New York Fed: 100% of Trump's China Tariffs are paid for by the US Consumer

[DrHoops]

https://www.bloomberg.com/news/arti...ariff-costs-as-levies-fail-to-save-steel-jobs

http://papers.nber.org/tmp/21484-w26610.pdf

https://www.nytimes.com/2019/10/16/business/china-trade-deal-economy.html

https://www.nytimes.com/2020/01/03/business/manufacturing-trump-trade-war.html

“U.S. tariffs continue to be almost entirely borne by U.S. firms and consumers,” Mary Amiti, an economist at the Federal Reserve Bank of New York, wrote in a National Bureau of Economic Research working paper.

The authors, (Amiti of the NY Fed, David Weinstein of Columbia, and Stephen Redding of Princeton) found that Americans continue to pay for almost 100% of tariffs imposed on China. The paper, linked above, is essentially an update on previous research done by economists at the University of Chicago, Harvard, and the Boston Fed that had essentially the same findings, and another in December by economists at the Federal Reserve that US consumers are paying nearly all tariffs on Chinese goods.

FAIL.

 

[i'vegotwinners]

https://www.bloomberg.com/news/arti...ariff-costs-as-levies-fail-to-save-steel-jobs

http://papers.nber.org/tmp/21484-w26610.pdf

https://www.nytimes.com/2019/10/16/business/china-trade-deal-economy.html

https://www.nytimes.com/2020/01/03/business/manufacturing-trump-trade-war.html

“U.S. tariffs continue to be almost entirely borne by U.S. firms and consumers,” Mary Amiti, an economist at the Federal Reserve Bank of New York, wrote in a National Bureau of Economic Research working paper.

The authors, (Amiti of the NY Fed, David Weinstein of Columbia, and Stephen Redding of Princeton) found that Americans continue to pay for almost 100% of tariffs imposed on China. The paper, linked above, is essentially an update on previous research done by economists at the University of Chicago, Harvard, and the Boston Fed that had essentially the same findings, and another in December by economists at the Federal Reserve that US consumers are paying nearly all tariffs on Chinese goods.

FAIL.

obviously economists know where their bread is buttered.

they don't make big bank, Fed, Hudson Institute, bucks, not saying what they are bought to say.

that said, tariffs can be very effective economic policy, even though they don't, and are never intended to, lower prices.

they do so by jobs and wages gains being greater than any consumer price losses.

that said, any tariff driven jobs and wages gains are dependent on said tariffs being able to withstand the next election cycle, and long term enough to force production and servicing back on shore..

that can and will never happen when money is allowed to buy govt policy.

that said, unions were born of a unique time and place that can't be replicated again on a large enough scale to help the greater working class.

in the future for the working class to regain their 1960s' economic place, the govt itself will need to bargain on behalf of the worker in ways the unions did back in the day, and not just represent ownership as it now does.

ie minimum wage, work hours, job security, health care totally independent of per employee staffing.

this can only happen by the working class literally forcing govt to represent them too, just as the ownership class now forces govt to only represent them.

 

[sglowrider]

https://www.bloomberg.com/news/arti...ariff-costs-as-levies-fail-to-save-steel-jobs

http://papers.nber.org/tmp/21484-w26610.pdf

https://www.nytimes.com/2019/10/16/business/china-trade-deal-economy.html

https://www.nytimes.com/2020/01/03/business/manufacturing-trump-trade-war.html

“U.S. tariffs continue to be almost entirely borne by U.S. firms and consumers,” Mary Amiti, an economist at the Federal Reserve Bank of New York, wrote in a National Bureau of Economic Research working paper.

The authors, (Amiti of the NY Fed, David Weinstein of Columbia, and Stephen Redding of Princeton) found that Americans continue to pay for almost 100% of tariffs imposed on China. The paper, linked above, is essentially an update on previous research done by economists at the University of Chicago, Harvard, and the Boston Fed that had essentially the same findings, and another in December by economists at the Federal Reserve that US consumers are paying nearly all tariffs on Chinese goods.

FAIL.

Wasn't this always clear?

Seriously if the people thought it was to be paid by the Mexicans... Chinese... Then they are bigger fools than I even thought and I have plenty of bridges I can sell.

