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You should make a video about Luigi and how the American health care system has lead to this moment of backlash and how this isn’t the solution but instead how we can solve this through legislation
This video proves the president can have the power to make economy bad. If Herbert Hoover vetoed smoot-hawley Great Depression wouldn’t been so bad. People forget that congress doesn’t override presidents veto often( except Andrew Johnson).
Regardless of how you feel about tariffs, it sucks that lots of people searched "what are tariffs" only after the election. Like seriously, if you can't be bothered to take 30 minutes to learn about the defining issues of the election, then please do everyone (including you) a favor and don't vote. But at the same time, I have to imagine if our campaigns and news media were less spectacle-driven (and if the average person weren't already so stressed from trying to stay financially afloat), this would be less of an issue.
Hopefully so. Unfortunately, a certain percentage of MAGARepublicans will continue to "guzzle the 'kool-aid'." The rest will see that they were duped and begin researching to hear the other side's voices.
@@eliplayz22I'm gonna be that guy. Saying "lowkey" doesn't detract from a compliment. In this case it means Mr Beat is one of the best and that's undervalued, and/or Mr Beat is humble rather than braggy. The compliment remains, even strengthened by the 'lowkey' prefix
not american but im sure his voters will realize how much they f'd up once your grocery prices and everything else all go up lol. i just hope it won't somehow affect global PC parts price lmaoo
The price of eggs during the Great Depression went form $0.03 to $0.10 a dozen because of the tariffs. Now just imagine a price increase like that today.
@@nestorv7627Are you buying gold plated eggs? I buy the big cartons of eggs for $4. I can get them from organic local farmers for twice that if I want fancy eggs...Just looked up the inflation rate in Florida and apparently you guys are above the national average. Sorry.
Tariffs are taxes on the poor. Trying to save money by buying cheaper Chinese stuff? Well, you got to pay more now. You got to pay a poor tax now. Cause the company or country ain't paying it. They just adding it to the price you pay. And now that Chinese stuff costs more than American stuff. American companies raise prices for more profit because they can.
The most common point that tariff defenders use is that USA products are going to be cheaper and sell more. In reality, American companies would raise their prices to match the competition and make more money at the same time.
I dont think anyone's ever made that argument, at least ive never heard it. I think the general consensus among tariff people is that goods will cost more, but itll make more higher paying jobs, so the effective cost will be lowered or about the same if that makes sense.
not true, undercutting the market is how a company grows relative to its competition. the problem with tariffs is that artificially changing prices decreases efficiency, the problem with many forms of taxation
@sirllamaiii9708 Higher paying jobs with higher priced items just means a rise in inflation. which, in turn, means that said higher pay isn't really higher purchasing power.
An interesting point made by the Wall Street Journal on their recent tariff video is how domestic industries also increase prices after a tariff is introduced. In their example, they looked at the tariffs placed on washing machines. As expected, the price on foreign washing machines increased, but also, the price on domestic washing machines increased about the same amount as well. You would expect that domestic companies might instead keep their price the same and gain market share, but that would mean more units sold, which means they need to grow their manufacturing, which is a very long and expensive process. On the other hand, increasing prices can be done fast and gives more profit immediately, so tariffs cause domestic manufacturers to increase prices as well. As another effect, even though dryers were not subject to tariffs, their prices increased the same amount also, this is because consumers are used to paying a similar amount for a washer as a dryer, so it was once again easy money. This is why tariffs are said by economists to be an inefficient way of collecting tax, because the consumer is paying more for washers and dryers manufactured anywhere, but the US government is only collecting money on foreign-made washing machine tariffs.
And that's why Trump will put a tariff on electric cars, that way Musk sells the Teslas he produces in the United States at a higher price and also gets a tax cut Anyone with 3 neurons and enough information can deduce it
@@danielch6662yep, they will never implement fundamental changes to the system because every single positive change that hurts the ruling class’s bottom line is “communism/socialism/woke/whatever”
Maybe if c-suite weren't as focused on the next quarter as they were on the five or ten year outlook, it would be different. Change the expiration of the stock options they get and you'd see more long term investment.
@@iammrbeat I know, I know, ditch digging. Everyone's going to eventually need a "ditch" of one kind or another (💀) so ditch digging could be "a new and unexpected growth sector"
It’s pretty pessimistic, but I think this is absolutely the reason trump wants them. It’s an easy way to hide making the tax bracket more regressive while further reducing taxes on the wealthy
@@iammrbeat That, and they have typically transferred wealth to the elite at a faster rate too. Although I think you actually did point that out without saying it that way. Thanks for all the great videos.
@@iammrbeat They're are going to cut SNAP, Medicaid, and TANF. All while cutting the number of agriculture workers and increasing tariffs. Poor people are about to have a really rough 4 years.
Tariffs, in theory, are meant to protect local/national manufacturers, but in practice, it just gives them an excuse to make their products more expensive.
Your theory falls completely flat if the cost increase is so much that the consumers will not pay. Nobody is going to pay a 200% price increase on a foreign vehicle made in Mexico. They will simply buy a car made domestically. Because of this foreign auto manufactures will start building their manufacturing plants in the USA because they need the American consumer base to sell to.
@@LeDoctorBones That’s a very fair critique, but I doubt domestic producers would do that. Like I said before, these companies want to sell as much product as possible. Every car they don’t sell is a sunk cost that depreciates in value over time. If people can’t afford the product, the maker won’t be able to sell it. It’s not like people will not be able to get a car since there are millions of used cars for sale throughout the country. I’m not an economist but my family has been in the auto industry for generations and I have a decent understanding of how that business works.
@@mattdeluccia153 Wait, you doubt that companies, who are driven by a desire for the biggest profit margins possible, won't jack their prices up because they can? They did it and blamed it on inflation already. Kroger admitted to it. And if one was doing it, more were doing it. And you don't have a good idea how it works, since all the electronics and wiring and steel and plastics and spark plugs and components, including the rare earth elemental and rare earth minerals necessary for computers and electronics that are not mined here in the U.S. and cannot be mined because they do not exist, need to be made in the United States, as well. So, it isn't just one company jacking up the prices. It's *tens, if not hundreds, of them*. And you, my friend, get stuck with the final cost. China already slapped a ban on imporing rare earths to the United States, and Trump doesn't care about allies, so I hope you're ready to watch computer prices fucking skyrocket. Now, add to that yet another cost in the form of tariffs. When you people trigger another depression, on top of a Measels outbreak or Avian flu pandemic, since adults remember how well he handled the last one, you'll have nobody blame for it but yourselves.
That statement sums it up pretty well. No one who has in depth understanding about a topic X will just say that X is their favorite word. Most likely, if there's a favorite word in the first place, it'll be some obscure term. It's all the same again as the ineffectiveness of building a wall to solve immigration
A week or so before the election I saw a clip of trump on Fox News. This isn’t a perfect quote but he said something like, “Times are tough for Americans. Americans have never had it so bad. We need to go back to the way it was in the 1890s. That was the best time and it hasn’t been that good since.“ 🤦♀️ What does he think was so good about the 1890s?
1890s was the Gilded Age, marked by tacky excess, robber barons, and corrupt politicians. Of course Trump would love the 1890s, he'd fit right in with that time.
@@wailin4192 On one level, that's surprising he knows about McKinley at all. On the other level, that he'd admire a president who instituted a genocidal policy in the Philippines doesn't surprise me. On the third hand, does this mean we get someone who admires TR and wants to be TR after him? Man, I hope so. We're in desperate need of some progressivism in this country, and not the infantile stuff you see on Twitter and Tumblr. Real progressivism; pro-union, pro-labor, pro-living wage, pro-UBI, pro-strong Kennedy-style Square Deal/New Deal progressivism.
I think it's important to note that tarrifs are an inherently regressive form of taxation - rich people do benefit from them replacing income tax, but not everyone else.
@zoanth4 ok? Income tax isn't being totally replaced, just reduced for wealthy people and tarrifs are being used to account for the missing revenue. Tax burden isn't going down, it's just being shifted towards middle class and poor people.
With Donald trump we will ALWAYS go backwards…. He’s never going to put this country in a place it needs to be. He can’t run a business and he sure as hell can’t run a country
@@iammrbeatthat’s because some politicians make no sense at all. They want to create an invisible problem/enemy or make a mountain out of a mole hill just to win votes.
@@John.Smith98765 The economy is actually the best it’s ever been, it’s just that it’s all going to the billionaire class. But don’t worry, I’m sure all the billionaires in the incoming cabinet won’t act in their own self interest like they have been their whole lives
I believe Tariffs are a necessary and important tool for governments to use, but the key is, like all other things in economics, MODERATION, which in the case of tariffs, means using them very rarely, and only in specific circumstances. They have their use, but they can be dangerous when mismanaged.
@@millabasset1710 oh I agree. At the end of the day, if people want to buy a better product from a foreign business then they should be able to without being punished with increased prices. Tariffs are something that should be used sparingly and only in specific circumstances.
@@millabasset1710 The only real use case that I see for tariffs is in preservation of the military industrial complex. For example, limiting car importation not due to some kind of market fear, but because you want to preserve your motor industry for potential use during wartime. Same with steel or electronics, wanting to avoid become too dependent on foreigners so that during national emergencies you can still produce domestically. If you don't do this somewhat, you can end up like Russia with very poor domestic production causing an overreliance on imports and reducing military capacity.
That is correct. So if you see a comment saying, “Mr Beat has TDS! He’s spewing woke propaganda!” Feel free to completely ignore it, as it is meaningless.
Which is funny because Beat actually is very chill when talking about the tariffs, the video is very informative and I'm not sure how much more unbiased he could be.
I feel like something else that people overlook is that if international products are higher in price, domestic producers (if they hypothetically make everything) will meet in the middle and prices will be higher as a result. Profit is the bottom line and this would allow those companies more profit, either way it’s a lose lose
They tariffed the washing machines, and this increased the price of not just locally made washing machines, but also spilled over into other household appliances that weren't directly targeted by tariffs.
that's exactly what the pro-tariff people say, though. The prices go up, the profits go up, more companies join the market to taste the profits, profits and prices go down again until you're left with a competitive market. Now when you get rid of the tariff, you have a strong, efficient, cheap, functioning local industry. I'm very much against tariffs but your argument here against is rather an argument for.
@@duncanhw that’s just not what happens. See, if their competitors prices went up, wouldn’t their prices stay down to begin with? Yet thanks to easy profits, they just raise prices instead of trying to sell more units. If other companies joined the industry because of high profits and managed to scale up to be worthy competitors, reality shows that they often keep prices high. Why? Because they joined the market specifically because profits are so high, so why would they lower their prices and miss out on high profits? Reality has shown repeatedly that everyone raises prices to match with tariffs, it does NOT go back down again.
