Thanks for watching! If you found this video informative, leave a comment and check out our other video on the biggest failures of Trumponomics: ua-cam.com/video/8sDFLYha_mA/v-deo.html
That sad thing is that you actually need to make this video. I have studied economics more than most people, but I could have figured this out in 3rd grade without your video. I could have done this because I went to school in the south, where they tried to teach us that the Civil war was about tariffs and states rights. They explained how the tariffs designed to protect the emerging industries of the North were placing a financial burden on the South.
Thank you very much for your videos. Your channel deserves many more views and the quality is there so all we need to do is wait. I would like to ask you to consider a video on minimum wage. It seems like a divisive issue and I believe I'll trust your point of view and look forward to hearing your thoughts on the matter.
Unfortunately, Trump was definitely the lesser of the two evils on this go around. If the most blatantly corrupt $hillary had won, the TPP would have been much worse for Americans.
@@mrmajestic8643 The fact that you can say that demonstrates a high degree of ignorance. Is Hillary a saint? Fuck no! But Trump was an obvious con man thief, and liar - and that was BEFORE we knew he was also a traitor.And the TPP, while not great, would have been much better for America. Hillary should not have backed away from it.Now we have ceded economic leadership in the Asia Pacific region to China. You know, other countries want some consideration too, and not every trade deal can be peaches and cream for the USA. For that matter, it is not perfect for China either - but they are now the leader in the Trans Pacific Partnership.
Reich is a Socialist and a liar. "Blessed is the man that walketh not in the counsel of the ungodly, nor standeth in the way of sinners, nor sitteth in the seat of the scornful" (Psalm 1:1, KJV). Even so, come, Lord Jesus!
Canadian here, Trumps tariff on Canadian softwood lumber adds $9000 to the cost of a house. The mills here cannot sell at a loss so the price is increased to cover the tariff. Thing is the U.S. cannot produce enough lumber for its own market, so has to import lumber. This $9k increase in the cost of a house keeps millions of new home buyers out of the market. The average American is footing the bill!
Thank you for the Northern side of the coin! Additionally, if the tariff makes the Canadian lumber higher priced than domestic, the prices the mills and yards in America will raise their rates to fall close to or just lower than The Canadian Stuff. Tariffs are a vicious cycle- usually used to protect industries deemed important, they only encouraged our steel industrialist to slow investment, take more profits out of their companies, our TVs and now our cars; since our industrialists didn't really need to compete, and new they could get Sen. Jasserack to extend the tariff, they were lost to competitors who were good enough and durable enough to let them crush themselves. These are policies that have huge bearing on WW1 & WW2, the Cold War. Thank you again for personally illuminating some of the unmentioned details of this scheme!
a lack of jobs will certainly keep home buyers out of the market. Overpriced homes from an economic crash or speculation and easy mortgages that people can't afford will too. So will the death knell of 'wetlands' on your property or ridiculously high permit fees here in the northwest. No one ever said "I'm sorry honey, but we can afford everything but the wood to build our house", but they do say "WOW, I'm glad I have a job or I couldn't afford ANYTHING."
the inflated costs are a problem because wages are garbage, not because prices are returning to what they're supposed to be. Abusing the chinese to keep the costs of our consumables artificially low isn't sustainable regardless.
The domestic products we are supposed to re source include underwear- guess where such longtime labels as Fruit of the Loom and Jockey are made- start with "not in the USA", it'll come to you pretty quick!
It’s so hard to get people to actually see the truth people that owned companies have products made in other countries so they don’t have very much into the product but when they get here to the United States they can raise the cost upside product and make tons of profit profit is what you make after you pay your bills why can’t people wake up to this problem or this fact this fact if the company would make a little less profit at the end products could be cheaper overall in could be made in America not that you would have a cheap product you just wouldn’t have as much profit pissed off American
Frederic Bastiat Professor dwarf? And you have a dwarf brain .... Can’t think of anything else substantive, other than repeating the same right wing garbage
I build terrace gardens in NYC. First Trump hit soft wood (cedar) from Canada. Then he hit aluminum from China. He cost me $80,000 in increased costs from existing contracts I had. The suppliers raised prices on existing inventory as the tariffs were announced even before they took effect. The aluminum sheets went from $110 a sheet in 2017 to $220 a sheet as the tariffs were announced.
Wrapping yourself in the flag? Lol. Better stay away from that considering the Trumpanistas want to prevent the flag being desecrated - especially by smears.
I've tried to explain this to some wingnut acquaintances. They refuse to believe it. They see international trade as a kind of sports competition that Trump is winning. Their need to have faith in him trumps (!) everything else.
People with common sense understand this! How do convince the trumpers they are getting screwed? They think he is a great business man!!! SMFH!!! #DUMP THE TRUMP IN 2020
We don't need to convince them of a damn thing- we just should have stirred ourselves to vote in 2016. Another 250k votes in a couple of right places would have made a huge difference- the several million that didn't would have made this not happen for Trump. I'm not, nor have I been an HRC fan. Bill Clinton was much more honest about his pro biz moderate stances- yes he was a player in Civil Rights, but that's how he read the Constitution. But I also know from 40+ years of biz history that DJT is the son of a racist, born to be an elitist; a man who will lie at the drop of a hat or imagined undies. He is a cheat and a fraud- he may even have some of the money he's stolen over the years- the litany of sub contractors and support businesses that went out of business or bankrupted after doing good business in good faith with this faithless POS.
@@mediamattersismycockholste562 You must have speed read my tap; said that Trump/Trump Org were deceitful and manipulative in business practices- it runs to the core values of the man and his family.
No pain no gain! The tariffs are not meant to be permanent! It’s meant to force China to the negotiating table. I will gladly pay a little more for goods. If it means we can create more jobs for Americans and stop companies from fleeing the country. A little pain now to make things better in the future. The Clintons , Bush’s and Obama’s did nothing to protect American jobs. A welcome a different approach. Trump won’t be president forever. If it doesn’t work it can be changed. The company I work for was doing poorly. Things were very grim. Since Trump became President we have hired over 100 new employs. We have gotten raises for the first time in 13 years. We have gotten opportunities to advance into better paying positions. We were flat out told that much of it was due to Trumps policies. I see now hiring signs every where. Didn’t see that when Obama was president. I believe in results not rhetoric!
The plywood for my shop I'm building cost 50% MORE last year thanks to the orange creature! FIFTY PERCENT! That's close to $2000 burned up for no reason at all. I got absolutely nothing out of it.
Sure you did. You got a better economy. More jobs means less money wasted on welfare. Less crime. Less chance YOUR revenue streams will fail, whatever those may be. Stability. and Security. Heck, the unemployed criminal of a Democratic Party reality might mean that in this reality, TRUMP SAVED YOUR LIFE. If you want cheap products, move to China or Mexico. I hear the basic human rights there are just AWESOME.
@@mediamattersismycockholste562 Part time jobs aren't going to get people out of welfare and improve the economy. Also, he shouldn't move because your sensitive ass can't take his input.
@@CastleRaccon They already have. The economy is up. Wages are up because there is greater competition between more jobs for fewer workers. Less outsourcing means more jobs here, more jobs here means more money moving around in our economy, means a higher quality of life here. You people continue to blame others when you work at a burger flipping job, instead of working your way into more skills and up the ladder. Breitbart and The Gateway Pundit have constant updates on the state of the economy, unlike CNN which is just an opinion outlet at this point, one with extreme bias. I could drop a bunch of links here, but why waste the time? You can go read on your own. The Epoch Times and One America News Network, along with patriotpost.us are also pretty handy. To future readers of these comments... you're welcome!
