Welcome back! This week’s edition is late due to the breaking news about tariffs in our national headlines. That caused for a bit of a rewrite, so thanks for bearing with me! As always, feel free to check out the past recommendations and inspirations.
Despite strong opposition from top Republican lawmakers, President Donald Trump announced a new set of tariffs today.
“Tariffs of 25% are to be placed on steel and 10% on aluminium imported into the US. The tariffs will go into effect in 15 days and include exemptions for Canada and Mexico.” –BBC
Canada and Mexico are some of the largest trade partners for the US. President Trump also seems to be trying to utilize the tariffs to be able to renegotiate NAFTA (North American Free Trade Agreement) which he has long sought to do.
Alright David….this sounds like one of those topics that is incredibly boring. Why should I care?
A tariff on imported steel and aluminum could cause prices to rise on things like beer cans, soup cans, baseball bats, and more products. According to Commerce Secretary Wilbur Ross, price increases are likely to be relatively insignificant. “He said on Friday that the price of a can of Campbell’s soup would go up only six-tenths of one cent” (CNN). However, the larger potential fallout could include a falling stock market and a looming trade war.
Okay, that makes sense. But, before we go too far can we define some of these terms? Specifically tariff and trade war?
Tariffs: Basically a tax on imported goods, thus making those foreign products more expensive and helping the domestic version of that product. Learn more about Tariffs here via CNN
Trade War: Basically when countries retaliate against a country that imposes tariffs, quotas, or other trade barriers. This could lead to tit-for-tat responses to one another threatening the global economy and diplomatic relations.
But David, does President Trump even have the authority to do this?
Yes. The President is “using a rarely used legal provision known as Section 232 that allows the president to impose tariffs unilaterally if imports are determined to pose a national-security risk” (The Hill).
The argument being that China’s saturation into the steel market could leave the US vulnerable in the event of a war. America could need tanks, guns, cars, planes, etc. and not have the capacity to meet demand due to the shrinking steel industry.
However, other countries are likely to take the US to court, arguing that the decision violates World Trade Organization policy.
What else has happened so far?
- The president’s top economic adviser Gary Cohn, a supporter of free trade, resigned on Tuesday. More than 100 Republicans have signed a letter addressed to the president, expressing their “deep concern” about the tariffs
- International Monetary Fund chief Christine Lagarde has warned “nobody wins” in a trade war, saying it would harm global economic growth
- The EU has proposed retaliatory measures against a number of US goods including bourbon and peanut butter
- China has threatened an “appropriate and necessary response” in any trade war with the US. Foreign Minister Wang Yi said China and the US should strive to be partners rather than rivals
-BBC News
It is also important to note that Senator Jeff Flake (R-AZ) is already penning legislation to nullify the tariffs. Also, to name just a few other prominent Republicans who oppose the deal include: Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, and Ways and Means Chairman Kevin Brady.
I want to learn more. What other resources can you point me towards?
Marquette University polled statewide voters on a number of issues including Foxconn, President Trump, Governor Walker, and other upcoming statewide elections.
Just a reminder that, including local incentives, the deal “could eventually pay Foxconn roughly $4.5 billion if it hits capital investment and job creation benchmarks” (WPR).
When Marquette asked voters statewide whether the deal was worth it,
- 49% said the state was paying more in incentives than it would get back from Foxconn,
- 38% said state would at least break even
- 13% said they didn’t know
When statewide voters were asked whether the Foxconn deal would benefit businesses close to them
- YES = 25 %
- NO = 66%
- Didn’t Know = 8%
*Statistics from Marquette Poll via WPR
Whether the Foxconn deal will ultimately be beneficial to the state cannot be determined in the present. However, in politics, perception can often lead into a reality.
Some other highlights from the poll:
- The Wisconsin Supreme Court Candidates are unknown to many voters. 77% and 81% of voters said they “didn’t know enough to form an opinion” on Judge Rebecca Dallet and Judge Michael Screnock, respectively.
- The same is true for Tammy Baldwin’s challengers for the US Senate. 85% and 83% of voters said they “didn’t know enough to form an opinion” on Republican candidates Kevin Nicholson and Leah Vukmir, respectively.
- Governor Walker is divisive in Wisconsin. 47% said they approve and 47% said they disapprove of his job. That is similar to his 48%-48% last June in a similar poll.
- President Trump got a slight uptick in approval with 43% approval and 50% disapprove. That is close to the 41% approval and 51% disapproval last June.
**Note about the poll: “The Marquette poll interviewed 800 registered voters from Feb. 25 through Thursday and had a margin of error of +/- 4.5 percentage points” (WPR).
3) Writer’s Choice → Lenten Reflections
This year for Lent I am trying to be more intentional. That said, I will be offering a reflection every week during Lent for the coming Sunday’s readings.
John 3:16
“For God so loved the world that he gave his only Son, so that everyone who believes in him might not perish but might have eternal life.” John 3:16 Chances are you have heard this scripture passage at some point in your life. It is one of the most quoted verses and succinctly sums up the Gospel story.
We are saved by grace. The second reading reminds us of this. “For by grace you have been saved through faith, and this is not from you; it is the gift of God; it is not from works, so no one may boast.” We cannot save ourselves. We must follow the Lord for He is the Way, the Truth, and the Life. It is not our works that save us; we cannot earn the Lord’s mercy. We are made for the Lord’s Divine Love. We are imperfect and fallible. We are called to love as God loves, but do we?
Here is one way you could measure it: Would you be willing to die for someone? Not just your friends or family or neighbor, but someone who annoys you. who bothers you, who irritates you. And not just die, but suffer. Brutal and torturous suffering. And to die for someone who doesn’t even care that you died for them. That is what Jesus Christ did. That is how we are to measure our love. You are made for Divine Love. Follow the Way, the Truth, and the Life.
This wonderful book leads the main protagonist, Milo, on a journey through the Kingdom of Wisdom. “The text is full of puns and wordplay, such as when Milo unintentionally jumps to Conclusions, an island in Wisdom, thus exploring the literal meanings of idioms.” Milo seeks to restore Rhyme and Reason and meets people such as the King of Dictionopolis, Tock the Dog who ticks, and the Symphony of Color. Enjoy!
In this NPR podcast, Guy Raz “dives into the stories behind some of the world’s best known companies. How I Built This weaves a narrative journey about innovators, entrepreneurs and idealists—and the movements they built” (NPR). It is almost like a mini biography of these influential leaders from companies like Kate Spade, Southwest, LinkedIn, and many more.
Peace, love, and all the above,
DJE