vital raw materials such as Lithium and Manganese triple in price due to his tarrifs.
America mines less than 9% of the Lithium it requires used in every piece of tech on the market today.
No tech, no war machines like jets, missiles and tanks, submarines etc as a starting issue.
Factor in that 29 countries are now signed onto Brics and walking away from the global dollar trading currency and the US is teetering on a precipice it is not prepared for.
The turning point was Saudi Arabia refusing to renew its 50 year dollar currency contract and instead choosing to trade in Yen, bitcoin and Euro's for its oil exports.
@@ljt3084 Sounds like you'd be happier living in China, where your every move is monitored and your life is restricted.
If we allow one nation to have a monopoly on production of everything, what do you suppose will happen to prices?
Tariffs are vital to level playing fields.
@@graemejones9707
its a 2 way street.
what do you think China will do in return?
Nothing?
:-0
In your shipping to Denmark example, you make it sound like the additional costs are 'shipping' costs. I'm sure they're not, so what are they really? Import duty? Danish VAT payable on import, perhaps? I imagine this could be a problem, since the UK has no VAT on books, right?, so it's not like you can knock it off at your end so that the customer pays about the same.
Customs duties
@@riveness
Obtaining English language books and publications is a serious problem in the EU and is a major difficulty for students and academics, especially in countries like Sweden where so many courses are taught in English. This isn't new, because most publications come from the US.
Here in Sweden you will pay 6% VAT, a hefty handling charge, 25% VAT on the handling charge, and 2 weeks delay.
It's a disaster caused by the EU.
@physiocrat7143 that's definitely a sweetish problem. Doesn't exist in the uk aside from post brexit duties if using uk. Can also use Ireland.
So some real stories please.
@@riveness
It is a problem throughout the EU. It did not start with Brexit. Most academic books and other publications come from the US:
Trade is evil
It's a fundamental part of what human beings are. Humans have always traded, from the beginning of our species.
Would have been great if you were part of a trading block....
Nobody is forced to impose tariffs and restrictions against imports.
I wonder if we'll bite the bullet and join NAFTA?
Time to ditch dollar . They not bullet proof oil needs to be trade on other currencies , us. Is over the future is asia
Rather strange you difficulties selling to the EU when sellers in the EU don't have the same problem. Equally difficult to understand how trade with the rest of the world including China and Japan works so easily.
The Presenter seems to be saying in a sort of roundabout way that Britain should be back in the E U ...
But when one looks at the major economies of the E U.. France /Germany/ Italy.. they are either currently very sluggish or forecast to go back into contraction..So they have free trade within the E U but all are possibly performing worst than the UK ...not that these sort of things matter to these types of Europhile Economist .! 🧐
that would solve nothing.
Denmark better off Wealthy compared to United Kingdom Thomas . Awesome Thanks. Dionne Muller Danish citizen she told me ask vote Labour party UK general election in July 4 she Age 54 she retired police officer. She pleased Labour party win ir 412' Lsbour MP's.
I thought it was the ford stock price that crashed it
So, starting a war then after all?
It is the EU that imposes *tariff-like taxes on the UK, and not the other way around. As a result, the UK must impose duties of her own in reaction to the EU, and make things more expensive for everyone. Therefore, the real problem is with the protectionist EU policy, not the UK free market policy. Yes, the UK chose to leave the EU tariff club, the defence system against other trading blocs, but the British people weighed political freedom over economic self-harm, and it is probably better to be pro-freedom than anti-freedom. Brexit was an opportunity for the UK to largely trade tariff-free, and to undercut the EU world-wide. However, this has proved difficult since the UK is no longer part of a larger trading bloc, the UK still doesn't have a proper trade deal with the EU, and because the UK's pro-EU politicians are gutless and have tried to stifle divergence from EU law.
Trump's main concern is with China and Mexico, so to say that his strategy of raising tariffs will be universally applied is not accurate. In fact, Trump's rhetoric has been quite encouraging, since if he wants to defend US interests from threatening forces, and not from those independent countries willing to trade fairly, then the UK's outlook is favourable. In fact, a benefit of Brexit is that the UK won't be included in this collective punishment and will be able to manoeuvre outside of this sphere with greater ease.