I don’t get it. Robert says that we should heavily tax American corporations and when the right says that they’ll just pass the cost on to the consumer he just says rubbish. Of course they all will.
I am paying much more in taxes....crooks, IRS told me to take out more money from paycheck. I have noticed the price increases beginning in the stores. America is in trouble......Your videos are so helpful. Thank you
I operate an IT service business as a sole proprietor. Have been since 1999, never advertised. All word of mouth referrals based upon my work ethic and reputation for getting results economically for my customers. My suppliers have notified me that they had absorbed the 10% tariffs they paid the importers themselves but would not be able to do so under the higher tariffs levels. Prices to me will go up substantially for things like video surveillance systems (the recorders and the cameras all use parts from overseas suppliers even though the products I sell, install, and service are all designed and assembled in the US). So yes, even the little guys in the service gig economy are going to get hammered with an onerous tax burden which we'll have no choice but to pass on to our customers. As that happens, I expect to see a slowdown in available work as corporations put off capital expenditures in plant and equipment until there's more certainty around trade policy from this mercurial administration! I've been saying this from day one on his stupid trade war tariffs! You're preaching to the choir on this one Robert! I've been very vocal about just who will feel the real effects of Trump's Trade war tariffs for months now. Keep it up Robert!
@@frankfrankerson8127 Another Red Hat, you mean? Those MAGA hats you appear to admire are Chinese Red, and Made in China, shipped to us on Chinese carriers.
It's true. I work in a furniture store--the retail cost of an average La-Z-Boy chair has gone up from $75-150 since the enforcement of new tarrifs. La-Z-Boy chairs are American made-- but they use Chinese textiles. The tarrifs just drive retail costs up.
Have the tariffs effected me? I farmed for 38 years and had to sell out before I lost it all. What do you think? yep. Along with the monopolizing corps running the entire system... I give up
That's funny. My Dad worked for a blue chip company for 35 years while farming on the side, then retired at 55 and went to farming full time. Has changed his products a couple of times over the years, but at 72 he plans on chugging along until he keels over on a tractor in his 90's. His biggest tip? 'stay flexible, adapt to change'. If you farmed for 38 years you should have had enough infrastructure you could have just turned the place into 30 other things and kept on trucking. More proof being stuck in a paradigm is bad.
@@mediamattersismycockholste562 hey guys look, my dad did this so you SHOULD have done it too. Be a human for once. I've seen your awful replies. Quit being so hurtful to people who clearly have been struck by this. If he's that good, good for him. I'm sure he really means it when he said he doesn't want to retire. But the fact that you are using him as leverage is fucking abhorrent.
I live in California and we produce a lot of food and a lot of avocados. But you would be surprised how much food is imported from Mexico. Even here in California. Check out the labels on fruits and vegetables to see where they come from.
I've tried discussing this aspect of Trump's policies to my friends who obstinately support Trump and they refuse to listen. They only focus on, "At least he's doing something about the problem." It's so frustrating. These are otherwise highly intelligent people that seem to lose their capacity for logical thought when it comes to Trump.
The reason why the "At least he's doing something about the problem" line works with these people is because the Democrats aren't presenting any alternatives. There was far more outrage from "liberals" over the RussiaGate malarkey than there was over the tax bill passed by the Republicans.
Can anyone explain this to me please: when Trump started his tariffs on steel and aluminum from Canada / EU, he had to use "security" as a (fake) excuse. Now he seems to be able to do as he pleases. BTW: ridiculous that one man has this much power, even if he were intelligent.
You need to be more outspoken to Trumpists. This anecdotal evidence is just what we need to make them squirm. Don't get me wrong, I like that you admitted this, but when people ignore actual evidence and only listen to trump biased economists, then we need personal stories like this.
Sure does affect me. I travel for work, and have been looking to buy an RV to make it easier to do so. Because of the tariffs, the prices have gone up nearly ten percent on every model.
At 2:55 "Have Trump's tariffs affected you?" No : I'm Canadian! LOL! :D Well... in a way, yes they have. Canada's trade has increased since Trump is US president.
Mulvaney, Trump, and Kudlow live inside a bubble. They do not perform the most innocuous tasks such as shopping for their own groceries or living on a limited, salaried income. This is why they just don't understand how the average person is struggling.
I used to buy American goods (mostly board games) via Amazon and have them shipped to the Netherlands. As of late (past year), I refrain from doing so as the import tariffs more than double the purchase price given on the Amazon website. The price increase used to be anywhere between 30 to 50%, now it's > 100%. I'm not sure if this is directly related to Trump's tariff policies. Just saying.
His tariffs are effecting me on several levels because my husband and I are building a house so the solar panel tariffs and the steel tariffs along with others are having a slowing effect on my personal economy
It’s actually hard to believe that people don’t know about this. Take it simply as such: any cost, without competing suppliers, will be borne by consumers alone. Tariffs are basically a mechanism that protects less efficient suppliers with a tax. Higher cost and less competition. Now that we put aside basic economics, what is the secret you wanna tell us?
Thank you, Robert, for a very enlightening video. As always, you are articulate and informative, and the video graphics are most amusing. I shared this on Facebook. Keep up the good work!
Being a contractor I absolutely have seen a boost in the price of all goods . And that absolutely gets passed on to the customer . Trump's economic policies are those of a poor business man . Poor business manager . Poor president . Creating a poor economic situation . Where the poor average American pays for his poor business decisions .
I got a pre-tariff estimate for a new boiler for my home and when I actually decided to bite the bullet and order it, the price had jumped $600 due to Trump's tariff. Thanks, Donald, I'm tired of all this winning.
You want the truth? Can you handle the truth? Well here it is: U.S. GDP over 30 years averages 2.561% S&P 500 rate of return since 1991 is 9.81% Total rise in GDP between 1985 and 2016 is 84.58% Total rate for return for S&P 500 over 30 years is 294.3% Wages for U.S. workers have been flat for 40 years. Wealth for the top 1% over 30 years is up 16.8 trillion dollars Wealth for the bottom 50% over 30 years is down 900 billion dollars The truth is that debt always exceeds growth in every economy. Why? Because the top 1% must have a rate of return on their unused wealth and that always overpowers the growth in every economy and forces the population at large into debt. You want justice? Well you can't have justice until you are willing to force your government into instituting debt forgiveness. Every great society on earth has learned it must forgive debt or go the way of the Roman Empire. Debt forgiveness is in the Bible: Look up: Leviticus 25 jubilee commentary
Have you considered the reason why wages are down is not corporate greed, but that corporations are forced (almost with a gun to their head) to build factories in China. The bootm 50% have to pay $2000 a month in rent. Why can't LA put a limit on rent at $200 a month. A $200,000 unit over 100 years is $160 a month.
@@freetrailer4poor - Considered and rejected on the merits. Nobody forced corporations to abandon American workers and go to China, corporations went to China hat in hand and agreed to the Chinese terms . . . which included disclosing the technology and intellectual property Trump is accusing the Chinese of stealing. Furthermore, the reason real estate and rents are too high is because when banks lend for a mortgage, they are not using existing money from account holders to capitalize those loans like we were all taught. They are creating new money with a keystroke and with all that newly created money flooding into the economy is diluting the money supply, they must make bigger and bigger loans to make real profit. That is the core foundation of the rental problem and the LA politicians are in bed with the banks. The real issue is this: Every system has limits . . . every system except one that is. We never talk about placing limits on wealth . . . why do you think that is? The ability to grow unlimited wealth creates every economic and social problem we have. Want to stop the corruption? Then support a wealth cap.
