SNB's Schlegel: US tariffs are damping global growth | Metals Mine

  • SNB's Schlegel: US tariffs are damping global growth

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Foxikus
Nov 4, 2025 6:21am
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Quoting Schultz
{quote} Why would they? Prior to Trump's tariffs, the US faced tariffs on its exports pretty much the same as any other country in the world - an average of perhaps a couple percent. This is pursuant to the World Trade Organizations rule called the Most Favoured Nations clause, which is generally abided by. Now, some other countries have retaliated against the US, most notably China. Playing by the US rules now, not the WTO's. Just some facts.
Bullshit, , we Europeans also pay + 22-30% VAT for goods from America + customs duty 5-7% which VAT is basically a thieving tax on already taxed money. and we have been paying this for decades. The price of American products is therefore logically very expensive and uncompetitive. Trum just leveled the playing field.
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Schultz
Nov 4, 2025 8:37am
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Quoting mcsilver
"US tariffs are damping global growth" Of course it is. The USA has been the world's largest consumer and has subsidized the global growth but has sacrificed its own populations future jobs. This is why MAGA has so much support. There will be all sorts of complicated excuses posted on here trying to explain it away, but in reality this statement says it all. American's don't want to be the World's source of global growth anymore.
And in the meantime, the rest of the world continues to enjoy consuming whatever comes out of the US at the same rate and at the prices they have always been.

That is very magnanimous of MAGA. The world is truly grateful.
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Twocans
Nov 4, 2025 4:27am
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You can bet your ass this is what I voted for. Sick of paying for other economies taking advantage of stupid Democrat politicians that get 'greased'.
Foxikus
Nov 4, 2025 7:11am
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Everything that comes into the EU and is subject to customs duties is subject to a theft tax, VAT, which varies slightly, somewhere it is 20%, somewhere 21%, somewhere 22%.

proto evropská unie se nazývá evropská uhnije
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Schultz
Nov 4, 2025 6:03am
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Quoting chireigns
But other countries' tariffs on the US are not dampening global growth, right?
Why would they?

Prior to Trump's tariffs, the US faced tariffs on its exports pretty much the same as any other country in the world - an average of perhaps a couple percent.

This is pursuant to the World Trade Organizations rule called the Most Favoured Nations clause, which is generally abided by.

Now, some other countries have retaliated against the US, most notably China. Playing by the US rules now, not the WTO's.

Just some facts.
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Schultz
Nov 4, 2025 6:24am — Edited
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Quoting Foxikus
{quote} Bullshit, , we Europeans also pay + 22-30% VAT for goods from America + customs duty 5-7% which VAT is basically a thieving tax on already taxed money. Trum just leveled the playing field.
How much VAT plus customs duty do Europeans pay for goods from other (non-European) countries?

Actually, I know the answer to this question. I think that for completeness you ought to expand on your comment.
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Schultz
Nov 4, 2025 7:40am
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Quoting Foxikus
Everything that comes into the EU and is subject to customs duties is subject to a theft tax, VAT, which varies slightly, somewhere it is 20%, somewhere 21%, somewhere 22%. proto evropská unie se nazývá evropská uhnije
So "the World Trade Organizations rule called the Most Favoured Nations clause, which is generally abided by" is indeed followed by Europe with respect to VAT.

America's exports to Europe are in no way disadvantaged compared with exports from other countries.

In Germany, the same VAT etc is imposed on an American import valued at 10 Euros as an Australian import valued at 10 Euros.

Australia has a similar arrangement. With some exceptions (eg, cigarettes and alcohol), all imports are taxed at 10% from wherever they come from.

Despite what Trump says, neither Europe nor Australia are picking on America. Imports from all countries are taxed equally.

But some Americans believe him on this, and a whole lot more.

edit - yes, I suppose I should say the EU where possible. Too late now.
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Twocans
Nov 4, 2025 5:10am
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Quoting chireigns
But other countries' tariffs on the US are not dampening global growth, right?
Das rite
chireigns
Nov 4, 2025 4:53am
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But other countries' tariffs on the US are not dampening global growth, right?
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mcsilver
Nov 4, 2025 8:12am
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"US tariffs are damping global growth" Of course it is. The USA has been the world's largest consumer and has subsidized the global growth but has sacrificed its own populations future jobs. This is why MAGA has so much support. There will be all sorts of complicated excuses posted on here trying to explain it away, but in reality this statement says it all. American's don't want to be the World's source of global growth anymore.
Reply
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