*Edit: Although VAT and the fines for non-compliance function like a tariff, they are not exactly tariffs. Thank you, for those who have pointed it out.
Tell me, on what goods sold from the UK to the EU, tariffs are imposed? The TCA explicitly exclude any tariffs, for goods produced in the UK and sold to the EU and vice versa. But yes, there is a VAT tax levy to be acknowledged. You are dreaming if a Trump administration is excluding the UK from any tariffs. Wise up and educated.yourself.
I don’t share your enthusiasm for UK freedom, whatever that is but it might be the Trump administration imposes lower or no additional tariffs on UK goods and services simply because we do not have the same trade surplus with the US the EU has. If, as his tea say, the purpose is to realign trade to a better balance there is little reason to punish us. But we will all have to wait and see
You are aware that if Britain becomes "tariff-free" then its domestic industry will be wiped out by cheaper imports? And what makes oyu think that Trum will not apply tariffs against Britain? He already did it when his chum Johnson was PM.
Its customs (uk) duties. There are no tariffs between uk and eu.
British Labour party sent 100 people to campaign for Harris in a swing state. Trump's team filed a complaint against them in a US court for election interference. UK is in a very weak position to negotiate anything with US.
I don't have an issue with China subsidising EVs. I think subsidising the green transition is something we should be doing too.
They're subsidising EVs that undercut EVs made in the west, so it helps no one.
Do you want to pay extra tax so the UK govt can subsidise EVs made here?
@@hughjohns9110 Inventories of unsold EVs in the US will exceed 13,000,000 vehicles. No one wants them, they don't have a reduced carbon footprint, they are inefficient and can't compete with internal combustion engines.
@@sao9995 they do have a reduced carbon footprint, assuming a lot of your energy is produced through greener methods. It's the cost of the car.
@@Zenkrypt If you take all the carbon expended to make all their components, including batteries, you will find they don't have a reduced carbon footprint.
Ideally speaking, any country should produce their necessity goods by their own hands, which allows them to be truly independent and self-determined.
It's all about the trade-off between the security and prosperity.
Outsourcing jobs to produce essential commodities and focusing on more profitable businesses makes your country wealthy in short term but that will eventually destroy your country.
A good example I can think of is Kingdom of Kongo who built great wealth from slaving trading but once slaving trading ceased to be sexy and profitable business, the Kingdom collapsed miserably.
Kingdom of Kongo could have built their own industry like steel making, manufacturing guns or warships by investing their hard-earned money from slaving trading.
But they didn't, they only focused on their most profitable business and outsourced everything else, which made sense from the economical point of view, but that didn't end well.
See riccardo and comparative advantage.
it does not make your country wealthy, it makes top 5% wealthy, the rest has to deal with inflation new money causes. You are wealthy only as long as you have assets during that period and beyond. Once you can't find a job and have to sell your assets to get some money to live on, you are a new poor ...
@@julianshepherd2038Ricardo wrote two centuries ago, before globalization and interconnected markets.
And outsourcing production to save 5% makes your country loose 100% of that wealth. In that way tariffs prevent huge losses of wealth for minor margins while allowing imports of goods with a clear competitive advantage.
What if the UK, being neither part of China or the EU, is exempted from Trumps tariffs?
What if pigs could fly?
@@ab-ym3bf Then the EU might stand a chance!
@@paullarne what does the EU have to do with the uk being exempted from US tariffs?
Silly attempt at being funny, your reply.
@@ab-ym3bf Last time the UK was hit because we were still in the EU. Now we are not and the US has no quarrel with us, their argument is with the EU and the EU will be hit, the UK probably won't, he'll play divide and conquer with us.
trump can get rid of wokeness, but not the 36 trillion of debt.
and the young wont work to own nothing, so america is toast.
Trump is a sleaze ball.
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So the EU charging massive import tariffs is good but if the USA does the same it's bad?
We have a trade surplus, retaliations would be needed
@@santostv. Retaliation=self harm. Who is the "we" who has the trade surplus?
Every country or union has import charges, why should the EU be the exception? In fact, the EU has less tariffs and especially for 3rd world countries special programs to bypass those tariffs.