Don't forget the part how North American manufacturing business owners simply moved their businesses to Mexico or overseas, or their purchases for their business. They then just pocketed the profit from the cheaper labour. Short term gain with no consideration for long terms effects on employment in NA. Not sustainable.
Agree, 💯, but also add to your post , if you want to or have the time , CONGRESS COULD HAVE STOPPED the companies from moving BUT CONGRESS DID NOTHING. in many ways the above scenario explains "drinking from the same trough"
@@mattsmelley5569 You're all so cute, believeing the idea that businesses engage in long term thinking. Like bruh, the US economic system is a bunch of companies fighting to the death until one or two emerge victorious in each sector and then maximizes short term profit. Capture of congress by the rich, outsourcing, consolidation, these are all the system working as designed.
As an Australian, who also loves economics and is studying it at school. US tariffs will also affect other countries too. Since Australia is China’s largest supplier of iron ore the decreased demand from the US (because higher prices and people choosing to buy locally) will mean China will demand less iron from us, therefore, since most of economy is based of exporting iron and other commodities to China we will be negatively impacted. And American tariffs could hurt its biggest Asia-Pacific ally which is important to the US because of our relationship & proximity with China. (Yk, in case of war)
As a fellow econ student to another, let me correct one thing. China will not demand less iron from you, they will simply demand a lower price, using the decreased demand from the competitor as a bargaining chip. Australia will find it has to lower prices for China for the market to clear iron.
Let’s also not forget that the reason why he’s pushing Ms. Terrace, like Mr. beat said, is to reduce the income tax. Which really again only benefits, the rich in the long run… everything they’re doing right now is to structure our economy to work for the billionaires
@@Dawg476 That's not what the record says 🤣🤣🤣 all Democrats do is lie even when they are caught. They know some people ☝️ will follow them no matter what 🤦🤦🤦
@@amineau82 my guy was pretty middle ground in the video giving valid and proven reasons why tariffs are both terrible and alright depending on the situation. Although im assuming youre one of those Trumpies who just defends those points for no reason, I dont understand the need to defend politicians. Regardless of party they both suck, especially Trump the moron.
@capribreezee well they are public corporations. Its literally job (and the law) that they maximize profits And yeah it would matter, cuz paying Americans 15 to 20 an hour is superior to paying some Asian slave 2 dollars an hour
One motive for adopting the U.S. Constitution was that trade barriers among the several states were bringing them to the brink of shooting war. Today, nigh nobody is more worried about the trade imbalance between California (world’s 5th largest economy) and Montana (population less than San Francisco County), than about that between two streets in the same town. The latter can actually be very significant due to the dynamics of capitalism concentrating ownership in cartels that maximize profit by reducing real market freedom - and not putting profit back into circulation in the community from which it’s extracted. The phenomenon of racially segregated slums in the USA is a microcosm of how this plays out in global imperialism. What too many fail to recognize is that empires of financial capital are the real great powers today, using (or disposing of) nation-states as serves their interests rather than the other way around. Where we have institutions of popular electoral power, it’s the electorate’s own allowance of the propaganda big money buys effectively to dictate how they vote - even beforehand routinely setting the very menu of candidates on party-primary ballots - that enables perpetuation of unpopular policies. What would be for the majority better than tariffs is simply requiring that _anyone_ selling goods in our jurisdiction must meet minimum standards in treatment of workers, customers and the environment. Were the peoples of the USA and Canada thus to form a united front, their combined market would present an irresistible incentive. The leveling of the playing field would get us out of the race to the bottom into which we’ve been plunged. The competition among segments of labor would then be chiefly not on the basis of lower wage but on the basis of greater productivity. Investment in education, health and infrastructure can in that respect (as well as the more obvious ways) pay dividends. Unregulated capitalism is like a cancer the growth of which eventually ends itself by destroying too much of the host organism, that being the market of workers/consumers. However, the big winners in that game of musical chairs on the sinking deck of the _Titanic_ will be poised to dominate a reversion to something more like feudalism. If you actually need to work for a living, then in that event you definitely won’t be a winner.
To anyone still confused why tariffs are bad, imagine it occurring at a small scale and at an extreme. What if the mayor of your town put a 20000% tax on all goods produced outside of your town?
Again, Not everything is black and white. Some tariffs should exist, like on goods Being attacked by unfair trade practices (Like trade dumping) or goods that would cause severe economic damage were they not available (Like Microchips, if China invades Taiwan, they can't make those anymore), but Blanket tariffs, like the ones Trump is proposing, or tariffs on goods that aren't under attack (Like, say, the auto industry) are ultimately harmful. I personally agree that Trump's tariffs will do more harm than good, but not all tariffs are bad
What I am missing here is how the negative effects of tariffs are any different to the negative effects of goods taxes but also they have some upsides and can be more targeted. Goods taxes are way more inflationary than tariffs and don't support local production. They also kill small businesses which have to buy from other businesses, whereas businesses which can control the while chain don't have to pay on each stage.
To anyone still confused why laws are bad, imagine it occurring at a small scale and at an extreme. What if a boy stole an apple and the mayor of your town put him in jail for 200000 years????
Watching this, I kinda miss the days of Reagan, Bush 41 and Clinton, when both parties agreed that tariff's were wrong. Watching this also makes me appreciate mr Beat's infotainment videos, exploring things with fact, but also with a remarkable sense of witty humour. 🎉
I used to have many conservative friends and enjoyed casual debate secure in the knowledge that we all wanted the same things but disagreed on how to go about it. Now, I have relatives who think I shouldn't have the right to vote.
Clinton's deregulation of the banking industry led almost directly to the 2008 recession. NAFTA killed way more jobs than it created, and the only beneficiaries were people who owned stock.
Rich are going to get richer and the poor will get poorer.. it’s been this way forever and politicians ESPECIALLY the billionaire/millionaire politicians aren’t going to change it
i’ve talked to a trump supporter who said she voted against kamala because she didn’t run on policy (which i don’t even disagree with) but then when i ask her what she thinks a tariff is she tells me it’s when china pays us for some reason. tariffs were one of the biggest “policies” trump ran on but i’m supposed to believe that these people voted based on policy 😂
Trump was literally the one who had "concepts of a plan".We did a starter for history where you would look at Trump v Harris policies next to each other and it was even worse than I thought. It just said "Trump didn't say what he'll do about this" basically for most policies. (And he said climate change is a "hoax") The media was trying to play both sides and it made it seem like this wasn't the case.
We have probably the least informed electorate in the democratic world. It's sad that our elections really are purely vibes based. People only react to what they are feeling in the moment, and our society is losing the ability to think critically about proposed policies. This needs to change or things won't get any better.
@chronogamer7901 getting big money out of the system is step one. According to Bernie Sanders, he knows lots of democrats that couldn't vote against sending money to Israel because Aipac would stop giving them money. A big part of the reason why many reasonable people you and I know voted for Trump is because Trump could afford more propaganda. From an outside view, most people can see voting for Trump is insanity (also Harris actually was a great candidate imo)
QUALIFIED ECONOMIST. Tariffs can be effective to an economy IF it counters an in balance between the two economies that is unfair. The obvious one is SLAVE LABOUR. So if China produces a good for $1.00 and Australia produces it for $1.50 ... most people would think a $0.50 tariff would balance it. Wrong, thats a trade deficit debate. A fairness debate is Australia's minimum wage is $30ph and China's is $3.00ph in Australian dollars. So, an average manufacturer produces 100 items per hour of labour cost, meaning each item has $0.30 of labour costs in Australia and $0.03 of labour costs in China. Meaning the tarriff should be the difference, being $0.27. THUS, a tariff would mean Chinese goods sell for $1.27 and Australian goods sell for $1.50. If the government needs more taxes than it should cost $1.37 for Chinese goods and $1.60 for Australian goods. If they are both the same quality then CHINA will sell more goods in Australia than locally made. TRADE SURPLUS/DEFICIT is not a reason to introduce a tariff as shown here!!
Tarriffs isn't the answer but something needed to be done about the decades of manufacturing outsourced to 3rd world countries to exploit child/cheap labor. It's an economic, humanitarian, and security issue especially since our biggest trade partner now is a one party state that was just recently aggressively posturing on taking nearby territories.
I big issue IMO is that Tariffs are a blanket punishment. I don't think people would be opposed to a morality-tax wherein if the producer cannot prove that they pay their workers/don't use children/caged animals (etc.) they are taxed to offset the end-consumer price difference that would be lower than products that weren't made with morally dubious methods.
I would support that 100% These exploitative companies couldn't care less until it effects their profits. But instead the big T decided on blanket tariffs on everything 😒@to101md
Here's the thing: for developing countries, it's not a humanitarian issue. Child labor is bad, child starvation is even worse, and millions of children in India are suffering from malnutrition today. For them, working in factory is the least bad option.
The importer pays the tariffs and everyone along the supply chain wants to keep their margin. So, not just does the state make more money (thus being able to reduce taxes for the rich), but corporations along the way do as well (thus increasing profits for the rich). That's why it makes sense that tariffs is Trump's favorite word. It makes more money for the only people he cares about.
@@Tom-f8r8o Imagine if all imported goods cost 25% more. Now all companies can raise prices by 20%, inreasing profit margin while still being cheaper than the foreign products. Alternatively, they can raise their prices by 25% as well and change nothing, except now they earn more while the average joe get less for their money. Remember, shareholders seek infinite growth, only regulations can halt or reverse price inflation.
Thank you for doing this. 2024 has been exhausting after debunking flat Earth "theories" and explaining why 1x1 does not equal 2. Now I can share this video when someone claims tariffs are paid by other countries or will magically lower our prices.
Okay so 20:15 I read that Walmart only raised its prices by 1.8% since the 2018 metal(?) goods tariffs, is that an outlier since they have so much capital or maybe them cutting into their margins?
I wanna point out that the western working class isn’t protesting about free trade. They’re protesting the export of manufacturing jobs that used to be well paid. The issue is that’s the reason why those jobs got outsourced. Companies want the cheapest labor available (preferably slaves), and countries like China are willing to provide that labor for pennies on the dollar. As long as companies are given free reign to slake their endless greed, nothing is going to change. Tariffs won’t help. They’ll simply make everything worse.
You said companies go overseas for cheaper labor. Then why wouldn't tariffs bring that labor back when it cost more to import then produce the product here?
@@amineau82 Because it would still be cheaper to have that labor overseas even with a 100% tariff. When I say "pennies on the dollar", I mean that literally.
