American Economics Thread

Sinnavuuty

Sinnavuuty

Captain
Registered Member
https://twitter.com/i/web/status/1923118098498060376
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Sinnavuuty

Sinnavuuty

Captain
Registered Member
Sinnavuuty said:
American Dream!!!
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Part 37:

The executive director of the Agricultural Transportation Coalition told CNBC that what we are facing “is already a widespread crisis”…
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Peter Friedmann, executive director of the Agriculture Transportation Coalition, or AgTC, a leading export trade group for farmers, told CNBC the number of canceled purchases of U.S. agricultural products should not be described as approaching a crisis. “It is a full-blown crisis already,” he said.

Data released by the U.S. Department of Agriculture on Thursday revealed China made its biggest cancellation of pork orders since 2020, halting a shipment of 12,000 tons of pork.
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Nearly a quarter of the entire U.S. population is currently dealing with “unmanageable” debt levels …
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Nearly 1 in 4 U.S. adults currently have “unmanageable” debt, as of April 1, according to a survey of 1,000 respondents. Unmanageable debt is defined as when an individual is forced to choose between debt payments and basic necessities.
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Consumer confidence is at a complete decline…
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The Conference Board’s Consumer Confidence Index fell to 86 on the month, down 7.9 points from its prior reading and below the Dow Jones estimate for 87.7. It was the lowest reading in nearly five years.

However, the view of conditions further out deteriorated even more.

The board’s expectations index, which measures how respondents look at the next six months, tumbled to 54.4, a decline of 12.5 points and the lowest reading since October 2011. Board officials said the reading is consistent with a recession.
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Major layoffs are announced almost daily. For example, UPS just announced that it will lay off approximately 20,000 employees...
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The United Parcel Service (UPS) is expected to reduce its workforce by roughly 20,000 during 2025, citing “new or increased tariffs” and “changes in general economic conditions in the U.S. or internationally” for the cuts.

UPS announced the layoffs April 29 in its first quarter earnings report, in which the installment delivery service said it made consolidated revenues of $21.5 billion, compared to $21.7 billion around the same time a year ago. The shipping company also said it would be closing roughly 164 facilities by the end of the year.
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A recent study found that a staggering 74% of all U.S. workers are currently living paycheck to paycheck …
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Financial insecurity compounds these workplace stresses, with nearly three-quarters (74%) of workers living paycheck to paycheck.
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Student loan delinquencies in the U.S. have reached an all-time high …
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But even with this factored in, Nelnet’s data shows a spike in delinquencies compared with before the pandemic. A staggering 15 percent of borrowers are more than 90 days delinquent, which is reported to credit bureaus.

If this wave of delinquencies continues, the Education Department has warned that 10 million borrowers — nearly a quarter of the total — could be in default within a few months.
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CNBC is reporting that cargo theft is skyrocketing across the United States...
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America’s supply chain is under attack.

From coast to coast, organized criminal groups are hitting trucks on the road, breaking into warehouses and stealing expensive items from train cars, according to industry experts and law enforcement officials CNBC interviewed during a six-month investigation.

It’s all part of a record arises in cargo theft in which criminal networks in the U.S. and abroad exploit technology intended to improve supply chain efficiency and use it to steal truckloads of valuable products. Armed with doctored invoices, the fraudsters impersonate the staff of legitimate companies in order to divert office into the hands of criminals.
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S

SlothmanAllen

Senior Member
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WASHINGTON, May 30 (Reuters) - The U.S. trade deficit in goods narrowed sharply in April as the boost from the front-running of imports ahead of tariffs faded.
The goods trade gap contracted 46.0% to $87.6 billion last month, the Commerce Department's Census Bureau said on Friday. Goods imports decreased $68.4 billion to $276.1 billion. Exports of goods increased $6.3 billion to $188.5 billion.
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President
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on Friday said that
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has “totally violated its” preliminary trade agreement with the United States, and suggested he would take action in response.

“So much for being Mr. NICE GUY!” Trump wrote in a
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that said China had reneged on a deal that paused retaliatory tariffs between that country and the U.S.
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I think the narrowing trade deficit is going to be used by Trump to justify an expansion / continuation of his tariff based trade policies towards China and the rest of the world. The timing of this news along with his Truth Social rant on China makes that seem likely.

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May 29 (Reuters) - A federal appeals court temporarily reinstated the most sweeping of President Donald Trump's
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on Thursday, a day after a U.S.
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ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them.
The United States Court of Appeals for the Federal Circuit in Washington said it was pausing the lower court's ruling to consider the government's appeal, and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9.
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We can see that he has gotten some reprieve from the initial Court ruling that he could not impose the tariffs in the manner he did. From what I understand though is that the President has broad means to leavy tariffs against countries and the appeal only took one avenue away from doing so.
 
FairAndUnbiased

FairAndUnbiased

Brigadier
Registered Member
LuzinskiJ said:
Global tariffs were all for naught? Wonder how the Trump Administration will work around this ruling, in addition to the inevitable appeal.

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the intricacies of their internal policies are simply irrelevant. All foreigners see is "US did this". They do not know which exact actor is responsible, all they need to know is "US took this action".

this is like how they say "China did this" "China did that". Nobody cares about the intricacies of Chinese internal policy. Well, guess what - the same is true for the US too, only that it used to have the power to force people to care as a smokescreen. Now that they've lost that hard power, people stopped caring. Nobody is saying "well let's only tariff the red states, the blues are good people" or "let's wait the Republicans out for Democrats".

Now everyone is just saying "the US did it and we will respond accordingly".
 
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