 

[sglowrider]

obviously economists know where their bread is buttered.

they don't make big bank, Fed, Hudson Institute, bucks, not saying what they are bought to say.

that said, tariffs can be very effective economic policy, even though they don't, and are never intended to, lower prices.

they do so by jobs and wages gains being greater than any consumer price losses.

that said, any tariff driven jobs and wages gains are dependent on said tariffs being able to withstand the next election cycle, and long term enough to force production and servicing back on shore..

that can and will never happen when money is allowed to buy govt policy.

that said, unions were born of a unique time and place that can't be replicated again on a large enough scale to help the greater working class.

in the future for the working class to regain their 1960s' economic place, the govt itself will need to bargain on behalf of the worker in ways the unions did back in the day, and not just represent ownership as it now does.

ie minimum wage, work hours, job security, health care totally independent of per employee staffing.

this can only happen by the working class literally forcing govt to represent them too, just as the ownership class now forces govt to only represent them.

You keep harping on to the past -- if the unions had not abused their mandate and stuck to their bread & butter issues, they may not be where they are today. Secondly, the genie's out of the bottle ie globalisation what be done to put it back into the bottle? Its not possible unless you are willing to make massive sacrifices on say, your standards of living, inflation etc. You need to get out of this crackhouse of an idea you have been harping on for a long time now.

The solution isn't to try and go back to what it was in the 60's -- that's just plain silly and delusional.

But the issue is how do you manage and improve the welfare of the workers who are structurally less employable.

 

[UncleMark]

Seriously if the people thought it was to be paid by the Mexicans... Chinese... Then they are bigger fools than I even though and I have plenty of bridges I can sell to.

Since Trump says the Chinese are paying all this money in tariffs I'll guarantee you VPM believes that's the case. Everyone else knows it's bullshit.

 

[sglowrider]

Since Trump says the Chinese are paying all this money in tariffs I'll guarantee you VPM believes that's the case. Most people knows it's bullshit.

Fixed.

 

[ButHerEmails]

Wasn't this always clear?

Seriously if the people thought it was to be paid by the Mexicans... Chinese... Then they are bigger fools than I even thought and I have plenty of bridges I can sell.

But they are so well informed.

 

[twenty02]

obviously economists know where their bread is buttered.

they don't make big bank, Fed, Hudson Institute, bucks, not saying what they are bought to say.

that said, tariffs can be very effective economic policy, even though they don't, and are never intended to, lower prices.

they do so by jobs and wages gains being greater than any consumer price losses.

that said, any tariff driven jobs and wages gains are dependent on said tariffs being able to withstand the next election cycle, and long term enough to force production and servicing back on shore..

that can and will never happen when money is allowed to buy govt policy.

that said, unions were born of a unique time and place that can't be replicated again on a large enough scale to help the greater working class.

in the future for the working class to regain their 1960s' economic place, the govt itself will need to bargain on behalf of the worker in ways the unions did back in the day, and not just represent ownership as it now does.

ie minimum wage, work hours, job security, health care totally independent of per employee staffing.

this can only happen by the working class literally forcing govt to represent them too, just as the ownership class now forces govt to only represent them.

What nonsensical gibberish....

 

[i'vegotwinners]

You keep harping on to the past -- if the unions had not abused their mandate and stuck to their bread & butter issues, they may not be where they are today. Secondly, the genie's out of the bottle ie globalisation what be done to put it back into the bottle? Its not possible unless you are willing to make massive sacrifices on say, your standards of living, inflation etc. You need to get out of this crackhouse of an idea you have been harping on for a long time now.

The solution isn't to try and go back to what it was in the 60's -- that's just plain silly and delusional.

But the issue is how do you manage and improve the welfare of the workers who are structurally less employable.

if we had exactly zero imports of anything that could be made or serviced in the US, the economy would do (did do) just fine, the majority of the citizenry would be (were) much better off economically, have a higher standard of living than they do now, with every convenience we now have, and with all the same productivity gains we have had.

think when we did make and service everything here that could be made and serviced here, with 45 plus yrs of productivity and tech gains on top.

saying otherwise with absolutely nothing to back it up, is either being disingenuous or beyond naive.

the very term "trade deficit", by definition, makes my point.

not sure if people just don't grasp what that term means both literally and in it's economic impact, and who have lost all ability to think on their own on even "duh" level economics..

or if they just feel the need to parrot what's fed to them all day every day, by those who serve only the investor class.

trickle down economics is the most successful scam ever, and the idea that the working class benefits from industrial globalism is just a chapter in the book of trickle down economics..

as for your last question, i answered it in the last half of the very post you quoted.