Wow, thanks Professor Wolff for the most clear explanation about tariffs. People need to know all this information. I feel blessed by having the pleasure to listen to you. God bless an protect you.lots of love from Australia.
Dr. Wolf, excellent talk. I just return from a long trip to china and I rode in many different electric vehicles via DiDi, the uber in China. The EV vehicles are very high quality and the price of the vehicles are actually getting cheaper. the $30K EV are as low as 20K. The US consumers are the loser. thanks for a layman discussion on TARIFFS.
Tariffs also lead to trade wars. With US placing 100% tariffs on electric vehicles from China, it stands to reason that China will come up with their own tariffs as punishment like buying more agriculture products from Brazil, etc.
When Trump started his "easy to win" trade war with China, China stopped buying U,S. agricultural products (most notably soybeans and corn), and U.S. farmers took a major hit.
He's 'opened the door,' so to say, for SO many people ... myself included, if we can go back 10 years. I remember when D@W had fewer than 15,000 subs. I have critiques of Dr. Wolff's work, as has come from further development and education; but I realize that his work, and his analysis, fulfills a function which does exactly what I first suggested. It opens a door, which would otherwise, remain shut.
Excellent. Professor Wolff explained the topic of tariffs very well. The American consumers are the true suckers, having to pay more unnecessarily. Sad the government is doing a disservice to their own people. 🙄☹
If you are an American desperate for a Chinese EV then go ahead and buy one. But do not think you have the right to wreck the American auto industry by purchasing a foreign made product that is sold below cost because the Chinese government hands out money to Chinese manufacturers to operate at a loss in their own country. The argument that American consumers are hard done by is false but the economic environment and ecology of the US has to be protected by government or Americans will lose their jobs. And incidentally Tesla also received tariffs.
If you are American, desperate for a Chinese made EV, then buy one and pay a similar price for it as an American one would cost. The question Americans need to ask themselves is if they want Chinese made products that are heavily subsidised flooding into the US and putting US companies out of business because US companies do not receive government help in general. US businesses have to borrow to invest and employ workers. In China the average salary is around $3 an hour and the Chinese do not have homes. They live in boxes with no labor rights and no job security.
@@arthurlincoln9093 U. S companies that cannot compete with foreign companies should go out of business, because that makes both countries better off by keeping costs low for everybody..
@ not at all. On the contrary I hate Capitalism because of the inequity of it. I majored in Business in college (UT - Hook Em Horns) in the early 80’s believing the BS of Capitalism. I was too young to know better. Now at 62 and a lifetime of actually experiencing the impact of Reagonomics and so forth, and now Trump! Geez
Very insightful analysis. I am a retired University lecturer. I taught first year and 2nd year macro. I thoroughly enjoy your talks and I look forward to many more.
Great show Mr. Wolff but they have a EV in China that is better than a Tesla for $10,000 that we are not going to have access to because of the tariffs thank you very much for the breakdown
Congratulations to Wolff, he actually got this on exactly right, and his analysis was spot on. The truth is that tariff taxes protect the inefficient at the expense of everybody else. The financial losses of the majority ALWAYS far exceed the financial gains of the protected minority. Free trade benefits all nations always.
@@yuliad6423Exactly! These sophist Quackademic bread scholars have their mouths stuffed with money, but they do not possess a patriotic nationalist constitutional bone in their degenerate anti-republic bodies. He is defending the economic treason of the globalist financial empire of British and "American Tory" monetarism, while a mob/rabble of naive slaves cheers!
Thank you for this clearly explicated tutorial, Tarrifs for Dummies. I am one such dummy and appreciated this bit of honest critial thinking very much.
Now I understand why people who live in glass houses shouldn't throw stones at others. 😄 What goes around comes around. Simple explanation makes it easy to understand.
I'm American by citizenship, I will simplify to one word "superiority complex", I must admit for the longest time they were superior, they used that superiority on good also bad purpose in the name of national interst meaning we win you lose selfish interest! Many countries see through the bad side now and seek alternative to so-called US leadership in the world! My government will keep pursuing same policy until our society devolved in to a state of despair, we are on our way, then people will rise up and call for changes, not happening any time soon, may be 10-20 years from now! By then I may be living outside of US😢😢😢
Superiority with weapons of mass destruction. Now that everyone has such weapons, gunboat diplomacy doesn't work anymore, and the US will suck on sour lemons for a long time
Thank you so much the majority of my education on on fronts has been onformal your content continues to help me learn and use critical thinking in my rhought process and decision making
The political economy of tariffs is a multifaceted issue that intertwines economic theory, political decision-making, and the broader global economic system. Tariffs, essentially taxes imposed on imported goods, serve as a tool for policymakers to influence trade, protect domestic industries, and generate revenue. However, the application and consequences of tariffs are not just economic; they are deeply political, with far-reaching implications for national and global economies. From an economic standpoint, tariffs can be used to protect domestic industries from foreign competition by making imported goods more expensive. This protectionist approach can benefit local businesses, especially in sectors vulnerable to foreign competition. However, it can also lead to inefficiencies, as domestic producers may not face the same competitive pressures to innovate or reduce costs, potentially resulting in higher prices for consumers. Furthermore, tariffs can lead to trade wars, where countries retaliate with their own tariffs, harming international trade and causing economic stagnation. Politically, the use of tariffs is often tied to national interests, strategic considerations, and international relations. Governments may impose tariffs to support politically powerful industries, gain leverage in trade negotiations, or respond to perceived unfair trade practices by other nations. In this context, tariffs can be seen as a tool of economic