(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .
Major indexes all down 1.5%-3% today, due to tariffs on top trade partners tomorrow. [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-03-03
Mexico, our long-time friend, ally, vacation destination and top trading partner will be hit with a 25% tariff.
Canada, our friend with whom we share the world’s longest peaceful border and several joint parks, also gets a 25% tariff.
China’s tariff will double to 20%.
Bulls tried to start off today excited about taxpayer-boosted cryptocurrencies, but they lost to the bears concerned about the economy for everyone else.
You may have missed it, due to the report coming out during the Oscars, but money launderer anonymity is now safe from the maladministration’s Treasury department.
An economic recession is practically guaranteed by the tariffs, but the chaos and ‘criminal-friendly’ policies are signs of worse yet to come.
As a reminder, tariffs mean that when anyone in the US buys something from the targeted countries, they have to pay a tax to the US government. So, as with King George, we’re going to have to pay taxes on tea from China, without representation.
Our trading partners have no choice but to respond with similar tariffs against American exports, so that they can try to negotiate.
Tariffs always lead to a reduction in economic activity that is far more costly than any tax revenue collected, which is why McKinley eventually reversed his tariffs. Americans, being uneducated louts, forgot that lesson and tried tariffs again in the early years of the Great Depression (see clip below).
On a completely unrelated issue, someone recently asked how to open a foreign bank account (see my comment below).
I’d suggest looking closer to home. If you have no criminal record, then Canada is an easy place for Americans to reach. No good having your money overseas if you can’t reach it in an emergency from here. While it feels funny to recommend an old competitor, I’m retired, so here goes. TD Bank is a US subsidiary of TD Canada Trust, which is a large, reputable bank headquartered in Toronto Ontario. Many Canadians who snowbird in the US like it, because they have a border-less plan that allows them to use the many TD Bank branches in the US. The reverse case might work equally well for nervous Americans. You could go to a TD Bank branch in the eastern US, with your ID showing your address, your passport, and something like a credit card statement. They would then know you, and I believe they would let you open a Canadian bank account. You might mention your desire to travel or possibly move to Canada in the future. You might want to have two linked accounts, one American and one Canadian, both within the same TD Canada Trust, but one on each side of the border. I further believe that if you maintained a balance of say $3,000 in each account, they would waive your monthly fees, although I’m not certain. I’m sure you could deposit at TD Bank, and I believe you could then regularly transfer to the Canadian account as needed. Or maybe you could set up direct deposit to the Canadian account, although I suspect that might be more difficult. Either way, you would almost certainly be required to regularly notify tax authorities in both countries what you’re doing. Transfers totaling $10,000 or more are regularly monitored.
Good luck folks!
[END]
---
[1] Url:
https://www.dailykos.com/stories/2025/3/3/2307659/-Major-indexes-all-down-1-5-3-today-due-to-tariffs-on-top-trade-partners-tomorrow?pm_campaign=front_page&pm_source=trending&pm_medium=web
Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/
