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Some tariff activity!

Bendintheriver
Bendintheriver Member Posts: 7,229 Standard Supporter
in Tug Tavern

It seems the phone is ringing off the hook on Air Force One. Countries are panicking and looking to negotiate.

For the life of me I can't understand why any American would not like to correct the wrongs that have been done to the USA. I understand those that don't follow business and trade not fully getting it, and I get why democrats don't want any success for Trump or the nation while he is President, but I am seeing some fairly reasonable people who can't see the forest through the trees.

Hello Tariffs, My Friend—Trump’s Trade Weapon Delivers Early Results

Hello Tariffs, My Friend—Trump’s Trade Weapon Delivers Early Results

Factories Are Roaring, Oil Prices Are Plunging, and Trade Partners Are Making Concessions.

Over at OPEC, Reuters reported that eight OPEC+ countries "unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, a decision that prompted oil prices to extend earlier sharp losses." All of them, except Russia, had been featured on Trump's tariff chart on Wednesday—and on top of a 4% drop, oil fell further to below $70 a barrel.

These developments happened within 24 hours of Trump's announcement. On Air Force One, the president indicated that countries and companies have been constantly calling the White House, hoping to make a deal. Trump said that the threat of tariffs is making them reconsider their positions.

Consider two countries—Vietnam and Germany—which operate significant trade surpluses of $123.5 billion and $84.8 billion, respectively. By trade surplus, economists mean the difference between these countries' imports from and exports to America. Given how dependent their economies are on selling to the United States, both Vietnam and Germany are the most likely to work with the Trump team to make a deal.

In 2023, Vietnam's exports to America reached $452.4 billion. Most of the products were low-end—textiles, footwear, furniture and furniture parts, and plastics—although, in recent years, Vietnam has strengthened its high-tech manufacturing capacity (electronics, computers, chips). With a population of only 98 million, Vietnam's GDP is heavily tied to exporting to America. [In comparison, India, with a population of nearly 1.5 billion, exports only $84 billion in products to the United States (although its service exports, as in software, are more than double this amount)].

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