Wolff Responds: Biden's Protectionism, New Tariffs Takes Aim At China (May 15, 2024) 

Chinese EV has not yet entered the USA market already slapped with huge tariffs. Uncle Sam surrendered without even a fight . LOL

What is so laughable is that there is only 1% of Chinese EVs in the U.S. and a few of those are low-cost, small light trucks privately imported for use in small farms. The 100% tariff on Chinese EVs is like trying to impose 100% of taxes on nothing which gives you nothing for a start. The second point is that China doesn't end up paying the tariffs but Americans do. So, the tariff is really a tax on Americans - a form of punishment on any American who dare buy a Chinese EV (or photovoltaic panel).

Mr. Wolff is a wise man and willing to tell the truth.

The United States (US) has decided to put a 100% tariff on Chinese electric vehicles, because they are the best at the best price. The tariff only benefits the 3% of US citizens who are employers. The 97% of Americans, however, will be prohibited from buying smarter in order to continue subsidizing the 9 of the 10 richest men in the world who happen to be US citizens. What does that have to do with democracy?Nothing! That is why today only 33% of US citizens are satisfied with our government. Speaking of democracy, China has already eradicated her poverty, despite having 4 times the US’ population. 90% of Chinese are satisfied with their government. Citizens, themselves, ought to know if they have a real democracy or not! If US citizens vote for either Biden or Trump, they will be voting for a plutocracy. And if that happens, democracy will continue to only be lip service. The US is a lip service “democracy”.

It is sad to see America is deteriorating in all fronts. For ordinary people, we want our government works to improve living quality including housing, healthcare, education, infrastructure and job creation. None of these were done.

Who is hurting? Ask the farmers who can't sell produce to China because China's response to tariffs is to buy produce elsewhere; like, Brazil. They also stopped buying American cars, even cars made in China by American factories in China; just ask Tesla, who is asking China for a handout now in Beijing.

Thank you for your integrity and courage to speak up the truth in this days.

So we’ve lost the solar, nuclear energy and EV challenge to China? Nice job America

Rewarding incompetence is the American way.

Wise and cautionary words from Mr Wolff. I always enjoy listening to him. 👍👍❤️

Thank you! Thank you! Thank you! Thank God we still have someone who has a clear head about what’s happening in this country! It’s so sad that the politicians only care about their personal victories, don’t really give a damn about what it does to the country!!!😢

Imposing tarrifs shows that the country has given up on competing !

Love Prof Wolff. Always has a very understandable, accurate answer

Tariffs are a tax on American people who pay for it at the cashier

Tarifs is an other word for Taxes. Tax the Taxpayer. Easy Money for Washington.

Tariffs are TAXES from imports. Sadly, consumers will pay double or triple the price unless they are flocking to neighboring Mexico

The US auto industry has paid our politicians to install these tariffs

This is about geopolitics not trade or economics (or better jobs & standard of living for American workers). The Collective West chooses to view China as a "threat" to its global hegemony. Hence, China must be "contained". Part of this "containment" policy is to slow & degrade China's economic development. If successful, this would mean hundreds of millions of Chinese people, whio have been lifted out of poverty over recent decades, being pushed back into poverty. But I doubt it's gonna work. If it was really about industry & jobs, another obvious option would be to partner with Chinese companies, using their technological prowess & expertise in efficient low-cost manufacturing to build up these "green-tech" industries in the US.

Thank you Professor Wolff. Decades of knee jerk, mindless voting for this Red and Blue Cabal seals our fate.

