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

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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.

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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.”

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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.

“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).

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Trump may ‘undo his presidency’ — with Republicans backing impeachment: CNN’s conservative anchor

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President Donald Trump's presidency is in peril as Republican lawmakers condemn the administration for green-lighting Turkey's ethnic cleansing of Kurds in northern Syria.

"President Trump this week set fire to the emoluments clause by announcing his own resort would host the G-7 summit. His Chief of Staff, Mick Mulvaney, set fire to his boss’s innocence admitting on camera to the very thing Trump is being investigated for and possibly impeached over," CNN's S.E. Cupp said.

"Donald Trump has put the Republican Party through a lot. Most have gone willingly along with him -- kids in cages, a trade war, protecting Putin, honoring Kim Jong-Un, breaking the law, the lies, the insults, the fake news, the rape allegations. Defending the president over the indefensible has become something of a cottage industry for Republican lawmakers, few of whom have ever dared to call him out," she noted.

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Boris Johnson said he would rather be ‘dead in a ditch’ than delay Brexit — but just asked to extend deadline

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Prime Minister Boris Johnson is to write to Brussels seeking a Brexit deadline extension after MPs voted Saturday to demand he delay Britain's October 31 departure date.

In a phonecall with European Council President Donald Tusk after the vote, Johnson said he would send the letter mandated by MPs to seek more time, a EU source told AFP.

"The PM confirmed that the letter would be sent to Tusk today," the source said.

"Tusk will on that basis start consulting EU leaders on how to react. This may take a few days," he added.

Tusk said on Twitter that he was "waiting for the letter".

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Trump is ‘weakened on virtually every front’ as impeachment intensifies: Washington Post analysis

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President Donald Trump is in a "fragile state" and telegraphing weakness, according to a new analysis by Washington Post reporter Philip Rucker.

"President Trump, whose paramount concern long has been showing strength, has entered the most challenging stretch of his term, weakened on virtually every front and in danger of being forced from office as the impeachment inquiry intensifies," he wrote.

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