But in certain circles it is normal to always point the finger at the EU.
@@ab-ym3bf
"Why should the EU be the exception?"
Because it would be of great benefit to people and business in the EU. The case for tariffs was demolished early in the 18th century. The Mercantilst argument was shown to be based on fallacious reasoning.
The EU policy is a continuation of the Autarky policy introduced by the German goverment in 1934, following the resurrection of long dead mercantilist thinking by Werner Sombart at the start of the 20th century, and promoted in Mein Kampt.
@@physiocrat7143 so are the existing tariff barriers all over the world any different? What is that sick need to refer everything back to the nazi´s.
You know what, never mind. You have shown your prejudices, not worth any further time. Have a good afternoon.
The EU strikes against its own citizens yet again.
Obtaining English language books and publications is a serious problem in the EU and is a major difficulty for students and academics, especially in countries like Sweden where so many courses are taught in English. This isn't new, because most publications come from the US.
Here in Sweden you will pay 6% VAT, a hefty handling charge, 25% VAT on the handling charge, and 2 weeks delay.
It's a disaster caused by the EU
Uk is not united anymore
Poor, onseded analysis. As per Trumps last term. I expect terrifs to benefit thr US economy.
if tariffs benefit own economies then why all countries don't put up sky high tariffs on all foreign products?
@hshdudhshduduxubes1162 Because economies specialise. The UK would be stupid to put tarrifs on German cars/chemicals. But we could put tariffs on other services such as cars if they were to shut down the mini factory or retaliate with other services.
Trump's terrified didn't benefit anyone last term. His agricultural tariffs and the resulting Chinese counter tariff almost collapsed the US soybean sector requiring vast amounts of taxpayer subsidy.
If only we had a free trade deal with some closer neighbours - like in Europe maybe? 😂
EU trade is based on having a tariff wall around its Single Market. A free trade agreement is not free trade.
@physiocrat7143 and geographically, would we be better outside that wall, having great free trade agreements with Australia, which add 0.02% to GDP and Trump tariffs, or inside that wall? 🤔
@@colinmassey527
"Free trade agreement" is an oxymoron. Countries like the UK need free trade, period. If other countries don't reciprocate, its their loss.
It is not the main purpose of an economy make stuff and flog it to foreigners. The EU cuts its people off from the goods and services produced by 95% of the world's population. That is not smart.
@physiocrat7143 cuts itself off? - what a crock of shit 🤣🤣🤣
@@colinmassey527
Think about it. I live in Sweden. Most university courses are taught in English and we need English language text books, which must be got from outside the EU.
If you send me a book from England, even as a gift, it will be impounded by customs and I will have to pay about 10p in VAT. On top of that I will have to pay a £5 handling charge, and another £1.25 VAT on the handling charge - a total of £6.85 to pay 10p in tax. In addition there is a two week delay, if they don't lose the goods altogether. If you subscribe to a periodical, you pick up this charge on each issue.
If that is not cutting oneself off, what is it? It is a real nuisance for students and libraries.
All of it would be less of an issue if the UK had remained in the EU. The economy would be larger, the tax burden less. Leaving more room for economic manoeuvres.
Brexit mess
Brexit disaster
Tariffs will not hurt the US economy, they will hurt everyone else and benefit the US economy. This is because the US imports far more than it exports because of the use of cheap labour and state subsidisation abroad. As soon as the US applies these tariffs they will gain extra revenue from these tariffs and have more companies move or stay in the US, providing more jobs and tax revenue. Looking forward to you eating your lunch when this happens as you are parroting what nearly all Austrian economists say
This is cope, you saw the data. America gained one job at the cost of $600,000 in consumer spending. American growth is reliant on consumer spending, and if that decreases, then so will American growth.
So foreign countries not only have to exchange actual tangible goods for US funny money, and now they get penalised & fined for the privelage? 😂
@@Zenkrypt Real household income grew significantly under Trump in the first term. Exactly the same will happen again, except at the same time the cost of living will decrease significantly because he will reduce the price of oil once they start drilling again
The Americans pay the tariffs not china
Only if nobody trades with one another and isolates the USA. We can purchase Oil, after all, in our own currency.