Drudge Retort: The Other Side of the News
Tuesday, July 09, 2019

US President Donald Trump on Tuesday fired a new Twitter salvo at India, accusing the giant Asian economy of unfairly blocking American imports.

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Trump's sparring with Delhi over trade has heated up just as Washington seeks to resolve its year-long trade battle with China.

Earlier this year he stripped India of benefits which allowed some duty-free exports to the United States, claiming that India had refused to grant wider access to American-made goods.

India also was hit by worldwide tariffs on steel and aluminum that Trump imposed last year and lodged a dispute against the US in the World Trade Organisation with about 30 other economies.

Last month, India slapped duties on dozens of US products, including hundreds of millions of dollars in almonds from California as well as other US fruits and nuts.

#1 | Posted by J_Tremain at 2019-07-09 11:14 AM | Reply


Does Pres Trump think he is the only person on the planet who can impose tariffs?

#2 | Posted by LampLighter at 2019-07-09 11:24 AM | Reply

Sure looks like it.

#3 | Posted by J_Tremain at 2019-07-09 11:31 AM | Reply

Can't "win" a fight if there isn't one. Gotta pick a fight first, so after you get a few bruises and end it on less favorable terms than before, you declare a "great deal" and victory and your "base" will hail the Great Dealmaker.

Trump's steel tariffs to protect U.S. Steel have already proved a disaster - after initial stock spike and promises to reopen mills, the stock is now down 70% from 2018 top and expected to still go down from there; the profits, if any, are projected to be less than 20% of last year and mills are being closed.

"The Trump Tariff Twist That Has Cost U.S. Steel $5.6 Billion" - Bloomberg
"U.S. Raw Steel Output Ticks Down, Capacity Remains Below 80%"

While using more modern and advanced equipment, Nucor and Steel Dynamics stocks are barely holding near the level of November 2016 and well below from when Trump's tariffs were announced. All projected to lose market share and have their earnings cut by 40%-50% deom previous year.

"Tariffs Are Paralyzing the Steel Market"

Steeeeel winnnning and not tired of it!

#4 | Posted by CutiePie at 2019-07-10 04:02 AM | Reply

#4 | Posted by CutiePie

Then there is the fact that US steel mills are actually shutting plants down because of a lack of demand - despite tariffs.

Tariffs cost US Steel 5.6 Billion
As U.S. Steel Slows Production, It's Time To Stop Pretending Tariffs Work
etc...

US Steel has lost 70% of its stock value because of the tariffs - that is how bad, short sighted and ignorant Trump and Co are.

#5 | Posted by GalaxiePete at 2019-07-10 09:13 AM | Reply

US Steel has lost 70% of its stock value because of the tariffs - that is how bad, short sighted and ignorant Trump and Co are.

#5 | POSTED BY GALAXIEPETE

Who could have predicted that tariffs would end up hurting the industries they are supposed to "protect"?

Apparently not Republicans (for conservatives, understanding micro-economic theory is "elitist").

Nobody (except for liberals) knew the economy could be so complicated.

#6 | Posted by gtbritishskull at 2019-07-10 10:48 AM | Reply

Why isn't there a tariff on H1B's?

#7 | Posted by Pegasus at 2019-07-10 12:45 PM | Reply | Newsworthy 1

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