Let's talk about Trump giving up on more tariffs....
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What new tariff rollbacks is Trump announcing and why?
Well, howdy there internet people it's Belle again. So today we're going to talk about Trump rolling back even more tariffs as prices climb. You know. Just like everybody who understood what a tariff is said they would. To be clear, we're not talking about the terrorists Trump rolled back on Friday of last week. We're talking about the ones he rolled back on Thursday. Trump started rolling back the tariffs in an attempt to get the predicted price increases he said wouldn't happen under control. When he used an executive order to exempt more than two hundred food products. Now he's rolled back more.
Why did Trump target Brazilian goods with a 40% tariff?
Trump's latest executive order said in relevant part quote. After considering the information and recommendations these officials have provided to me and the status of negotiations with the government of Brazil, among other things. I have determined that it is necessary and appropriate to modify the scope of products subject to the additional advalorum rate of duty. Brazil's exports to the US got a cut last week in the first round of what appears to be Trump's silent admission that his signature economic policy wasn't working the way he thought it would. So why is Brazil getting this cut? Because Trump imposed an additional forty percent tariff on Brazilian goods, because the country put Trump ally Bolsonaro on trial over allegations that he tried to interfere with the country's twenty twenty two elections.
There's a weird bit that makes it seem like Trump forgot about the additional tariffs he imposed on the country that you've been paying for. The order is backdated to november thirteenth. It honestly seems like he meant to take these tariffs off at the same time as the other walkback.
How will the recent executive order affect U.S. food prices?
But forgot to include them. There was even an indication that there would be refunds for tariffs paid in the meantime. The Secretary of Commerce, Howard Lutnick, said quote What happened is the president said, Look, it's been six months. It's time. Let's just wipe the slate clean. If people haven't made deals with these smaller countries, it's okay. Trade deals are hard. Lutnick went on.
What does the Commerce Secretary say about refunding past tariffs?
So what you're going to watch is the president's going to focus on the small things that touch the American's pocketbook. And he's going to bring them all down. He's going to use the power of what he has created to bring these prices down, so that by Christmas, the prices in America are lower and lower. The power of what he created was Does he mean the higher prices? Trump's tariffs sent the prices up. He wants credit for removing the policy everybody told him was going to fail. Reminder, a tariff's job is to raise prices. That's what it does.
Will Trump's tariff reversals actually lower consumer prices by Christmas?
That's its whole reason for being. It can be used strategically to achieve goals sometimes, but it achieves those goals by raising prices. He thinks the prices will drop in the next thirty days. Maybe a little. But just like he should have Googled what does a tariff do before imposing them, he probably should have Googled what is price stickiness before making this promise. The good news is that Trump seems to be beginning to understand that his policies are responsible for the affordability crisis and is slowly starting to walk them back. The problem is he'll want to do it slowly, so he doesn't look like he's admitting it didn't work. You'll pay more for longer to appease his ego. Anyway. It's just a thought.
Y'all have a good day.
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Chapters
5 chapters
1
What new tariff rollbacks is Trump announcing and why?
0:01–0:45
2
Why did Trump target Brazilian goods with a 40% tariff?
0:45–2:08
3
How will the recent executive order affect U.S. food prices?
2:08–2:40
4
What does the Commerce Secretary say about refunding past tariffs?
2:40–3:23
5
Will Trump's tariff reversals actually lower consumer prices by Christmas?
3:23–4:20
Speakers
1 identifiedMore from Belle of the Ranch
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