Tag Archives: Trump’s tariffs

Verbatim

Tariffs Blamed for Louisiana Steel Plant Bankruptcy

“Louisiana is among the most dependent states on tariffed metals, which is why we continue to be hopeful for a speedy resolution to the uncertainty of the future of tariffs.”

— Louisiana Governor John Bel Edwards (D) blaming tariffs for the bankruptcy of Bayou Steel in his state, Bloomberg reports.

Enumerati

China Socks It to Trump with New Tariffs

$75 billion

“China announced that it will impose additional tariffs on a total of $75 billion of U.S. goods in retaliation for President Trump’s latest planned levies on Chinese imports,” Bloomberg reports. “Some of the countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement from the Ministry of Commerce. This mirrors the timetable the U.S. has laid out for 10% tariffs on nearly $300 billion of Chinese shipments.”

Enumerati

American Consumers Expect to Pay for Chinese Tariffs

62%

A new Monmouth poll finds that 62% of Americans feel that U.S. consumers will bear the brunt of paying for new tariffs on Chinese goods, while just 23% say that Chinese producers will bear more of these costs. Likewise, 62% believe it is very likely that American companies which sell goods or use materials made in China will simply pass those costs onto domestic consumers.

Enumerati

Full-Scale Trade War with China Would Be Bad for Trump

$2,000

Politico: “If the president moves ahead with 25 percent tariffs on everything China exports to the United States, it could amount to a tax hike of more than $2,000 on the average American family, swamping the reduction they won from Trump’s signature legislative achievement — the 2017 tax law.”

Enumerati

Tariffs Increase Washing Machine Costs Nearly $100

$86 to $92

“A little more than a year after President Trump slapped a 20% tariff on imported washing machines, new research finds that American shoppers have been the ones to pay the price,” NBC News reports. “A study conducted by two researchers at the University of Chicago and a Federal Reserve Board Governor found that washers cost an average of 12% more after the imposition of the tariffs, or roughly $86 to $92 more per appliance.”

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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.”

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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.