He said, and the evening “news” widely reported it tonight.
“There is no postponing. They are definitely going to stay in place for days and weeks,” said Lutnick.
No “JC” is going to spend a nickle of CAPEX, if the hang time of the tariffs are “days and weeks”. “days and weeks” is the time horizon for a shake down, nothing more.
Steve
His appearance on CBS Face the Nation was even better. The jobs he’s bringing back to America sound amazing,
“Army of millions and millions of human beings screwing in little screws to make iPhones – that kind of thing is going to come to America.”
intercst
I seen a Youtube clip today of Secretary of the Treasury Scott Bessent being interviewed on Meet The Press. At the 9:58 mark of the interview, he claims that the March Jobs Numbers is proof that the Trump plan is working.
The problem with that is the tariffs were not applied in March.
Bessent sounded smart, of course, but after that claim, I’ll not believe a word he says. But spinning lies is par for the course with this admin. ( see what I did there, par for the course, lol, I’m so funny, Trump has spent pretty much every weekend since he’s been in office on the golf course /#sarcasm )
Treasury Sec. Bessent says ‘there doesn’t have to be a recession’: Full interview
That is what I have been saying about the auto tariffs: bringing assembly plant work back to the US, so the people in the “base” with no more than a high school education, can make a better living, screwing on lugnuts.
Lots of peeps working in this Foxconn plant, building iPhones.
Of course, South Korean labor is more expensive than Chinese forced labor, so Samsung seems to use more automation.
But much of the consumer electronics supply chain no longer exists in the US. The supply chain for cars does still exist. That’s why I think the car tariffs will have more hang time. I also expect tariffs on home appliances to have more hang time, because that industry still exists here.
Steve
This is nothing more than a poop and scoop scam of global proportions.
True. At the same time, the uncertainty was high and capex spending plans were in suspension as has been noted here on METAR. The jobs added number was quite the positive surprise.
DB2
Are you expecting a bounce back in the markets tomorrow, or any time soon ? I can’t see it, but I also know that I have a strong bias against the current leaders. I know that I need to see results, not just rhetoric, on the grandiose claims that our current leadership makes. I’m pretty sure the jobs numbers for April are not going to be so good. But if this turns out better than I expect, I will start going back into the market. I know that I ( actually, all of us ) don’t know squat, so I’m not totally blinded by my biases. I did pretty good during covid, and this feels similar. He shot himself in the foot on a regular basis during covid, we’ll see if he is still a megalomaniac, or if he really does have a plan.
I don’t think this will be as bad as COVID. About 500,000 extra people died unnecessarily with all the anti-mask and vaccine propaganda. I doubt tariffs will kill as many Americans.
Of course, RFK, jr, the HHS Secretary is doing all he can to bring back the measles. Fortunately many of the people posting here have “presumed immunity” from the measles, if they were born prior to 1957.
intersct
Nothing to worry about
I didn’t mean as bad as covid death wise, I meant it in a strictly financial mode. And it is crazy to say that,lol, this is no pandemic. This is 1 guy saying that he’s going to forcefeed his “genius” on us and the world. It’s actually kind of funny, in a way, the only thing he was good at was The Apprentice, lol.
Will they make more than $3.00 per hour?
With unemployment being low, where will all these workers come from? Bonkers.
“Plan Steve” is being implemented in Florida: to “deregulate” child labor, so they can replace all the people being deported.
Steve
No, but I am watching for a short-term bottom indicator to signal a rally.
I was simply pointing out that the jobs report was good news, and unexpected.
DB2
Hardly in the US. Engines are made in Ontario, transmissions in Detroit. Upholstery in Brazil, headlamps in wherever. There are few cars - if any - where 100% of the parts are US sourced.
75% of our economy is now services, none of which is accounted for in this absurd tariff calculation. Software, movies, music, banking, investment services, and more. This doesn’t count? The dollars coming home for a Hollywood blockbuster are every bit as green as those for a Ford.
This is madness, and it will continue to get worse until somebody has the spine to say “Stop, it was a mistake.” Given the predilections of the guy in charge, that could be a very, very long time.
Best commentary I have seen, including charts and graphs to demonstrate, is Fareed Zacharia’s “take” on yesterday’s program. Please watch it, for your own (sanity’s) sake:
It’s good enough that I am going to give it its own thread. I’d like everyone on the planet to consider it.
People are making him seem more smart then he really is. He’s got a Bachelor’s degree in economics from a fancy college just like Lutnick and just like Trump. These titles don’t mean you’re smart, they mean you have a rich daddy and went to college to network with other rich kids. Or does Trump sound like somebody who’d read a textbook and complete assignments to you?
I don’t know how smart he is, but he has a good record. He interned with Jim Rodgers and worked for Soros in the '90s. He was part of the team that bet against the British pound and made a billion dollars for the firm (back when a billion dollars was real money).
DB2
Yeah, but consider what you are saying: he was “on the team” that had “made the right bet”.
IDK, it doesn’t sound like you necessarily need to be smart to stake that claim but rather you need to have the right connections.
Did he ever write something worth reading? Did he ever give an insightful speech?
The best I know is some blogs that he wrote, but they are only interesting because of what position of power he’s in rather than being scholarly.
Not at this point. Quite shocking to see Navarro on TV the other day spouting one outright lie after another. Making a big show, crying foul and bulldozing your way through appears way more attractive for the main actors.
More cowbell please!!
Remember where I live. There is quite a bit still here. I drive past these two Ford powertrain plants quite often. They are both on Plymouth Rd, in Livonia, maybe three miles apart.
That “service” work either can’t be done by someone with no more education than high school, or it doesn’t pay for squat, or both. That is why the administration is concentrating on protecting blue collar factory work.
Steve