diplomacy, aimed at advancing national goals, even at the cost of economic inefficiencies or retaliatory measures. The political economy of tariffs also plays a crucial role in the global distribution of power. For developing countries or those with less bargaining power in international trade negotiations, tariffs can be a means to protect fragile economies or nascent industries. Conversely, developed nations, particularly those with significant economic and political influence, may use tariffs strategically to assert dominance in global markets. This creates an asymmetry in the global trading system, where the economic interests of some nations are advanced at the expense of others. In recent years, the rise of populist movements and nationalist ideologies in many countries has brought tariffs back into the spotlight. Leaders who advocate for protectionism often argue that tariffs are necessary to safeguard jobs, industries, and national security. However, critics point out that these measures can have long-term negative effects, including price inflation, disrupted supply chains, and reduced international cooperation. The political appeal of tariffs is clear, but their economic consequences often reveal a complex trade-off between short-term gains and long-term economic stability. The global economic system is increasingly interconnected, with supply chains spanning multiple continents and nations. The imposition of tariffs can disrupt these intricate systems, affecting not only the countries imposing the tariffs but also their trading partners and consumers worldwide. In this interconnected world, tariffs can no longer be viewed solely as domestic economic policy tools but must be considered in the broader context of global economic interdependence. In conclusion, the political economy of tariffs is a dynamic and evolving issue, shaped by both economic considerations and political motivations. While tariffs can provide short-term benefits to certain industries or national economies, their long-term effects are often more complex and may involve unintended consequences, such as trade conflicts, reduced global cooperation, and higher costs for consumers. Policymakers must weigh these factors carefully when considering the role of tariffs in the modern global economy, balancing domestic priorities with the broader goal of economic stability and international cooperation.
Thank you, Professor Wolff. This helps us make sense of the current 25% tariff threats from the US to Canada and Mexico. Question: Canada heavily relies on sycophantic responses to US threats in a thoughtless attempt to protect the Canadian Economy in the short term. Frankly, it's embarrassing. Why doesn't Canada diversify it's economy so that it is less reliant of the US? What is the future of Mexican and Canadian Economic relations?
The demand for EVs has been going down in the US, because they are too expensive. Auto manufacturers are building expensive SUVs, trucks, and EVs. At the same time, they stopped producing inexpensive IC sedans, because those are less profitable to produce. As a result, the average person cannot afford to buy inexpensive vehicles. That is what you call monopoly.
China has EV manufacturers in many countries, and even in Mexico. But China rather selling the cheap China EV to help Latin America grows than trying to bring EV to US market. Or none of China EVs made for US. IOW, American can drive to Mexico to buy cheap China BYD EV to bring back to US. But they can't drive in US, because they are not made for US.
I think things to do to reduce debts are things to do is ceasefire in Gaza, cease fire in Ukraine, stop sanctions around the world, reduce tax tariffs on countries that provide cheaper food for our citizens and create friendly competitions and innovation in America, work with the global South countries in trades to stop hostility, create innovation and sensible education environment, create universal healthcare to reduce wasteful spending on health care costs, stop the tax cut for the giant corporates but increasevtax on them to appropriate levels, create incentives for small businesses and reduce regulations on small businesses, increase employee wages, overhaul the insurance business from over charge, eliminate the real estate incentive purchase to prevent the huge borrowing and turn around higher sales without the actual market support, this way we prevent real estate hedging investment and inflation. Real estate should be owned by stable home residences not for mostly investment purposes to manipulate the market, introduce pension plan and free coverage of health insurance provided in the corp to their employees, stop manipulating the stock market by the Federal reserve and Central Bank for the corp interests. Let the actual market play the market not the big corp to manipulate the market Price, and stop funding the wars to CIA coups. Start focusing on internal growth in America. Try to close some of the military bases that are waste taxpayer money because it will increase more of 36 trillion debts, focus and provide incentive on science and innovation development for the young people not focus on spending on sports only, and create a mental health facility for young people, homeless people and anyone in every state, implement holistic value of healing not the chemical drugs treatments, and spend money infrastructure and transportation around the 50 states to create easy connectivity and job opportunities, regulate AI creation and development to prevent Monopoly and digital manipulation in economic power, and lastly promote peace in the world the real one not by using "democratic" words loosely.
Please have a discussion on the current status of the US housing market and its overpriced homes. Will it lead to another 2007/2008 housing bubble collapse? Are the prices starting to fall? Is there an increase in the number of vacant houses and apartments?
I appreciate the non-politically partisan explanations. I have a few questions. How would COOPs change capitalism? And what would be required to implement more COOPs, legislations changes, funding incentives?
If American makers could make a profit selling EVs for $40k each, but they know the cheapest Chinese rival products are $60k each due to imposed tariffs, the American manufacturers won't just sell at $40k. They can raise price to $55k and still be more attractive to consumers compared to the Chinese product. Tariffs cause inflation. Tariffs inflate corporate profits at the expense of consumers.
Another consequence of the tariff is that the US manufacturers do not need to improve so products are inferior and the production process is inefficient.
Dear Professor Wolff, I so appreciate your understandable explanations. This policy seems to be a kind of scorched earth economics, albeit possibly due to ignorance or bloody mindedness ? I'm interested to know of historical precedents and their outcomes in this scenario. Kindest regards and thanks from South Africa.
