John Murphy
@jargonmaster
Ad Policy @ Microsoft. Jargon, Oxford commas, tech, and economics. Ex- @WeAreConfiant, @OpenX, @Yahoo. Views expressed here are my dog's.
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Being middle aged is realizing all your heroes are dead, and that you killed them.
To those who think tariffs aren't affecting prices, I wonder if they can spot any subtle relationship between the June aluminum tariff and the price of American aluminum in that month.
Apparently, lower tariffs reduce prices, even though higher tariffs don't increase them. There are truly magic outcomes you can accomplish with this set of tools
Goldman on who's been paying US tariffs so far: American companies & consumers: 88% Foreign exporters: 9%
The US dollar is having its worst year in decades, per FT:
Just a reminder that the Constitution gives Congress the power to set tariffs. It could end this madness any day they chose to discover their power.
The video of this incident is just as bad as it sounds. The priest is standing there, not doing anything remotely illegal, and without warning a masked DHS agent on the roof shoots him in the top of his head with a pepper ball.
Quote: "Caterpillar estimates that tariffs will cost the equipment maker $1.8 billion this year. Deere projects a tariff hit of about $600 million, mainly from higher steel and aluminum costs." wsj.com/opinion/august…
ISM: "US manufacturing contracted for a sixth straight month in August as factories dealt with the fallout from the Trump administration's import tariffs, with some manufacturers describing the current business environment as 'much worse than the Great Recession'" Brutal:
Thanks to tariffs (esp re: Canada), US aluminium prices are now roughly 50% higher than in Europe & Japan, thus putting US manufacturers at a competitive disadvantage. Heckuva industrial strategy.
US tariffs update: Imported goods cost 5% more, domestic goods 3% more than pre-tariff trends predicted. Data now runs through Aug 8 — and we push the history back to Jan 1, 2024 (Appendix), showing a full year of stability before tariffs broke the trend. pricinglab.org/tariff-tracker
Eyeglasses aren’t opioids. There’s no reason we should need to see an optometrist to buy glasses. You don’t in the rest of the world, and you didn’t in the US either until optometrists lobbied aggressively under the banner of “public safety.” For decades, opticians, trained with…
My next pet project will be to liberalize state eyeglass prescription laws because getting an exam every year is a pain in the butt and I didn't realize most other states have longer durations.
Which is bananas. We don't grow bananas. No american jobs are protected. You are just paying the Trump banana(and coffee) tax. We burned King George in effigy for less.
The average US tariff on bananas was functionally 0% until March of this year. It is now 9.2%.
This is an appalling case. Why not just let them stay in Canada until all the visa stuff was worked out? theguardian.com/world/2025/aug…
Goldman Sachs analysis finds that through June foreign exporters absorbed just 14% of the cost of U.S. tariffs while American companies paid 64% and American consumers paid 22%. Goldman predicts that consumer share will rise to 67%. qz.com/us-consumers-t…
This line in today's DOJ filing gives the Trump admin's entire game away in the tariff case. They didn't use the Trade Expansion Act of 1962 or Trade Act of 1974 because both those statutes impose limits on the delegated tariff power. So he invented a new power under IEEPA.
Tariffs are bad for growth and bad for inflation. The worst impacts of this administration’s economic sabotage are yet to come.
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