Good Job Richard ❤

Let's have a referendum on whether we want to protect UAW by paying $20k extra for our cars

Big oil and gas are not going to be able survive solely by the U.S. market. The largest issue being that the type of oil found in the U.S. is not refined here. They would have to retool all the refineries to refine what is. All the refineries are setup for the type of oil that comes from Saudi Arabia. The rest of the world is going to switch very quickly and many places will also switch to nuclear power instead of coal. They will be following China's lead. One of the things I noticed recently when I was in China is that almost every parking lot has electric charging stations for the large number of electric cars that you see operating there. You see them everywhere. I don't think I have ever seen a single one in the U.S. I mean maybe they are hiding them. I know they are here somewhere because I occasionally see a Tesla. There have never been large numbers of gas stations around China, but now they are extremely rare and getting rarer. Not only are cars switching, but China has 350 million two-wheeled vehicles and the vast majority of those inside large cities are already electric. I am American and my wife is Chinese and we go back to China yearly. The amount of change happening in China yearly is absolutely staggering compared to the U.S. The world likes to talk about their housing crisis, but when I was in Changsha, I watched a 28 building (maybe 35 stories each) condo complex being built. They were incredibly nice. If I could I would move there. China has these really awesome residential districts and the one I was in is called YuHua. It's an absolutely amazing place that over the last 30 to 40 years has been rebuilt from the ground up. This particular condo complex was one of many being built and with people already living in most of the buildings. This particular complex caught my eye because of the park and small man made lake. The other reason it caught my attention is that it was being built by the party. I met a few of the people (party members) who were looking after the place and they were the nicest people. The buildings and the overall complex that the party built looks way nicer than anything I have seen in the U.S. in a long time unless you want to pay New York prices for them and even then I doubt you will get a balcony. China is doing incredibly well, but when I have to come back to the U.S., it is quite a depressing thing. But, then to hear the crazy people in our government complain about China when the CPC is actually doing their job is just the most hypocritical, sad, and embarrassing thing.

It is so frustrating to realize there is this huge problem in America yet the majority of Americans don't actually understand what the problem even is. I understand your explanations and agree with them. But so many Americans won't even open up for a moment to consider this view... they are so set in their beliefs about America how wrong they may be. It is frustrating.

Never fly Boeing.

The sad fact of life in America is monumental corporate greed. We live in such a divided nation where Newsmax and Fox entertainment are the only source of information for a large percentage of Americans. Imagine what could happen if these same Americans were exposed to the information of Richard Wolfe. Personally, I subscribe to Mr. Wolfe’s assessment of capitalism. Yet, when I look at the number of people, watching this channel, I suspect he is preaching to the choir.

This is being done on the behest of the of UAW and the other cronies from those int he supply chain to dealers. The legacy autos simply cannot compete with Chinese Brands, that is what they are saying to the world.

The American government is using tariffs to paying of their debts, Americans are celebrating inflationary 😮

Well said and analysis Mr Wolff as always.

That ship has sailed and it headed into the Baltimore FSK Bridge!

US didn't slow to respond, US have Tesla which also produced EV. Unfortunately, just like many other American brand, Tesla is greedy and focused for profit

Thanks!

Thanks

While I like evs over gasoline, I think focusing on building a better train infrastructure would be far more beneficial.

As always on point. Thank you for your time informing society at the downfall of humanity.

We're watching the U.S. flail about like a drowning animal in its death throes.

I want to see if my college can reach out to you for our next graduating class commencement speaker.

Thank you China for keeping the Oligarchs honest .

多謝！

This US admin is showing a slew of immature behavior which is why we are in such turmoil during it. The longest 4-years EVER!

No one realise that the EV pricing from China is a gift & a blessing to political system & the people of America. Is a gift ...... for better maneuvering. pls think harder & you'll get the answer. Thank you, China . For better world

We Gotta stop with the pity for the poor thing. lt's one thing to feel bad and help out, it's another to virtue signal as if its really matters to you without giving any course of action to help out. Fact is the poor in general, offers the least value to the country. Sympathy can creep in of course for anyone doing less than another, but we live in America, its third world countries out there that come here with less than poverty ridden folks and come out on top. lt's all about mindset and discipline to want to do better for oneself. We've been socially conditioned recently to pity the poor anyone in a present situations that isn't ideal, forgoing the common sense of paying attention to why poor people are poor where as only a significant minority of them have a justifiable reason aside from laziness and taking their youth for granted whether it be due to having bad influences to bad parenting.

Thank you🙌🏼

it is good to know there are people in the US is urging the US govt to take the right path. A right path that leads to prosperity thru' proper innovation and step up their competence level. Prof Richard Wolff is doing that right now. I support what prof is saying. Use the right path to get into competition. Spend more money on innovation and less money on military, becos no one will attack the US, that is for sure. And US has bunch of allies, who dare to attack US ?