@@coolmodelguy6304 There used to be a solar company, evergreen solar, they made solar panels and they were cutting costs every year, they even got below $1 a watt. But they could not compete with Chinese labor. All the stockholder money and government grants were flushed down the drain. Now the panels are built in a country that harvests organs from political opponents while they are still alive before killing them.
@@coolmodelguy6304 If your company has to go to China or go Chapter 11 is that greed? Rents are high not because of your bank narcissism, they are high due to supply and demand. Landowners in cities have no incentive to build apartments. All the land is taken and to many headaches to build new construction.
@@freetrailer4poor - When I read your comments, I have the feeling that your information gathering is either incomplete or the information is tainted. I've had the same frame of mind earlier in my life so I recognize it, at that time I did not have sufficient knowledge and it affected my outlook. Here is my reasoning. You gave an example of a solar company. Such a company is a fairly recent type of endeavor. The move to China started decades before solar power was a thing, so the patterns of global employment had already been established. I remember a solar company in my neck of the woods that went belly up because China could undercut their prices. That was two decades ago, when we did not have a comprehensive picture but were aware that outsourcing was becoming a problem economically. With the banking and real estate arenas, your observations betray a complete lack of knowledge about those economic sectors. I'm not saying that to be harsh, what I'm saying is that you must dig in and study real estate and banking more in depth. Those two sectors make up 2/3rds of the FIRE Sector of the economy, their entire basis for existing is to extract economic rents. The banking sector is supposed to serve the productive sectors of the economy, but they do not. Instead they are extraction specialists, taking wealth from most and funneling it to the upper echelons of our societies. (FIRE Sector consists of Finance, Insurance and Real Estate . . . all of which serves no purpose except to extract wealth.)
Actually I watched the whole thing. Since I lived in China and did business there i know this is a very one sided argument leaving out China's sins in all this. Trump is trying to reduce the trade deficit China has created so we are treated fairly.
@@jaygenske385 I agree China isn't a clean player. It's just not acceptable to lie to the American people. Trump does this all.the.time.! Don't say China will pay for the tariffs without explaining the real consequences for the American consumer (i.e. higher prices).
Here’s an expense no one talks about. Cell phone costs per month vs what we paid for land line And yes you get so much more - -like a pocket computer. But still in the 1970s and the 80s that extr $100 stayed in your pocket. Same with TV. You can easily spend over $100 month on it. Whereas in the pre 1990s it was peanuts. Now you can’t function without a cell phone (I haven’t seen a public land line in years) and you can’t get cheap tv any more since it went analog. Which means you can’t realistically compare the average family of 1970 expenses to the average family of 2019. Middle. Class wages have been flat for decades but the average family today is required to spend $200++ over the families of the past on just these 2 items.
When I was a machinist, the company I worked for sourced steel from Kentucky Electric, which closed abruptly in January 2018. The parent company cited lack of business at the plant, as well as a "general decline in the steel industry." 113 people lost their jobs, in an area of Kentucky with a 24% poverty rate and declining population. That's not to mention Mid-Continent Nail, which was facing bankruptcy earlier this year. They raised prices to account for steel tariffs and their sales plummeted. Last I heard, they had laid off 60 workers and were treading water.
Listening to this man is like going back to high school, difference being they never TAUGHT most of the stuff that his videos teach. I'm all ears, Mr. Reich, and thank you!
there is one small point mr. reich and others have missed about replacing goods with others because of tariffs, and that's contracts. a company can't just switch suppliers and break a contract. it's bad for business, and bad for the companies bottom line. so even though company might want to switch because of the tariffs, they can't. and if that contract has years to go, it could be a major problem.
The domestic manufacturers also can't just flip a switch and start replacing foreign goods that are priced out of the U.S. market. That's the BS Trump is tossing out and people are swallowing hook, line, and sinker. People throw around worthless comments like, "we'll be back making our own steel." Well, what kind of steel products exactly? Cold rolled, plate, high carbon, stainless (what grades), bar, tubing, coil? They're not f'in bakeries where you can change the shape of the loaf half way through the day and call it something else. Or work in a car parts factory and observe how long it takes for a single new part to be brought online to capacity and to quality standards.
@@mediamattersismycockholste562 You didn't watch or believe the video's information, I can see this as almost all of it is made overseas now. That and I would like the retailers to offer it in side by side comparison, and that has not been happening for many, many years now with no change in sight.
As an undergrad, I was taught about this mechanism called the social contract. I learned the reasons why it exists, it's origins & how it applied & influenced the social-political realm, the economy, & our legal system. In church, I was taught a similar lesson summarized as "do unto others as... I'd like in return." In life, I've learned from many of examples how adhering to this contract can both restrict & broaden basic rights, privileges & personal freedoms. Under trump, I learned this social contract was a farce. It is subjective, arbitrary & open to interpretation rendering my compliance to be directly tied to my mood &/or any perceived personal benefit gained from either decent or complying with & that violating this contract carries no series consequences, ever..., or at least consequences I'll be forced to experience. Thus trump's ironclad rendition of this contract can be deduced to "help me help you, help myself" cause obvi, the only thing lacking in mainstreet America was the introduction of a compulsive liar mixed with the proliferation of a strictly transactional mindset. Now we're great! Next.
I'm an American who works for a Hong Kong company with a small factory in China. The threat of tariffs have dashed my company's bottom line and earnings have dropped 40% since the current administration has been in office. We have had to slash 50% of the overall workforce of the operation. My own earnings from this have dropped to 44% less after Trump's original threats of tariffs. I really like that company that I work for as I have been with them for 10 years, but the board of directors have seriously considered shutting the company as there seems to be a lack of clear leadership in the US.
When I was a kid I understood tariffs differently. I thought we put tariffs on imported products to give American-made versions of the products an edge. Back then people wanted tariffs on Japanese cars so that everyone would by American. It seems now tariffs are put on products that America does not make, essentially being used as a weapon against governments we don’t like instead of companies who out-compete ours.
I work in a bicycle shop and I’ve noticed our prices for new bikes spiking. Not only that, the quality of this years product line for components is the worst I’ve seen in years.
Robert Reich, thanks very much for putting this out there. Tariffs were historically regarded as a significant part of the compounding of the Great Depression, and FDR spent almost the next decade trying to combat the damage from the Smoot-Hawley Tariff Act that occurred under Herbert Hoover's watch in 1930. Regardless of its long-term impact, it really shut the valve of economic flow at the outset of the Depression. With Donald Trump's dubious knowledge of economics that he derived from his baccalaureate, it is amusing to me that he remembers tariffs as a positive adoption of economic policy. But Donald seems to like to build walls (maybe a derivative of his background as a developer), and his tariff plan seems to be consistent with that. Tariffs were also an impetus for the US Civil War, and I only hope that that is not a consequence here as well. But tariffs, which may be the only thing that Trump remembers from his "college education," are a simple tax, as you point out. I do hope that the deployment of tariffs as an economic weapon against our alleged economic adversaries, can also be developed into a poignant symbol for America in the upcoming political debate between Trump and his 2020 opponent, of both the regressive tax that it is and also as a mechanism that slows down economic exchange and dampens economic activity. If history is any indication, I want Donald Trump's legacy to be associated with his crippling of global and U.S. economic activity. Thanks again for delivering this excellent presentation. Peace.
For too long, our country has been stuck in a bitter war between right and left. Andrew Yang can unify and heal the nation and move us forward. Robert Reich for VP!