@@amineau82 Well those countries pay less because it costs less to live there. An apartment that is $1,000 here might be $100 somewhere else. So when you see people getting paid $500 a month, that doesn't mean the same for them as us. What might seem like slave labor here might be a decent wage somewhere else. Of course that isn't always the case and China has been guilty of that in the past, but China isn't really the stereotypical "slave labor" place we used to think of it as. Costs and wages have increase a lot recently and this has in turn led to increased quality to compete (though not as good as us of course).
My, extremely broke, household has pretty much already entered what I'll call a small-scale famine in the past few days due to how high the cost of living is now. Never thought in my life I'd have to go a few days only living off of bread and hotdogs but that's the reality. Tariffs will make this so much worse.
@@therealjjwatt Love the assumption when I voted for neither candidate. Sorry to tell you but Trump is not going to help or save our economy, his tariffs and blatant pro-corporatism stances will make things significantly worse.
@@therealjjwatt I don't recall once saying things were good under Biden. I seem to recall actually saying things will not get better under Trump and are instead likely to get even worse.
These next 4 years (hopefully 2 if the senate and/or house flip, stopping any horrible policies) will be the biggest “I told you so” in American history😂
Hopefully the house never flips again. Weird leftist ideologies are dead . The people have had enough of DEI, racist and sexist. Democrats keep these views alive to divide the voters in order to win. American has realized how ridiculous fake the news is.
Trump imposed tariffs in his first term; while inflation worsened because of those, other administration regulations still slowed it down. Way better than the current administration. It is in all American's best interest to wish good luck to the new administration and hope that they do their best
@@paullol7852 the farmers suffered in trumps first term Fox News just didn’t talk about it the way they talked about Hillary’s emails and Kamala’s laugh
People who voted for Trump over high prices and cost of living are in for a bad surprise in a couple of months. None of his proposed policies are going to lower grocer costs or rent prices, or the cost of anything.
Most of those manufacturing jobs went overseas because 1. countries like China could find people willing to work for next to nothing and they also have poor worker protection laws and 2. because many Americans didn't want to work these jobs. By adding tariffs to all these imports, those jobs are not going to come back to America. Even if they did, it would take years to build the necessary infrastructure to handle the ramp up in manufacturing. But either way, tariffs are just going to hurt a recovering economy. But what do I know, I'm surely not as smart as Trump. He knows everything about everything.
Thank you for trying to explain these things to people. It is painful seeing the direction my country is headed culturally, and I only hope that people like you spreading good, and valuable information, can help to keep us from regressing.
This video is going to teach people to educate themselves and do research about what theyre actually voting for next time. Thank you very much Mr Beat. Love your channel.
I'm definitely against tariffs. But i would like to see more videos talking more explicitly about the potential benefits. I think when people just see so many videos and media shouting that tariffs are bad we're all doomed for considering them just start to tune it out. Or they dig in even deeper. Tariffs for national defense make sense. Tariffs on growing industries make sense. Tariffs can be much more targeted. Tariffs can be temporary.
To be fair she proposed absolutely deranged policies, like a 25% unrealized gains tax that would trigger mass sell offs, in addition to price caps and providing first time home buyers with $25,000
@@lukeanderson439 Because they wouldn't be able to pay the 25% Unrealized gains. The rich aren't selling assets on a day to day basis. They would sell their assets to avoid being taxed, which would tank the stock market.
@@2010hyundaielantra the tax on unrealized gains were specifically for gains over 100m in value and it wasn't providing 25k to first time home buyers, it was a tax credit basically saying you can remove 25k from your federal taxes, it was unsubsidized
My girlfriend got me a Eisenhower, Nixon 1952 hoodie!!! It also says for America! I was so happy to hear that he was your second favorite President and I actually used some of your videos to write a short essay about him on one of my exams!! Love you
China applies an infinite tariff to most American goods by not letting American companies sell in their country (or making it effectively impossible to sell in China). F cheap lead-laced garbage lets diversify by importing from other countries and making American goods more competitive.
Maybe if American companies want to sell their products, they should consider just making better products. I hear Trump complaining that Europeans don't buy American cars. And the reason for that is that American cars suck and aren't at all what Europeans want or need.
As a person who also made a tariff video (really podcast) that isn't as nice to tariffs, I think one major issue is the fact of the analysis. As you state in the video, very few people benefit from Free Trade. Its a common misnomer that Trump uses that countries like Mexico are raking in the benefits while Americans get screwed, when that is FAR from the truth. Not only has Mexico not seen real wage increase until AMLO directly implemented policies raising wages, but resources from Mexico would then be taken by American Companies and sent to the US, a bizarro version of "The Large Sucking Sound" that Ross Perot would talk about with NAFTAs implementation. With American Companies being able to overcome a legal loophole in the Mexican Constitution that prohibits the taking of indigenous land. Will Tariffs fix the problem, not necessarily because simply ADDING tariffs to the economic system we have now still has greedy companies looking to exploit people, as is happening now with companies preparing. While you could enact policies that could negate the negative effects on tariffs, that can't really happen under capitalism as a whole. Trumps specific tariff plans are dumb because of the amount, how he plans to implement them. and the fact he's a billionaire fraud only looking for a way to make the rich pay less. And it has been especially hilarious to see Trump Supporters thinking that implementing Tariffs on Mexico is some sort of threat to them because they are too America-Pilled to look at the objective realities of the situation. Under our current free trade deals; Mexico gives us 60% of our Fruit Supply & 1.8 billion barrels of oil, the US gives them Lays Potato Chips and 70% of the weapons used by the cartels....oh no what will Mexico do if the US and them have to stop trading....especially since Sheinbaum is already implementing policies to make Mexico more self sufficient in food agriculture and other things. If the US gets hurt in a Trade War our Billionaire in chief is going to make sure Elon isn't hurt, meanwhile if Mexico gets hurt Sheinbaum's going to help the people.
@jagolago-bob Well he brought up how real wages have not gone up, but does the more broad take of "Things are cheap". Which means little if wages don't account for that. I mean if he did say that, it'd be wrong; Free Trade is a handout for the Rich Elite.
@@EPluribusUnumYT I think he meant that despite our wages not increasing, with low tariffs we have still been able to buy cheaper imported products (which has hidden our real situation)- the rich have got richer. The rich elite have always looked to get richer, at everybody else's expense, free trade or not.
Americans should understand, your manufacturing job out sourced to China at the first place was not because Chinese stolen your jobs but because your companies found out china is the most cheapest place to manufacture stuffs. let's say a toy cost 20 dollar to make in USA, 10 dollar to make in Vietnam, and 6 dollar to make in China, why wouldn't every toy company just bought Chinese cheap toys and sell in USA? now u put tariff on China, Chinese toy now cost double, 12 dollar, what would the American company do? will they manufacture the toys in America again and cost 20 dollar? no! they'll go to the second most cheapest place to make toys, they will import Vietnam toys for 10 dollar each. and the average costumers pay more!
Tariffs are great! Until you realize companies make us cover the increased costs and even better! Other countries can just put tariffs on you so really it’s a lose lose lose maybe a very occasional win type of thing. All that to say, not worth it.
Mega corporation make even more money employing foreign slaves to make things. Tarrifs are anti corporation and pro worker. But you progressicrs are all brainwashed.
So forcing people to pay more for Chinese goods made by horrendous mega corporations (an ideological enemy I might add) instead of buying local and supporting small businesses who mostly already are made in USA, is a bad thing
Trump keeps doubling down on tariff threats since the election, which makes me not feel optimistic about that. He is also backtracking on his promise to lower grocery prices.
@ I’m not optimistic either. I don’t know how people fell for lowering grocery prices. I mean, tariffs are going to inflate grocery prices even more, but you can’t tell that crowd anything.
Trump literally wanted to make it illegal for parents to buy violent video games for their children when he first ran in 2016. I think we’re good. Hopefully he doesn’t keep his promise on this one😂
I have a really big trade deficit with my local taco bell. I just give them money and they keep giving me cheap crunchwraps and I haven't sold them a single taco. I think I'm going to just throwing ten percent of the cost I pay for taco bell into the trash to incentivize my own fast food production.
Obama, Biden, Bush all used Tariffs. It’s simply a tool for negotiations and protection of American manufacturing. Your point that we dont need these manufacturing jobs that left the US is a TERRIBLE point. We need all the manufacturing jobs we can get.
Why? Americans are too educated, talented, and expensive to waste on menial repetitive tasks like gluing garments or stamping a machine all day. Plus, unemployment is 4%. You would be taking workers from better positions to perform those less productive tasks.
@@TheSpartan3669 that's a pretty pompous statement to make. "Americans are too educated". Nope, we need lower to middle class jobs for people that do not want to get a college degree.
@@Dbulkss "Educated" is a relative term. Nearly 90% of Americans graduate high school. In countries where cheap goods are manufactured, a significant portion of the populace didn't go to school at all. Americans are thus able to be more productive than standing at a press and stamping things all day.
Mr Beat has it right about tariffs, but if you want to solve the problem of people feeling the economy isn't working for them, tariffs are the last thing you want to do. How about changing the tax laws that make it financially favorable to offshore your business! How about not lowering taxes on the top 1% (raise them instead...by a lot). How about making it not so difficult to form a union. Oh, and maybe go after these insurance companies that deny every claim they get (United Healthcare anyone?). Then you could go after all these huge companies that have effective monopolies in products we all need like food and groceries, and be just a wee bit less pro-merger and big business. Will ANY of these things happen in the next 4 years...I'd put a substantial bet in the no column
I agree tariffs not good but you think more unions and higher taxes on the wealthy are really going to help? The cost of union pay and benefits will also be passed on to the consumer. Increased tax on the wealthy will reduce investment and giving the government more money to waste doesn't sound like a good idea to me. Health care monopolies are only possible because of the government. Our "private" insurance is deeply affected by government regulation. And there is no grocery store monopoly there is plenty of competition and they already operate on tight margins. Get the government out of the way and let actually free markets operate.
@@jsoftwareect There are about 5 companies that own every product you buy at the grocery store. Grocery stores like Kroger and Walmart demand discounts such that small or indy stores can't compete. You get it backwards, we need MORE regulation of private insurance with fair rules that will stop these blanket denials of coverage that you and your doctor deem necessary. At least if we have unions they will be able to afford to work without requiring government assistance. As for taxes at the top, do you think the 15% carried interest tax of 15% is fair? I don't. It should be taxed like regular income. Maybe that would dissuade VC from destroying good companies. Higher taxes will not dissuade investment. We seemed to be able to get on just fine with much higher taxes at the top post-war until Reagan lowered them.