US automobile used most of the subsidies to push up their stock price or to payout to shareholders instead of doing R&D

China and Russia wont give a fook ...😢😢😮😮😂😂

The ice cream containment conundrum

The U.S. developed an ulterior sense of inferiority complex, self-doubt and self-defeat when it no longer has the ability as well the capability to compete head-on with China on various fields. First came the blame of China stealing American jobs, then American intellectual properties that led to the trade war. When all else failed, "national security" became the scapegoat to enforce an embargo on all things Chinese. And in a world of irrational nationalism with the promotion of the U.S. government through propaganda and the mainstream media, Americans subconsciously or otherwise began to point the finger at the Chinese nation. Fear is the only reason the U.S. wanted to contain China. When tariffs failed, technology sanctions followed. When both tariffs and sanctions failed, de-coupling became the buzzword. And when de-coupling was found to hurt the U.S. economy more than China's, it was changed to de-risking which in effect means a "slow de-coupling" until a more appropriate time. Twenty years ago, American muscle cars and reliable Japanese cars plus reputable German, French and Swedish cars and even newbies from South Korea were selling like hot cakes in the Chinese market and each and every maker made a fortune in China. Nowadays, however, the U.S. has no hope of selling anything to China -- not only industrial products but also agricultural produce which are easily replaced by many other countries around the globe. Now, America wants to ban Chinese EV's on the ground of the, again, "national security" scapegoat when in fact they fear for the future of all American automakers. Fear has also invaded European minds and the Europeans want to adopt the American low-life tactics. Sooner or later, the world will be divided into 2 camps: one that embraces worldwide integration and the other a closed economy that fears competition. The acceleration of the de-dollarization movement will speed up the divide even further, to the point that it may break the world monetary system in half. With the embargoes of high-tech equipment and the bans of all things Chinese from the U.S. market, it is clear the U.S. has lost all confidence in competing with China's technological advancements. And when the U.S. can only rely on the sole excuse of "national security" risk to try to restrict the rise of all Chinese marvels the likes of social media app, electric vehicles, new energy vehicles, battery technology and battery management software, advanced chip manufacturing, quantum computing, space exploration and AI robotics, etc., it is plain the U.S. has surrendered to China. The decline of the empire will accelerate along with the unstoppable de-dollarization effort mandated by an expanding BRICS. The destruction of the international supply chain by the U.S. forced China and many other countries to develop their own industrial base and the U.S. only has itself to blame for its own demise. Perhaps the coming "collapse of China" can somehow soothe the overwhelming anxiety of the West.

A 25 percent tariff is a 1/4 increase, not a "4 times" increase.

The tariffs really hurt.

These are for the purpose of election, to please certain interest groups.

Trains. Public transportation is significantly better for the environment than any individual automobile transportation electricor not.

4:00 US Tariffs on EV: Already showing since 2020 to present, Because of the Tariffs, American are no longer buying EV Don't believe... Fact check it your self.... in the end, it will take US Auto Company down before Chinese firms.

So much for “good ol American know-how”🙄

Protectionism doesn't work in the long run. If in the short run, it's not working, it's better to scrap it.

Not only electric cars, but the USA in its "green efforts" could also get cheaper solar panels and other needs for this action. Of course we blame the "forced labor of the Uighurs" in Xinjiang for not buying such useful items, while we use prison labor to give cheap help to US companies .

Very sad so immature & signs of sore losers/elite businesses/donors. Even worst air pollution will rise in US, lung diseases, allergies and rising petrol prices on daily living getting to work. Higher food costs due to transportation - misery

Can't recall ever seeing a Chinese car on an American road. Makes me wonder if Biden just taxed something that doesn't exist.

Good for Tesla to have the entire USA market and zero competition. Wow! A great opportunity to be a great auto maker .

The problem is we have monopolies that are not protecting us but their own bloated profits.