Professor, you should hook up with Scott Ritter, Colonel Douglas McGregor, Judge Napolitano, Gerald Celente - Trends Journal and this YT show, Daniel Davis -Deep Dive. They have a great Project, Waging Peace in a nut shell. I highly recommend them as allies for the cause of changing the world from a war based hell pit back to a real life normal.
An Indian economist says there are four kinds of people. The intellectuals, the laborers, the merchants, and the fighters. He predicted that by the year 2002, the forty year cycle would come about. we are coming to and end of a 200 year rule of the intellectual and merchant rulers, into an era ruled by labor and military. When will professor Wolff be on CBS 60 minutes? The intellect of so-called realists all agree with him. He speaks in a way more brilliantly than anyone else on commercial TV that is easy to understand. Frontline where are you?
Wolff in this episode did not say the US tariffs on affordable imported goods are the main cause of inflation especially for low-income already suffering ordinary Americans or the so-called 99%
It makes sense that tariffs increase inflation, but to say they're the main cause of inflation is a pretty bold claim, especially when you consider that corporations set prices at the maximum level they can get away with. You'd really have to provide a lot of evidence to support your position.
That's what a lot of our people don't understand - that the capitalist ruling class is not monolithic, there are sharp divisions amongst them. We see this reflected in mainstream bourgeois politics. The Democratic Party represents one faction of Capital; and the Republican Party works for another faction. In the case of the Democrats, it's the long-noted 'Eastern Establishment,' the Old Money, Finance and Investment Capital, the famous "60 families" of the Northeast. The infamous 'Robber Baron' families of the 19th and early 20th centuries. In essence, the Democrats represent Monopoly Capital. Meanwhile, the Republicans work on behalf of New Money, which sprang up in the Southern and Western parts of the country, in the wake of WW2. They're largely indebted to the aerospace industry, the defense contractors (who spread their blessings evenly), agribusiness, land speculators, real estate, box store chains, and gambling casinos. The GOP is the party of what was called 'The Sun Belt' back in the 1970's and 1980's, where the new Southern Rim establishment has taken root. They aren't as wealthy, or as seemingly investment saavy, as the Old Money cartels; and many of them are individual capitalists whose portfolios aren't as diversified as someone whose last name might be Morgan, Chase, Rockefeller, Ford, or DuPont. So, these parties sometimes have major disagreements, but most of what they fight over has little to do with the common interests of the American People. One group wants to maintain and expand its monopolies, and the other sect wants more and more accomodation, from the government and the people, so that it can expand its wealth and influence, some day to join the monopolists, at the top. Of course, there is crossover, and cross-filtration, amongst these factions of Capital, which is why the entire political establishment is often referred to as, 'the uniparty.'
What a BS analysis! Right-wingers work for all corporations, the bigger the corporations the more money they pour tax payers’ money into them! The vast majority of large corporations from the Military Industrial Complex, Wall Street, agriculture, technology, insurance, healthcare, pharmaceutical, big box stores, venture capital, auto, real estate, rental, gun, heavy machinery, semiconductor, aerospace, and every single company that operates in the US is overwhelmingly supporting Trump and the Republicans over Kamala and the Democrats at a rate of 3 to 1! There is no such thing as a bunch of corporations supporting the Democrats over the Republicans as all of them are overwhelmingly supporting Trump and the Republicans! You know why? Because the Democrats ran on a platform on increasing taxes on corporations in order to use the money to help the American people get back on their feet while Trump and the Republicans ran on a platform of corporate tax cuts, reducing (and even eliminating) environmental and labor regulations, and reducing income taxes for the billionaires and the multi-millionaires. That’s what won Trump the presidency! To twist the truth and spin all kinds of stupid stories to lie about how the Republicans won exposed you as a typical dishonest right-wingers! The truth of the matter is that both parties received money from the same corporations, the Republicans simply received a hell of a lot more! Corporations are always in favor of the Republicans simply because they aren’t shy or feel any sense of shame whatsoever to do whatever it takes to make the rich richer and to work exclusively for the rich because it is the rich that financed their political campaigns and pay for all of their expenses! The only reason corporations are also paying money to the Democrats is because they realize if they don’t and the Democrats win and take over the government then they would lose support from the Democrats, which would hurt their cause in the short and the long term basis and that’s why they support both the Republicans and the Democrats, but always in a way that the Republicans get the majority of the money, especially when there is a Republican presidential candidate that enthusiastically promises them all-out support for them in the way that Trump has done, which is invest all of the country’s wealth for the corporations and the billionaires like Trump has repeatedly promised them! This is why corporations are pouring three times more money for the Republicans than the Democrats in just about every corporate field this year!
And the American People Pay for the Tariffs: it’s the Consumer Price going up and we the people Have to pay more to get less: The foreign producers Don’t pay the tariffs: people here pay the tariffs It’s that simple
American manufactures need stiff competition to keep their vehicles up to par. We need to let China sell their EVs here in the US without the tariffs and force our automakers to drop the price of their cars to compete.
The fact that US manufacturers need a 100% tariff means they've pretty thoroughly lost, they can't even pretend to compete. Without this tariff US production of EVs (and probably other cars) would just collapse.
China couldn't compete with ICE so they focused in NEV and it's not as if they kept it a secret. They have products that benefit the world that create less noise and air pollution and can easily be adopted through competitive pricing. Instead of tariffing maybe we should ask what will be the technology that supersedes EVs.