@@scpatl4now Have you heard of economies of scale. These large companies because they have all these products are then able to produce them at a lower cost which believe it or not is passed on to the consumer. Walmart an Kroger outcompeted smaller stores because of their ability to negotiate lower prices for consumers. Requiring insurance companies to pay for more coverage for people is going to increase their costs which will cause them to increase premiums. Don't get me wrong I think it is awful for these companies to deny coverage but more regulation will not make healthcare cheaper. As for the era of ultra high marginal taxes, very few people actually paid that upper bracket. They had ways of reducing their reported income.
@@jsoftwareect Ok ghost of Robert Bork with your economies of scale. It's called monopoly pricing power and Kroger by being the big fish along with Walmart can demand deep discounts which are not offered to others which keep any smaller player from competing or even entering the sector. You already see monopolistic power by placement of products. You have to pay to have your products displayed prominently. In a competitive market, you couldn't do that. Also, their demand for discounts also crowds out smaller producers that can't afford the discounts which leads us back to the 5 major conglomerates that account for almost everything in a major grocery store. They can absorb those discounts until they have pricing power that raises the bottom line and we all pay more. One monopoly serving another. They all get rich while people starve.
@@jsoftwareectwhat you said about grocery monopolies is so wrong look at cereal as an example. It’s literally impossible to justify buying it bc of its price
The '70s crisis happened, btw, because American manufacturing was astronomically expensive (because of wasteful, inefficient, and outdated practices) while producing terrible low-quality goods. Even MAD magazine made fun of how awful American cars were. Japan, however, was making exceptionally high-quality goods that were CHEAPER than the American crappy equivalents. Much of that was because Japan listened to Dr. W. Edwards Deming, who's known as “the Father of Quality.” So the US was at an ultimatum. Either treat your employees better (and unions: stop the cycles of abuse, laziness, and greed), fix your processes to work more efficiently, and put quality and service as more important than profit margins; or go out of business. The overwhelming majority chose to go out of business. And China made equally terrible crap for much lower prices, so we switched to that instead. In short, the 1970s crisis was COMPLETELY SELF-INFLICTED because we refused to change. We destroyed our manufacturing industry, no matter how much they want to blame-shift.
This doesn't really make much sense. Unions make the cost of labor much more expensive, that's why manufacturing goes to countries with far fewer regulations. If unions were further strengthened then that would've just caused industry to flee faster.
The only saving grace is that 2028 might be like 1932 again. Man I would love a generationally amazing President. We're probably gonna need one too to fix the damage.
Some people really think a trade deficit is literally just handing out free goods to countries. Just like the video example at 21:46 - this guy doesn’t understand that you didn’t give those “referrals” for free and not “get nothing in return”, you sold them for money dummy. It’s just the difference of how much money you two would have exchanged for these “referrals”. if anything the country imposing tariffs is the one with fewer sales of “referrals” so really it’s him who is not giving them equal value of referrals so he should be paying them back.
Thank you for calling out Patrick Bet-David. Hate how that guy tries to give off this allure of being some intelligent, business-savvy dude but just repeats the same ignorant MAGA talking points. The fact that he has so much reach is worrying.
Great video! As soon as you mentioned the Smoot-Hawley Tariff Act I started replaying Ferris Bueller in my head - and then you played it in the video! 🎉 💯
haha I'm glad you also appreciate that movie. I love pretty much all John Hughes movies. I covered a couple of them on my other channel, as a matter of fact. Looking forward to catching up with you next week!
As a Canadian: why? We've done literally nothing, and I have zero clue where Trump's "$100 billion in subsidies" is coming from. He seems to just be taking the trade deficit and doubling it. And if you wanna talk about subsidues, let's talk about how the country that puts itself in debt propping up every industry is mad that we do a little protectionism.
@iammrbeat My fear is many Americans will just nod their head and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop.
@iammrbeat My fear is many Americans will just nod their head and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop.
@@iammrbeat My fear is many Americans will just nod their heads and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop.
@@iammrbeat My fear is many Americans will just nod their head and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop. All for manfacturing plants and mines that won't hire nearly as many as they used to and won't be open until years past Trump is out of office.
Video begins to get real at 16:50
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Real
Damn your 43 and Drew is 32, wow time does fly
You should make a video about Luigi and how the American health care system has lead to this moment of backlash and how this isn’t the solution but instead how we can solve this through legislation
@@jaguarmemezyeah I agree
This video proves the president can have the power to make economy bad. If Herbert Hoover vetoed smoot-hawley Great Depression wouldn’t been so bad. People forget that congress doesn’t override presidents veto often( except Andrew Johnson).
Regardless of how you feel about tariffs, it sucks that lots of people searched "what are tariffs" only after the election. Like seriously, if you can't be bothered to take 30 minutes to learn about the defining issues of the election, then please do everyone (including you) a favor and don't vote. But at the same time, I have to imagine if our campaigns and news media were less spectacle-driven (and if the average person weren't already so stressed from trying to stay financially afloat), this would be less of an issue.
Especially since Trump wouldn't shut up about raising tariffs. His supporters often just blindly support his ideas without questioning him.
@@iammrbeatwhat's that saying, if you repeat a lie enough times, people will believe it to be true
@@iammrbeat acting as if supporters of other candidates don't also blindly support ideas without question
Well, they are about to get the government they voted for. I hope they like it. Of course if they don't, they will blame someone else.
@@scpatl4now except his fans are going to blame everyone except their dear donny
This video will be watched alot through the next 4 years.
@@JSythe And not understood by the people that need to understand it.
By golly I hope so
Hopefully so. Unfortunately, a certain percentage of MAGARepublicans will continue to "guzzle the 'kool-aid'." The rest will see that they were duped and begin researching to hear the other side's voices.
@@Tcrrorsad, They will just call Mr. Beat a radical left lunatic with pretty much no basis
Won't it be longer than that? This issue might not be going away, the video might still be watched 20 years from now.
Mr Beat low-key being one of the best channels once again by just telling things how it is with a sense of humor
I'm glad you get my sense of humor. lol
His sense of humour is rather unique but I love it
Not just low-key, he IS one of the best channels
@@hyperviolet1717Yeah, I love his humor
@@eliplayz22I'm gonna be that guy.
Saying "lowkey" doesn't detract from a compliment. In this case it means Mr Beat is one of the best and that's undervalued, and/or Mr Beat is humble rather than braggy.
The compliment remains, even strengthened by the 'lowkey' prefix
The saddest part is that the people who need to see this won’t and even if they do they will scroll past out of ignorance. Thank you for this video
If the economist are right and Trump goes through with his plan .. they’ll understand it when shit hits the fan
not american but im sure his voters will realize how much they f'd up once your grocery prices and everything else all go up lol. i just hope it won't somehow affect global PC parts price lmaoo
@@Tennyson999Oh they'll realise and they'll immediately blame it on the democrats somehow. Trump can do no wrong in their eyes
@Tennyson999 our grocery prices are already high and trust, if America fails your vassal state will follow suit
The price of eggs during the Great Depression went form $0.03 to $0.10 a dozen because of the tariffs. Now just imagine a price increase like that today.
I can. I live in Miami. 60 eggs were about $7 in Walmart in 2021. The average price of that same box of eggs I buy biweekly is almost $20 right now.
@@nestorv7627 That's insane. The problem is that is a lot more than inflation. It is greed.
@@nestorv7627Are you buying gold plated eggs? I buy the big cartons of eggs for $4. I can get them from organic local farmers for twice that if I want fancy eggs...Just looked up the inflation rate in Florida and apparently you guys are above the national average. Sorry.
Looks like my wife's backyard chicken cook that she bought for me to take care of might end up paying off!
@@nestorv7627 avian flu outbreak caused that. You can stop buying eggs until it subsides if you want to save money
Tariffs are taxes on the poor. Trying to save money by buying cheaper Chinese stuff? Well, you got to pay more now. You got to pay a poor tax now. Cause the company or country ain't paying it. They just adding it to the price you pay. And now that Chinese stuff costs more than American stuff. American companies raise prices for more profit because they can.
This is exactly the plan. Trump will continue to cut taxes for the rich while raising them for the poor. Absolutely vile
THANK YOU
So many folks don't realize how this is going to affect the average American
Slave labor both across the pond and here is wrong. We should all be willing to pay more so that our workers can earn more.
Indeed :(
@@zoanth4yes but the raise in prices would be insane, especially if we want to make stuff in the us
@@zoanth4 I'm familiar with the Uyghur plight, but not all cheap products are made using forced labor. Tarrifs aren't the only plausible solution
@AC-vc5qp prices are currently skyrocketing due to made in China models, you want to continue that model?
The most common point that tariff defenders use is that USA products are going to be cheaper and sell more. In reality, American companies would raise their prices to match the competition and make more money at the same time.
USA products are going to remain expensive as long as American incomes are decent
I dont think anyone's ever made that argument, at least ive never heard it. I think the general consensus among tariff people is that goods will cost more, but itll make more higher paying jobs, so the effective cost will be lowered or about the same if that makes sense.
not true, undercutting the market is how a company grows relative to its competition. the problem with tariffs is that artificially changing prices decreases efficiency, the problem with many forms of taxation
@sirllamaiii9708 Higher paying jobs with higher priced items just means a rise in inflation. which, in turn, means that said higher pay isn't really higher purchasing power.
@@use10483 Aw thats kinda cute how you think the US market actually has competition.
An interesting point made by the Wall Street Journal on their recent tariff video is how domestic industries also increase prices after a tariff is introduced. In their example, they looked at the tariffs placed on washing machines. As expected, the price on foreign washing machines increased, but also, the price on domestic washing machines increased about the same amount as well. You would expect that domestic companies might instead keep their price the same and gain market share, but that would mean more units sold, which means they need to grow their manufacturing, which is a very long and expensive process. On the other hand, increasing prices can be done fast and gives more profit immediately, so tariffs cause domestic manufacturers to increase prices as well.
As another effect, even though dryers were not subject to tariffs, their prices increased the same amount also, this is because consumers are used to paying a similar amount for a washer as a dryer, so it was once again easy money. This is why tariffs are said by economists to be an inefficient way of collecting tax, because the consumer is paying more for washers and dryers manufactured anywhere, but the US government is only collecting money on foreign-made washing machine tariffs.
And that's why Trump will put a tariff on electric cars, that way Musk sells the Teslas he produces in the United States at a higher price and also gets a tax cut
Anyone with 3 neurons and enough information can deduce it
simple, price controls.
@@What-ez6im you're killing capitalism.
@@danielch6662yep, they will never implement fundamental changes to the system because every single positive change that hurts the ruling class’s bottom line is “communism/socialism/woke/whatever”
Maybe if c-suite weren't as focused on the next quarter as they were on the five or ten year outlook, it would be different. Change the expiration of the stock options they get and you'd see more long term investment.
