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.”
Ken Starr is an awful choice for Trump’s legal team because he’ll look like a hypocrite: Former federal prosecutor
President Donald Trump has a severe hypocrisy problem, and it has extended to his legal team. In a CNN explainer answering legal questions from viewers, former state and federal prosecutor Eli Honig explained that the choice of Ken Starr for Trump's legal team was a terrible idea.
Trump has chosen lawyers that are like a Fox News legal discussion panel. Pat Cipollone, Alan Dershowitz, Robert Wray, Pam Bondi and Jay Sekulow are all key people Trump has called on to defend him. But one person stands out, Honig explained. Ken Starr.
"He may emerge as a symbol of hypocrisy," Honig said. "He was the independent counsel who pursued Bill Clinton in the 1990s. Ken Starr turned over Heaven and Earth in his investigation of Bill Clinton. He talked to everyone who ever had known Monica Lewinsky, ex-boyfriends, teachers, window washers. And here he's going to say you shouldn't be hearing from primary witnesses?"
‘Comparing yourself to terrorists?’ Internet cracks up at Trump saying dead 9-11 hijackers got more justice than him
President Donald Trump quoted Fox News host Mark Levin that left many scratching their heads. Levin, who has a show on Sunday evenings, claimed that the terrorists from Sept. 11 got more due process than the president.
The claim was a curious one because, as many on Twitter noted, it's not often that the president of the United States compares himself to a terrorist. Secondly, the 9-11 hijackers all died in the attack, as they were on the planes that crashed into the buildings and into a Pennsylvania field.
Trump is known to quote Levin frequently, though the citations often make the president look worse.
If people of color showed up to a Capitol protest heavily armed — Trump would call them terrorists: commentator
Legal analyst Areva Martin explained in a CNN panel discussion Sunday that the Dr. Martin Luther King Jr. holiday has historically been a day in which white supremacists rear their ugly heads with racist protests and other public displays of bigotry. Monday's expected rally of racist gun nuts expected at the Virginia capitol is no different.
Colorblind author Tim Wise said that it's a whole different level with pro-gun activists. He noted that there was a message from the NRA that former President Barack Obama was going to take everyone's guns away. Of course, that never happened, but it was part of the narrative to scare sensible gun owners. Now, President Donald Trump is employing the same idea, saying that the rally of racists in Virginia is being spun by the president as another Democratic power-grab. Wise called it a kind of "front-lash" instead of "backlash."