It's not like the American consumer can do something about it, Biden or Trump either one will slap tariffs anyway. By denying cheaper Chinese made products, this time it's EV, and then DJI drones etc .. industry who use them have to buy American made ones at a higher price, and raise their operating costs and pass the cost on to consumers..
4:00 you also got to include shipping cost as well, most $10 dollar wines are 750ML bottles witch weigh about 2.5 pounds, USPS charges $22.90 for (not over) 3lbs so it'd be 10 plus 2, plus 22.90 so $34.90 for the shop owner to buy that wine, now realistically he would buy in bulk like a pack of 12 would be $100 to make the math easier, and the shop owner saves 20 bucks, but that 20% tariff would effectively make him pay full price, so $120, 2.5LBS times 12 bottles is 30 lbs not over 30 is $107.7 5USPS (UPS is 35.55 EUROS $38.11as of this comment) so for sake of saving money like any capitalist would he would use UPS so $120+38.11 is $158.11 dived by 12 because that's how many bottles he has to sell so it's 13.175833333 or $13.18 witch by nature of the math 13.18*12 is $158.16 but I imagine he'd want more than a 5 cent profit, sell the all at $14*12 is $168, so a 9.89 dollar profit so selling them for 15 like you suggest 4:30 he would get $180-$158.11 is $21.89 in profit selling them for $20 each would get him $240-$158.11 would get him $81.89 in profit, (sarcasms coming up) witch we all know he will evenly distribute to the hard working employees that deal with costumers that want to get drunk all day, say the store is open from 10 to 10 closed on Sunday openers come in at 8, and closers leave at 12, so 2 8 hours shifts a day, 16h*6d 96 hours that need to be filled with at least two employees each shit, maybe 2 full timers and 2 part times each day, 1 manager and the owner, really small liquor store here 96/40 is 2.4, so if you had 4 full timers 2 that took turns opening and 2 closing that's over time, unless you mange 4 part timers that could fill out break times for the full timers to avoid needing to pay over time, but the point is that's 8 employees, now in real life no small store has that many, but I'm talking a magical healthy store that really values it's employees 8+1 manager +the owner so 10 employees so each worker totally makes 8.189 or $8.19 from that case being sold. oh wait we live under capitalism not socialism my bad, it's almost like the workers keeping their share of generated profit might be a good idea
I love your program, you should also tell that Mr. Biden also divides the people of America. People whose jobs are saved are also hurting the people who has to pay more money for the car which is also better than what we produce here and much cheaper as well.
Tariffs on strategic commodities seem like a perfect tool for national industrial security, particularly if strategic interests are publicly owned Tariffs on commercial products seem like mafia protection
Professor Wolf is a wonderful teacher. It's so entertaining and informative listening to him. And this is free! I look forward to every lecture.
Wow, thanks Professor Wolff for the most clear explanation about tariffs. People need to know all this information. I feel blessed by having the pleasure to listen to you. God bless an protect you.lots of love from Australia.
Dr. Wolf, excellent talk. I just return from a long trip to china and I rode in many different electric vehicles via DiDi, the uber in China. The EV vehicles are very high quality and the price of the vehicles are actually getting cheaper. the $30K EV are as low as 20K. The US consumers are the loser. thanks for a layman discussion on TARIFFS.
Tariffs also lead to trade wars. With US placing 100% tariffs on electric vehicles from China, it stands to reason that China will come up with their own tariffs as punishment like buying more agriculture products from Brazil, etc.
When Trump started his "easy to win" trade war with China, China stopped buying U,S. agricultural products (most notably soybeans and corn), and U.S. farmers took a major hit.
We've been in a trade war with Communist China since we allowed them to join the WTO in 2001....we've been losing badly.
I think Boeing also hurts as China moves towards AirBus
@@clarestucki5151 Check the groceries during Trump vs Biden…
@@ohioboy4801 China's COMAC will be servicing the China market, replacing both Boeing and Airbus in China.
Thank you so much Dr. Wolff for clarifying so much about tariffs and taxes it’s a complicated subject but you made it so easy to understand
Thank you Dr, Wolff you are an amazing human being. I learn so much everytime I watch your show.
He's 'opened the door,' so to say, for SO many people ... myself included, if we can go back 10 years.
I remember when D@W had fewer than 15,000 subs.
I have critiques of Dr. Wolff's work, as has come from further development and education; but I realize that his work, and his analysis, fulfills a function which does exactly what I first suggested. It opens a door, which would otherwise, remain shut.
You're the kind of person who ends up in a compound in the jungle with some cult leader telling you to drink the Kool-Aid. 😂😂😂
@@slappy8941 Wow, it is so sad that you think it is funny to be mean
Excellent. Professor Wolff explained the topic of tariffs very well. The American consumers are the true suckers, having to pay more unnecessarily. Sad the government is doing a disservice to their own people. 🙄☹
In actual fact Americans are forced to purchase from one producer no matter the price...
If you are an American desperate for a Chinese EV then go ahead and buy one. But do not think you have the right to wreck the American auto industry by purchasing a foreign made product that is sold below cost because the Chinese government hands out money to Chinese manufacturers to operate at a loss in their own country.
The argument that American consumers are hard done by is false but the economic environment and ecology of the US has to be protected by government or Americans will lose their jobs.
And incidentally Tesla also received tariffs.
If you are American, desperate for a Chinese made EV, then buy one and pay a similar price for it as an American one would cost.