In a world that has left reading behind and then being selective about what we listen to, not many will get this message. I am thankful for your messages. We have become ignorant by choice and lazy in this to complacent country. We now want to be taken care of by the goverment which I thought we said had to much control over us. Deeper and deeper into dependency on government till we are puppets on a string and worthless to the big brother doing what ever they ask just to survive. How long does anyone think they will take care of us? The dollar amont will be high and then we will become expendable. Pretty bleak picture. The dems better come up with more than social programs. Trump control or social dependency. They are basically the same. Have we gotten to deep in complacince to realize where we are and what is happening to us. Trump blames us we blame him. No one wants to hold their hand up and say I am part of the problem. No one can raise their hand up and say I have a solution. We don't want a solution we want assistance. Shame on us. I need to say I am not pro Trump.
Do you realize where we would be if Trump was required to explain his policies before doing them...if he can't explain it or he explains it wrong, we don't do it.
This doesn't even mention the trade we loose to other nations as China and other tariffed nations look for alternative trade agreements. Even if all tariffs are removed, this lost trade may never come back, especially if trump and the republicans and their instability are still in office.
Robert, there is another hidden tax. Use your example of $100 FOB China. Coming into the US, it gets a 25% tariff or $25. The retailer marks it up say 25%.. Before without the tariff, it was $125 to the consumer, with the tariff, it is $125 plus 25% markup on $125, now the consumer pays $156.25. Assume sales tax of about 10%. Before tariffs, consumers paid $125 plus 10% of $125 or 137.50. Now with the tariffs, the cost to the consumer is $156.25 plus $15.63 in sales tax or $177.88. The price difference to the consumer is $177.88 minus $137.50 which is $34.38. The $25 in tariffs ended up costing the consumer $34.38 more in this example. The hidden tax is in the 10% sales tax that went from $$12.50 to $15.63, or an increase of $3.13 more in sales tax, a tax on the tariff increase.
YES. I'm a Canadian fabric business owner who imports fabric from China. Similar fabric businesses in the US who also import from China have had to raise prices because of these tariffs.
He has hurt me and my pocketbook. I had to pay in tax’s this year, and I’m on Medicare. Gas and food has gone up so high I now have to make a choice, stay in my home, wether I buy food or prescriptions. This is insanity, I surely didn’t think I would have to forfeit my home.
Geeze yeah.. isn't it horrible to make retailers actually do business as the law says. Sell something to a person in your own state in person, by the mail, or online tax is due.
@@jaygenske385 No the law previously implied that if the business had a brick and mortar location in your state you must pay sales tax. Now its mandatory regardless. Trump raised taxes on the middle class so elitists can deduct the full cost of their private jet, face it.
@@capnmooseknuckle l can't speak for every where, but Connecticut always expected the consumer to pay sales tax on all online purchases. If retailer had a brick and mortar store they collected it, if not consumer was expected to pay it on own.
Mr Reich, keep up with the videos please. Time to groom new leadership and leaders will surface with the resonance you and others create. So persevere as the elder statesman you are, your good deeds are not to be in naught.
Thank you Trump, tarrifs have effected me in a positive way! Thats of course because .... I live in the EU. The EU can now do great benficial trade deals because it is seen as a more reliable trading partner than the US.
I saw Trump explain it on a rally, he said that China would pay for the tariffs and everyone was cheering. I was sitting there with my economics bachelor like "that's not how tariffs work mr. Trump", and the fact that his followers cheered shows how easy it is to fool them.
Problem is Trump supporters have no idea at all about economics. They think Tariffs are good and helps them. Lol... And i saw a report yesterday on how Farmers have doubled their debt and back to the debt levels of 1980, and more are going bankrupt. But they will still vote for Trump because it is against the Libs.
It is really sad that a thing like tariffs have to be "debunked" like this at all. Tariffs are not complicated and the only reason there is any sort of confusion around this issue is because US politicians are comfortable with reciting bold-faced lies and keep getting away with it. When you've gotten to a point where truth can simply be substituted when it's not convenient you have a deeply dysfunctional society doomed to failure. Worst of all - the further down that hole you go the harder it will be to ever get out again.
To be honest, I have not done much non-grocery shopping in quite some time so I can't say if the tariffs have had an effect. However, I am in the market for a new to me car, and I probably will buy used, again, because my income never seems to make the new car that I would rather buy...possible. The last time I bought a brand new car was 30 years ago....and even with A/C it was under $10K.
Thanks for watching! If you found this video informative, leave a comment and check out our other video on the biggest failures of Trumponomics: ua-cam.com/video/8sDFLYha_mA/v-deo.html
That sad thing is that you actually need to make this video. I have studied economics more than most people, but I could have figured this out in 3rd grade without your video. I could have done this because I went to school in the south, where they tried to teach us that the Civil war was about tariffs and states rights. They explained how the tariffs designed to protect the emerging industries of the North were placing a financial burden on the South.
Thank you very much for your videos. Your channel deserves many more views and the quality is there so all we need to do is wait. I would like to ask you to consider a video on minimum wage. It seems like a divisive issue and I believe I'll trust your point of view and look forward to hearing your thoughts on the matter.
Unfortunately, Trump was definitely the lesser of the two evils on this go around. If the most blatantly corrupt $hillary had won, the TPP would have been much worse for Americans.
@@mrmajestic8643
The fact that you can say that demonstrates a high degree of ignorance. Is Hillary a saint? Fuck no! But Trump was an obvious con man thief, and liar - and that was BEFORE we knew he was also a traitor.And the TPP, while not great, would have been much better for America. Hillary should not have backed away from it.Now we have ceded economic leadership in the Asia Pacific region to China. You know, other countries want some consideration too, and not every trade deal can be peaches and cream for the USA.
For that matter, it is not perfect for China either - but they are now the leader in the Trans Pacific Partnership.
I wish you were running for President.
Mr. Reich explains things well and is a spokesman of truth and knowledge. Thanks for the education in all your videos!
mr.reich tells it like it is .we shaw do miss him as labore secretary.
neilr11 TRUMP is truly MAGA!!!
'truth and knowledge' = 'ChiCom propaganda'
Reich is a Socialist and a liar. "Blessed is the man that walketh not in the counsel of the ungodly, nor standeth in the way of sinners, nor sitteth in the seat of the scornful" (Psalm 1:1, KJV). Even so, come, Lord Jesus!
David Lafleche Amen!!!!
Canadian here, Trumps tariff on Canadian softwood lumber adds $9000 to the cost of a house. The mills here cannot sell at a loss so the price is increased to cover the tariff. Thing is the U.S. cannot produce enough lumber for its own market, so has to import lumber. This $9k increase in the cost of a house keeps millions of new home buyers out of the market. The average American is footing the bill!
Thank you for the Northern side of the coin! Additionally, if the tariff makes the Canadian lumber higher priced than domestic, the prices the mills and yards in America will raise their rates to fall close to or just lower than The Canadian Stuff. Tariffs are a vicious cycle- usually used to protect industries deemed important, they only encouraged our steel industrialist to slow investment, take more profits out of their companies, our TVs and now our cars; since our industrialists didn't really need to compete, and new they could get Sen. Jasserack to extend the tariff, they were lost to competitors who were good enough and durable enough to let them crush themselves. These are policies that have huge bearing on WW1 & WW2, the Cold War. Thank you again for personally illuminating some of the unmentioned details of this scheme!
