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342

Trump vows to take ‘hundreds of billions’ in tariffs as Australia’s hopes of getting exemption fades (www.theguardian.com)

submitted 1 day ago by HellsBelle@sh.itjust.works to c/world@lemmy.world

64 comments fedilink hide all child comments

Australia’s chances of escaping America’s global steel and aluminium tariffs appear all but extinguished, with the US president reconfirming his commitment to a comprehensive tariff regime he argues will be “the greatest thing we’ve ever done as a country”.

“We’re going to take in hundreds of billions of dollars in tariffs, and we’re going to become so rich, you’re not going to know where to spend all that money,” Donald Trump told reporters on board Air Force One flying from Florida to Washington DC.

“We’re basically going to take back the money – a lot of the money that we’ve given away over many decades.”

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[–] wjrii@lemmy.world 4 points 22 hours ago* (last edited 22 hours ago)

I mean, people will still trade with the US, but no exporter is going to eat those tariffs out of the goodness of their heart or fear of the Orange Menace, so prices in the US will go up, likely a bit more than the amount of the tariffs as suddenly volumes are lower and administrative overhead is higher. Then the US economy slows in a way that will not rebound quickly, and investment in the US becomes much less attractive due to low customer buying power and the inability to move goods freely. All of this of course reduces the amount actually collected in tariffs. Reduced economic activity may ultimately have positive knock-on effects for many, but the direct economic impact worldwide, distributed, will definitely be negative.

I don't see a single way this is good for anyone, aside from those who can directly benefit from access to the levers of power and/or just want to watch the country burn (or at a minimum, smolder).