The question Americans need to ask themselves is if they want Chinese made products that are heavily subsidised flooding into the US and putting US companies out of business because US companies do not receive government help in general. US businesses have to borrow to invest and employ workers. In China the average salary is around $3 an hour and the Chinese do not have homes. They live in boxes with no labor rights and no job security.
@@kgapholasegadimanebethuel3873 That's true only when there is only only producer, and that is very rare.
@@arthurlincoln9093 U. S companies that cannot compete with foreign companies should go out of business, because that makes both countries better off by keeping costs low for everybody..
Hi, just wanted to say how much we appreciate you. Keep up the good work.
Thank you so much Professor Wolff, excellent explanation...
God bless you sir for your great work to society. 👍
Thank you Prof Wolff for such a clear and concise explanation of how tariffs ultimately hurt us making us less competitive down the line. Thank you.
Oh so now you're a free market capitalist huh? 😂😂😂
@ not at all. On the contrary I hate Capitalism because of the inequity of it. I majored in Business in college (UT - Hook Em Horns) in the early 80’s believing the BS of Capitalism. I was too young to know better. Now at 62 and a lifetime of actually experiencing the impact of Reagonomics and so forth, and now Trump! Geez
Nobody can explain complex issues as well and as honestly as Dr. Wolff. Nobody.
Most people outside the US know most of this already
Thank you for the breakdown
Protect this man
You'll fall for anything. 😂😂😂
Thanks, Professor Wolff. Excellent explanation of tariffs.
Just found your channel today! I subscribed . Excellent content and delivery .
Thanks
DR Wolff, the distaste in simply the movements of your mouth is palpable, and I love it.
Thank you for the discussion.
Love 🎉 this show!! Great info!!
Me too
Thank you very much Professor Wolff. You explained it so well that everybody can understand it.
Very insightful analysis. I am a retired University lecturer. I taught first year and 2nd year macro. I thoroughly enjoy your talks and I look forward to many more.
Thanks a million Prof Woolf and team. Please keep it going. Happy subbed.
Dr. Wolff, you are telling us the truth not like most politicians telling lies.
Great show Mr. Wolff but they have a EV in China that is better than a Tesla for $10,000 that we are not going to have access to because of the tariffs thank you very much for the breakdown
Congratulations to Wolff, he actually got this on exactly right, and his analysis was spot on.
The truth is that tariff taxes protect the inefficient at the expense of everybody else. The financial losses of the majority ALWAYS far exceed the financial gains of the protected minority. Free trade benefits all nations always.
Did he say that the Americans would be willing to have the same hourly labour rate as workers in China?
@@yuliad6423Exactly! These sophist Quackademic bread scholars have their mouths stuffed with money, but they do not possess a patriotic nationalist constitutional bone in their degenerate anti-republic bodies. He is defending the economic treason of the globalist financial empire of British and "American Tory" monetarism, while a mob/rabble of naive slaves cheers!
Thanks!
Good information as usual professor
Dr Rich all the love from greece we need your courage
I never knew economics could be so entertaining and enjoyable. Thanks Mr Wolff.
Thank you for this clearly explicated tutorial, Tarrifs for Dummies. I am one such dummy and appreciated this bit of honest critial thinking very much.
Now I understand why people who live in glass houses shouldn't throw stones at others. 😄 What goes around comes around. Simple explanation makes it easy to understand.
I'm American by citizenship, I will simplify to one word "superiority complex", I must admit for the longest time they were superior, they used that superiority on good also bad purpose in the name of national interst meaning we win you lose selfish interest!
Many countries see through the bad side now and seek alternative to so-called US leadership in the world! My government will keep pursuing same policy until our society devolved in to a state of despair, we are on our way, then people will rise up and call for changes, not happening any time soon, may be 10-20 years from now! By then I may be living outside of US😢😢😢
Not only that you have no respect for wisdom, you thing everyone is slave and the money everything, this way of thinking will destroy you.
Superiority with weapons of mass destruction. Now that everyone has such weapons, gunboat diplomacy doesn't work anymore, and the US will suck on sour lemons for a long time
A Very clear lecture! Thank you!
Amazing lecture as always professor 😊
You are the legend prof 👍💪
beautiful video mr. Wolff, very simple to understand for the layman. more like these please.
This was very clear. Thanks, Professor!
Excellent analysis, salute to you
The world needs more people like Professor Wolfe
Great teacher you are! 🙏👍
Economic investigator Frank G Melbourne Australia is following this very informative content cheers Frank
Thank You for the Master Class
Thank you so much the majority of my education on on fronts has been onformal your content continues to help me learn and use critical thinking in my rhought process and decision making
Thank you for your info about Tariffs
Well done Prof Wolf. Good analysis. 👏🌹💯🇺🇸
Thank you
love Prof. Wollf ..my ideal father figure ❤
Thank you professor 😊
The political economy of tariffs is a multifaceted issue that intertwines economic theory, political decision-making, and the broader global economic system. Tariffs, essentially taxes imposed on imported goods, serve as a tool for policymakers to influence trade, protect domestic industries, and generate revenue. However, the application and consequences of tariffs are not just economic; they are deeply political, with far-reaching implications for national and global economies.
From an economic standpoint, tariffs can be used to protect domestic industries from foreign competition by making imported goods more expensive. This protectionist approach can benefit local businesses, especially in sectors vulnerable to foreign competition. However, it can also lead to inefficiencies, as domestic producers may not face the same competitive pressures to innovate or reduce costs, potentially resulting in higher prices for consumers. Furthermore, tariffs can lead to trade wars, where countries retaliate with their own tariffs, harming international trade and causing economic stagnation.
