This is going to have hilariously predictable consequences.
Prices will fall for things we produce & prices will climb for things we don't. When Trump had a much smaller trade war in 2018 the price of corn fell by 20% over 2 months because countervailing tarrifs and it wasn't until Rona that they recovered.
Futures started pricing this in on Friday (all grains were down, meat was up) but Monday is going to be fun. Anyone who owns a farm in the US and isn't a corp who can hedge this is fricked.
First consumer price to see movement is going to be onions as they don't have a futures market. Anything that's harvest to supermarket in days-weeks will be next, anything that gets sprayed with water/is refrigerated.
We are also going to see next week if congress are going to hide in the corner while their authority is being usurped or not. POTUS doesn't have authority to do tarrifs like this absent a declaration of war.
Edit: Canada have already announced countervailing tarrifs. https://globalnews.ca/news/10992959/donald-trump-tariffs-canada-feb-1/ waiting for the schedule and hoping they are troll enough to stick 100% on Teslas for the lulz.
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Oh boy this is gonna be fun
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He said he was going to double them if they did countervailing tarrifs so I expect them to reach 1000% by the end of next week.
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Maple Syrup: 5000.00 a bottle
Also not so funny: Lumber and Natural Gas which the US imports 35% of, but those are the same yankee swing state voters that will freeze to death if this keeps up
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Vermont producers ready to tap that shit
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I suspect CA is going to have unusually high demand for lumber.
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They might not rebuild cause they don't want to have the filthy poors around from the mandatory section 8 housing.
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if he wants to end the trade war, he should put a 100% tariff on canadian oil
they pipe like 80% of their total oil production to the us. we keep some of it. the rest we refine and sell back to them as gasoline because they have hardly any refining capacity.
but blanket tariffs are super r-slurred, so i doubt much good will come from this.
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Or the canadians will increase their refinery capacity because oil demand isnt going anywhere and the US gets cucked out of the profits indefinitely
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Stupid Americans didn't realize that Canada can just will tens of billions of dollars worth of oil refineries into existence at a moments notice
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they'll have to roll back a lot of environmental regulations. that's why so many of their refineries closed. they overregulated the shit out of them.
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The Canadians are saying if this gets really bad they'll tax oil exports. They're not doing that immediately because the oil-producing provinces were already butthurt before this, but if they get desperate enough there's nothing to stop them.
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that would be nice because if they do, it'll be cost-effective for us to go all-in on the bakken formation again. then trump will have actually created jobs with this crap.
if it happens, canada will need to build a lot more pipeline to get the oil to a port so they can sell it. they literally can't get most of it to anyone but us right now. alberta's been bitching about that for a long time because their federal government's been killing pipeline plans due to overzealous environmentalism and spurious claims that injuns used to seasonally hunt on the land 400 years ago
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The wildfires were actually good because it gave so many people new jobs !nonchuds
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oh no, it would be terrible if we started fracking out in the middle of nowhere again and were back on track to energy independence again, creating high-paying extraction jobs for american citizens instead of canadians
gee guys, that cheap gas and those high-paying jobs that only required high school diplomas were terrible for america, amirite. truly a dark age. it's a shame we let that fricking fascist obama get away with raping mother earth.
!chuds !bluecollar
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On net, the people lose from tariffs. Producing more oil would be great, but a 10% tax on that from the US doesn't help.
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