John Debest TRUMP is truly MAGA
a lack of jobs will certainly keep home buyers out of the market. Overpriced homes from an economic crash or speculation and easy mortgages that people can't afford will too. So will the death knell of 'wetlands' on your property or ridiculously high permit fees here in the northwest. No one ever said "I'm sorry honey, but we can afford everything but the wood to build our house", but they do say "WOW, I'm glad I have a job or I couldn't afford ANYTHING."
the inflated costs are a problem because wages are garbage, not because prices are returning to what they're supposed to be. Abusing the chinese to keep the costs of our consumables artificially low isn't sustainable regardless.
The domestic products we are supposed to re source include underwear- guess where such longtime labels as Fruit of the Loom and Jockey are made- start with "not in the USA", it'll come to you pretty quick!
It’s so hard to get people to actually see the truth people that owned companies have products made in other countries so they don’t have very much into the product but when they get here to the United States they can raise the cost upside product and make tons of profit profit is what you make after you pay your bills why can’t people wake up to this problem or this fact this fact if the company would make a little less profit at the end products could be cheaper overall in could be made in America not that you would have a cheap product you just wouldn’t have as much profit pissed off American
It will be sooooo nice when we can actually believe what our president says! 2020 can’t get here soon enough! VOTE HIM OUT!
@Frederic Bastiat how's the weather in Moscow?
Frederic Bastiat
Professor dwarf?
And you have a dwarf brain ....
Can’t think of anything else substantive, other than repeating the same right wing garbage
I build terrace gardens in NYC. First Trump hit soft wood (cedar) from Canada. Then he hit aluminum from China. He cost me $80,000 in increased costs from existing contracts I had. The suppliers raised prices on existing inventory as the tariffs were announced even before they took effect. The aluminum sheets went from $110 a sheet in 2017 to $220 a sheet as the tariffs were announced.
They have done this with goods since 9-11. From Repackaging to the threat of wage increaes to the natural disasters we have. Welcome to we got ya!
Robert Reich. Myth-buster extraordinaire! Much appreciated even by your non-American allies who have been shaken of our faith in American leadership.
Daryl Williams TRUMP is truly MAGA!!!
By the way.. Your NATO bill is due. Thanks!
Wrapping yourself in the flag? Lol. Better stay away from that considering the Trumpanistas want to prevent the flag being desecrated - especially by smears.
I've tried to explain this to some wingnut acquaintances. They refuse to believe it. They see international trade as a kind of sports competition that Trump is winning. Their need to have faith in him trumps (!) everything else.
45% of the population are intellectually retarded (the Trump base). He knows they're wingnuts and they don't know it.
People with common sense understand this! How do convince the trumpers they are getting screwed? They think he is a great business man!!! SMFH!!!
#DUMP THE TRUMP IN 2020
We don't need to convince them of a damn thing- we just should have stirred ourselves to vote in 2016. Another 250k votes in a couple of right places would have made a huge difference- the several million that didn't would have made this not happen for Trump. I'm not, nor have I been an HRC fan. Bill Clinton was much more honest about his pro biz moderate stances- yes he was a player in Civil Rights, but that's how he read the Constitution. But I also know from 40+ years of biz history that DJT is the son of a racist, born to be an elitist; a man who will lie at the drop of a hat or imagined undies. He is a cheat and a fraud- he may even have some of the money he's stolen over the years- the litany of sub contractors and support businesses that went out of business or bankrupted after doing good business in good faith with this faithless POS.
between the insanity of the left, and the jobs and good economy of Trump, you'll have a hard time telling us all that 'jobs are bad'.
@@mediamattersismycockholste562 You must have speed read my tap; said that Trump/Trump Org were deceitful and manipulative in business practices- it runs to the core values of the man and his family.
@@fredericrike5974 wow, then by that standard you must think the Clinton's are lower than dogsh8t.
No pain no gain! The tariffs are not meant to be permanent! It’s meant to force China to the negotiating table. I will gladly pay a little more for goods. If it means we can create more jobs for Americans and stop companies from fleeing the country. A little pain now to make things better in the future. The Clintons , Bush’s and Obama’s did nothing to protect American jobs. A welcome a different approach. Trump won’t be president forever. If it doesn’t work it can be changed. The company I work for was doing poorly. Things were very grim. Since Trump became President we have hired over 100 new employs. We have gotten raises for the first time in 13 years. We have gotten opportunities to advance into better paying positions. We were flat out told that much of it was due to Trumps policies. I see now hiring signs every where. Didn’t see that when Obama was president. I believe in results not rhetoric!
The plywood for my shop I'm building cost 50% MORE last year thanks to the orange creature! FIFTY PERCENT! That's close to $2000 burned up for no reason at all. I got absolutely nothing out of it.
B May TRUMP is truly MAGA
Sure you did. You got a better economy. More jobs means less money wasted on welfare. Less crime. Less chance YOUR revenue streams will fail, whatever those may be. Stability. and Security. Heck, the unemployed criminal of a Democratic Party reality might mean that in this reality, TRUMP SAVED YOUR LIFE. If you want cheap products, move to China or Mexico. I hear the basic human rights there are just AWESOME.
@@mediamattersismycockholste562 Part time jobs aren't going to get people out of welfare and improve the economy. Also, he shouldn't move because your sensitive ass can't take his input.
@@CastleRaccon They already have. The economy is up. Wages are up because there is greater competition between more jobs for fewer workers. Less outsourcing means more jobs here, more jobs here means more money moving around in our economy, means a higher quality of life here. You people continue to blame others when you work at a burger flipping job, instead of working your way into more skills and up the ladder. Breitbart and The Gateway Pundit have constant updates on the state of the economy, unlike CNN which is just an opinion outlet at this point, one with extreme bias. I could drop a bunch of links here, but why waste the time? You can go read on your own. The Epoch Times and One America News Network, along with patriotpost.us are also pretty handy. To future readers of these comments... you're welcome!
Very educational and clearly explained. The visuals are brilliant. Thank you!
Diana G TRUMP is truly MAGA
I don’t get it. Robert says that we should heavily tax American corporations and when the right says that they’ll just pass the cost on to the consumer he just says rubbish. Of course they all will.
I am paying much more in taxes....crooks, IRS told me to take out more money from paycheck. I have noticed the price increases beginning in the stores. America is in trouble......Your videos are so helpful. Thank you
I admire Mr. Reich. The sad truth is most don't care about the truth. If a celebrity isn't involved most Americans tune out.
Anthony Davis
LoL. True. And especially if it involves math.
Thank You Robert Reich - basic economic reality!! : ) Keep Up the good work: )
ExampleAccount 666 TRUMP is truly MAGA!!!
maybe if all his viewers went out and got a job, you'd all understand the reality outside your basement a little better.
MediaMatters IsMyCockHolster umm been working since I was eleven I have
Mark Benson make America gag again
ExampleAccount 666 Lol!!! I'll pray for you!!! TRUMP 2020!!!
I operate an IT service business as a sole proprietor. Have been since 1999, never advertised. All word of mouth referrals based upon my work ethic and reputation for getting results economically for my customers. My suppliers have notified me that they had absorbed the 10% tariffs they paid the importers themselves but would not be able to do so under the higher tariffs levels. Prices to me will go up substantially for things like video surveillance systems (the recorders and the cameras all use parts from overseas suppliers even though the products I sell, install, and service are all designed and assembled in the US). So yes, even the little guys in the service gig economy are going to get hammered with an onerous tax burden which we'll have no choice but to pass on to our customers. As that happens, I expect to see a slowdown in available work as corporations put off capital expenditures in plant and equipment until there's more certainty around trade policy from this mercurial administration!
I've been saying this from day one on his stupid trade war tariffs! You're preaching to the choir on this one Robert! I've been very vocal about just who will feel the real effects of Trump's Trade war tariffs for months now. Keep it up Robert!
