reuters.com
www.reuters.com

A U.S. federal court on Wednesday blocked President Donald Trump’s “Liberation Day” tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.

  • ExtantHuman@lemm.ee
    3·
    3 days ago

    You’re acting like “the basis of the concept of a tariff” matters when the tool is used poorly.

    Also, the long term effects of this implementation would not have been beneficial, it would only shrink US trade as it makes itself both irrelevant and an irrational unpredictable partner.

    You really sound like you have the most surface level understanding of what is happening. MMT doesn’t work when you remove your status as the reserve currency by doing this shit.

    • Plebcouncilman@sh.itjust.worksEnglish
      12·
      3 days ago

      MMT doesn’t rely on being the reserve currency. In fact I think it sometimes argues against it? I’m not an expert on everything MMT yet though, so I can’t speak to that point.

      But fair point yes, the implementation as not great. That still doesn’t mean that it wouldn’t have had some very good effects for the rest of the world even at the cost of US hegemony. (Since when that became a good thing anyways?)

      • ExtantHuman@lemm.ee
        2·
        3 days ago

        MMT relies upon taking in debt.

        People have to have trust in the entity taking on the debt to give it the loan. Doing insane shit that causes the global trade to abandon the USD as the reserve currency means waaaaay less entities are willing to loan that money.

        Which means interest needs to be higher.

        Which also increases inflation more rapidly.

        Which breaks the entire concept behind MMT being a useful tool.

        • Plebcouncilman@sh.itjust.worksEnglish
          04·
          3 days ago

          You do not understand MMT.

          Edit: The reason I say that is because MMT basically says the opposite of what you just wrote there. A Government that mints their own currency doesn’t need to take any loans to spend money, all they have to do is print more money.