Tag Archives: Trump’s tariffs

Enumerati

Trump’s Policies Exploding Trade Deficit

$891.2 billion

The U.S. posted a record-breaking $891.2 billion merchandise trade deficit in 2018, despite President Trump’s “America First” policies, the Washington Post reports. “Trump’s tariffs and tough policies have failed to shrink a trade gap that he argues represents a massive transfer of wealth from Americans to foreigners. He begins his reelection drive with a core campaign promise unfulfilled — and with a recent flurry of economic research showing that his embrace of tariffs is damaging the U.S. economy.”

Enumerati

GM to Slash 15,000 Jobs in Michigan, Ohio

15,000

General Motors said it will cut production of slow-selling models and slash its workforce by roughly 15,000 jobs, mostly in Michigan and Ohio, Reuters reports. “Cost pressures on GM and other automakers and suppliers have increased as demand waned for traditional sedans. The company has said tariffs on imported steel, imposed earlier this year by the Trump administration, have cost it $1 billion.”

Enumerati

Trump Imposes Another $200 in Tariffs on China

$200 million

“President Trump, emboldened by America’s economic strength and China’s slowdown, escalated his trade war on Monday, saying the United States would impose tariffs on $200 billion worth of Chinese goods as punishment over Beijing’s trade practices,” the New York Times reports. “The fresh round of tariffs comes on top of $50 billion worth of Chinese products already taxed earlier this year, meaning nearly half of all Chinese imports into the United States will soon face tariffs.”

Enumerati

Trump Administration to Offer Aid to Farmers Hurt by Trump Trade War

$12 billion

“The White House plans to announce on Tuesday a plan to extend $12 billion in emergency aid to farmers caught in the midst of President Trump’s escalating trade war, two people briefed on the plan said, the latest sign that growing tensions between the United States and other countries will not end soon,” the Washington Post reports. ”The funds will come through direct assistance, a food purchase and distribution program, and a trade promotion program.”

Verbatim

‘Make America 1929 Again’

“This is dumb. Europe, Canada, and Mexico are not China, and you don’t treat allies the same way you treat opponents. We’ve been down this road before—blanket protectionism is a big part of why America had a Great Depression. ‘Make America Great Again’ shouldn’t mean ‘Make America 1929 Again.’”

— Sen. Ben Sasse (R-NE), quoted by the Washington Post, on President Trump’s decision to impose steel and aluminum tariffs.

Enumerati

Out of 43 Economists, Not One Backed Trump’s Tariffs

43

A new University of Chicago survey of 43 top economists found not a single one said President Trump’s new tariffs on steel and aluminum will end up being a net positive for Americans. Overall, 65% of respondents said they “strongly disagreed” when asked if Trump’s move “imposing new US tariffs on steel and aluminum will improve Americans’ welfare,” while 28% simply disagreed. Three economists, or the remaining 7%, did not respond to the survey.