Let's talk about Trump’s auto tariff failure....

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Belle of the Ranch 4 min 1 speaker 5 chapters transcribed 1 month ago

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What is Trump’s auto‑tariff policy and why is it considered a failure?

Belle of the Ranch 0:01

Well, howdy there, internet people, it's Belle again. So today we're going to talk about Trump's auto tariff failure. As we discussed, as Trump announced concepts of trade deals around the world. Tariffs for foreign automakers were often less than the ones US automakers were paying. This means Trump's tariffs were actually hurting American manufacturing, a sector of the economy that has seen consistent job losses since his policy started. After causing the damage, Trump is now setting up to try to claim credit for fixing the problem he caused. He's trying to make happy little trees out of his mistake.

How did the tariffs affect U.S. manufacturers versus foreign automakers?

Belle of the Ranch 0:48

But this isn't a painting. It's billions of dollars. Republican Senator Bernie Marino of Ohio seemed to break the news, saying quote. The signal to the car companies around the world is look, you have final assembly in the US. We're going to reward you for Ford, for Toyota, for Honda, for Tesla, for GM. Those are the almost in order the top five domestic content vehicle producers. They'll be immune to tariffs.

What did Senator Bernie Marino say about giving domestic car makers tariff immunity?

Belle of the Ranch 1:22

The Senator also said Trump's potential move would quote. Effectively eliminate much of the costs major car companies are paying. Imagine announcing that domestic companies will be immune to the administration's foreign tariffs as a major victory. Domestic companies aren't supposed to be paying more in tariffs than foreign companies. That's the default. This development showcases not only the haphazard nature of Trump's trade policy, but also destroys the still-repeated falsehood that American companies aren't harmed by tariffs, or that foreign countries pay the cost. As Trump constantly talks about the amount of tariffs collected, it's important to remember that we as the US consumer are paying that money in the end, one way or another.

How are the tariffs influencing vehicle prices and consumer costs?

Belle of the Ranch 2:19

JP Morgan Research recently projected a three percent increase to new vehicle price inflation. That quote again was that the new move would effectively eliminate much of the costs major car companies are paying. The American companies are paying the tariffs, and this move won't eliminate all of the taxes, but much of them. I wonder who the companies will pass the rest of those costs on to. Previously, Ford said it expected about three billion in extra tariff costs, and that it believed it could offset about a third of that. We're talking about billions of dollars from one company that are being taxed by the US government in a way that leads to costs being paid by the American consumer. For its part, the White House hasn't even fully committed to fixing their obvious and widely predicted error.

What is the White House’s current stance on fixing the auto‑tariff issue?

Belle of the Ranch 3:19

When asked for comment, they said they quote. are committed to a nuanced and multifaceted approach to securing domestic auto and auto parts production. Until any official action is signed by the president, however, any discussion about administration policy making is speculative. The White House probably doesn't want to admit their car tariff scheme didn't work as planned. And while they aren't committed to this yet and are calling it speculation. The reality is they will adjust the tariffs hitting American companies. Or they'll destroy American automotive production. Anyway. It's just a thought y'all have a good day.

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