Of course all of these tariffs not only allow American auto companies to be protected from reality, it enables them to produce vehicles that are uncompetitive for the export market as well and Americans will only pay more than they should to buy any vehicle made under protected industry. The end result will be that companies that require cars and trucks for their businesses will be paying more than they should be and these extra costs will affect their competitiveness in the market. This will reduce their sales and service and as a result people will lose jobs. Typical American hypocrisy again and shooting themselves in their feet and their decline will be assured and irreversiable. Meanwhile China and other competitors will be focussing on even more innovation and improvements and the protected USA industries will become just another faded memory..

nothing will fundamentally change.

Even under these 100% tariffs, the Chinese cars are going to be far cheaper than US EV

If the goal is to protect American jobs and car manufacturers , the real solution is actually quite the opposite of raising tariffs, America should instead let Chinese EVs into US markets and compete with local players. By facing the competitions head on, companies will be forced to innovate and get more competitive in order to stay in the game and survive. If the current US policies is to continue, US car manufacturers will likely suffer a slow death.

I really don't understand the tariffs, isn't just gonna be an additional cost the customers (in this case US citizens) have to pay? I mean, sure the EV companies from China might lose some market-share in US because of it, but even Toyota FJ40, or Suzuki Carry aren't popular in US, even though they're so massively popular everywhere else all over the world

Merci !

Comparative advantage and optimal and efficient allocation of resources as mooted by Adam Smith is dead

👍👍👍

We need more socialism :)

Dear Dr. Wolff, you missed dealership system margins and logistics inland from landing port to dealerships locations in other states. A 20K landed cost plus 100% tariffs plus margins plus logistics would put MSRP closer to 55K

I always feel compelled to point out whenever FDR is brought up that he was quoted as saying in private that we have to initiate jobs programs and safety nets and give them something, otherwise there will be a revolution. And I feel compelled because FDR is always lauded as being pro worker and this great president, when in reality is just another example of the relationship of forces

'Democracy' at its best!!😂 "I need a billion dollars to win the election!" So it's not the vote that really counts, it's how much money is collected by each party! WOW!! 😲😂😂 Grease them wheels!!

North American LFP battery patents holders made a deal with China so China could make the batteries for use only inside of China without a fee, while keeping everyone outside of China from making LFP batteries with a large licensing fee. This killed LFP battery development outside of China. "LiFePO4+C Licensing AG, a company created by the consortium of University of Montreal, Hydro-Quebec, CNRS, and Johnson Matthey"

Americans should not complain if they get the bad end of the stick.

It was just like the US tariffs on Aluminum and steel... The US applies tariffs to help local producers have an edge on local pricing... But what did the idiot local producers do ? They increased their prices to match the landed Chinese prices, making them no longer advantageous.. Not only that, it backfired, because local producers didn't have the capacity of supply, and so the Chinese producers did really good business anyways...

If America cared about domestic manufacturing, we would have invested into it a long time ago before all those jobs got shipped out to places with cheaper labor.

✌✌✌✌

SENSACIONAL (portuguese exepression) ;);););)

The u$ is nuts. 😅 They are living in an alien universe! 😂😂

Whenever I see something I want in another country, I be like.. Let me buy it now before America goes to war with them.

🔨it

With respect, it may be that the CO2 emission savings of EV’s you assume are fictitious. Consider the moving of megatons of earth to acquire needed battery minerals, increased grid electrical generation requirements, composition plastics, steep battery degradation curve (they could be considered disposable) and more than double the tire wear. A clean running diesel truck or hybrid passenger vehicle is a much better option. It’s a complicated issue, not to be solved with puddle deep analysis.

✌🏾

I would love to see Pres. Biden’s reaction to what you said here.

Current battery technology prevents adoption. People fear their car's bursting into flames.

Love you Richard, buy trading the oil cartel for the lithium cartel feels like 6 of one half a dozen of the other. Doesn't really seem to matter.

China producing the highest quality EVs?! 😆

9:00 Old saying... if one cannot win the race, FIX iT !!! so other cannot win. God bless the USA

WOW !!!!! Another WAKE UP CALL !!!!!!!’ Thank you again Professor Wolff . I will forward this talk to my children who are busy trying to survive in this economy .

