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Scott Lincicome @scottlincicome
, 3 tweets, 1 min read Read on Twitter
The US keg company that famously wrote abt how Trump's steel/aluminum tariffs were destroying its business now claims it is the victim of "unfair" trade (and thus needs tariff protection): enforcement.trade.gov/download/facts…
"'We’re already seeing that we’re getting priced out of the market with our U.S. kegs,' Mr. Czachor said. 'We’re very concerned that this could put us out of business'" wsj.com/articles/the-t…
Today DOC also initiated an investigation of aluminum wire & cable imports: enforcement.trade.gov/download/facts…

Gee, I wonder what might be causing these US companies' injury?!?!
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More from @scottlincicome see all

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Excellent, myth-shattering research from @sffed on American consumption & imports:
frbsf.org/economic-resea…
TL;DR: only ~11% of US consumption dollars are spent on imports (only ~2% from China); BUT abt HALF of these dollars go to US firms/workers & half of imports are inputs /1
More:
Fig 2: when Americans buy imports, the ones "made in CHINA" generate the most revenue (~56 cents for every dollar spent) for US firms/workers;
Fig 3: imports from NAFTA countries (esp Canada) are most often industrial inputs for US manufacturing /2
Also interesting: even for goods (which are more easily tradable) US consumers spend well under half of their dollars (42.4%) on imports.
(Note also the significant shares of US content in imports & vice versa) /3
Read 7 tweets
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Except the vast majority of the consumer benefits of trade, referenced here, accrue to America's poor and middle class, not the "elites."
Meanwhile, subsequent research has shown significant benefits for US manufacturing from the "China shock", eg,
and

and
/2
Then there is the research showing that the rise of Chinese trade competitiveness was due less to US govt/elite action (eg PNTR) than to China's *own liberalization* /3
Read 10 tweets
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Good thread on tariff incidence (though I'm not sure Trump gets this point at all). Also important: in the real world, a lot of things prevent a quick/easy shift in supply or change in import price - contracts, supply chains, consumer preferences, finite global supply, etc.
In Section 301 comments, for example, dozens of US firms noted that, bc of these factors, it'd take YEARS to switch import suppliers, even where adequate non-China supply exists. Others said that US demand outstripped non-China supplies & building new facilities wasn't realistic.
So there are a lot of practical impediments to shifting a tariff burden away from consumers, even where the textbooks say it should be easy.
Read 3 tweets

Related threads

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THREAD

#GOP #RUSSIA #TRUMP #MCCONNELL #GRAHAM #TREASON
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Trump: "We had a big day. Very big." He says he's launching a new phase of close friendship with the EU, "in which both of us will win."
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"Trump has used Harley-Davidson as an example of a US business that is being harmed by trade barriers. Yet Harley has warned consistently against tariffs, saying they would negatively impact sales"

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Important issue highlighted by @riotwomennn: are tariff exemptions determined by bribes?

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Read 232 tweets
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THREAD

#ROSNEFT #Trump #Qatar #Glencore #QIA #Putin #SteeleDossier
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Thread: What keeps me up at night about @realDonaldTrump trade policy and tariffs on steel and aluminum #tariffs
“It feels like 2008 again.”

This is what I heard during a phone call with my family in Michigan last night.
My family started a tool and die company in Michigan in 2002 in a tiny garage with rented equipment. Today they employ roughly 40 people.
Read 9 tweets
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Trump Hotels' website still lists Trump SoHo New York among its properties in the Our Hotels menu. Select its name though to access its page and there's a message about it being renamed

bit.ly/2EPCSy1
National politics correspondent for Newsweek, Nina Burleigh, with a fun find on a TV above the bar at the Trump Hotel DC bit.ly/2E37QRR
Two errors in the 2nd graf of Breitbart's Trump Hotel DC article:
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bit.ly/2CpL7z2
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