Politically, the use of tariffs is often tied to national interests, strategic considerations, and international relations. Governments may impose tariffs to support politically powerful industries, gain leverage in trade negotiations, or respond to perceived unfair trade practices by other nations. In this context, tariffs can be seen as a tool of economic diplomacy, aimed at advancing national goals, even at the cost of economic inefficiencies or retaliatory measures.
The political economy of tariffs also plays a crucial role in the global distribution of power. For developing countries or those with less bargaining power in international trade negotiations, tariffs can be a means to protect fragile economies or nascent industries. Conversely, developed nations, particularly those with significant economic and political influence, may use tariffs strategically to assert dominance in global markets. This creates an asymmetry in the global trading system, where the economic interests of some nations are advanced at the expense of others.
In recent years, the rise of populist movements and nationalist ideologies in many countries has brought tariffs back into the spotlight. Leaders who advocate for protectionism often argue that tariffs are necessary to safeguard jobs, industries, and national security. However, critics point out that these measures can have long-term negative effects, including price inflation, disrupted supply chains, and reduced international cooperation. The political appeal of tariffs is clear, but their economic consequences often reveal a complex trade-off between short-term gains and long-term economic stability.
The global economic system is increasingly interconnected, with supply chains spanning multiple continents and nations. The imposition of tariffs can disrupt these intricate systems, affecting not only the countries imposing the tariffs but also their trading partners and consumers worldwide. In this interconnected world, tariffs can no longer be viewed solely as domestic economic policy tools but must be considered in the broader context of global economic interdependence.
In conclusion, the political economy of tariffs is a dynamic and evolving issue, shaped by both economic considerations and political motivations. While tariffs can provide short-term benefits to certain industries or national economies, their long-term effects are often more complex and may involve unintended consequences, such as trade conflicts, reduced global cooperation, and higher costs for consumers. Policymakers must weigh these factors carefully when considering the role of tariffs in the modern global economy, balancing domestic priorities with the broader goal of economic stability and international cooperation.
Take care Dr. Wolff
Thank you for informing us of valuable information
Thank you, professor!
Thank you, Professor Wolff. This helps us make sense of the current 25% tariff threats from the US to Canada and Mexico. Question: Canada heavily relies on sycophantic responses to US threats in a thoughtless attempt to protect the Canadian Economy in the short term. Frankly, it's embarrassing. Why doesn't Canada diversify it's economy so that it is less reliant of the US? What is the future of Mexican and Canadian Economic relations?
The demand for EVs has been going down in the US, because they are too expensive. Auto manufacturers are building expensive SUVs, trucks, and EVs. At the same time, they stopped producing inexpensive IC sedans, because those are less profitable to produce.
As a result, the average person cannot afford to buy inexpensive vehicles. That is what you call monopoly.
China has EV manufacturers in many countries, and even in Mexico. But China rather selling the cheap China EV to help Latin America grows than trying to bring EV to US market.
Or none of China EVs made for US. IOW, American can drive to Mexico to buy cheap China BYD EV to bring back to US. But they can't drive in US, because they are not made for US.
@@fairryalp.-de5qb BYD's plant in Mexico got cancelled. Never the less, BYD has a car plant in Brazil.
very good points, thank you Sir.
I think things to do to reduce debts are things to do is ceasefire in Gaza, cease fire in Ukraine, stop sanctions around the world, reduce tax tariffs on countries that provide cheaper food for our citizens and create friendly competitions and innovation in America, work with the global South countries in trades to stop hostility, create innovation and sensible education environment, create universal healthcare to reduce wasteful spending on health care costs, stop the tax cut for the giant corporates but increasevtax on them to appropriate levels, create incentives for small businesses and reduce regulations on small businesses, increase employee wages, overhaul the insurance business from over charge, eliminate the real estate incentive purchase to prevent the huge borrowing and turn around higher sales without the actual market support, this way we prevent real estate hedging investment and inflation. Real estate should be owned by stable home residences not for mostly investment purposes to manipulate the market, introduce pension plan and free coverage of health insurance provided in the corp to their employees, stop manipulating the stock market by the Federal reserve and Central Bank for the corp interests. Let the actual market play the market not the big corp to manipulate the market Price, and stop funding the wars to CIA coups. Start focusing on internal growth in America. Try to close some of the military bases that are waste taxpayer money because it will increase more of 36 trillion debts, focus and provide incentive on science and innovation development for the young people not focus on spending on sports only, and create a mental health facility for young people, homeless people and anyone in every state, implement holistic value of healing not the chemical drugs treatments, and spend money infrastructure and transportation around the 50 states to create easy connectivity and job opportunities, regulate AI creation and development to prevent Monopoly and digital manipulation in economic power, and lastly promote peace in the world the real one not by using "democratic" words loosely.
excellent !
As always, brilliant. Thank you.
Excellent excellent presentation
Please , do an analysis and lecture about ‘donations’ I’m originally from an EU country and am still puzzled by this
money making strategy!
Thanks for your enlightenment.
Please have a discussion on the current status of the US housing market and its overpriced homes. Will it lead to another 2007/2008 housing bubble collapse? Are the prices starting to fall? Is there an increase in the number of vacant houses and apartments?
Yes, this would be very interesting.