Would love a video on what high-paying jobs could replace manufacturing because I can’t think any off top of my head.
Heck yeah. I will have to make this video.
@@iammrbeat
I know, I know, ditch digging. Everyone's going to eventually need a "ditch" of one kind or another (💀) so ditch digging could be "a new and unexpected growth sector"
UBI recipient
Automation engineer. Don't learn how to do a tool's job, learn how to use and maintain tools to do jobs.
@@mrhitech6742I hope not, that sounds like a miserable way to live having to wait for your allowance from Daddy government
Tariffs are regressive taxation
Thank you for pointing this out, Tyler! They hurt poor people and small businesses the most.
It’s pretty pessimistic, but I think this is absolutely the reason trump wants them. It’s an easy way to hide making the tax bracket more regressive while further reducing taxes on the wealthy
@@iammrbeat That, and they have typically transferred wealth to the elite at a faster rate too. Although I think you actually did point that out without saying it that way. Thanks for all the great videos.
@@iammrbeat They're are going to cut SNAP, Medicaid, and TANF. All while cutting the number of agriculture workers and increasing tariffs. Poor people are about to have a really rough 4 years.
@@iammrbeat liberal propaganda. Washington state has high sales tax on goods, but dosen't tax inome, it is doing well
Tariffs, in theory, are meant to protect local/national manufacturers, but in practice, it just gives them an excuse to make their products more expensive.
Your theory falls completely flat if the cost increase is so much that the consumers will not pay. Nobody is going to pay a 200% price increase on a foreign vehicle made in Mexico. They will simply buy a car made domestically. Because of this foreign auto manufactures will start building their manufacturing plants in the USA because they need the American consumer base to sell to.
@@mattdeluccia153 And then they will sell those domestically manufactured cars at 190% the initial cost because they have no foreign competition.
They will still increase the price to just below The most consumers are willing to pay@@mattdeluccia153
@@LeDoctorBones That’s a very fair critique, but I doubt domestic producers would do that. Like I said before, these companies want to sell as much product as possible. Every car they don’t sell is a sunk cost that depreciates in value over time. If people can’t afford the product, the maker won’t be able to sell it. It’s not like people will not be able to get a car since there are millions of used cars for sale throughout the country. I’m not an economist but my family has been in the auto industry for generations and I have a decent understanding of how that business works.
@@mattdeluccia153 Wait, you doubt that companies, who are driven by a desire for the biggest profit margins possible, won't jack their prices up because they can? They did it and blamed it on inflation already. Kroger admitted to it. And if one was doing it, more were doing it. And you don't have a good idea how it works, since all the electronics and wiring and steel and plastics and spark plugs and components, including the rare earth elemental and rare earth minerals necessary for computers and electronics that are not mined here in the U.S. and cannot be mined because they do not exist, need to be made in the United States, as well. So, it isn't just one company jacking up the prices. It's *tens, if not hundreds, of them*. And you, my friend, get stuck with the final cost. China already slapped a ban on imporing rare earths to the United States, and Trump doesn't care about allies, so I hope you're ready to watch computer prices fucking skyrocket. Now, add to that yet another cost in the form of tariffs. When you people trigger another depression, on top of a Measels outbreak or Avian flu pandemic, since adults remember how well he handled the last one, you'll have nobody blame for it but yourselves.
I knew Trump was a big tariff guy, but the fact that he just said that the favorite word in the English dictionary is tariff is the funniest thing.
And he knows words, he knows all the best words
That statement sums it up pretty well. No one who has in depth understanding about a topic X will just say that X is their favorite word. Most likely, if there's a favorite word in the first place, it'll be some obscure term. It's all the same again as the ineffectiveness of building a wall to solve immigration
it really isn't funny, this moron will (again) be the most important person in the world soon
He's probably the most hilarious president we've had
He and his donors will be exempted of course
A week or so before the election I saw a clip of trump on Fox News. This isn’t a perfect quote but he said something like, “Times are tough for Americans. Americans have never had it so bad. We need to go back to the way it was in the 1890s. That was the best time and it hasn’t been that good since.“ 🤦♀️ What does he think was so good about the 1890s?
1890s was the Gilded Age, marked by tacky excess, robber barons, and corrupt politicians. Of course Trump would love the 1890s, he'd fit right in with that time.
So we finally know when America was great.
I suspect he meant 1990s, but man, that's the mother of Freudian slips right there.
@@TheWipeout32 he probably was referring to the 1890s since he’s spoken a lot about his admiration of McKinley.
@@wailin4192 On one level, that's surprising he knows about McKinley at all. On the other level, that he'd admire a president who instituted a genocidal policy in the Philippines doesn't surprise me. On the third hand, does this mean we get someone who admires TR and wants to be TR after him? Man, I hope so. We're in desperate need of some progressivism in this country, and not the infantile stuff you see on Twitter and Tumblr. Real progressivism; pro-union, pro-labor, pro-living wage, pro-UBI, pro-strong Kennedy-style Square Deal/New Deal progressivism.
I think it's important to note that tarrifs are an inherently regressive form of taxation - rich people do benefit from them replacing income tax, but not everyone else.
Our nation did very well before the income tax.
Yep! Tariffs hurt poor people and small businesses the most.
@@zoanth4 yea but that was an incredibly long time ago, you can’t compare that to today
@zoanth4 ok? Income tax isn't being totally replaced, just reduced for wealthy people and tarrifs are being used to account for the missing revenue. Tax burden isn't going down, it's just being shifted towards middle class and poor people.
@AC-vc5qp well the mass welfare state and foreign aid industrial complex scam would go away. I'm ok with this
With Donald trump we will ALWAYS go backwards…. He’s never going to put this country in a place it needs to be.
He can’t run a business and he sure as hell can’t run a country
He knows how to grift suckers though. I guess that's all it takes nowadays.
Pt barnum said there’s a sucker born every minute
Don't want to hear it from the people who propped up a walking corpse
No tariffs without representations during normal times
That's the thing. We are in normal times, and yet politicians are wanting to raise tariffs. It just doesn't make sense.
@@iammrbeatthat’s because some politicians make no sense at all. They want to create an invisible problem/enemy or make a mountain out of a mole hill just to win votes.
@@iammrbeat The economy is terrible and the world is on fire, we are not in normal times
tariffs, taxes, sending aid to other countries and war should be put on national votes
@@John.Smith98765 The economy is actually the best it’s ever been, it’s just that it’s all going to the billionaire class.
But don’t worry, I’m sure all the billionaires in the incoming cabinet won’t act in their own self interest like they have been their whole lives
I believe Tariffs are a necessary and important tool for governments to use, but the key is, like all other things in economics, MODERATION, which in the case of tariffs, means using them very rarely, and only in specific circumstances. They have their use, but they can be dangerous when mismanaged.
Why punish people for buying a better product? If a foreign country makes better cars and you tax the consumer, that does nobody any good.
@@millabasset1710cuz buying things off of slave states is wrong?
Plus it drives down our wages
They should RARELY be used.
@@millabasset1710 oh I agree. At the end of the day, if people want to buy a better product from a foreign business then they should be able to without being punished with increased prices. Tariffs are something that should be used sparingly and only in specific circumstances.
@@millabasset1710 The only real use case that I see for tariffs is in preservation of the military industrial complex. For example, limiting car importation not due to some kind of market fear, but because you want to preserve your motor industry for potential use during wartime.
Same with steel or electronics, wanting to avoid become too dependent on foreigners so that during national emergencies you can still produce domestically. If you don't do this somewhat, you can end up like Russia with very poor domestic production causing an overreliance on imports and reducing military capacity.
The people crying about bias in a video that talks purely about the economic realities of tariffs are really telling on themselves and their own bias
Mr. Beat has been against tariffs for YEARS too, its a consistent belief of his.
That is correct. So if you see a comment saying, “Mr Beat has TDS! He’s spewing woke propaganda!” Feel free to completely ignore it, as it is meaningless.
Which is funny because Beat actually is very chill when talking about the tariffs, the video is very informative and I'm not sure how much more unbiased he could be.
I feel like something else that people overlook is that if international products are higher in price, domestic producers (if they hypothetically make everything) will meet in the middle and prices will be higher as a result. Profit is the bottom line and this would allow those companies more profit, either way it’s a lose lose
@@weasel3299 I was waiting to see if anyone had pointed this out. This is one of the most important effects tariffs have on prices.
They tariffed the washing machines, and this increased the price of not just locally made washing machines, but also spilled over into other household appliances that weren't directly targeted by tariffs.
that's exactly what the pro-tariff people say, though. The prices go up, the profits go up, more companies join the market to taste the profits, profits and prices go down again until you're left with a competitive market. Now when you get rid of the tariff, you have a strong, efficient, cheap, functioning local industry.
I'm very much against tariffs but your argument here against is rather an argument for.
@@duncanhw that’s just not what happens. See, if their competitors prices went up, wouldn’t their prices stay down to begin with? Yet thanks to easy profits, they just raise prices instead of trying to sell more units. If other companies joined the industry because of high profits and managed to scale up to be worthy competitors, reality shows that they often keep prices high. Why? Because they joined the market specifically because profits are so high, so why would they lower their prices and miss out on high profits?
Reality has shown repeatedly that everyone raises prices to match with tariffs, it does NOT go back down again.
This was likely a feature, not a bug, to whomever whispered this idea into trump's ear.
Don't forget the part how North American manufacturing business owners simply moved their businesses to Mexico or overseas, or their purchases for their business. They then just pocketed the profit from the cheaper labour. Short term gain with no consideration for long terms effects on employment in NA. Not sustainable.
Agree, 💯, but also add to your post , if you want to or have the time , CONGRESS COULD HAVE STOPPED the companies from moving BUT CONGRESS DID NOTHING.
in many ways the above scenario explains "drinking from the same trough"
@@mattsmelley5569
You're all so cute, believeing the idea that businesses engage in long term thinking. Like bruh, the US economic system is a bunch of companies fighting to the death until one or two emerge victorious in each sector and then maximizes short term profit. Capture of congress by the rich, outsourcing, consolidation, these are all the system working as designed.
@@mattsmelley5569 Yes, I'm in Canada and our government did practically the same.
@@Crunch104
Thanks, 🤔🤔🤔 I'll think on it
As an Australian, who also loves economics and is studying it at school. US tariffs will also affect other countries too. Since Australia is China’s largest supplier of iron ore the decreased demand from the US (because higher prices and people choosing to buy locally) will mean China will demand less iron from us, therefore, since most of economy is based of exporting iron and other commodities to China we will be negatively impacted. And American tariffs could hurt its biggest Asia-Pacific ally which is important to the US because of our relationship & proximity with China. (Yk, in case of war)
As a fellow econ student to another, let me correct one thing. China will not demand less iron from you, they will simply demand a lower price, using the decreased demand from the competitor as a bargaining chip. Australia will find it has to lower prices for China for the market to clear iron.
