Trumpenomics

[jon-nyc]

Stellantis (parent company of Chrysler) lost over $2B thanks to Trump.

[LuFins Dad]

@jon-nyc said in Trumpenomics:

Stellantis (parent company of Chrysler) lost over $2B thanks to Trump.

No, they lost $1B in directly attributable tariff charges. In all fairness, Stellantis had a drop of 70% from 23-24. Most of the losses so far this year is a continuation of the same drop they had last year.

Besides, aren’t the Tariffs ultimately paid by the consumer and not the company? Yet, new car sales are up 3% in the US this year despite the tariffs. And the US is only 20% of the global car market. Blaming the tariffs for Stellantis failings is lazy.

[jon-nyc]

It’s not just direct costs of tariffs, it included charges for shuttering plants in CA and MX and laying off workers in Michigan.

From AP:

Stellantis, the maker of Jeep and Ram vehicles, says its preliminary estimates show a 2.3 billion euros ($2.68 billion) net loss in the first half of the year due to U.S. tariffs and some hefty charges.

The automaker anticipates an impact of about 300 million euros for net tariffs incurred, and also expects planned production losses related to implementing its response plan.

The automaker provided preliminary financial figures on Monday after suspending financial guidance in April due to Trump’s tariffs. It also halted production at plants in Canada and Mexico in response to a 25% tax on imported cars, and it temporarily laid off 900 workers at plants in Michigan and Indiana.

Stellantis expects approximately 3.3 billion euros ($3.84 billion) of pretax net charges mostly related to program cancellation costs and platform impairments, restructuring and the net impact of costs related to emission standards. Automakers have been penalized if the average fuel economy of their annual fleet of vehicle production exceeds a certain level.

[jon-nyc]

Great moments in central planning.

[Horace]

The US Economy Was Supposed to Be in a Recession By Now. What Happened?

https://www.derekthompson.org/p/if-trumps-economic-ideas-are-so-terrible?utm_source=multiple-personal-recommendations-email&utm_medium=email&triedRedirect=true

[LuFins Dad]

@Horace said in Trumpenomics:

The US Economy Was Supposed to Be in a Recession By Now. What Happened?

https://www.derekthompson.org/p/if-trumps-economic-ideas-are-so-terrible?utm_source=multiple-personal-recommendations-email&utm_medium=email&triedRedirect=true

I have sincere doubts and disagreement with many of Trump’s policies. I am still a little amazed that things are still … not horrible yet.

[Axtremus]

Look at that large downward revision of May and June's jobs data:

https://www.nytimes.com/live/2025/07/31/business/tariffs-trump-trade?rsrc=ss&unlocked_article_code=1.a08.8SeH.ZQ6cd-Y_h1SI

U.S. employers added 73,000 jobs in July, less than economists expected, and the unemployment rate rose slightly. The report on Friday also significantly revised down the data on hiring from May and June by a combined 258,000 jobs, suggesting the labor market was under greater strain than initially believed. ...

[jon-nyc]

75% of the new jobs were in healthcare. That seems odd. Maybe that’s just a normal month in an industry that is growing as a percentage of gdp.

[89th]

You’d think I’d be numb to this by now. This is insane, but also predictable.

https://www.theguardian.com/us-news/2025/aug/01/trump-fires-erika-mcentarfer-labor-statistics

[jon-nyc]

He has China envy. Markets are going to love this.

[jon-nyc]

Another interesting thing about our growth is most of it is AI capex. The mag 7 are spending over a billion dollars a day on new data center infrastructure.

That has exceeded consumer spending as a proportion of growth.