David Brelin
Forgive me if this is inappropriate or too personal,... just curious.. did you vote for Trump?
Tariffs dont work
Buy American,
@@frankfrankerson8127 Another Red Hat, you mean? Those MAGA hats you appear to admire are Chinese Red, and Made in China, shipped to us on Chinese carriers.
David Brelin TRUMP is truly MAGA
-- Love seeing the 'thumbs down' = those who refuse to learn!
Trumptee Dumptee sat on a wall . . .
It's true. I work in a furniture store--the retail cost of an average La-Z-Boy chair has gone up from $75-150 since the enforcement of new tarrifs. La-Z-Boy chairs are American made-- but they use Chinese textiles. The tarrifs just drive retail costs up.
Have the tariffs effected me? I farmed for 38 years and had to sell out before I lost it all.
What do you think? yep. Along with the monopolizing corps running the entire system...
I give up
That's funny. My Dad worked for a blue chip company for 35 years while farming on the side, then retired at 55 and went to farming full time. Has changed his products a couple of times over the years, but at 72 he plans on chugging along until he keels over on a tractor in his 90's. His biggest tip? 'stay flexible, adapt to change'. If you farmed for 38 years you should have had enough infrastructure you could have just turned the place into 30 other things and kept on trucking. More proof being stuck in a paradigm is bad.
@@mediamattersismycockholste562 hey guys look, my dad did this so you SHOULD have done it too. Be a human for once. I've seen your awful replies. Quit being so hurtful to people who clearly have been struck by this. If he's that good, good for him. I'm sure he really means it when he said he doesn't want to retire. But the fact that you are using him as leverage is fucking abhorrent.
@@grim161 He's a foolish trumpfat supporter@MediaMatters, so go figure. I've seen his deplorable posts as well.
I just found this channel, I love Robert Reich. Thanks for shedding light on this vital issue.
Love your work, thankyou for being a voice of reason
Don't forget the price of food, especially from Mexico.
Or Canada!
we can survive without avacados. It's ok.
I live in California and we produce a lot of food and a lot of avocados. But you would be surprised how much food is imported from Mexico. Even here in California. Check out the labels on fruits and vegetables to see where they come from.
I've tried discussing this aspect of Trump's policies to my friends who obstinately support Trump and they refuse to listen. They only focus on, "At least he's doing something about the problem."
It's so frustrating. These are otherwise highly intelligent people that seem to lose their capacity for logical thought when it comes to Trump.
The reason why the "At least he's doing something about the problem" line works with these people is because the Democrats aren't presenting any alternatives. There was far more outrage from "liberals" over the RussiaGate malarkey than there was over the tax bill passed by the Republicans.
Even if Tyrant's jackboot lickers had to pay 100% taxes, those morons wouldn't care.
This has to be one of the most informative channels on UA-cam.
yeah, the leftist ChiCom propaganda is just awesome.
Can anyone explain this to me please: when Trump started his tariffs on steel and aluminum from Canada / EU, he had to use "security" as a (fake) excuse. Now he seems to be able to do as he pleases. BTW: ridiculous that one man has this much power, even if he were intelligent.
Lol! That's what we said for the 8 year clusterfuck known as the Obama accident.
@@mediamattersismycockholste562 You're the accident that should have never happened.
These videos are just simply the best Mr.Reich. Thank you for sharing.
Thank you Secretary Reich, illuminating as usual.
I would like to see you in our next democratic presidents cabinet.
Well, that'll be on a frosty day in hell, so I hope you're patient. :)
@@mediamattersismycockholste562 Russian bot or Trumpster dump, keep your vile stupidity to yourself...
thanks for spreading the truth about tariffs.
because jobs here are BAAAAD....
Tariffs are and always be a TARRIFYING idea that leads to economic downturn and hostility among nations.
Thank you.
Yes, The company I'm with manufactures several of it's patented product in China. Business has noticably slowed these past 6-8 months.
PW H2 TRUMP is truly MAGA!!!
@@markbenson5168 you may want to read "PW H2's" comment again.....his point seems to have slipped right by you.
'patented' doesn't mean much in China... oh. You were being sarcastic..
You need to be more outspoken to Trumpists. This anecdotal evidence is just what we need to make them squirm. Don't get me wrong, I like that you admitted this, but when people ignore actual evidence and only listen to trump biased economists, then we need personal stories like this.
Grim for every grim tale you can find a tale of success.
Sure does affect me. I travel for work, and have been looking to buy an RV to make it easier to do so. Because of the tariffs, the prices have gone up nearly ten percent on every model.
At 2:55 "Have Trump's tariffs affected you?" No : I'm Canadian! LOL! :D
Well... in a way, yes they have. Canada's trade has increased since Trump is US president.
Mulvaney, Trump, and Kudlow live inside a bubble. They do not perform the most innocuous tasks such as shopping for their own groceries or living on a limited, salaried income. This is why they just don't understand how the average person is struggling.
I used to buy American goods (mostly board games) via Amazon and have them shipped to the Netherlands. As of late (past year), I refrain from doing so as the import tariffs more than double the purchase price given on the Amazon website. The price increase used to be anywhere between 30 to 50%, now it's > 100%. I'm not sure if this is directly related to Trump's tariff policies. Just saying.
His tariffs are effecting me on several levels because my husband and I are building a house so the solar panel tariffs and the steel tariffs along with others are having a slowing effect on my personal economy
Clear and well-explained and the infographics are great!
Thanks Robert!
It’s actually hard to believe that people don’t know about this. Take it simply as such: any cost, without competing suppliers, will be borne by consumers alone.
Tariffs are basically a mechanism that protects less efficient suppliers with a tax. Higher cost and less competition.
Now that we put aside basic economics, what is the secret you wanna tell us?
Thank you, Robert, for a very enlightening video. As always, you are articulate and informative, and the video graphics are most amusing. I shared this on Facebook. Keep up the good work!
Being a contractor I absolutely have seen a boost in the price of all goods . And that absolutely gets passed on to the customer . Trump's economic policies are those of a poor business man . Poor business manager . Poor president . Creating a poor economic situation . Where the poor average American pays for his poor business decisions .
I got a pre-tariff estimate for a new boiler for my home and when I actually decided to bite the bullet and order it, the price had jumped $600 due to Trump's tariff. Thanks, Donald, I'm tired of all this winning.
I wish I had had this last night! I tried to explain this to a drunk guy at my bar...... hopefully I don't get fired (it got loud).
Can't reason with a "drunk!"
You want the truth? Can you handle the truth? Well here it is:
U.S. GDP over 30 years averages 2.561%
S&P 500 rate of return since 1991 is 9.81%
Total rise in GDP between 1985 and 2016 is 84.58%
Total rate for return for S&P 500 over 30 years is 294.3%
Wages for U.S. workers have been flat for 40 years.
Wealth for the top 1% over 30 years is up 16.8 trillion dollars
Wealth for the bottom 50% over 30 years is down 900 billion dollars
The truth is that debt always exceeds growth in every economy.
Why?
Because the top 1% must have a rate of return on their unused wealth and that always overpowers the growth in every economy and forces the population at large into debt.
You want justice?
Well you can't have justice until you are willing to force your government into instituting debt forgiveness.
Every great society on earth has learned it must forgive debt or go the way of the Roman Empire. Debt forgiveness is in the Bible:
Look up: Leviticus 25 jubilee commentary
Have you considered the reason why wages are down is not corporate greed, but that corporations are forced (almost with a gun to their head) to build factories in China. The bootm 50% have to pay $2000 a month in rent. Why can't LA put a limit on rent at $200 a month. A $200,000 unit over 100 years is $160 a month.
