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US POLITICS TRUMP AND TARIFFS Brian Tyler Cohen: BREAKING: Trump announces STUNNINGLY dumb move PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=VKx4jfXbVPY Peter Burgess COMMENTARY Brian Tyler Cohen understands the impact of import taxes a whole lot better than Trump. Trump serves as a massive wrecking ball for the US economy and the quality of life for American people in general. Some people will be able to profit in a Trump economy ... but they will mainly be the wrong people, that is, those who don't need more profit. Ordinary people, including most MAGA supporters will find that their economic life degrades substantially under Trump. There is a major problem in the modern economy and especially in the modern economy of the United States. Over a period of several decades the US economy has become significatly 'lower cost' and 'higher profit' over time. For the rich elite this has been 'the best of times' but for the vast majority of the US population they have had to work harder, work longer and experience a lower standard of living year on year on year. Sadly, these people don';t know who to blame and the media has been 'less than helpful' for a very long time. President Ronald Reagan promoted the idea of 'Trickle Down' economics in the early 1980s. It had the great advantage that it was an economic idea that had 'everyone as winners!! Who could object to a political philosophy where everyone was going to be a winner? The only problem is that the real world is very different, and in reality Reagan's Trickle Down was a bonanza for the rich and powerful and a 'bust' for the rest of the population. The dysfunction of the modern economy ... especially in the United States ... should have been obvious to media commentators several decades ago, but they have been amazingly quiet. I am not an expert on the machinations within the news world, but it is fairly obvious that that much has changed since Walter Kronkite was a dominant new figure. The modern news media has become much more a force that divides the population rather than being one that draws people together with a common understanding of the big events of the time! Meanwhile ... the big economic names of modern times seem to be stuck with analysis tools that should have been retired before I was a student more than 60 years ago! People like Maynard Keynes, Joan Robinson and others wanted to replace GDP with something better .... but all these years later GDP is still one of the dominant economic metrics in the modern news cycle. Why? And, of course, this metrics 'suits' the rich and powerful better than a truly relevant set of metrics would. The failure of modern metrics has been aggravated by the archaic system of modern double entry accounting used almost universally by the world's corporate organization. This archaic system has stood the test of time. One can debate the origins of double entry accounting ... but it is a numbering system for economic activity that goes back many centuries. I think of it as a system that was vital in support of the industrial revolution in the 19th century during the Victorian era but is now in need of a substantial refresh to bring it up-to-date and better suited to the 21st century and modern times. In the 1990s, the Institute of Chartered Accountants (of England and Wales) did some significant work to modernise the architecture of financial accounting to embrace social metrics, but this work was terminated before any major conclusions were drawn. Fast forward, and some accountants ... including myself ... are thinking about an information system that incorporates a financial dimension, a social dimension and an environmental dimension. My version of such a system does not aim to discard the existing accountancy infrastructure but to enhance it substantially to include the social and environmental dimensions. My version also calls into question the use of money as the dominant metric within a socio-enviro-economic system of measurement! Peter Burgess
BREAKING: Trump announces STUNNINGLY dumb move Brian Tyler Cohen 3.44M subscribers 398,607 views Nov 26, 2024 For more from Brian Tyler Cohen: Order my #1 NYT bestselling book: https://www.harpercollins.com/pages/s... YouTube (español): / @briantylercohenespanol Twitch: / briantylercohen Apple Podcasts: https://apple.co/36UvEHs Spotify: https://open.spotify.com/show/0066rKC... Twitter: / briantylercohen Instagram: / briantylercohen Facebook: / briantylercohen TikTok: / briantylercohen Newsletter: https://plus.briantylercohen.com Transcript 0:00 in a move as dumb as it was predictable Trump took the truth social writing as everyone is aware thousands of people are pouring through Mexico and Canada bringing crime and drugs at levels never seen before right now a caravan coming from Mexico composed of thousands of people seems to be unstoppable in its quest to come through our currently open border on January 20th as one of my many first executive orders I will sign all necessary documents to charge Mexico and Canada a 25% tariff on all products coming into the United States and its ridiculous open borders this tariff will in effect until such time as drugs in particular Fentanyl and all illegal aliens stop this invasion of our country both Mexico and Canada have the absolute right and power to easily solve this long simmering problem we hereby demand that they use this power and until such time that they do it is time for them to pay a very big price put simply get ready for higher prices here's the deal something I've said a 100 times before the election and something I'll apparently have to say 100 times now that the election's over tariffs are a tax on the consumer this is not a hit to 1:00 Canada or Mexico it is a hit for American consumers who buy whatever it is that that are being imported from Canada or Mexico for example where do you think that most of our fruits and vegetables come from take a look at this chart that shows the reality of where our vegetables actually come from see all that green those are our imports from Mexico see all the red those are our imports from Canada that is 15 billion pounds just from our neighbors to the North and South alone tariffs are not going to impact Mexico or Canada they are going to be passed on to the importing companies and those companies will offset those higher costs by raising their prices to the end users we are the end users but okay let's follow through on Trump's logic here maybe he's hoping to Spur manufacturing right here in the US maybe maybe he hopes it'll jump our agriculture industry and offset all of that uh all of those high prices from other countries you know what we're going to need a lot of workers and yet what's Trump's plan for the people who actually compose the vast vast vast major majority of agriculture workers 2:02 well he's looking to deport them in other words Trump is going to make our vegetables more expensive because of this misguided notion that tariffs are the answer here at the exact time that he's seeking to expel our labor force that could actually pick up the slack right here at home masterful Gambit Donald masterful Gambit and it's not just food expects gas prices to Surge particularly in the midwest when a 25% tariff is slapped on the all Canadian Oil supplies according to Patrick danan the country's best known gas analyst refiners in the Great Lakes Rockies and