Joe Biden calls for tripling of tariffs on Chinese steel

You don't have to agree, but its true nonetheless.

So, let's take prices out of the equation, and inflation it fixed. Easy peasy.

Inflation is the rate of increase in prices over a given period of time, and it can be cause by various things which I listed. Your definition for inflation is actually the definition for devaluation.

If government adds 25% tax on some goods, like Biden wants to do, or 60% like Trump wants, then it will cause consumer prices to go up even though there is no change in money supply, it will be counted as inflation, not as monetary devaluation.

 

Buying votes has to do with government corruption, not inflation. Expanding the money supply affects inflation

Sorry, not to me. To me results matter. Reasons are opinion based. Results are activity based.

 

Inflation definitely affects prices. Why did Montana's housing prices increase more than Texas since 2020? Did Montana's money supply raise faster than Texas?

inflation is literally measured in cost increases not in dollars in circulation.

 

Anything that increases cost is considered inflation. Inflation is measured in cost increases.

 

Sorry you didn't understand it. Inflation is only fixed when it is reversed by deflation, something the government will never do. Tariffs reduce supply. The law of supply and demand is what affects the prices. They are #2 in your list above. Tariffs only hurt when there is no other source for what you want to buy. Tariffs are protectionism and it is domestic business that is being protected. Every country on the planet uses them including the U.S.

 

That is the popular misconception and it misses the mark. Expansion of the money supply reduces the value of the currency. That is the source of true inflation. It is permanent because government won't allow deflation to reverse it. Prices rise and fall with changes in supply and demand. They are temporary. Combining the two into one term gives a false picture of what is actually happening. That combination is purposeful. Government likes to blame everything on something other than itself so it has corrupted the definition of term inflation. It hides their devaluation of the money for its benefit.

 

A tariff is a tax on all to benefit a few.

 

I do. I already said we don't have to agree on it. If you don't think rising cost of production causes inflation, then so be it.

New 25% tax affects prices too, even when money supply and supply / demand remain the same.

Yes. It might tickle the ears of some when people hear the government is "protecting American interest" but they regret it as soon as they have to fork out more money at the register. Steel is used in so many products that it will cause the prices of lot of produced to go up

 

Expansion of the money supply is definitely one of the many causes of inflation. However, inflation is still measured by cost and not money supply. That’s a fact, it’s not a misconception.

 

The more money available the more things cost.

 

Steel is a product.

 

It is a misconception. A very widely believed misconception. The government has trained people to believe it, even the economists. How can you combine a permanent reduction in monetary value with the temporary fluctuations of prices caused by supply and demand with any level of logic. The answer is only because you want to obfuscate. I'm not the one obfuscating. Go back 40 years and this combination didn't exist. Inflation was inflation and prices were prices. Nothing has changed other than the combination of the two. It is not a good thing. It hides government overspending.

 

Yes they are forced price increases. That may or may not matter depending on the availability of other sources for the products. They also protect domestic businesses and that has a positive impact on the domestic economy.

See the sentence above. Raising tariffs on products that are not available elsewhere is a mistake. It causes exactly what you are saying. It is not a mistake with Chinese steel. We have domestic steel production and we can import from friendly countries like Japan or Canada. There is no protection for protectionism to protect without domestic sources. This is not a tariff on steel. Only Chinese steel. It will have no negative economic impact. for us - only for China. We should all get behind this tariff.

 

Collecting additional tax helps the government, not you and me.

 

Biden claims he wants to decrease metal imports from China and so he wants to triple the tariff on metal imports from China. He announced that while speaking to a metal producers labor union. This is a big change from open borders Biden's "tariffs are bad for workers and regular people" policy and only comes months before the election where he is poll well behind Trump with blue collar workers.

So, in other words, Biden admin is saying "ignore everything I have done while in office and I pinky swear I will completely change everything but not until AFTER the election when it is to late to vote me out if I don't."

 

Actually, he chose to keep the tariffs imposed by Trump, so its not like this is a 'change of mind' when it comes to tariffs. They both like import taxes. Both him and Trump have a liberal mindset when it comes to governments involvement in the economy.

 

It does help government. The ability for domestic businesses to be more competitive helps us all.

 

I think protectionism is the word. Not sure if it's liberal or conservative so much as anti-globalist. Maybe more authoritarian than libertarian, but neither of those terms are conservative or liberal either.

 

It is protectionism. It is used by virtually every country on the planet including the U.S.

 

Targeted tariffs are okay to counteract dumping tactics, which is what China is doing. The Chinese government subsidizes their exports, so the US government can put a finger on the other side of the scale to balance it out.

 

In a word, coal.

 

In bold below...

 

And now Biden is too but that's not going to change the way you people vote.

 

Correct, it won't change the fact that I will not vote for either candidate.

 

Chinese steel is garbage. We should increase the tariff on Chinese steel unless they can prove that the steel they are exporting to us is actually a quality product.

If they want to send us garbage steel they should absolutely be paying high tariffs. About the only thing you can say about their Steel is that a magnet will stick to it and it will rust like hell