Vote for Jill Stein

You are one of the very few westerners in the US who are brave and have integrity by speaking the truth. Thank you for that, Richard!

Yeah Dr Wolfe, China yuan weakening, stock market broke, real estate imploded, no foriegn investment, Apple leaving, birth rate tanking. Where are you getting your data, 2000?

If we were allowed to sell or buy chipless we would.

Too Stupid to Fail.

Well, no such thing as a "free market" lol. Libertarianism is a meme.

same kind of egg，when it give different chicken like some one went to the same school with you make she/ he a totall different

He must be sponsored by a foreign entity. Tariffs are just like VAT. It's the same concept. China has lower costs for labor without OSHA restrictions. If you can make a 25k car for 10-15k, expecting a 10-20k profit per vehicle, VAT or tariffs level the playing field so your 10k car is 20k then your profits are similar to UAW companies. Same with the 1930's. That was the great depression Bubba. Lots of companies were closing their doors so the government went on a hiring spree, rather than giving away money to ppl sitting on the couch. Then we rolled into WW2. This guy leaves out facts that give the bigger picture. I hope ppl research rather than drinking his anti-North American /anti-G7 rhetoric.

What is Biden doing????? This is a disaster. We'll just purchase cheaper gas vehicles. Thank you for this info. Biden lost my vote years ago.

Biden is in great Panic

Really?... that's all you find amazing? Nothing else in China amazes you? Selective analysis r us eh?...

Revelation 18:2-6 “Fallen, fallen is Babylon🗽 the great! She has become a lair for demons and a haunt for every unclean spirit, every unclean bird, and every detestable beast. All the nations have drunk the wine of the passion of her immorality. The kings of the earth were immoral with her, and the merchants of the earth have grown wealthy from the extravagance of her luxury.” Then I heard another voice from heaven say: “Come out of her, My people, so that you will not share in her sins or contract any of her plagues. For her sins are piled up to heaven, and God has remembered her crimes. *Give back to her as she has done to others; pay her back double for what she has done; mix her a double portion in her own cup🗽.“* 2 Esdras 15:28-45 “Behold a horrible vision, and the appearance thereof from the east: Where the nations of the dragons of Arabia shall come out with many chariots, and the multitude of them shall be carried as the wind upon earth, that all they which hear them may fear and tremble. Also the Carmanians (Iran) raging in wrath shall go forth as the wild boars of the wood, and with great power shall they come, and join battle with them, and shall waste a portion of the land of the Assyrians. And then shall the dragons have the upper hand, remembering their nature (Taliban); and if they shall turn themselves, conspiring together in great power to persecute them, then these shall be troubled bled, and keep silence through their power, and shall flee. And from the land of the Assyrians shall the enemy besiege them, and consume some of them, and in their host shall be fear and dread, and strife among their kings (Afghanistan). Behold clouds from the east and from the north unto the south, and they are very horrible to look upon, full of wrath and storm. They shall smite one upon another, and they shall smite down a great multitude of stars upon the earth, even their own star; and blood shall be from the sword unto the horse’s belly, and dung of men unto the camel's hough. And there shall be great fearfulness and trembling upon earth: and they that see the wrath shall be afraid, and trembling shall come upon them. And then shall there come great storms from the south, and from the north, and another part from the west. And strong winds shall arise from the east, and shall open it; and the cloud which he raised up in wrath, and the star stirred to cause fear toward the east and west wind, shall be destroyed (detonated). The great and mighty clouds shall be puffed up full of wrath, and the star, that they may make all the earth afraid, and them that dwell therein; and *they shall pour out over every high and eminent place a horrible star.* Fire, and hail, and flying swords, and many waters, that all fields may be full, and all rivers, with the abundance of great waters. And they shall break down the cities and walls, mountains and hills, trees of the wood, and grass of the meadows, and their corn. And they shall go steadfastly unto Babylon 🗽 and make her afraid. *They shall come to her, and besiege her, the star and all wrath shall they pour out upon her:* then shall the dust and smoke go up unto the heaven, and all they that be about her shall bewail her. And they that remain under her shall do service unto them that have put her in fear.”