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

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President Donald Trump wears a "Make America Great Again" hat at a golf tournament held at one of his properties. (Image via Saul Loeb/AFP.)

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.”

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.

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“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.

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WATCH: Bob Woodward grilled on HBO about Trump supporters being disconnected from reality on COVID

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Pulitzer Prize-winning journalist Bob Woodward was taken to task for failing to warn Americans that Donald Trump's public statements on coronavirus were the exact opposite of what he actually believed.

Axios reporter Jonathan Swan interviewed Woodwood on "Axios on HBO" for an episode that aired on Monday.

Swan noted Woodward recorded Trump admitting that COVID was dangerous on March 19th, but instead of immediately warning America by publishing the bombshell, he saved it for his book Rage -- which was published on September 15th.

Woodward claimed that the world already knew the facts on coronavirus by the 19th of March, but Swan pushed back and pointed out that many of Trump's supporters ignore reality and instead trust Trump -- even when his views are not backed up by science or reality.

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‘It was all a hoax’: NYT destroys Trump’s claims of business success — in second blockbuster on his taxes

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President Donald Trump's tax returns have resulted in a second bombshell story by The New York Times.

"From the back seat of a stretch limousine heading to meet the first contestants for his new TV show “The Apprentice,” Donald J. Trump bragged that he was a billionaire who had overcome financial hardship. 'I used my brain, I used my negotiating skills and I worked it all out,” he told viewers. “Now, my company is bigger than it ever was and stronger than it ever was.' It was all a hoax," the newspaper reported Monday evening.

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2020 Election

Trump campaign accused of ‘laundering’ 170 million — companies linked to Brad Parscale are implicated: report

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The Trump campaign may be in legal hot water after a new complaint accused the organization of money laundering.

"The Campaign Legal Center, a nonpartisan campaign finance watchdog group, filed a complaint with the Federal Elections Commission Tuesday accusing the Trump campaign of “laundering” $170 million through numerous companies, some with connections to former Trump campaign manager Brad Parscale," Forbes reported Monday.

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