Posted September 08, 2023
By Matt Insley
First up this morning, a reader comments on China’s EV graveyards: “I have a suspicion that the amount of money tied up in China’s EV parking lots pales in comparison to the money the U.S. has blown up, wasted, bribed, etc. via our own Department of Defense, CIA and State Department in service to war games in Ukraine.
“At least China has received some marginal benefit from their EV fleet. All we’re gaining is death and destruction.”
Next, per our report last Friday on London’s “Ultra Low Emissions Zone” fines on older ICE vehicles, a reader says…
“Good to see our bros across the pond still have a bit of the independence gene and revolutionary spirit that spawned us here on this side. We could use a refresher.”
On the same topic, Girard P. says: “FINALLY! I am glad to see that the peasants are starting to revolt against the powers that be.
“I have thought that a good can of undercoating would render the cameras inoperable and be difficult to clean up.
“This is just the tip of the iceberg, starting to tax vehicles that don’t comply with a new regulation.
“What’s the next item going to be? It’s a slippery slope for sure.”
Speaking of, here stateside, Team Biden is considering a regressive tariff affecting American consumers, and if you eat food, you’ll want to read this…
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Your Rundown for Friday, September 8, 2023...
Your Latest Budget Buster?
In August, the average cost of food was up about 5% year-over-year. Now, should you prepare to reset your grocery budget? Again?
In characteristically regressive fashion, the Biden administration is toying with a new tariff which, if passed, would add about 58 cents to the price of each canned-food item you purchase.
“The Commerce Department and the International Trade Commission are considering a petition that would impose tariffs of up to 300% on tinplate steel, a key component in tin cans like those commonly used to pack food products including tuna, soup, baked beans and more,” says Eric Boehm at Reason.
If approved, the tariffs would be levied against eight countries — Canada, China, Germany, Netherlands, South Korea, Taiwan, Turkey and the United Kingdom — in order to protect the interests of just one American company.
Namely, Ohio-based Cleveland-Cliffs Inc., which has lobbied for the tariffs “at the expense of consumers nationwide,” Boehm writes.
At this point, one would have to be deliberately ignorant of the data proving such tariffs don’t actually protect American consumers or manufacturing:
- “Trump’s tariffs helped drive steel prices sharply higher in the United States than they were in other countries, which meant all those downstream U.S. firms had to pay more,” says Catherine Rampell at The Washington Post, citing price data at SteelBenchmarker
- According to another study from think tank Trade Partnership Worldwide LLC, if Team Biden grants Cleveland-Cliffs’ petition, “for every steel worker who gains from the duties, more than 600 other manufacturing jobs in downstream industries will be threatened.”
In summary, if the White House approves this so-called protectionist tariff, American consumers might have no choice but to ditch their can openers.
Much like Team Biden has ditched everyday Americans.
Market Rundown for Friday, Sept. 8, 2023
The S&P 500 is up 0.25% to 4,460.
Oil is up 0.30% to $87.14 for a barrel of WTI.
Gold’s up 0.15% to $1,922.10 per ounce, according to Kitco.
And Bitcoin? The flagship crypto is in the green at $25,870.
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