Well when you elect a clown …. You know the rest
Let’s also not forget that the reason why he’s pushing Ms. Terrace, like Mr. beat said, is to reduce the income tax. Which really again only benefits, the rich in the long run… everything they’re doing right now is to structure our economy to work for the billionaires
Tariffs ***
Tariffs only work if it's specific and targeted. A blanket tariff on the other hand is just mind boggingly stupid.
Stupid is, as Stupid does.
I am still, just numb over the upcoming administration. God I hope I am wrong, I would love to eat crow!
This is why anyone who wants to be the leader should be forced to do tests on their knowledge before running.
The voters should take a test.
Watching a UA-cam video that is clearly one-sided don't make you a expert 🤣🤣🤣🤦🤦🤦🤦
@@amineau82 You are 100% right, facts are on the left and lies are on the right.
@@Dawg476 That's not what the record says 🤣🤣🤣 all Democrats do is lie even when they are caught. They know some people ☝️ will follow them no matter what 🤦🤦🤦
@@amineau82 my guy was pretty middle ground in the video giving valid and proven reasons why tariffs are both terrible and alright depending on the situation. Although im assuming youre one of those Trumpies who just defends those points for no reason, I dont understand the need to defend politicians. Regardless of party they both suck, especially Trump the moron.
Economics professor here. Thank you for your service. Well said.
Fellow teacher here! My students have been asking about tariffs. Your video will make a great review!
The world is better when this guy uploads
Aww. Thank you :)
no problem my favourite should be senator
Even as someone who thinks tariffs can be beneficial in some instances, I fully acknowledge the economic damage it can cause as well.
Gotta think in the long term bro.
Everything electronic lasts 5 years and wages suck.
I'll gladly pay more to reverse this.
Because you actually study economics, and good for you!
@@zoanth4 You wanna pick up the tab for my increased costs as well?
@@zoanth4 don't matter what country is making the product, they always gonna cut corners to make a profit
@capribreezee well they are public corporations. Its literally job (and the law) that they maximize profits
And yeah it would matter, cuz paying Americans 15 to 20 an hour is superior to paying some Asian slave 2 dollars an hour
One motive for adopting the U.S. Constitution was that trade barriers among the several states were bringing them to the brink of shooting war.
Today, nigh nobody is more worried about the trade imbalance between California (world’s 5th largest economy) and Montana (population less than San Francisco County), than about that between two streets in the same town.
The latter can actually be very significant due to the dynamics of capitalism concentrating ownership in cartels that maximize profit by reducing real market freedom - and not putting profit back into circulation in the community from which it’s extracted.
The phenomenon of racially segregated slums in the USA is a microcosm of how this plays out in global imperialism.
What too many fail to recognize is that empires of financial capital are the real great powers today, using (or disposing of) nation-states as serves their interests rather than the other way around.
Where we have institutions of popular electoral power, it’s the electorate’s own allowance of the propaganda big money buys effectively to dictate how they vote - even beforehand routinely setting the very menu of candidates on party-primary ballots - that enables perpetuation of unpopular policies.
What would be for the majority better than tariffs is simply requiring that _anyone_ selling goods in our jurisdiction must meet minimum standards in treatment of workers, customers and the environment.
Were the peoples of the USA and Canada thus to form a united front, their combined market would present an irresistible incentive. The leveling of the playing field would get us out of the race to the bottom into which we’ve been plunged.
The competition among segments of labor would then be chiefly not on the basis of lower wage but on the basis of greater productivity. Investment in education, health and infrastructure can in that respect (as well as the more obvious ways) pay dividends.
Unregulated capitalism is like a cancer the growth of which eventually ends itself by destroying too much of the host organism, that being the market of workers/consumers.
However, the big winners in that game of musical chairs on the sinking deck of the _Titanic_ will be poised to dominate a reversion to something more like feudalism.
If you actually need to work for a living, then in that event you definitely won’t be a winner.
Dang, what an impressive comment 👏
Yeah but no one has the nuts to tell China to stop employing slave labor.
Interesting timing for this video Mr.Beat 👀
I got soo many requests to make it. I gave into peer pressure. lol
@iammrbeat haha lol love you man
Hey Matt! When will your 2024 Presidential Election video be up? Love the channel.
In February. And thank you so much!
To anyone still confused why tariffs are bad, imagine it occurring at a small scale and at an extreme. What if the mayor of your town put a 20000% tax on all goods produced outside of your town?
This is a great analogy
Again, Not everything is black and white. Some tariffs should exist, like on goods Being attacked by unfair trade practices (Like trade dumping) or goods that would cause severe economic damage were they not available (Like Microchips, if China invades Taiwan, they can't make those anymore), but Blanket tariffs, like the ones Trump is proposing, or tariffs on goods that aren't under attack (Like, say, the auto industry) are ultimately harmful. I personally agree that Trump's tariffs will do more harm than good, but not all tariffs are bad
What I am missing here is how the negative effects of tariffs are any different to the negative effects of goods taxes but also they have some upsides and can be more targeted. Goods taxes are way more inflationary than tariffs and don't support local production. They also kill small businesses which have to buy from other businesses, whereas businesses which can control the while chain don't have to pay on each stage.
Basically Corporate taxes
To anyone still confused why laws are bad, imagine it occurring at a small scale and at an extreme. What if a boy stole an apple and the mayor of your town put him in jail for 200000 years????
Thank you, Mr. Beat! Your videos are so educational and entertaining. :)
Thank YOU
Mike from Jersey here. No problem, Mr. Beat. Keep it up
No way! It's MIKE!
Watching this, I kinda miss the days of Reagan, Bush 41 and Clinton, when both parties agreed that tariff's were wrong. Watching this also makes me appreciate mr Beat's infotainment videos, exploring things with fact, but also with a remarkable sense of witty humour. 🎉
I used to have many conservative friends and enjoyed casual debate secure in the knowledge that we all wanted the same things but disagreed on how to go about it. Now, I have relatives who think I shouldn't have the right to vote.
Clinton's deregulation of the banking industry led almost directly to the 2008 recession. NAFTA killed way more jobs than it created, and the only beneficiaries were people who owned stock.
Greed is going to be the downfall of this country.
Or it won't, but it sure feels like it will.
Rich are going to get richer and the poor will get poorer.. it’s been this way forever and politicians ESPECIALLY the billionaire/millionaire politicians aren’t going to change it
i’ve talked to a trump supporter who said she voted against kamala because she didn’t run on policy (which i don’t even disagree with) but then when i ask her what she thinks a tariff is she tells me it’s when china pays us for some reason. tariffs were one of the biggest “policies” trump ran on but i’m supposed to believe that these people voted based on policy 😂
That is just so depressing
Trump was literally the one who had "concepts of a plan".We did a starter for history where you would look at Trump v Harris policies next to each other and it was even worse than I thought. It just said "Trump didn't say what he'll do about this" basically for most policies. (And he said climate change is a "hoax") The media was trying to play both sides and it made it seem like this wasn't the case.
We have probably the least informed electorate in the democratic world. It's sad that our elections really are purely vibes based. People only react to what they are feeling in the moment, and our society is losing the ability to think critically about proposed policies. This needs to change or things won't get any better.
@chronogamer7901 getting big money out of the system is step one. According to Bernie Sanders, he knows lots of democrats that couldn't vote against sending money to Israel because Aipac would stop giving them money. A big part of the reason why many reasonable people you and I know voted for Trump is because Trump could afford more propaganda. From an outside view, most people can see voting for Trump is insanity (also Harris actually was a great candidate imo)
Reading that person who has no idea how tarrifs work is a good example when the republican party shut down the dept of education leading to idiocracy
QUALIFIED ECONOMIST. Tariffs can be effective to an economy IF it counters an in balance between the two economies that is unfair. The obvious one is SLAVE LABOUR. So if China produces a good for $1.00 and Australia produces it for $1.50 ... most people would think a $0.50 tariff would balance it. Wrong, thats a trade deficit debate. A fairness debate is Australia's minimum wage is $30ph and China's is $3.00ph in Australian dollars. So, an average manufacturer produces 100 items per hour of labour cost, meaning each item has $0.30 of labour costs in Australia and $0.03 of labour costs in China. Meaning the tarriff should be the difference, being $0.27. THUS, a tariff would mean Chinese goods sell for $1.27 and Australian goods sell for $1.50. If the government needs more taxes than it should cost $1.37 for Chinese goods and $1.60 for Australian goods. If they are both the same quality then CHINA will sell more goods in Australia than locally made. TRADE SURPLUS/DEFICIT is not a reason to introduce a tariff as shown here!!
I’m back as mr Beat’s no1 fan. I gotta up my game again, embarrassed to say.
I love the pfp
@ yeah me too
your speaking voice for videos has come so far you werent ever bad but compared to your first videos youve come along way
That's kind of you to comment. Thanks for your support.
Best teacher on the planet 😊🙌🏾🙌🏾
Tarriffs isn't the answer but something needed to be done about the decades of manufacturing outsourced to 3rd world countries to exploit child/cheap labor. It's an economic, humanitarian, and security issue especially since our biggest trade partner now is a one party state that was just recently aggressively posturing on taking nearby territories.
I agree!
I big issue IMO is that Tariffs are a blanket punishment. I don't think people would be opposed to a morality-tax wherein if the producer cannot prove that they pay their workers/don't use children/caged animals (etc.) they are taxed to offset the end-consumer price difference that would be lower than products that weren't made with morally dubious methods.
I would support that 100%
These exploitative companies couldn't care less until it effects their profits.
But instead the big T decided on blanket tariffs on everything 😒@to101md
Here's the thing: for developing countries, it's not a humanitarian issue. Child labor is bad, child starvation is even worse, and millions of children in India are suffering from malnutrition today. For them, working in factory is the least bad option.
Capitalisms success is dependent on the exploitation and suffering of others. Until we can acknowledge this fact, the conversation goes nowhere.
The importer pays the tariffs and everyone along the supply chain wants to keep their margin. So, not just does the state make more money (thus being able to reduce taxes for the rich), but corporations along the way do as well (thus increasing profits for the rich). That's why it makes sense that tariffs is Trump's favorite word. It makes more money for the only people he cares about.
Explain how tariffs make more profit for a corporation.
The rich definitely benefit more.
@@Tom-f8r8o Imagine if all imported goods cost 25% more.
