Announcing on Twitter another round of tariffs he plans to impose on China this coming Friday, President Donald Trump claimed the U.S. economy and consumers are benefitting from his trade war -- only to be pointed to the Trump-friendly Wall Street Journal which in no uncertain terms contradicted him.
On Sunday, Trump tweeted, "For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars ... of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No! "
It was quickly pointed out to the president that he could not be more wrong, with Twitter followers noting an April 22, WSJ article with the headline: "Consumers Bore Cost for U.S. Tariffs on Washing Machines"
According to the Journal, "President Trump’s tariffs on imported washing machines cost U.S. consumers about $1.5 billion a year, according to new research. The paper released Monday found the tariffs raised the price of washing machines by 12%."
"The prices of dryers, which weren’t subject to the tariffs but are often sold together with washers, also rose about the same amount, according to the research by Aaron Flaaen, a Federal Reserve economist; Ali Hortaçsu and Felix Tintelnot, both of the University of Chicago," the Journal added.
"Administration officials touted the tariffs as a response to unfair trade practices by foreign producers that were harming U.S. manufacturers. The administration also has announced broader tariffs on around $250 billion of Chinese goods and has announced it is planning to impose tariffs on around $11 billion in imports from the European Union," the Journalreporeted before concluding, "But the researchers’ conclusions suggest tariffs can have unintended effects."
You can see Trump's tweets below:
....of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid… https://t.co/TXwRRmoyVO— Donald J. Trump (@Donald J. Trump)1557072526.0