this post was submitted on 03 Apr 2025
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Summary

Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.

The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.

Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.

Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.

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[–] adarza@lemmy.ca 164 points 1 day ago (4 children)

ok, then...

i have a huge trade deficit with walmart.

i buy way more from them than they do from me ($1200-1500 a year vs $0); just like the u.s. buys more from many countries than those countries buy from the u.s.

like the leaky diaper's new ~~tariffs~~import tax, i should charge myself a ridiculously high extra tax on purchases from walmart until they buy $1200-1500 a year of some mythical product from me to even out the 'unfair' imbalance?

yea. that'll work.

[–] andallthat@lemmy.world 32 points 1 day ago (2 children)

the "logic" is pretty much as you described it. Only, after charging yourself with the extra tax on Walmart purchases, you obviously can't afford Walmart any longer, so you learn to make your own soap with ash and the fats of animals that you have started breeding in your own flat.

[–] suigenerix@lemmy.world 2 points 1 day ago

Or your neighbour does all the work instead of you, so you decide to buy soap from them. They're next door, while Walmart is across the county line, so you decide you won't charge yourself the extra self-tax with your neighbour.

Walmart"s soap, which used to be $2, is now $3, while your neighbour's soap is $2.50.

A week later your neighbour sees that demand for their soap is huge because everyone is self-taxing. So they raise their price to $2.95 to make extra profit.


In case you think this is just a contrived fiction, this is exactly what happened to many goods, like solar panels, with Trump's first-term tarrifs. Americans paid over double the average world price for solar panels.

Worse still, Trump knows this happened, yet somehow this time will be completely different.

[–] WildPalmTree@lemmy.world 4 points 1 day ago

So sad and so true. You made me giggle and frown at the same time. Have some 🥇.

[–] danc4498@lemmy.world 37 points 1 day ago (3 children)

I think Trump doesn’t want to trade at all. He wants us to produce everything we need.

[–] biofaust@lemmy.world 51 points 1 day ago (1 children)
[–] andallthat@lemmy.world 37 points 1 day ago (3 children)
[–] ProfHillbilly@lemmy.world 17 points 1 day ago (1 children)

I am really afraid that this is what America is coming to. The problem is that we have a third of the country that supports the Mango Mussolini.

[–] mjhelto@lemm.ee 2 points 22 hours ago* (last edited 22 hours ago)

We'll have to see if that holds true after people watch their retirements get obliterated by a drastic drop in stock values across the board. Biden didn't do enough to show the people that the economy was doing well, and recovering better than other countries around the world, under his watch. Trump won't be able to pin this downward economic trend on Biden cause it happened too fast and multiple sources have cited the import tax, or fear of them, at the reason for the stock market tanking.

If owning the libs is so important that tRump voters will still vote for the ones actively hurting them, then those people are truly beyond help.

[–] biofaust@lemmy.world 13 points 1 day ago

One can only dream. Joking there is no Resistenza in the USA.

[–] ExtantHuman@lemm.ee 9 points 1 day ago

Well, artificially increasing the price of all the raw naturals we use to make those things will certainly help with that goal...

[–] Cenzorrll@lemmy.world 1 points 1 day ago (2 children)

I'm actually pretty down with that that. We should be able and ready to produce whatever we need in case another country does what trump is doing or something happens that would prevent trade. If China attacks Taiwan, we should be able to produce our own chips. We should be able to function with as little dependence on other countries as possible.

In no way do tariffs fix that. You invest in yourself, slapping your friends because they're better than you at something is really fucking stupid.

[–] danc4498@lemmy.world 4 points 1 day ago (2 children)

He’s hoping the foreign companies are going to open up shop in USA to avoid the tariffs.

[–] tallpaul@lemm.ee 1 points 6 hours ago

Which they're not going to do as that takes time and meanwhile he keeps moving the goalposts.

[–] tallpaul@lemm.ee 1 points 6 hours ago (1 children)

Which they're not going to do as that takes time and meanwhile he keeps moving the goalposts.

[–] danc4498@lemmy.world 1 points 5 hours ago

And they’ll just fill in the gaps with China, or other non USA alternatives.

[–] 10001110101@lemm.ee 1 points 22 hours ago

Meh, I think it's fine and good for countries to specialize and be dependent on each other. Keeps the peace through mutually assured economic destruction. Global upticks in isolationism preceded the World Wars. Also, it just makes sense, because different countries have different resources, and their populations are differently skilled.

[–] wuzzlewoggle@feddit.org 15 points 1 day ago

That's actually a pretty good and understandable explanation of what's going on.

[–] sfbing@lemmy.world 10 points 1 day ago

Sounds like you had better open a diaper factory in your house. Then you wouldn't have to pay the tariff that you are charging yourself.