Quantcast
Connect with us

BACKFIRE: Trump’s tariff war has already cost Americans over $13 billion

Published

on

President Donald Trump’s ill-advised trade wars with America’s trading partners may have cost U.S. taxpayers and corporations over $13 billion, reports Bloomberg News.

The report states that data submitted by U.S. Customs and Border Protection shows that “more than $13 billion in duties imposed by the Trump administration were assessed on imported goods as of Dec. 18,” but that actual receipt could “lag and be lower” due to refunds and other factors.

ADVERTISEMENT

According to the report, Trump has boasted often that the burden of paying for the tariffs would be borne by China and other trading partners, but that trade economists said the data does not match the rhetoric.

According to Bloomberg, the administration’s narrative about other countries being hurt by the tariffs is “misleading” and that “ultimately U.S. businesses and consumers could pay through higher costs, ”

“Tariffs on Chinese imports are paid by Americans, not by the Chinese or their government. The President’s tariffs are simply a #tax on American consumers,’’ tweeted Johns Hopkins University applied economics professor Steve Hanke, who served in the Reagan White House.

Customs and Border Protection collect the tariffs with the assessed amount now “topping $13 billion, with $8 billion coming from the duties on Chinese goods.”

Despite Trump tweeting, “… the United States Treasury has taken in MANY billions of dollars from the Tariffs we are charging China and other countries that have not treated us fairly,” the head of the conservative and business-friendly U.S. Chamber of Commerce begged to differ.

ADVERTISEMENT

“Let me be very clear: Tariffs are taxes paid by American families and American businesses — not by foreigners,’’ bluntly stated Thomas Donohue, said in his annual state of American business address last week.

You can read more here (subscription required).

 

ADVERTISEMENT

 


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

‘People’s lives will be lost’: Psychiatrist warns ‘sociopath’ Trump is ‘getting worse’ — and failing in coronavirus response

Published

on

President Donald Trump's psychological problems are getting worse and could be consequential as America faces a potential COVID-19 coronavirus pandemic.

MSNBC's Lawrence O'Donnell on Thursday interviewed Dr. Lance Dodes, a former assistant clinical professor of psychiatry at Harvard Medical School.

"As you pointed out, Lawrence, this man is about himself. He really is not about the country, he's not about public health," Dr. Dodes said of Trump.

"Although he has already severely damaged the country by being a psychopath or sociopath -- in many ways, he's damaged democracy -- I think people's lives will be lost now," he warned. "Individual lives will be lost because of the way he's mishandling the coronavirus issue."

Continue Reading

2020 Election

‘Something really rotten’: Here’s the evidence of extensive voter suppression in Georgia’s notorious 2018 election

Published

on

As the 2020 presidential campaign cycle grinds on, there’s renewed concern about the 21st century’s newest form of warfare: cyber-sabotage of government systems, including elections and online disinformation intended to incite unrest. But as Suppressed: The Fight to Vote, a documentary from Brave New Films, makes clear, partisan voter suppression tactics with 20th-century roots remain and can thwart multitudes of voters from changing their state’s political leaders.

Continue Reading
 

Breaking Banner

The real story behind Trump’s new lawsuit against the New York Times

Published

on

Wednesday was an ominous day for freedom of the press in this country, and I want to tell you why.

You may have heard or seen that President Trump filed a libel suit against the New York Times. Perhaps you weren’t surprised: the president is known to frequently disparage the Times even as he reads it obsessively. Borrowing a page from what I’ve referred to before as a Mount Rushmore of totalitarians, Robespierre, Hitler, Stalin and Mao, Trump loves to call the press the “enemy of the people.”

Continue Reading
 
 
close-image