Thomas J. Kehoe’s Post

The Problem With Tariffs!: Labor is a commodity. Putting tariffs on products only raises prices to match other products and doesn't stop competition. Product loyalty is a crucial component in retail—customers will likely continue to use the products they trust, leading to no significant increase in American product sales. Moreover, other countries might retaliate by increasing tariffs on our products, resulting in a net loss in product sales. Additionally, tariffs can disrupt global supply chains, increase costs for consumers, and potentially slow economic growth. #EconomicInsights #Tariffs #TradePolicy #GlobalEconomics #SupplyChain

We have real-world experience with the results of using tariffs as a tactic in protectionism. The Smoot–Hawley Tariff Act was a significant catalyst in spiking unemployment during the Great Depression, with rates rising from 6% after its enactment. Eliminating income tax on corporations and individuals and using tariffs as a revenue stream could mitigate the impact and reduce their effectiveness as punitive actions, making it a revenue-neutral action. Bastian argued against tariffs, calling them a socialist reaction. Tariffs are a reactionary tactic. While I support eliminating income taxes on individuals and corporations, as Trump suggested in an interview, it's important to note that eliminating these taxes and implementing tariffs are different challenges—one requires a constitutional amendment, the other congressional legislation. The most likely outcome could mirror the UK's attempt to eliminate income tax with a VAT, resulting in both taxes and economic retraction. #EconomicReform #TaxStrategy #Tariffs #IncomeTax #VAT

TRUMP'S TARIFF PLEDGE Trump Pledges Tariffs ‘Much Bigger’ Than 2.5% and on Key Sectors https://hubs.la/Q034jCFz0 President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%, the latest in a string of major signals Monday that he’s preparing widespread levies to reshape US supply chains. #trump #tariffs #oilandgasindustry #energyindustry #energynews #supplychains

Jason Miller and I don’t always agree on the various dynamics regarding “trucking” or even the economy in general. He is data driven, I am “experience” driven (with data as a reference point (sometimes lol)). This reflects a wide difference in education level and experience. Interestingly enough, our long range conclusions usually coincide despite some differences in perspective and evaluation of current conditions. That’s likely because he is driving the data from the top down, and I’m looking from the bottom upwards. There’s a convergence at the “middle”, so to speak. That “gaslighting” statement in the video in the linked is 🐂 💩. As an academic, Jason Miller doesn’t have to “sell” the news (it’s already paid by your tax dollars), he just presents the best picture based upon empirical data. Official and accepted metrics lag behind other indicators but are more stable, reliable. But , sometimes it creates a time lapse identifying emerging trends. Does that mean information, conclusions drawn are inaccurate, misleading? No. It takes time for a firm picture to emerge…and once it does, it is “take it to the bank” solid. In my own analysis I depend on personal experience in this industry to draw conclusions. But I lean heavily upon the research, data, and conclusions drawn by Jason (and others), even when I don’t necessarily agree with those (at that time). I also pay attention to opinions, views, data that FreightWaves presents. But I am mindful that opinions, conclusions are based upon data that is more real-time. This is great for reflecting current conditions and immediate trends but falls short in anticipating longer term outcomes. And like the weather media, the news must be appealing to gain the reader’s interest. For the record (and this got me kicked off Fuller’s connections lol), I was the first to predict a correction in freight demand to (lagging) increase in carrier capacity due to a winding down of pandemic stimulus driven consumer spending. I did not call it a recession because of the nature of the unprecedented events that created the pandemic period boom cycle. 2020 onwards is not a “natural” freight cycle. It is a byproduct of a global cataclysmic event. Traditional terms, such as “recession” do not apply (to my view). I look forward to seeing this debate. I have zero doubt that Jason Miller’s presentation of empirical data will solid, compelling… give ‘em hell fella!

all the LIBs have to do is tighten border security & stop the flow of fentanyl, then NO TARIFFS

Anticipated tariffs from the Trump Administration could Impact F&B Businesses but RSM says businesses can mitigate these effects through a few careful steps. https://rsm.buzz/3VEsHoN

It is election season so tariffs are again popular as a tool for protectionism, but as Milton Friedman succinctly told us decades ago the only thing tariffs protect us from is “the lowest price.” “Every such law, therefore, imposes a real tax upon the whole country,” Adam Smith wrote in The Wealth of Nations, making the case against protectionism that generations of economists have long understood. While it might be unpopular at the moment, now is the time to speak the truth on free trade. #tariffs #protectionism #freetrade #economics #USeconomy

In case you missed it, The Faculty's Professor Meredith Crowley has appeared on Radio 4's The Briefing Room. She discussed tariffs, what could happen if President Trump follows through on the plans he vocalised during his campaign, and how new tariffs could affect the world economy during a second Trump presidency. https://lnkd.in/eXAfX_Br

Looking for a summary of what the election results mean for supply chain? Check our latest analysis on how President-Elect Trump's plans for across-the-board tariffs will impact freight strategies and supply chain costs in 2025. #chrobinson #electionresults #supplychain https://bit.ly/4fdJbvS

Anticipated tariffs from the Trump Administration could Impact F&B Businesses but RSM says businesses can mitigate these effects through a few careful steps. https://rsm.buzz/3ZR7vNV