@@freetrailer4poor - Considered and rejected on the merits. Nobody forced corporations to abandon American workers and go to China, corporations went to China hat in hand and agreed to the Chinese terms . . . which included disclosing the technology and intellectual property Trump is accusing the Chinese of stealing. Furthermore, the reason real estate and rents are too high is because when banks lend for a mortgage, they are not using existing money from account holders to capitalize those loans like we were all taught. They are creating new money with a keystroke and with all that newly created money flooding into the economy is diluting the money supply, they must make bigger and bigger loans to make real profit. That is the core foundation of the rental problem and the LA politicians are in bed with the banks.
The real issue is this: Every system has limits . . . every system except one that is. We never talk about placing limits on wealth . . . why do you think that is? The ability to grow unlimited wealth creates every economic and social problem we have. Want to stop the corruption? Then support a wealth cap.
@@coolmodelguy6304 There used to be a solar company, evergreen solar, they made solar panels and they were cutting costs every year, they even got below $1 a watt. But they could not compete with Chinese labor. All the stockholder money and government grants were flushed down the drain. Now the panels are built in a country that harvests organs from political opponents while they are still alive before killing them.
@@coolmodelguy6304 If your company has to go to China or go Chapter 11 is that greed? Rents are high not because of your bank narcissism, they are high due to supply and demand. Landowners in cities have no incentive to build apartments. All the land is taken and to many headaches to build new construction.
@@freetrailer4poor - When I read your comments, I have the feeling that your information gathering is either incomplete or the information is tainted. I've had the same frame of mind earlier in my life so I recognize it, at that time I did not have sufficient knowledge and it affected my outlook.
Here is my reasoning. You gave an example of a solar company. Such a company is a fairly recent type of endeavor. The move to China started decades before solar power was a thing, so the patterns of global employment had already been established. I remember a solar company in my neck of the woods that went belly up because China could undercut their prices. That was two decades ago, when we did not have a comprehensive picture but were aware that outsourcing was becoming a problem economically.
With the banking and real estate arenas, your observations betray a complete lack of knowledge about those economic sectors. I'm not saying that to be harsh, what I'm saying is that you must dig in and study real estate and banking more in depth. Those two sectors make up 2/3rds of the FIRE Sector of the economy, their entire basis for existing is to extract economic rents. The banking sector is supposed to serve the productive sectors of the economy, but they do not. Instead they are extraction specialists, taking wealth from most and funneling it to the upper echelons of our societies.
(FIRE Sector consists of Finance, Insurance and Real Estate . . . all of which serves no purpose except to extract wealth.)
I love your videos. They are always so informative and spot-on truth.
Come on Robert, let's just destroy capitalism already!
The problem is Trump voters won't watch this video and if they did - they wouldn't believe it.
It's good to try though.
Actually I watched the whole thing. Since I lived in China and did business there i know this is a very one sided argument leaving out China's sins in all this. Trump is trying to reduce the trade deficit China has created so we are treated fairly.
@@jaygenske385 I agree China isn't a clean player. It's just not acceptable to lie to the American people. Trump does this all.the.time.!
Don't say China will pay for the tariffs without explaining the real consequences for the American consumer (i.e. higher prices).
Here’s an expense no one talks about. Cell phone costs per month vs what we paid for land line And yes you get so much more - -like a pocket computer. But still in the 1970s and the 80s that extr $100 stayed in your pocket. Same with TV. You can easily spend over $100 month on it. Whereas in the pre 1990s it was peanuts. Now you can’t function without a cell phone (I haven’t seen a public land line in years) and you can’t get cheap tv any more since it went analog.
Which means you can’t realistically compare the average family of 1970 expenses to the average family of 2019. Middle. Class wages have been flat for decades but the average family today is required to spend $200++ over the families of the past on just these 2 items.
When I was a machinist, the company I worked for sourced steel from Kentucky Electric, which closed abruptly in January 2018. The parent company cited lack of business at the plant, as well as a "general decline in the steel industry." 113 people lost their jobs, in an area of Kentucky with a 24% poverty rate and declining population. That's not to mention Mid-Continent Nail, which was facing bankruptcy earlier this year. They raised prices to account for steel tariffs and their sales plummeted. Last I heard, they had laid off 60 workers and were treading water.
Thank you for you service educating people on the truth and helping to save our democracy.
I enjoy Robert Reich, he's such an insightful and profound person. I just wish we could have more that look like him fess up.
Robert should be Americas chief economic advisor.
Listening to this man is like going back to high school, difference being they never TAUGHT most of the stuff that his videos teach.
I'm all ears, Mr. Reich, and thank you!
I want him to debate Sheppiro. I want to watch him crush that hate mongering ant.
there is one small point mr. reich and others have missed about replacing goods with others because of tariffs, and that's contracts. a company can't just switch suppliers and break a contract. it's bad for business, and bad for the companies bottom line. so even though company might want to switch because of the tariffs, they can't. and if that contract has years to go, it could be a major problem.
The domestic manufacturers also can't just flip a switch and start replacing foreign goods that are priced out of the U.S. market. That's the BS Trump is tossing out and people are swallowing hook, line, and sinker. People throw around worthless comments like, "we'll be back making our own steel." Well, what kind of steel products exactly? Cold rolled, plate, high carbon, stainless (what grades), bar, tubing, coil? They're not f'in bakeries where you can change the shape of the loaf half way through the day and call it something else. Or work in a car parts factory and observe how long it takes for a single new part to be brought online to capacity and to quality standards.
China makes most of the goods that we buy!
I love your common sense logic please keep them coming
It has increased the price of home building products imported from China by more than two fold in some areas like LVT flooring.
better buy American made then.
@@mediamattersismycockholste562 You didn't watch or believe the video's information, I can see this as almost all of it is made overseas now. That and I would like the retailers to offer it in side by side comparison, and that has not been happening for many, many years now with no change in sight.
Yeah, not less competition, more competition, right? open it all up to the world?
As an undergrad, I was taught about this mechanism called the social contract. I learned the reasons why it exists, it's origins & how it applied & influenced the social-political realm, the economy, & our legal system.
In church, I was taught a similar lesson summarized as "do unto others as... I'd like in return."
In life, I've learned from many of examples how adhering to this contract can both restrict & broaden basic rights, privileges & personal freedoms.
Under trump, I learned this social contract was a farce. It is subjective, arbitrary & open to interpretation rendering my compliance to be directly tied to my mood &/or any perceived personal benefit gained from either decent or complying with & that violating this contract carries no series consequences, ever..., or at least consequences I'll be forced to experience. Thus trump's ironclad rendition of this contract can be deduced to "help me help you, help myself" cause obvi, the only thing lacking in mainstreet America was the introduction of a compulsive liar mixed with the proliferation of a strictly transactional mindset. Now we're great! Next.
The sad thing is that they are millions of people that keep supporting this guy.
Best economics teacher eeeeever !
Noticed that the federal trade commission puts no limit on how enslaved the labor force can be and how high the profit margin can be
I'm an American who works for a Hong Kong company with a small factory in China. The threat of tariffs have dashed my company's bottom line and earnings have dropped 40% since the current administration has been in office. We have had to slash 50% of the overall workforce of the operation. My own earnings from this have dropped to 44% less after Trump's original threats of tariffs. I really like that company that I work for as I have been with them for 10 years, but the board of directors have seriously considered shutting the company as there seems to be a lack of clear leadership in the US.
