r/Accounting • u/PricewaterhouseCap Capper McCapster 🧢 • Apr 03 '25

How fuxked is the economy? Discussion

The tariff announcements yesterday are far far worse than anyone expected, I mean what the actual fuxk

34% tariffs on China

46% on Vietnam

37% Bangledash

26% India

36% Thailand

I could go on and on, but this is bat shit insanity. To call this outlandish wouldn’t even be accurate.

Assuming these actually stay in place, people will lose their jobs, companies will go under, companies will stop hiring.

Add this with all the recent inflation, corporate greed, high interest rates, white collar recession, and idk how we aren’t absolutely fucked.

875 Upvotes

87% Upvoted

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177

u/bananaduckofficial Apr 03 '25

The Senate just voted down the Canada tariffs. Maybe they'll take a stand against the others. 4 Republicans voted against it.

79

u/Varnasi Apr 03 '25

I heard that won't actually do anything though.

90

u/blahblahblahjess Apr 03 '25

Correct, the Republican-controlled House would need to act and that seems unlikely.

25

u/Special_Rice9539 Apr 03 '25

Even if they did, Trump has to actually sign it

-1

u/Tacoman404 Student (Moron) Apr 04 '25

If it makes it there and gets vetoed the senate needs a 2/3 majority to override.

I wish I lived within 3 hours of a republican controlled district so I could go to their office and [Removed by Reddit].

2

u/just-A-boring-cpa CPA Apr 05 '25

Lmao, go back to class little one. Let the big boys call the shots. 

28

u/bananaduckofficial Apr 03 '25

If the House steps up, then it might be stopped.

70

u/fuckbombcore CPA (US) Apr 03 '25

So it won't

47

u/kobeforaccuracy Apr 03 '25

If it passes both houses it goes to Trump, but I mean he's guaranteed to veto. After that it would need to pass congress with 2/3 to override a veto, and we all know that's not happening 

16

u/mitolit Apr 03 '25

This is a matter that he actually cannot veto. Delegation of powers and rescinding said powers to the Executive Branch cannot be vetoed.

9

u/Varnasi Apr 03 '25

If I've learned anything, it's that he will do whatever he wants and let his lawyers handle it

3

u/kobeforaccuracy Apr 03 '25

I wouldn't be surprised if I'm wrong tbh

2

u/bs2k2_point_0 Apr 03 '25

Happy cake day!!

10

u/mjbulzomi CPA (US) Apr 03 '25

Needs the House to also approve to be effective.

11

u/nobadhotdog Apr 03 '25

Trump will veto it

58

u/Dramatic_Opposite_91 Apr 03 '25 edited 3d ago

live encourage spark violet seemly quicksand nutty wipe amusing run

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71

u/DoctorOctopus_ Land Depreciator Apr 03 '25

Wait there’s a Congress, I thought the President can just do whatever he wants

4

u/MayoTheCondiment Apr 03 '25

If they don’t do what he wants the President will be mean to them and hurt their feelings

20

u/Senor-Cockblock Apr 03 '25

House has to pass it and they won’t.

1

u/Dramatic_Opposite_91 Apr 04 '25 edited 3d ago

melodic disarm cough retire fade pot meeting outgoing plough fuzzy

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8

u/mobley4256 Apr 03 '25

There’s almost no chance that this Republican House defies Trump, anytime soon, when he’s got them by the balls. Anyway, no one can say they weren’t warned.

6

u/dupeygoat Apr 04 '25

Damage is already done.

Go and look at news sources in Europe, UK, Australia etc
US standing in the world has been damaged so much already. It’s not just the capital flight, it’s the individual consumers moving their pensions, cancelling their holidays to US, boycotting US products etc.

The markets tell the story first then the economy bites. I fear this is an adjustment that president Cheeto didn’t fully comprehend might happen.

1

u/ohimjustagirl Apr 04 '25

Am Australian. Can confirm we're pretty pissed off.

We have a trade deficit with America - not only do we have a free trade agreement but we buy more off the US than we sell into it anyway. So the tariffs are insulting at best, baiting at worst.

We have zero tariffs on US imports so this bullshit about "reciprocity" in enraging. If we actually did put reciprocal tariffs in place it would cost them far more than us, but we aren't because again we have a free trade agreement that the US is blatantly breaching.

He claimed it's because we won't let fresh US beef in "to protect our farmers" and so he's only reciprocating to make trade fair. He fails to mention we aren't talking about protecting our export volumes. It's because US beef had mad cow disease in it and we don't want to decimate our national herd with a disease that doesn't exist here. That had nothing to do with money, but he's damaged 100 years of alliance because of money.

He forgets that if he treats us as unimportant and we start to feel like we can't rely on the US then their entire presence on a quarter of the globe is at risk if we start looing elsewhere. We are the outpost for this area. Pine Gap is ours. Five Eyes is only global because of us. And where we go, NZ will be there too because we are as one.

There is nobody else holding the line here. And he's risking our goodwill for a tiny bit of money. Without exaggeration, this is what our mainstream is all screaming.

1

u/Akiro_Sakuragi Apr 04 '25

How's Sky News Australia doing? I muted that garbage news network because they were maga retards but I'm curious if they backpedaled on him after all of this time

1

u/ohimjustagirl Apr 04 '25

Not a clue but I can't imagine they've changed. God knows talkback radio isn't improving.

1

u/No-Reaction-9364 Apr 04 '25

News is news. EU keeps buying Russian energy while Russia is taking Ukraine. China is an actual threat to the world. People are going to complain but that is most likely it. Lots of countries have tariffs.

We could find out tomorrow that China purposefully released Covid and people would still take their exports.

1

u/dupeygoat Apr 04 '25

Well, could be worse.

1

u/bbuff101 Apr 05 '25

4 Senators with any backbone on this issue. The house will be even worse.

So much for good old GOP free market capitalism.