According to a new study from the New York Federal Reserve, Chinese businesses have not lowered prices in a significant way when it comes to exports in response to President Trump’s trade wars, leaving Americans to absorb additional import taxes levied by the Trump administration, to the tune of around $40 billion per year.
“The continued stability of import prices for goods from China means US firms and consumers have to pay the tariff tax,” study authors Matthew Higgins, Thomas Klitgaard, and Michael Nattinger, wrote.
As Business Insider points out, the study’s findings contradict a claim made by Trump that foreign exporters are shouldering up to 25 percent of the costs — a claim the White House has continued to disseminate even after other studies have reached the same conclusion.
“China is paying us tremendous — and they’re paying for it,” Trump said last week. “Those tariffs are not paid by us. Those tariffs are paid because they’re devaluing their currency and pouring cash into their economy.”
According to the New York Fed, Chinese firms have “accepted the loss in competitiveness in the US market and have used the weaker currency to pad profits on each unit of sales.”
AG Bill Barr will ‘try to interfere’ in the 2020 election to re-elect Trump: MSNBC national affairs analyst
Attorney General William Barr will use the Department of Justice to "try to interfere" in the 2020 presidential election to re-elect Donald Trump, MSNBC's national affairs analyst predicted on Tuesday.
John Heilemann was interviewed by Lawrence O'Donnell on MSNBC's "The Last Word."
"The attorney general, from the moment he walked into this job, has behaved in a -- as a ruthless, relentless political hack and a thug and who has behaved not as attorney general of the United States," Heilemann said.
"He made a travesty of the Mueller report and continues to lie on Donald Trump's behalf at every opportunity," he added.
Trump welcomed Russia’s Sergey Lavrov to the White House — to humiliate us all
Despite the fact that President Donald Trump still refuses to have Ukrainian President Volodymyr Zelensky to Washington for an officials meeting — a topic at the center of the scandal driving Trump’s impeachment — the White House hosted Russian Foreign Minister Sergey Lavrov on Monday.
And while Lavrov was honored with his second private Oval Office meeting (the first one was a cataclysmic disaster) and a press conference with Secretary of State Mike Pompeo, the foreign minister took his opportunity here to repeatedly humiliate the United States.
United States, Mexico, Canada finalize Donald Trump’s USMCA trade deal
The United States, Mexico and Canada signed a deal Tuesday to finalize their new trade agreement, paving the way to ratification after more than two years of arduous negotiations.
However, the impeachment trial of President Donald Trump in the US Senate would likely delay Congressional ratification of the agreement until next year, said Senate Majority Leader Mitch McConnell.
In reality, it is the second time the three countries have triumphantly announced the conclusion of the United States-Mexico-Canada Agreement (USMCA), the deal meant to replace the 25-year-old NAFTA, which President Donald Trump complains has been "a disaster" for the US.