If you plan on buying a new laptop, TV, camera, anything electronic, a new car or most stuff, buy it NOW. Buy before most people catch on that TUMP’S TARIFFS MAKE STUFF COST MORE & THE SHELVES ARE BARE.
PREPARE FOR GREAT DEPRESSION II
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My dad James A. Pitcherella on the ladder to his crane. The photo was for an article. At the time he had the longest employment at Lukens Steel He started just out of high school at 17 years old in 1927 |
The City of Coatesville PA residents had it better than most of the USA.
Lukens Steel didn't shut down. My dad had steady employment.
Farms were close by. A few like my Aunt Nancy's family sheep farm were inside city limits.
Stock up on canned meats. Buy bags of bean, lentils and rice.
I don't know if there will be a run on bank accounts but just in case:
Convert some of your bank account to cash stored safely. My Aunt Angie actually stored cash in her mattress.
“Although it did not cause the onset of the Great Depression, it did help extend it. After President Hoover signed the bill into law, stocks dropped to 140.
Other countries responded to the United States tariffs by putting up their restrictions on international trade, which just made it harder for the United States to pull itself out of its depression. Imports became largely unaffordable and people who had lost their jobs could only afford to buy domestic products. Global trade tanked 65 percent.
In effect, the Smoot-Hawley Tariff Act “prolonged [the depression] and possibly deepened it around the world, not just in the United States but for other countries,” he says."
“President-elect Donald Trump vowed Monday to impose tariffs of 25 percent on both Mexico and Canada on his first day in office as part of an effort to crack down on migration and the flow of fentanyl into the U.S.
“As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before,” Trump wrote on Truth Social. “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders.”
The post did not specify how he would impose the measure, although he could theoretically tap the so-called International Emergency Economic Powers Act, which grants a president sweeping authority to control economic transactions after declaring an emergency. The move would immediately open up Trump’s tariffs to legal challenges…
In another post to his social media platform, Trump said China had failed to follow through on promises to institute the death penalty for traffickers of fentanyl: “Drugs are pouring into our Country, mostly through Mexico, at levels never seen before.”
“Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs,” he said.
That suggests those tariffs on China could be in addition to his universal baseline tariff of up to 20 percent, as well as his 60 percent tariff on Chinese imports.”
MORE AT:
POLITICO
Trump says he will quickly impose tariffs of 25% on goods from Canada and Mexico
The decision may violate the revised free trade pact between the US, Canada and Mexico.
“President Donald Trump has tweeted that “trade wars are good and easy to win.” But many economists have disagreed that raising tariffs sharply can improve the economy. In particular, experts have pointed to the failure of the Smoot-Hawley Tariff Act, passed in June 1930, to protect U.S. industries from tariff increases.
Although this came several months after the stock market crash of 1929, the U.S. hadn’t yet entered “the full onset of the Great Depression,” says Claude Barfield, a resident scholar at the American Enterprise Institute.
The thinking among Congress and President Herbert Hoover was that by raising taxes on thousands of imports no matter what country they came from, the act would protect American farmers and secure the nation’s economy. But experts disagreed.
‘Economists around the country argued to the Republican Congress that this would only hurt the world economy, and the United States economy,’ Barfield says. (Before the political parties realigned in the mid-20th century, the Democrats were the “free trade” party.)
And they were right. Although it did not cause the onset of the Great Depression, it did help extend it. After President Hoover signed the bill into law, stocks dropped to 140.
Other countries responded to the United States tariffs by putting up their restrictions on international trade, which just made it harder for the United States to pull itself out of its depression. Imports became largely unaffordable and people who had lost their jobs could only afford to buy domestic products. Global trade tanked 65 percent.
In effect, the Smoot-Hawley Tariff Act “prolonged [the depression] and possibly deepened it around the world, not just in the United States but for other countries,” he says.
FROM:
THE HISTORY CHANNEL
The Great Depression Lesson About ‘Trade Wars’
In 1930, raising tariffs across the board hurt the U.S. economy.
March 5, 2018
11/25/2024, 8:24PM ET
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