Love you
Dear Dr wolf ❤
Terrific!
I appreciate the non-politically partisan explanations. I have a few questions. How would COOPs change capitalism? And what would be required to implement more COOPs, legislations changes, funding incentives?
If American makers could make a profit selling EVs for $40k each, but they know the cheapest Chinese rival products are $60k each due to imposed tariffs, the American manufacturers won't just sell at $40k. They can raise price to $55k and still be more attractive to consumers compared to the Chinese product.
Tariffs cause inflation. Tariffs inflate corporate profits at the expense of consumers.
Another consequence of the tariff is that the US manufacturers do not need to improve so products are inferior and the production process is inefficient.
Great example are RVs and motor homes, the quality is absolutely horrid, because of zero competition
Exactly. It's such an irony bcos capitalism prides itself in "free markets" & "competition"
循循善誘，諄諄教誨；令人尊敬的學者 !!
Yes Sir. Thanks.
I live my truth, does not matter what your advertising say
Beautifully explained, as usual
Thanks professor
Dear Professor Wolff, I so appreciate your understandable explanations. This policy seems to be a kind of scorched earth economics, albeit possibly due to ignorance or bloody mindedness ? I'm interested to know of historical precedents and their outcomes in this scenario. Kindest regards and thanks from South Africa.
I am doubting there is such a thing as a honest politician!
Big it up for Charlie Fabian!!!
Thank you for this Mr Wolf. What would be a solution? Would love a follow up video.
Professor, you should hook up with Scott Ritter, Colonel Douglas McGregor, Judge Napolitano, Gerald Celente - Trends Journal and this YT show, Daniel Davis -Deep Dive. They have a great Project, Waging Peace in a nut shell. I highly recommend them as allies for the cause of changing the world from a war based hell pit back to a real life normal.
Whoa, hold on there a second, professor Wolff is speaking sense, not conspiracies! Please leave the Russian stooges out of the debate. Red
An Indian economist says there are four kinds of people. The intellectuals, the laborers, the merchants, and the fighters. He predicted that by the year 2002, the forty year cycle would come about. we are coming to and end of a 200 year rule of the intellectual and merchant rulers, into an era ruled by labor and military. When will professor Wolff be on CBS 60 minutes? The intellect of so-called realists all agree with him. He speaks in a way more brilliantly than anyone else on commercial TV that is easy to understand. Frontline where are you?
Clear and interesting.
Wolff in this episode did not say the US tariffs on affordable imported goods are the main cause of inflation especially for low-income already suffering ordinary Americans or the so-called 99%
It makes sense that tariffs increase inflation, but to say they're the main cause of inflation is a pretty bold claim, especially when you consider that corporations set prices at the maximum level they can get away with. You'd really have to provide a lot of evidence to support your position.
best lesson learned
Tariffs also make industries less competitive in the world market
The US auto industry is the classic example; I really don't see American brand autos anywhere else other than the US.
@@MMLL369 You do see them in the movies and games
That's what a lot of our people don't understand - that the capitalist ruling class is not monolithic, there are sharp divisions amongst them.
We see this reflected in mainstream bourgeois politics. The Democratic Party represents one faction of Capital; and the Republican Party works for another faction.
In the case of the Democrats, it's the long-noted 'Eastern Establishment,' the Old Money, Finance and Investment Capital, the famous "60 families" of the Northeast. The infamous 'Robber Baron' families of the 19th and early 20th centuries. In essence, the Democrats represent Monopoly Capital.
Meanwhile, the Republicans work on behalf of New Money, which sprang up in the Southern and Western parts of the country, in the wake of WW2. They're largely indebted to the aerospace industry, the defense contractors (who spread their blessings evenly), agribusiness, land speculators, real estate, box store chains, and gambling casinos. The GOP is the party of what was called 'The Sun Belt' back in the 1970's and 1980's, where the new Southern Rim establishment has taken root. They aren't as wealthy, or as seemingly investment saavy, as the Old Money cartels; and many of them are individual capitalists whose portfolios aren't as diversified as someone whose last name might be Morgan, Chase, Rockefeller, Ford, or DuPont.
So, these parties sometimes have major disagreements, but most of what they fight over has little to do with the common interests of the American People.
One group wants to maintain and expand its monopolies, and the other sect wants more and more accomodation, from the government and the people, so that it can expand its wealth and influence, some day to join the monopolists, at the top. Of course, there is crossover, and cross-filtration, amongst these factions of Capital, which is why the entire political establishment is often referred to as, 'the uniparty.'
The "father of our capitalist ruling class" was a socialist. How does that work?
