Tag Archives: Trump’s tariffs

Daily Mail: America’s energy revolution goes from boom to bust after Trump’s tariffs and sneaky move by Saudi Arabia

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Oil bosses have warned that America’s energy boom is over, as Trump’s tariffs raise production costs and crude prices fall thanks to an increase in production from Saudi Arabia.  

The shale revolution of the last few years delivered huge volumes of cheap oil and gas that powered the US economy and broke dependence on foreign imports from places such as Iran, Russia and Venezuela.  

Production hit record highs under President Joe Biden, but is now falling under Trump.

The situation presents a direct contradiction to the President’s pledges to ‘drill baby drill’ and assert America’s ‘energy dominance.’ 

…

‘Saudi is trying to regain market share and they’ll probably get it over the next five years,’ Sheffield explained. 

America’s energy revolution goes from boom to bust after Trump’s tariffs and sneaky move by Saudi Arabia

https://www.dailymail.co.uk/yourmoney/article-14757637/america-shale-boom-bust-trump-tariffs-opec.html

USA Today: How will Trump’s tariffs affect grocery store prices? We explain.

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“The short answer is yes, prices are going to go up,” said David Ortega, a food economist and professor at Michigan State University. “They may not skyrocket for all imported products, but they will go up. Tariffs are a tax on imports, so by definition, they are inflationary.”

While higher tariffs could still be coming after a 90-day-pause, the baseline 10% tariff on all goods, plus higher duties on Chinese products already in effect are a big increase in food costs for American’s budgets, said Thomas Gremillion, director of food policy at The Consumer Federation of America.

“The 10% ‘default’ tariffs alone represent a truly historic federal tax increase, maybe the largest in my lifetime, with a highly regressive impact,” Gremillion said.

How will Trump’s tariffs affect grocery store prices? We explain.
How will Trump’s tariffs or the threat of more tariffs affect grocery store prices?

https://www.msn.com/en-us/money/markets/how-will-trump-s-tariffs-affect-grocery-store-prices-we-explain/ar-AA1Eco8Y

Rolling Stone: Spooked by Trade Wars, Trump Officials Hoard Supplies: ‘It Would Be Stupid Not To!’

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Some Trump administration officials are stockpiling toilet paper and food before Trump’s tariffs cause prices to skyrocket

This is what they tell the geese:

Donald Trump’s trade wars with China and other nations are widely expected to cause sharp economic pain, but some experts have warned consumers not to hoard supplies and goods before prices skyrocket, arguing that mass stockpiling could backfire spectacularly.

But this is what the ganders do:

Two Trump administration officials and a Trump aide tell Rolling Stone that they have done some stockpiling of their own in recent weeks or months, and that they know others working in Republican politics — inside and outside of the administration — who are doing the same. One of the Trump officials says they have already run to Target to bulk-buy toilet paper, some types of food, and other household supplies. 

When asked why they’re doing this, the Trump aide — who says they and their partner have done similar household-supply hoarding lately, and are also “stashing cash” reserves in their D.C.-area home — simply replies: “Because it would be stupid not to!” The aide adds that they still believe in Trump’s tariffs regime, though, citing the supposed advantage of “short-term pain” in exchange for long-term “prosperity.”

Spooked by Trade Wars, Trump Officials Hoard Supplies: ‘It Would Be Stupid Not To!’
Donald Trump’s aides and administration officials are hoarding toilet paper, food, and household supplies before his tariffs cause prices to spike.

https://www.rollingstone.com/politics/politics-features/trump-officials-hoarding-supplies-trade-war-tariffs-1235329235

Major furniture store announces closure as they fire all staff citing Trump’s tariffs on Mexico

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A major furniture retailer is closing its doors by the end of the year, they say, making the announcement this week as they also lay off all of their staff members

Progressive Furniture has become one of the first U.S. companies to announce that they’ll be shutting down and laying off all 30 employees by year’s end – citing tariffs on their source factory. It comes as the economist whose work inspired Trump’s tariff plan says the White House got it ‘wrong’.

Progressive Furniture is a branch of Sauder Woodworking located in Claremont, North Carolina. They’re the world’s seventh-largest furniture manufacturer, selling their wares at Walmart, Target, and Home Depot.

Major furniture store closes and fires all staff citing Trump’s tariffs
A major furniture retailer is closing its doors by the end of the year, they say, making the announcement this week as they also lay off all of their staff members

https://www.themirror.com/news/us-news/major-furniture-store-announces-closure-1077403