Now all companies can raise prices by 20%, inreasing profit margin while still being cheaper than the foreign products.
Alternatively, they can raise their prices by 25% as well and change nothing, except now they earn more while the average joe get less for their money.
Remember, shareholders seek infinite growth, only regulations can halt or reverse price inflation.
OMG thank you for making this video!!!
Well thanks for watching!
I hope Trump does the tariffs. People need to see the difference between good and bad policies.
People are too stupid to learn the lesson. George W got a second term for f----s sakes
tbf the trumpies would find a way to blame trans people for it rather than their idol
They only triple down, no self-reflection or admitting they could have ever been misled.
Thank you for doing this. 2024 has been exhausting after debunking flat Earth "theories" and explaining why 1x1 does not equal 2. Now I can share this video when someone claims tariffs are paid by other countries or will magically lower our prices.
Okay so 20:15 I read that Walmart only raised its prices by 1.8% since the 2018 metal(?) goods tariffs, is that an outlier since they have so much capital or maybe them cutting into their margins?
@@howardyadoin7018 walmart has insane control over their supply chain. I believe you are correct in saying walmart is an outlier.
I wanna point out that the western working class isn’t protesting about free trade. They’re protesting the export of manufacturing jobs that used to be well paid.
The issue is that’s the reason why those jobs got outsourced. Companies want the cheapest labor available (preferably slaves), and countries like China are willing to provide that labor for pennies on the dollar. As long as companies are given free reign to slake their endless greed, nothing is going to change. Tariffs won’t help. They’ll simply make everything worse.
You said companies go overseas for cheaper labor. Then why wouldn't tariffs bring that labor back when it cost more to import then produce the product here?
@@amineau82 Because it would still be cheaper to have that labor overseas even with a 100% tariff. When I say "pennies on the dollar", I mean that literally.
@@amineau82 Well those countries pay less because it costs less to live there. An apartment that is $1,000 here might be $100 somewhere else. So when you see people getting paid $500 a month, that doesn't mean the same for them as us. What might seem like slave labor here might be a decent wage somewhere else. Of course that isn't always the case and China has been guilty of that in the past, but China isn't really the stereotypical "slave labor" place we used to think of it as. Costs and wages have increase a lot recently and this has in turn led to increased quality to compete (though not as good as us of course).
When I say the average consumers will pay more, everyone laugh at me hahaa
Aren't tariffs a form of big government overreach? I thought the right was against govt intervention in economics
That's true but Trump is a 90's Democrat. He's not right wing.
tariffs are just taxes by another name.
It's only government overreach if it's something they don't want
@@mikeoxlong3676no way. Trump loves defrocks spending.
Deficit
As a multi-billion dollar company, i think tariffs are based, actually
My, extremely broke, household has pretty much already entered what I'll call a small-scale famine in the past few days due to how high the cost of living is now. Never thought in my life I'd have to go a few days only living off of bread and hotdogs but that's the reality. Tariffs will make this so much worse.
and yet i bet you still supported biden
@@therealjjwatt Love the assumption when I voted for neither candidate. Sorry to tell you but Trump is not going to help or save our economy, his tariffs and blatant pro-corporatism stances will make things significantly worse.
@@ImSomethingSpecial you do know biden is incharge right now and you said your struggling to buy bread? keep blaming trump tho
@@therealjjwatt I don't recall once saying things were good under Biden. I seem to recall actually saying things will not get better under Trump and are instead likely to get even worse.
@@therealjjwatt If he was smart he would have supported Bernie, don't worry, you'll really feel the pain too soon enough when Trumpflation really hits
These next 4 years (hopefully 2 if the senate and/or house flip, stopping any horrible policies) will be the biggest “I told you so” in American history😂
Republicans won so they could stop Biden's horrible policies. (Like letting in millions and millions of cheap-labor illegals.)
Hopefully the house never flips again. Weird leftist ideologies are dead . The people have had enough of DEI, racist and sexist. Democrats keep these views alive to divide the voters in order to win. American has realized how ridiculous fake the news is.
Trump imposed tariffs in his first term; while inflation worsened because of those, other administration regulations still slowed it down. Way better than the current administration. It is in all American's best interest to wish good luck to the new administration and hope that they do their best
@@paullol7852 you do know that those tariffs made them have to bail out farmers and industries lmao
@@paullol7852 the farmers suffered in trumps first term Fox News just didn’t talk about it the way they talked about Hillary’s emails and Kamala’s laugh
People who voted for Trump over high prices and cost of living are in for a bad surprise in a couple of months. None of his proposed policies are going to lower grocer costs or rent prices, or the cost of anything.
Yea... You said that in 2017 also... Keep repeating mainstream media/Mr. Beat talking points
@@joekeefe1811What did Trump do in 2017? During his first term, COVID was his first huge test and he failed. He coasted the rest of the way.
Pretending everything was fine in 2017 lmao
We'll have to wait and see won't we? I guess you Mr beat can see into the future
Love your content, I look forward to every video!
Thanks :)
I work for an oilfield manufacturer, and most of the parts we use come from China, so in our case, tariffs will hurt our manufacturing.
Most of those manufacturing jobs went overseas because 1. countries like China could find people willing to work for next to nothing and they also have poor worker protection laws and 2. because many Americans didn't want to work these jobs.
By adding tariffs to all these imports, those jobs are not going to come back to America. Even if they did, it would take years to build the necessary infrastructure to handle the ramp up in manufacturing.
But either way, tariffs are just going to hurt a recovering economy. But what do I know, I'm surely not as smart as Trump. He knows everything about everything.
Thank you Mr. Beat!!!
Well thank YOU for watching and being curious. :)
Everytime we have had tariffs get close to 40% we had a depression and 60% a major depression
Are you talking average tariff rates or tariffs on specific goods?
@iammrbeat avg tariff rates.
Thank you for trying to explain these things to people. It is painful seeing the direction my country is headed culturally, and I only hope that people like you spreading good, and valuable information, can help to keep us from regressing.
This video is going to teach people to educate themselves and do research about what theyre actually voting for next time. Thank you very much Mr Beat. Love your channel.
The worst thing is they're trying to do away with the income tax and fund the govt (ie military) with a consumption tax (tarrifs)
That way they can sell all their stock and not have to pay any taxes
What’s the song at 2:41?
23:13 I was called a "Simp" and then got an ad.
@@ReanuKeeves69 same
The video ends at 1:07
"Why should I believe some old smart guy when I have a dumb orange guy telling me things i want to hear until he no longer needs me?" - America 🇺🇸
Thank you for your hard work and promotion of knowledge Mr. Beat!
I'm definitely against tariffs. But i would like to see more videos talking more explicitly about the potential benefits. I think when people just see so many videos and media shouting that tariffs are bad we're all doomed for considering them just start to tune it out. Or they dig in even deeper. Tariffs for national defense make sense. Tariffs on growing industries make sense. Tariffs can be much more targeted. Tariffs can be temporary.
But Kamala had a funny laugh so I still couldn't decide
To be fair she proposed absolutely deranged policies, like a 25% unrealized gains tax that would trigger mass sell offs, in addition to price caps and providing first time home buyers with $25,000
@@2010hyundaielantraExplain the sell off part. What would the motivation be, specifically?
@@lukeanderson439 Because they wouldn't be able to pay the 25% Unrealized gains. The rich aren't selling assets on a day to day basis. They would sell their assets to avoid being taxed, which would tank the stock market.
@@2010hyundaielantra the tax on unrealized gains were specifically for gains over 100m in value and it wasn't providing 25k to first time home buyers, it was a tax credit basically saying you can remove 25k from your federal taxes, it was unsubsidized
@@wunjo2166 Does that really matter? It's still forcing rich people to sell off all of their stocks en masse
My girlfriend got me a Eisenhower, Nixon 1952 hoodie!!! It also says for America! I was so happy to hear that he was your second favorite President and I actually used some of your videos to write a short essay about him on one of my exams!! Love you
That's amazing! I need to get me one of those, especially since I appreciate Nixon more today than I used to
China applies an infinite tariff to most American goods by not letting American companies sell in their country (or making it effectively impossible to sell in China). F cheap lead-laced garbage lets diversify by importing from other countries and making American goods more competitive.
Maybe if American companies want to sell their products, they should consider just making better products.
I hear Trump complaining that Europeans don't buy American cars. And the reason for that is that American cars suck and aren't at all what Europeans want or need.
That’s the cold hard truth that Americans just don’t want to accept. Especially the MAGA crowd…
eh, it's because they're stupidly big
Bud every American product is better than the chinesiam alternative, it just cost 3x more because the person that made it has to buy groceries.
As a person who also made a tariff video (really podcast) that isn't as nice to tariffs, I think one major issue is the fact of the analysis.
As you state in the video, very few people benefit from Free Trade. Its a common misnomer that Trump uses that countries like Mexico are raking in the benefits while Americans get screwed, when that is FAR from the truth. Not only has Mexico not seen real wage increase until AMLO directly implemented policies raising wages, but resources from Mexico would then be taken by American Companies and sent to the US, a bizarro version of "The Large Sucking Sound" that Ross Perot would talk about with NAFTAs implementation. With American Companies being able to overcome a legal loophole in the Mexican Constitution that prohibits the taking of indigenous land.
Will Tariffs fix the problem, not necessarily because simply ADDING tariffs to the economic system we have now still has greedy companies looking to exploit people, as is happening now with companies preparing. While you could enact policies that could negate the negative effects on tariffs, that can't really happen under capitalism as a whole.
Trumps specific tariff plans are dumb because of the amount, how he plans to implement them. and the fact he's a billionaire fraud only looking for a way to make the rich pay less. And it has been especially hilarious to see Trump Supporters thinking that implementing Tariffs on Mexico is some sort of threat to them because they are too America-Pilled to look at the objective realities of the situation. Under our current free trade deals; Mexico gives us 60% of our Fruit Supply & 1.8 billion barrels of oil, the US gives them Lays Potato Chips and 70% of the weapons used by the cartels....oh no what will Mexico do if the US and them have to stop trading....especially since Sheinbaum is already implementing policies to make Mexico more self sufficient in food agriculture and other things. If the US gets hurt in a Trade War our Billionaire in chief is going to make sure Elon isn't hurt, meanwhile if Mexico gets hurt Sheinbaum's going to help the people.
Actually, I thought Mr. Beat said that free trade does more or less help everybody.
I agree with everything else, pretty much.
@jagolago-bob Well he brought up how real wages have not gone up, but does the more broad take of "Things are cheap". Which means little if wages don't account for that.
I mean if he did say that, it'd be wrong; Free Trade is a handout for the Rich Elite.