Midwest rely on Canadian heavy crude oil for feed stock to refine if these millions of barrels are tariff at 25% that's going to basically mandate refiners pay a lot more for feed guess who pays end users consumers and that's if Canada doesn't respond by cutting oil exports to the US which is definitely possible if both countries insist on a back and forth of shooting themselves in the foot in other words Trump may not only be spiking prices for American consumers especially as it relates to food and gas but this could be the 3:00 beginning of what may very well turn out to be a bruising trade War for the US and for anyone who thinks that Trump couldn't possibly saddle us with a trade War might I remind you that he literally already did it with China in 2018 according to the tax Foundation the Trump Administration imposed nearly $80 billion worth of new taxes on Americans by leving tariffs on thousands of products valued at approximately 380 billion in 2018 and 2019 amounting to one of the largest tax increases in decades aside from fuels take a look at this chart to see what the US imports from Canada cars tractors trucks and parts machinery and appliances aluminum Iron and steel wood Plastics paper Pharmaceuticals fertilizers or how about this chart to see what the US imports from Mexico machinery and mechanical appliances electronics cars tractors trucks and parts film equipment Beverages and alcohol iron steel Plastics Furniture bedding lamps we're about to get the world's most expensive lesson in what tariffs actually do to 4:00 the cost of everyday Goods all courtesy of Donald Trump and look we can go on and on about how these tariffs are going to touch every part of our lives here in the US what I think is the most Brazen part of all of this is that Trump and Republicans spent the better part of a year criticizing lambasting the Biden White House for high prices as the result of inflation which of course was out of the White House's control it was a global phenomenon and by the way as a result of that inflation that Global phenomenon there wasn't a single incumbent party in any industrialized country on Earth that didn't lose seats in their majorities or just lose their elections outright and the US was no different this was a miserable year for incumbents ac across the globe and the US certainly wasn't spared and Trump whether fairly or not was the beneficiary of that anti-incumbent sentiment and yet now the first thing that he's seeking to do in office is going to be to take action that'll have the effect of raising prices so either he truly doesn't have one single person in his orbit who understands the consequences of imposing tariffs and 5:00 their impact on consumers or he never actually cared about lowering costs and he just attacked the Democrats on an issue that he recognized was potent while being fully willing to exact even more pain on the country for the very thing he accused the left of doing take all the time you need with that one granted there is one person who may actually be purposefully miscuing what tariffs are going to do in response to Trump's threat to impose tariffs Elon Musk took to Twitter writing price of fentanyl will rise sharply I'm sorry Does Elon Musk think that fentel is shipped here legitimately and therefore subject to the tariffs imposed on other Goods what like what does Elon think that fentanyl comes in a big container marked Fentanyl and now it's going to be taxed at a higher rate and therefore more expensive more than 90% of fentanyl is transported via ports of Entry where cartels smuggle it in primarily in vehicles driven by US citizens that is 90% but let's think for a minute why Elon would want these tariffs might it have something to do with the fact that 6:01 onethird of North America's vehicle production occurs in Mexico and Canada but Tesla's manufacturing occurs mostly in the US meaning this was going to hurt car manufacturers except for the one that Elon owns but hey I'm sure this is definitely totally about fentanyl got it and if you need a more digestible explanation of tariffs here's my friend David Pacman breaking it down so when it comes to Trump do you dislike his policies or him as a person or both I don't I don't dislike Trump as a person in the sense that I've never met the guy so I think he has a lot of personality traits that make him completely unsuited to being president and also I think his policy prescriptions to the extent that they exist and he understands them which is a different part of it a lot of the stuff Trump talks about he still doesn't know how tariffs work we're eight years into this thing nine years in he still thinks China pays the tariffs when they're paid by American seen talk about tariffs very confused very confused guy um wait so China's not paying tariffs right now CH the the tariffs are paid by the American companies that import the 7:01 Chinese Goods that's the way it's it's such a fundom and I see you looking a little confused this confused this is the way tariffs work what Trump did is Place tariffs on Chinese Imports by the time the Imports get here China's been paid for this stuff maybe they get net 120 terms right but in a in a sense China has already transacted the American company who brings the goods in pays the tariffs really this is you're kidding right now no I thought he said he was raising the tariffs by 50 to 100% for Chinese Imports Fort you got to clip this I'm begging you you got to clip this and send none of this stuff is getting cut out right no no oh my God we post everything please the tariffs are paid by the company that does the importing so if you want to build a building in the US and you import Chinese steel you pay China for the steel you pay the US government the Tariff the this is why it's infl economists have looked at Trump's tariff 8:02 proposal and said it would make stuff more expensive for Americans by adding the cost of the tariffs to the total cost of production so that's the way tariffs work a lot of people don't seem to know how tariffs work which is sad because this is how people end up getting sucked into Trump's Vortex he says something that sounds good I'm gonna punish China with tariffs yeah in this case you that sounds good you know Chinese tariffs they're paid by the American companies that's why it's so damaging that's crazy send this send me this part of the I genuinely had no idea I thought China was paying those Y no no China's not paying them yeah I thought they were though they weren't they're not yeah so why would he do that I'm confused you'd have to ask him so if Trump carries out this plan all I can say is that we should expect higher gas prices higher grocery prices higher car prices higher alcohol prices higher building prices higher drug prices but hey at least Teslas won't be more expensive and that right there is the consequence of living in this new kleptocracy that Trump is 9:01 ushering [Music] in before you go just a quick note if you'd like to see more of my content which is always free of advertising sponsorships and pay walls please make sure to subscribe to this channel using the Subscribe button right here on the screen and if you'd like to support my work even further you can grab a copy of my instant number one New York Times selling book Shameless available for sale right now that link is also on the screen thanks so much for watching

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