What a BS analysis! Right-wingers work for all corporations, the bigger the corporations the more money they pour tax payers’ money into them! The vast majority of large corporations from the Military Industrial Complex, Wall Street, agriculture, technology, insurance, healthcare, pharmaceutical, big box stores, venture capital, auto, real estate, rental, gun, heavy machinery, semiconductor, aerospace, and every single company that operates in the US is overwhelmingly supporting Trump and the Republicans over Kamala and the Democrats at a rate of 3 to 1! There is no such thing as a bunch of corporations supporting the Democrats over the Republicans as all of them are overwhelmingly supporting Trump and the Republicans! You know why? Because the Democrats ran on a platform on increasing taxes on corporations in order to use the money to help the American people get back on their feet while Trump and the Republicans ran on a platform of corporate tax cuts,
reducing (and even eliminating) environmental and labor regulations, and reducing income taxes for the billionaires and the multi-millionaires. That’s what won Trump the presidency! To twist the truth and spin all kinds of stupid stories to lie about how the Republicans won exposed you as a typical dishonest right-wingers! The truth of the matter is that both parties received money from the same corporations, the Republicans simply received a hell of a lot more! Corporations are always in favor of the Republicans simply because they aren’t shy or feel any sense of shame whatsoever to do whatever it takes to make the rich richer and to work exclusively for the rich because it is the rich that financed their political campaigns and pay for all of their expenses! The only reason corporations are also paying money to the Democrats is because they realize if they don’t and the Democrats win and take over the government then they would lose support from the Democrats, which would hurt their cause in the short and the long term basis and that’s why they support both the Republicans and the Democrats, but always in a way that the Republicans get the majority of the money, especially when there is a Republican presidential candidate that enthusiastically promises them all-out support for them in the way that Trump has done, which is invest all of the country’s wealth for the corporations and the billionaires like Trump has repeatedly promised them! This is why corporations are pouring three times more money for the Republicans than the Democrats in just about every corporate field this year!
We don't make much anything exported, so competition is not affected, only domestic inflation increases.
And the American People Pay for the Tariffs: it’s the Consumer Price going up and we the people Have to pay more to get less:
The foreign producers Don’t pay the tariffs: people here pay the tariffs
It’s that simple
Please run for president Dr Wolff
American manufactures need stiff competition to keep their vehicles up to par. We need to let China sell their EVs here in the US without the tariffs and force our automakers to drop the price of their cars to compete.
The fact that US manufacturers need a 100% tariff means they've pretty thoroughly lost, they can't even pretend to compete. Without this tariff US production of EVs (and probably other cars) would just collapse.
Wonderful news
China couldn't compete with ICE so they focused in NEV and it's not as if they kept it a secret. They have products that benefit the world that create less noise and air pollution and can easily be adopted through competitive pricing. Instead of tariffing maybe we should ask what will be the technology that supersedes EVs.
Smart Chinese,no wonder their I Q ranks 5,American ranks 29😂
It's not like the American consumer can do something about it, Biden or Trump either one will slap tariffs anyway.
By denying cheaper Chinese made products, this time it's EV, and then DJI drones etc .. industry who use them have to buy American made ones at a higher price, and raise their operating costs and pass the cost on to consumers..
this age like fine wine, cause chinese drones are next, DJI drones...
Don't ever stop prof wolff!
Thank u
Free trade was started from the Daddy bush error .
Miss you Dr Wolff
Gracias!
4:00 you also got to include shipping cost as well, most $10 dollar wines are 750ML bottles witch weigh about 2.5 pounds, USPS charges $22.90 for (not over) 3lbs so it'd be 10 plus 2, plus 22.90 so $34.90 for the shop owner to buy that wine, now realistically he would buy in bulk like a pack of 12 would be $100 to make the math easier, and the shop owner saves 20 bucks, but that 20% tariff would effectively make him pay full price, so $120, 2.5LBS times 12 bottles is 30 lbs not over 30 is $107.7 5USPS (UPS is 35.55 EUROS $38.11as of this comment) so for sake of saving money like any capitalist would he would use UPS so $120+38.11 is $158.11 dived by 12 because that's how many bottles he has to sell so it's 13.175833333 or $13.18 witch by nature of the math 13.18*12 is $158.16 but I imagine he'd want more than a 5 cent profit, sell the all at $14*12 is $168, so a 9.89 dollar profit so selling them for 15 like you suggest 4:30 he would get $180-$158.11 is $21.89 in profit selling them for $20 each would get him $240-$158.11 would get him $81.89 in profit,
(sarcasms coming up) witch we all know he will evenly distribute to the hard working employees that deal with costumers that want to get drunk all day, say the store is open from 10 to 10 closed on Sunday openers come in at 8, and closers leave at 12, so 2 8 hours shifts a day, 16h*6d 96 hours that need to be filled with at least two employees each shit, maybe 2 full timers and 2 part times each day, 1 manager and the owner, really small liquor store here 96/40 is 2.4, so if you had 4 full timers 2 that took turns opening and 2 closing that's over time, unless you mange 4 part timers that could fill out break times for the full timers to avoid needing to pay over time, but the point is that's 8 employees, now in real life no small store has that many, but I'm talking a magical healthy store that really values it's employees 8+1 manager +the owner so 10 employees so each worker totally makes 8.189 or $8.19 from that case being sold. oh wait we live under capitalism not socialism my bad, it's almost like the workers keeping their share of generated profit might be a good idea
Most trucks carry over 20 tonnes of goods for as little as $1.50 per mile.
Ups are robbing you!
I love your program, you should also tell that Mr. Biden also divides the people of America. People whose jobs are saved are also hurting the people who has to pay more money for the car which is also better than what we produce here and much cheaper as well.
Tariff protects the wealthy .
Big lie. Tariff taxes protect the inefficient, not the wealthy!
Tariffs protect middle class Americans from Chinese slave wages. Why do you think the globalist/zillionaire class hates them so much?
No, tariffs are a tool for raising prices and protecting the rights of stealing from the population under a plausible pretext.
Tariffs on strategic commodities seem like a perfect tool for national industrial security, particularly if strategic interests are publicly owned
Tariffs on commercial products seem like mafia protection
Thank you Prof 🙏🏽
We have no room to complain about inflation. Its artifically imposed. Its a TAX.