When I was a kid I understood tariffs differently. I thought we put tariffs on imported products to give American-made versions of the products an edge. Back then people wanted tariffs on Japanese cars so that everyone would by American. It seems now tariffs are put on products that America does not make, essentially being used as a weapon against governments we don’t like instead of companies who out-compete ours.
Tell it like it is Robert .. it might sink in ... eventually ...
This guy is good. Reich for president!!!
We need to hear more from you, in general and in specific
I work in a bicycle shop and I’ve noticed our prices for new bikes spiking. Not only that, the quality of this years product line for components is the worst I’ve seen in years.
Right on Robert 👍👌👊
I miss the days when we had people working in an Administration like Robert Reich.
Robert Reich, thanks very much for putting this out there. Tariffs were historically regarded as a significant part of the compounding of the Great Depression, and FDR spent almost the next decade trying to combat the damage from the Smoot-Hawley Tariff Act that occurred under Herbert Hoover's watch in 1930. Regardless of its long-term impact, it really shut the valve of economic flow at the outset of the Depression. With Donald Trump's dubious knowledge of economics that he derived from his baccalaureate, it is amusing to me that he remembers tariffs as a positive adoption of economic policy. But Donald seems to like to build walls (maybe a derivative of his background as a developer), and his tariff plan seems to be consistent with that. Tariffs were also an impetus for the US Civil War, and I only hope that that is not a consequence here as well. But tariffs, which may be the only thing that Trump remembers from his "college education," are a simple tax, as you point out. I do hope that the deployment of tariffs as an economic weapon against our alleged economic adversaries, can also be developed into a poignant symbol for America in the upcoming political debate between Trump and his 2020 opponent, of both the regressive tax that it is and also as a mechanism that slows down economic exchange and dampens economic activity. If history is any indication, I want Donald Trump's legacy to be associated with his crippling of global and U.S. economic activity. Thanks again for delivering this excellent presentation. Peace.
Very well said. Thanks for sharing.
Dems have had total majority control for a ONLY 4 of last 26 years (15%) 2018-1993 so how does trump have the balls to blame the Dems 24/7?
I'm already feeling the sting in higher prices.
have to hike prices in my store
Today is the last day at work for 11 days with out pay. A layoff because of steel tariffs. Along with several short weeks beforehand.
For too long, our country has been stuck in a bitter war between right and left. Andrew Yang can unify and heal the nation and move us forward.
Robert Reich for VP!
Mulvaney is just a regular "cash in my paycheck" kind of guy
In a world that has left reading behind and then being selective about what we listen to, not many will get this message. I am thankful for your messages. We have become ignorant by choice and lazy in this to complacent country. We now want to be taken care of by the goverment which I thought we said had to much control over us. Deeper and deeper into dependency on government till we are puppets on a string and worthless to the big brother doing what ever they ask just to survive. How long does anyone think they will take care of us? The dollar amont will be high and then we will become expendable. Pretty bleak picture. The dems better come up with more than social programs. Trump control or social dependency. They are basically the same. Have we gotten to deep in complacince to realize where we are and what is happening to us. Trump blames us we blame him. No one wants to hold their hand up and say I am part of the problem. No one can raise their hand up and say I have a solution. We don't want a solution we want assistance. Shame on us.
I need to say I am not pro Trump.
The video is very informative. Thank you Rob!
Do you realize where we would be if Trump was required to explain his policies before doing them...if he can't explain it or he explains it wrong, we don't do it.
FDJT, nice work RR!
This doesn't even mention the trade we loose to other nations as China and other tariffed nations look for alternative trade agreements. Even if all tariffs are removed, this lost trade may never come back, especially if trump and the republicans and their instability are still in office.
Robert, there is another hidden tax. Use your example of $100 FOB China. Coming into the US, it gets a 25% tariff or $25. The retailer marks it up say 25%.. Before without the tariff, it was $125 to the consumer, with the tariff, it is $125 plus 25% markup on $125, now the consumer pays $156.25. Assume sales tax of about 10%. Before tariffs, consumers paid $125 plus 10% of $125 or 137.50. Now with the tariffs, the cost to the consumer is $156.25 plus $15.63 in sales tax or $177.88. The price difference to the consumer is $177.88 minus $137.50 which is $34.38. The $25 in tariffs ended up costing the consumer $34.38 more in this example. The hidden tax is in the 10% sales tax that went from $$12.50 to $15.63, or an increase of $3.13 more in sales tax, a tax on the tariff increase.
YES. I'm a Canadian fabric business owner who imports fabric from China. Similar fabric businesses in the US who also import from China have had to raise prices because of these tariffs.
He has hurt me and my pocketbook. I had to pay in tax’s this year, and I’m on Medicare. Gas and food has gone up so high I now have to make a choice, stay in my home, wether I buy food or prescriptions. This is insanity, I surely didn’t think I would have to forfeit my home.
Not to mention one of the first things this admin did was force online retailers to charge sales tax where applicable
Geeze yeah.. isn't it horrible to make retailers actually do business as the law says. Sell something to a person in your own state in person, by the mail, or online tax is due.
@@jaygenske385 No the law previously implied that if the business had a brick and mortar location in your state you must pay sales tax. Now its mandatory regardless. Trump raised taxes on the middle class so elitists can deduct the full cost of their private jet, face it.
@@capnmooseknuckle l can't speak for every where, but Connecticut always expected the consumer to pay sales tax on all online purchases. If retailer had a brick and mortar store they collected it, if not consumer was expected to pay it on own.
Mr Reich, keep up with the videos please. Time to groom new leadership and leaders will surface with the resonance you and others create. So persevere as the elder statesman you are, your good deeds are not to be in naught.
Thank you Trump, tarrifs have effected me in a positive way! Thats of course because .... I live in the EU. The EU can now do great benficial trade deals because it is seen as a more reliable trading partner than the US.
Well good for you!
God knows You're broke assess need the money!!
Trump is how idiocracy started
I saw Trump explain it on a rally, he said that China would pay for the tariffs and everyone was cheering. I was sitting there with my economics bachelor like "that's not how tariffs work mr. Trump", and the fact that his followers cheered shows how easy it is to fool them.
Problem is Trump supporters have no idea at all about economics. They think Tariffs are good and helps them. Lol... And i saw a report yesterday on how Farmers have doubled their debt and back to the debt levels of 1980, and more are going bankrupt. But they will still vote for Trump because it is against the Libs.
Tariffs are a tax on the poor ,like the lottery spend to play only one or a few win.
Let’s not forget who started the onslaught of off shore production of our goods. That’s right. Slick Willy.
Robert Reich for president!
Dump Trump 2020!
One can only hope but, it is far easier to fool someone than it is to wake them up to the fact that they have been fooled.
It is really sad that a thing like tariffs have to be "debunked" like this at all. Tariffs are not complicated and the only reason there is any sort of confusion around this issue is because US politicians are comfortable with reciting bold-faced lies and keep getting away with it. When you've gotten to a point where truth can simply be substituted when it's not convenient you have a deeply dysfunctional society doomed to failure. Worst of all - the further down that hole you go the harder it will be to ever get out again.
Anyone that doesn't know this should really go back to school. Prices go up, who pays, the consumer no one else.
To be honest, I have not done much non-grocery shopping in quite some time so I can't say if the tariffs have had an effect. However, I am in the market for a new to me car, and I probably will buy used, again, because my income never seems to make the new car that I would rather buy...possible.
The last time I bought a brand new car was 30 years ago....and even with A/C it was under $10K.