“Trade wars are good, and easy to win”
Americans are already suffering the impacts of Trump’s trade-war-by-tweet. It got worse this morning when China announced that it will raise tariffs on $60 billion of U.S. goods beginning June 1.
Last week, Trump said there was “no rush” to come to a trade deal with China, despite their threats of retaliation. It was typical that Trump set all of this in motion a year ago with a casual, haphazard tweet saying “trade wars are good, and easy to win.”
The country is already feeling the fallout from Trump’s ill-conceived, erratic tweeting:
- Even before the news of retaliatory Chinese tariffs broke, the New York Times broke down how Trump’s tariffs on Chinese goods were impacting Americans’ shopping carts.
- Last week, Trump requested $15 billion (in addition to a previous request for $12 billion) in farm subsidies to protect American farmers from his erratic trade war disaster—and lied while doing so.
- Here’s some context on the $27 billion Trump requested: President Obama once proposed a $25 billion plan to overhaul 35,000 schools across the country (creating jobs in the process). Republicans “laughed it out of town.”
- The U.S. stock market fell more than 2% today in the wake of the news, and soybean futures plummeted to nearly the same level as the low point of 2008-09.
- Trump’s chief economic adviser’s response to American businesses and workers bearing the brunt of Trump’s trade war? “Both sides will pay in these things.”