#EU to impose #counter #tariffs on $28 billion of #US goods

#reciprocal #tariffs #Trump #trade #war

https://m.economictimes.com/news/international/us/trade-war-is-on-from-meat-to-toilet-paper-eu-imposes-28-billion-in-tariffs-on-u-s-products-making-goods-more-expensive-for-billions-and-pushing-global-economies-toward-recession/articleshow/120039631.cms

1/2: #RachelMaddow brings another mental backstory on the #Trump #tariffs :

Peter #Navarro, a quack #economist recruited by #JaredKushner as Trump's trade advisor, the suspected author of the insane tariff #formula, turns out to have created a fictional expert called #RonVara, an anagram of his name, to cite in his books & memos as a trusted source and justify the policy of so-called #reciprocal tariffs. Even made up an email address for him.

https://www.youtube.com/watch?v=MJbZCbBLqkk

#reciprocal : recurring in vicissitude

- French: réciproque

- Italian: reciproco

- Portuguese: recíproco

- Spanish: recíproco

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Via @jaykuo and https://statuskuo.substack.com/p/a-sham-and-a-scam?r=g3gok&utm_campaign=post&utm_medium=email&triedRedirect=true

Interesting list of current #tariffs showing that "#reciprocal" is not really the word to describe #trumps own #smoothhawleytariffact 2.0.

So, the idiot administration in the US has released their "reciprocal tariffs" that aren't actually reciprocal.

An economist figured out where they got their bogus percentages from; it would be amusing in its stupidity if it weren't so serious. No one involved understands what a trade surplus or trade deficit is, or what it means.

But they also announced rates on "countries" that aren't countries, just territories of another nation.

They announced rates on islands that have 0 human inhabitants, and 0 economic activity, and therefore cannot possibly have a trade surplus with the US.

They announced a tariff rate on an American military base.

It is a clown show.

The question is: where did they get this bogus data from?

Was their big chart of tariff rates generated by an #LLM?

What are reciprocal tarriffs? #reciprocal #tariffs #trump

"Through sharing, they avoid hoarding of resources by few and this achieves joy for everybody. Because the Baka do not recognise the forest as separate from themselves, joy for people also means joy and abundance for the forest."

https://relationalthinkingblog.com/2024/09/23/plain-language-summary-the-hunter-gatherer-society-that-shows-us-that-sharing-is-the-key-to-forest-protection/

(must-read) A massive threat for Europe if the US will try to include Value-Added Tax #VAT in its calculation of #reciprocal #tariffs to be applied to the EU and the UK that uses the same form of indirect taxation - Vítor Constâncio @vmrconstancio.bsky.social https://vtor.substack.com/p/trumps-reciprocal-tariffs-and-vat

I asked #ChatGPT what is meant by #reciprocal # tariffs --- for example, if Country A imposes a 10% tariff on Country B's goods, Country B might respond by imposing a similar 10% tariff on Country A's goods.