@@EPluribusUnumYT I think he meant that despite our wages not increasing, with low tariffs we have still been able to buy cheaper imported products (which has hidden our real situation)- the rich have got richer.
The rich elite have always looked to get richer, at everybody else's expense, free trade or not.
@@jagolago-bob Its po-tay-toes/po-tah-toes IK, but without wage increases any "benefits" of free trade are borderline nonexistent.
this was a top 10 funniest Mr Beat endings, i laughed so hard man
Americans should understand, your manufacturing job out sourced to China at the first place was not because Chinese stolen your jobs but because your companies found out china is the most cheapest place to manufacture stuffs.
let's say a toy cost 20 dollar to make in USA, 10 dollar to make in Vietnam, and 6 dollar to make in China, why wouldn't every toy company just bought Chinese cheap toys and sell in USA?
now u put tariff on China, Chinese toy now cost double, 12 dollar, what would the American company do? will they manufacture the toys in America again and cost 20 dollar? no! they'll go to the second most cheapest place to make toys, they will import Vietnam toys for 10 dollar each. and the average costumers pay more!
You get a tarrif, and you get a tarrif, everybody gets tarrifs!!
Yay!!!!
(three days later)
What's a tarrif?
Tariffs are great! Until you realize companies make us cover the increased costs and even better! Other countries can just put tariffs on you so really it’s a lose lose lose maybe a very occasional win type of thing. All that to say, not worth it.
Mega corporation make even more money employing foreign slaves to make things. Tarrifs are anti corporation and pro worker. But you progressicrs are all brainwashed.
Exactly
So forcing people to pay more for Chinese goods made by horrendous mega corporations (an ideological enemy I might add) instead of buying local and supporting small businesses who mostly already are made in USA, is a bad thing
Thanks for all you do truly appreciate your content!
THANK YOU SUGAR
Let’s just hope presidents act as they usually do, not keeping their campaign promises. 🤞
Trump keeps doubling down on tariff threats since the election, which makes me not feel optimistic about that. He is also backtracking on his promise to lower grocery prices.
@ I’m not optimistic either. I don’t know how people fell for lowering grocery prices. I mean, tariffs are going to inflate grocery prices even more, but you can’t tell that crowd anything.
@@chelseyislol74don’t worry. Deporting the underpaid immigrants who pick all our fruits and vegetables will make up for it
Trump literally wanted to make it illegal for parents to buy violent video games for their children when he first ran in 2016. I think we’re good. Hopefully he doesn’t keep his promise on this one😂
Yeah no...
Best case is we get a weaker version of these tariffs, and thats being nice.
I have a really big trade deficit with my local taco bell. I just give them money and they keep giving me cheap crunchwraps and I haven't sold them a single taco. I think I'm going to just throwing ten percent of the cost I pay for taco bell into the trash to incentivize my own fast food production.
Can't wait for polio to make a come back. Think we'll impose a tariff on Chinese made iron lung machines?
The word Tariff seems to be quite topical right now
I am SEIZING THE MOMENT
Obama, Biden, Bush all used Tariffs. It’s simply a tool for negotiations and protection of American manufacturing. Your point that we dont need these manufacturing jobs that left the US is a TERRIBLE point. We need all the manufacturing jobs we can get.
Have you ever worked a manual labor job? 🤔
Why? Americans are too educated, talented, and expensive to waste on menial repetitive tasks like gluing garments or stamping a machine all day. Plus, unemployment is 4%. You would be taking workers from better positions to perform those less productive tasks.
@@iammrbeat Yes, I jack hammered highways for 12 hours a day for 6 days a week.
@@TheSpartan3669 that's a pretty pompous statement to make. "Americans are too educated". Nope, we need lower to middle class jobs for people that do not want to get a college degree.
@@Dbulkss "Educated" is a relative term. Nearly 90% of Americans graduate high school. In countries where cheap goods are manufactured, a significant portion of the populace didn't go to school at all. Americans are thus able to be more productive than standing at a press and stamping things all day.
Gringos believes we (the entire world) still lives in the 19 century.
Trump and MAGA, yeah
I can’t believe the slimy billionaires don’t have the working class’s interests at heart.
Love your videos. Super informative with a splash of humor. Thanks!
Mr Beat has it right about tariffs, but if you want to solve the problem of people feeling the economy isn't working for them, tariffs are the last thing you want to do. How about changing the tax laws that make it financially favorable to offshore your business! How about not lowering taxes on the top 1% (raise them instead...by a lot). How about making it not so difficult to form a union. Oh, and maybe go after these insurance companies that deny every claim they get (United Healthcare anyone?). Then you could go after all these huge companies that have effective monopolies in products we all need like food and groceries, and be just a wee bit less pro-merger and big business. Will ANY of these things happen in the next 4 years...I'd put a substantial bet in the no column
I agree tariffs not good but you think more unions and higher taxes on the wealthy are really going to help? The cost of union pay and benefits will also be passed on to the consumer. Increased tax on the wealthy will reduce investment and giving the government more money to waste doesn't sound like a good idea to me. Health care monopolies are only possible because of the government. Our "private" insurance is deeply affected by government regulation. And there is no grocery store monopoly there is plenty of competition and they already operate on tight margins. Get the government out of the way and let actually free markets operate.
@@jsoftwareect There are about 5 companies that own every product you buy at the grocery store. Grocery stores like Kroger and Walmart demand discounts such that small or indy stores can't compete. You get it backwards, we need MORE regulation of private insurance with fair rules that will stop these blanket denials of coverage that you and your doctor deem necessary. At least if we have unions they will be able to afford to work without requiring government assistance. As for taxes at the top, do you think the 15% carried interest tax of 15% is fair? I don't. It should be taxed like regular income. Maybe that would dissuade VC from destroying good companies. Higher taxes will not dissuade investment. We seemed to be able to get on just fine with much higher taxes at the top post-war until Reagan lowered them.
@@scpatl4now Have you heard of economies of scale. These large companies because they have all these products are then able to produce them at a lower cost which believe it or not is passed on to the consumer. Walmart an Kroger outcompeted smaller stores because of their ability to negotiate lower prices for consumers. Requiring insurance companies to pay for more coverage for people is going to increase their costs which will cause them to increase premiums. Don't get me wrong I think it is awful for these companies to deny coverage but more regulation will not make healthcare cheaper. As for the era of ultra high marginal taxes, very few people actually paid that upper bracket. They had ways of reducing their reported income.
@@jsoftwareect Ok ghost of Robert Bork with your economies of scale. It's called monopoly pricing power and Kroger by being the big fish along with Walmart can demand deep discounts which are not offered to others which keep any smaller player from competing or even entering the sector. You already see monopolistic power by placement of products. You have to pay to have your products displayed prominently. In a competitive market, you couldn't do that. Also, their demand for discounts also crowds out smaller producers that can't afford the discounts which leads us back to the 5 major conglomerates that account for almost everything in a major grocery store. They can absorb those discounts until they have pricing power that raises the bottom line and we all pay more. One monopoly serving another. They all get rich while people starve.
@@jsoftwareectwhat you said about grocery monopolies is so wrong look at cereal as an example. It’s literally impossible to justify buying it bc of its price
The '70s crisis happened, btw, because American manufacturing was astronomically expensive (because of wasteful, inefficient, and outdated practices) while producing terrible low-quality goods. Even MAD magazine made fun of how awful American cars were.
Japan, however, was making exceptionally high-quality goods that were CHEAPER than the American crappy equivalents. Much of that was because Japan listened to Dr. W. Edwards Deming, who's known as “the Father of Quality.”
So the US was at an ultimatum. Either treat your employees better (and unions: stop the cycles of abuse, laziness, and greed), fix your processes to work more efficiently, and put quality and service as more important than profit margins; or go out of business.
The overwhelming majority chose to go out of business. And China made equally terrible crap for much lower prices, so we switched to that instead. In short, the 1970s crisis was COMPLETELY SELF-INFLICTED because we refused to change. We destroyed our manufacturing industry, no matter how much they want to blame-shift.
This doesn't really make much sense. Unions make the cost of labor much more expensive, that's why manufacturing goes to countries with far fewer regulations. If unions were further strengthened then that would've just caused industry to flee faster.
12:31 Off-topic: Does this guy like like Bill Nye with old-fashioned glasses to anybody?
It's going to be 1930 again when Mr. Tariff takes over.
The only saving grace is that 2028 might be like 1932 again. Man I would love a generationally amazing President. We're probably gonna need one too to fix the damage.
Some people really think a trade deficit is literally just handing out free goods to countries. Just like the video example at 21:46 - this guy doesn’t understand that you didn’t give those “referrals” for free and not “get nothing in return”, you sold them for money dummy. It’s just the difference of how much money you two would have exchanged for these “referrals”. if anything the country imposing tariffs is the one with fewer sales of “referrals” so really it’s him who is not giving them equal value of referrals so he should be paying them back.
Thank you for calling out Patrick Bet-David. Hate how that guy tries to give off this allure of being some intelligent, business-savvy dude but just repeats the same ignorant MAGA talking points. The fact that he has so much reach is worrying.
Mr Beat was extra sassy with this one
When it comes to tariffs, I ALWAYS GET SASSY
lovely video Matthew Beat
Thanks!
Banger video, definitely should be seen more in the next few months and years
Half of America's voting electorate needed to see this video two months ago...
Great video! As soon as you mentioned the Smoot-Hawley Tariff Act I started replaying Ferris Bueller in my head - and then you played it in the video! 🎉 💯
haha I'm glad you also appreciate that movie. I love pretty much all John Hughes movies. I covered a couple of them on my other channel, as a matter of fact. Looking forward to catching up with you next week!
As a Canadian: why? We've done literally nothing, and I have zero clue where Trump's "$100 billion in subsidies" is coming from. He seems to just be taking the trade deficit and doubling it. And if you wanna talk about subsidues, let's talk about how the country that puts itself in debt propping up every industry is mad that we do a little protectionism.
He just wants to transfer more wealth to the elites.
@iammrbeat My fear is many Americans will just nod their head and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop.
@iammrbeat My fear is many Americans will just nod their head and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop.
@@iammrbeat My fear is many Americans will just nod their heads and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop.
@@iammrbeat My fear is many Americans will just nod their head and go along with Trump's reasoning. Using the reality that there likely is large amount of wasteful spending by the US government to rationalize "yeah I bet we probably send them money" with zero additional thought. Maybe they'll realize the issue should Trump and his administration actually decide to kneecap 40% (Canada, Mexico, China) of all US trade in one fell swoop. All for manfacturing plants and mines that won't hire nearly as many as they used to and won't be open until years past Trump is out of office.