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Trump’s devastating trade war is taking $1.4 billion out of the pockets of taxpayers each month: report

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According to new research provided by the Federal Reserve Bank of New York, Princeton University, and Columbia University, Americans are losing big economically due to President Donald Trump’s tariffs and trade wars.

In a report, the analysis shows that “businesses and consumers saw ‘substantial increases’ to the tune of $1.4 billion per month by the end of last November,” reports NBC News.

According to comments within the report, “Economists have long argued that there are real income losses from import protection. Using the evidence to date from the 2018 trade war, we find empirical support for these arguments.”

“Losses mounted steadily over the year, as each wave of tariffs affected additional countries and products, and increased substantially after the imposition of the wave 6 tariffs on $200 billion dollars of Chinese exports,” the report continued.

In the report, New York Fed’s Mary Amiti, Princeton professor Stephen Redding, and Columbia professor David Weinstein revealed that losses were accumulating at a rate of $1.4 billion per month by last November, with the total from January 2018 through November 2018 conservatively estimated to be at $6.9 billion.

The NBC analysis added, “That number may be too low, the economists said, because their model assumes that the U.S. government uses tariff tax revenues to offset the welfare burden. If the U.S. government did not offset the cost of the tariffs to the American consumer with the new tax revenues, the full value of the tariff payments would be $12.3 billion.”

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“We find that the U.S. tariffs were almost completely passed through into U.S. domestic prices, so that the entire incidence of the tariffs fell on domestic consumers and importers up to now, with no impact so far on the prices received by foreign exporters,” the Fed, Princeton and Columbia economists wrote. “We also find that U.S. producers responded to reduced import competition by raising their prices.”

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Soccer star slams Trump for attacking her teammate: He hates women he ‘cannot control or grope’

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On Wednesday, U.S. Women's Soccer champion Ali Krieger rebuked President Donald Trump for his attacks on her teammate Megan Rapinoe, saying that the president feels threatened by women that he "cannot control or grope":

In regards to the “President’s” tweet today, I know women who you cannot control or grope anger you, but I stand by @mPinoe & will sit this one out as well. I don’t support this administration nor their fight against LGBTQ+ citizens, immigrants & our most vulnerable.

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Justice Department sues Omarosa Manigault Newman over financial disclosures

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The Justice Department on Tuesday sued Omarosa Manigault Newman, a former contestant on "The Apprentice" who campaigned for President Donald Trump and later worked for him in the White House, alleging she failed to file a required public disclosure report after she left 1600 Pennsylvania Ave.

The lawsuit, filed in federal court in Washington, claims Manigault Newman "knowingly and willingly" failed to file the financial disclosure report after corresponding multiple times with attorneys for the White House. It accuses her of violating the Ethics in Government Act (EIGA) by not filing the report, which was required because her salary exceeded $124,406, despite several oral and written reminders from White House ethics lawyers.

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Retired admiral could pose serious threat if he decides to run against Iowa Republican: report

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On Wednesday, Iowa Starting Line reported that Ret. Adm. Michael Franken is in talks with state and national Democrats about challenging GOP Sen. Joni Ernst.

Franken, who has served as Deputy for Military Operations for AFRICOM, Director of the Defense POW/MIA Accounting Agency, and Chief of Legislative Affairs for the Department of the Navy, hails from Sioux Center, a town in the deeply conservative northwest part of the state.

Ernst, who first gained national attention for her 2014 campaign ad about castrating hogs, is a reliable vote for President Donald Trump in the Senate, and the president's poor approval ratings in Iowa have left Democrats hopeful that they can defeat her.

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