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The world reacts to Trump's sweeping tariffs: 'No basis in logic' (www.huffpost.com)

submitted 2 days ago by [email protected] to c/[email protected]

259 comments fedilink hide all child comments

Summary

Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.

The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.

Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.

Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.

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[–] [email protected] 4 points 2 days ago (1 children)

I've heard that if you type in the right prompt into ChatGPT, this list is the result. They couldn't even be bothered to have an expert figure this out, or even souble check it before releasing it. So they end up putting tariffs on penguins.

[–] [email protected] 8 points 2 days ago (1 children)

From the article you’re probably referring to:

DCInvestor’s observation came in response to crypto trader Jordan Fish, also known as Cobie, who also asked ChatGPT using the prompt: “What would be an easy way to calculate the tariffs that should be imposed on other countries so that the US is on even playing fields when it comes to trade deficit. Set a minimum of 10%.”

A straightforward (if naïve) method is to set the tariff rate for each trading partner equal to the percentage share of the trade deficit relative to that country's total imports-always no less than 10%.

In formula form:

Tariff Rate (%) = max(10, (Trade Deficit ÷ Total Imports) x 100)

For example, if the US runs a $20 billion deficit on $100 billion worth of imports from a country, the calculated rate is (20/100)×100 = 20%. If the deficit were only 5%, you'd still impose a 10% floor. This method ignores the intricate dynamics of international trade-such as elasticities, retaliatory measures, and supply chain nuances-but it provides a blunt, proportional rule to "level the playing field." One might implement it in Python like so:

def calculate_tariff(trade_deficit, total_imports):
  # Calculate the deficit ratio as a percentage
  ratio =(trade_deficit / total_imports) * 100
  # Enforce a minimum tariff of 10%
  return max(10, ratio)

# Example usage:
tariff = calculate_tariff(20e9, 100e9)
# $20B deficit on $100B imports yields a 20% tariff
print(f"The tariff rate should be {tariff}%")

We are defining trade policy with predictive text. What a time to be alive. Jesus tapdancing christ.

[–] [email protected] 3 points 2 days ago (1 children)

The Sociopathic Oligarchs want to assign as much responsibility to AI as possible. Smart people are expensive, AI is cheap. That makes AI the better choice to run the world.

[–] [email protected] 3 points 2 days ago

I look forward to building my retirement in a handful of years in the recovery phase of this exercise in abject idiocy (assuming there is, in fact, anything to recover)