Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

DonViejo

(60,536 posts)
Tue Sep 18, 2018, 02:10 PM Sep 2018

Wilbur Ross: Trump's new China tariffs will increase prices but 'nobody is going to actually notice'

Source: CNBC



The Commerce secretary concedes prices in the U.S. will increase as a result of the new China tariffs put in place by President Trump.

However, Ross says they will be "spread across thousands and thousands of products" and "nobody is going to actually notice it at the end of the day."


Matthew J. Belvedere | @Matt_Belvedere
Published 4 Hours Ago Updated 3 Hours Ago

Commerce Secretary Wilbur Ross concedes that prices in the U.S. will increase as a result of the new China tariffs put in place by President Donald Trump.

However, Ross told CNBC on Tuesday, "Nobody is going to actually notice it at the end of the day," because the hikes will be "spread across thousands and thousands of products."

"If you have a 10 percent tariff on another $200 billion, that's $20 billion a year. That's a tiny, tiny, tiny fraction of 1 percent [of] inflation in the U.S.," Ross said.

The Trump administration on Monday announced tariffs of 10 percent on another $200 billion worth of Chinese imports, rising to 25 percent at the end of the year.

Read more: https://www.cnbc.com/2018/09/18/wilbur-ross-nobody-to-notice-price-hikes-from-trump-new-china-tariffs.html?&qsearchterm=wilbur%20ross%20says
18 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Wilbur Ross: Trump's new China tariffs will increase prices but 'nobody is going to actually notice' (Original Post) DonViejo Sep 2018 OP
L I A R Eliot Rosewater Sep 2018 #1
+1000 iluvtennis Sep 2018 #13
Expect to pay 25% more for everything you buy, and even if it doesn't come from China they wil Meadowoak Sep 2018 #2
No, rich fucks like YOU won't notice it, Wilbur! Frequency Kenneth Sep 2018 #3
So Wibur, can I call you Wilbur? Did you divest any of your hedge fund shit before turbinetree Sep 2018 #4
Except matt819 Sep 2018 #5
unless you are poor or in a lower tax bracket... Javaman Sep 2018 #6
YOU won't notice, Wilbur. You brain-dead old billionaire. (nt) Paladin Sep 2018 #7
Disposable income for the Average American will have less purchasing power. Consumers WILL notice Freethinker65 Sep 2018 #8
Every retailer knows the game bucolic_frolic Sep 2018 #9
Money launderer says what? lagomorph777 Sep 2018 #10
Remember we Wellstone ruled Sep 2018 #11
W Ross' head is screwed on backwards and is rotating from left to right all of the time... SWBTATTReg Sep 2018 #12
If no one notices then why will they lower Sale of Chinese goods? Cicada Sep 2018 #14
Billionaire says the poor shouldn't worry about getting poorer even though they will be poorer. BumRushDaShow Sep 2018 #15
Remember when Greenspan & his pals said there was no housing bubble? displacedtexan Sep 2018 #16
Tariffs are a regressive tax and economic growth WILL slow. roamer65 Sep 2018 #17
Increase in drug prices HeiressofBickworth Sep 2018 #18

Meadowoak

(5,546 posts)
2. Expect to pay 25% more for everything you buy, and even if it doesn't come from China they wil
Tue Sep 18, 2018, 02:17 PM
Sep 2018

Still raise the price 25% to be competitive.

turbinetree

(24,703 posts)
4. So Wibur, can I call you Wilbur? Did you divest any of your hedge fund shit before
Tue Sep 18, 2018, 02:21 PM
Sep 2018

your orange hair traitor did this...............so that you can bag the money, and send it to the Cyprus Bank and the Russian Mafia ..................your still an enabling LIAR....................POS.................

matt819

(10,749 posts)
5. Except
Tue Sep 18, 2018, 02:23 PM
Sep 2018

for the fact that Americans are going to spend well over $20 billion on stuff that they didn't have to spend $20 billion on previously. Sure, individual Americans may not notice, but collectively the impact on the economy, and on the health and safety of Americans, will e considerable.

Javaman

(62,530 posts)
6. unless you are poor or in a lower tax bracket...
Tue Sep 18, 2018, 02:27 PM
Sep 2018

the rich repukes, who this is aimed at, won't notice anything. the poor repukes are too stupid to put two and two together and claim higher prices are great!

Freethinker65

(10,023 posts)
8. Disposable income for the Average American will have less purchasing power. Consumers WILL notice
Tue Sep 18, 2018, 02:48 PM
Sep 2018

Especially consumers on a budget.

I already buy less crap than I did before the last recession and I will never return to my old spending ways. More people will realize they can live without the latest updated gadget/product. Good luck getting those consumers back when Trump suddenly and miraculously exclaims his tariffs were a success and decides to repeal them.

bucolic_frolic

(43,173 posts)
9. Every retailer knows the game
Tue Sep 18, 2018, 02:58 PM
Sep 2018

Raise prices whenever you think you can. This week, I have seen:

a white cake, roughly the volume of 2 cupcakes, plopped on a white backing, piled with white icing then black icing used for eyes, long spider legs on the backer board, and covered by plastic dome. This is sold as a "Halloween Cake". Price: $4.49

Close out bins are notorious. What sold for $1.98 is now $5.00 because they seem to think people either don't know, or are afraid the item can't be found anymore.

Also, shelf prices are lagging price at the register. Pay attention to this one. Big retailer has no system for tracking this. If you complain, they ask you the price on the shelf, and sell it to you at that price. No one checks. Go back the following week? Shelf price remains the same, price at register still elevated.

Crooks abound. Beware.

 

Wellstone ruled

(34,661 posts)
11. Remember we
Tue Sep 18, 2018, 03:23 PM
Sep 2018

went through this with Cheney-Bush for some 3-4 months shortly after they took power. Stock market answer them with a major sell off,the Bankers went nuts and the Chamber of Commerce told them to ditch it now and not latter.

Remember,everything that Target and Wal Mart sells that is not manufactured here,is coming in Containers from some China Port and those Containers are on the Water for weeks. Watch for the lid to blow off this can withing days.

SWBTATTReg

(22,130 posts)
12. W Ross' head is screwed on backwards and is rotating from left to right all of the time...
Tue Sep 18, 2018, 03:50 PM
Sep 2018

He's nothing but a bigly con artist, as his former partners will testify.

Scumbag.

displacedtexan

(15,696 posts)
16. Remember when Greenspan & his pals said there was no housing bubble?
Tue Sep 18, 2018, 05:30 PM
Sep 2018

Of course, we remember. Wilbur is a lying asshole.

roamer65

(36,745 posts)
17. Tariffs are a regressive tax and economic growth WILL slow.
Tue Sep 18, 2018, 08:38 PM
Sep 2018

They are no different than a sales tax of 25 percent. I don’t see any states looking to increase their sales tax to 25 percent.

HeiressofBickworth

(2,682 posts)
18. Increase in drug prices
Tue Sep 18, 2018, 11:01 PM
Sep 2018

I haven't been able to determine if my blood pressure med is made in China, but I noticed a HUGE difference in price when I renewed it this week.

I get a 3-month supply. In the past it was $26. When I refilled the prescription the price was $60 !!!!!

Yup, Sr. Citizen, fixed income, and my property taxes are going up again next year. There is just no way to stop this inflationary cycle.

Latest Discussions»Latest Breaking News»Wilbur Ross: Trump's new ...