Trump's Deep Misunderstanding of Trade Policy Is Threatening the American Economy
The president's bizarre and counterproductive obsession with tariffs could spell economic catastrophe.
The president's bizarre and counterproductive obsession with tariffs could spell economic catastrophe.
And it reveals the major blind spot in Trump's view of how international trade works.
The president still has time to avoid the economic damage, but who knows how much political damage he's already done?
So far, the answer is "maybe."
Even if Trump's tariffs go away, the debilitating economic effects are likely to linger for years.
If the tariffs ramp-up all the way to 25 percent, as Trump has threatened, they would be the biggest tax increase since 1968.
Politically. Economically. Diplomatically. Legally. Trump's tariff threat against Mexico is a stunningly stupid maneuver no matter how you look at it.
Plus: unlicensed diet tips in court, California takes aim at independent contractors, and more...
China's 2010 export restrictions on rare earth compounds failed then, and they would fail now
This might seem like nothing more than a snooze-worthy debate over semantics or economic theory or government P.R. strategies. But it matters a lot.
"Tariffs are taxes on Americans—and we talk as if that's not the case; we forget that Americans are paying them," says Pete Buttigieg. That shouldn't be noteworthy, but unfortunately it is.
As messy as things are, they could get uglier still.
Trump isn't putting any tariffs on imported cars right now, but the White House has released a report that effectively allows the president to do that any time he chooses.
Trump's strategy was never going to be a winning one.
The president’s double-talk about tariffs reflects his economically ignorant conviction that exports are good and imports are bad.
While Trump prepares another round of aid payments for farmers, Marco Rubio is pushing for tariffs on Mexican fruits and vegetables that will send prices soaring.
The most likely end result of Trump's literal Buy American policy: lots of American farm goods rotting in federal warehouses
If the United States had pursued a different strategy from the outset of the Trump administration, it might now be in a position to counter China's hardball tactics.
Is Trump using tariffs as a negotiating tactic? That's the most generous reading of his trade policy, but it's unsupported by the facts.
Is the president the only person left in America who doesn't understand that Americans are paying for his tariffs?
After overpromising the benefits and underestimating the costs, reality is starting to puncture the White House's messaging on trade.
A new report finds the tariffs raised $82 million for the U.S. Treasury but ended up increasing costs for consumers by about $1.2 billion.
Donald Trump's rhetoric is breathtakingly authoritarian, but so far he's done less than his predecessors to expand executive power.
That should be enough to end this silly debate. But what the president says and what the president does are not always the same.
"Bilateral tariffs result in lower GDP, employment, investment, and trade for the U.S.," a new report concludes.
That's just fine, unless you happen to be a president who promised to reduce it.
New study shows U.S. consumers pay every dollar of the tariffs, which have also damaged supply chains and the availability of goods.
Any deal will be better than the current mess, which is largely of Trump's own making.
Trump's tariffs keep harming American businesses and consumers.
Trump could destroy American jobs and America's relationship with Germany at the same time.
American cars with foreign parts will suffer too.
Steel manufacturers spent $12.2 million lobbying the federal government in 2018, an increase of nearly 20 percent over the previous year.
There are dueling bills in front of Congress, both backed by Republicans. One would expand Trump's tariff authority, while the other would check it.
Nonsensical protectionist policies won't make the country great again.
A bipartisan, bicameral proposal would stop Trump from using the tired "national security" excuse to justify his protectionist trade policies.
Because of tariffs, Ford hourly employees will lose out on $750 they would have otherwise received.
Dow Jones skyrockets on news that Steve Mnuchin is leading behind-the-scenes effort to reduce tariffs on China.
And it's not a record low. That's fine, but it's not what the president said would happen.
Regardless of the president's Twitter bravado, this year has provided a painful lesson in how tariffs grow government and hurt the economy.
The Trump administration's response to a lawsuit challenging steel tariffs is a deeply un-conservative argument for greater executive power.
Today, the U.S. Court for International Trade will hear a challenge to the "national security" rationale Trump used to impose those tariffs in June.
New study argues the tariffs have boosted employment, but doesn't examine the costs of President Donald Trump's protectionism.
They are also sapping economic growth, reducing wages, and lowering employment. Winning!
Tuesday's tweets demonstrate that Trump still doesn't understand that Americans, not foreigners, are paying his tariffs.
The U.S. rose four places in the International Tax Competitiveness Index, and this just the latest bit of good news.
Saturday's deal seems to be a strategic retreat by the Trump administration.
Political finger-wags at the boardroom is a good sign that the lowly taxpayer is about to take it in the shorts.
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