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U.S. President Donald Trump famously tweetedthat “trade wars are good, and easy to win” in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts...
Trump vowed in his 2016 election year to very quickly “start reversing” the U.S. goods trade deficit with China, ignoring mainstream economists who downplay the importance of bilateral deficits. However, the deficit with China increased since then, hitting $287 billion in the 11 months to November last year, according to Chinese data.
....Trump repeatedly said that China’s accession to the World Trade Organization in 2001 caused its economy to take off like a “rocket ship,” a result he viewed as unfair. As it turned out, Trump’s trade war with China coincided with another expansion in Chinese exports. After shrinking for two straight years in 2015 and 2016, China’s total shipments grew each year after Trump took office, including in 2019 when exports to the U.S. fell.
.....
Trump repeatedly claimed that China was paying for the tariffs. Economists who crunched the numbers were surprised to find that Chinese exporters generally didn’t lower prices to keep their goods competitive after the tariffs were imposed. That meant U.S. duties were mostly paid by its own companies and consumers.
The tariffs led to an income loss for U.S. consumers of about $16.8 billion annually in 2018, according to a National Bureau of Economic Research paper...
www.bloomberg.com
But on top of that Trump had and has China laughing at us. Trump with his lies and inciting division in this country has China losing all respect for this nation.
As Thomas Friedman asked recently, “What did you think, that the Chinese didn’t notice that our last president inspired his followers to ransack our Capitol, that a majority of his party did not recognize the results of our democratic election, that a member of our Congress believes that Jewish-run space lasers cause forest fires...”
Friedman does not let the left off the hook either, but this division makes us vulnerable to China.
But fear not! Trump himself has profited handsomely from China.
Trump was paid a cool 5.4 million dollars from China during his presidency. [Did I mention Ivanka’s 41 Chinese patents she received during her father’s presidency?]
www.forbes.com
Trumpism is now in the trash heap of history.
We now have a president who is confronting China. He is investing in our infrastructure and our future. We need to give him our support. And that applies to the right...and the left.
Trump vowed in his 2016 election year to very quickly “start reversing” the U.S. goods trade deficit with China, ignoring mainstream economists who downplay the importance of bilateral deficits. However, the deficit with China increased since then, hitting $287 billion in the 11 months to November last year, according to Chinese data.
....Trump repeatedly said that China’s accession to the World Trade Organization in 2001 caused its economy to take off like a “rocket ship,” a result he viewed as unfair. As it turned out, Trump’s trade war with China coincided with another expansion in Chinese exports. After shrinking for two straight years in 2015 and 2016, China’s total shipments grew each year after Trump took office, including in 2019 when exports to the U.S. fell.
.....
Trump repeatedly claimed that China was paying for the tariffs. Economists who crunched the numbers were surprised to find that Chinese exporters generally didn’t lower prices to keep their goods competitive after the tariffs were imposed. That meant U.S. duties were mostly paid by its own companies and consumers.
The tariffs led to an income loss for U.S. consumers of about $16.8 billion annually in 2018, according to a National Bureau of Economic Research paper...
How China Won Trump’s Trade War and Got Americans to Foot the Bill
U.S. President Donald Trump famously tweeted that “trade wars are good, and easy to win” in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts.
www.bloomberg.com
But on top of that Trump had and has China laughing at us. Trump with his lies and inciting division in this country has China losing all respect for this nation.
As Thomas Friedman asked recently, “What did you think, that the Chinese didn’t notice that our last president inspired his followers to ransack our Capitol, that a majority of his party did not recognize the results of our democratic election, that a member of our Congress believes that Jewish-run space lasers cause forest fires...”
Friedman does not let the left off the hook either, but this division makes us vulnerable to China.
But fear not! Trump himself has profited handsomely from China.
Trump was paid a cool 5.4 million dollars from China during his presidency. [Did I mention Ivanka’s 41 Chinese patents she received during her father’s presidency?]
Forbes Estimates China Paid Trump At Least $5.4 Million Since He Took Office, Via Mysterious Trump Tower Lease
Donald Trump maintained a stake in Trump Tower when he became president, and with it, a financial connection to the Chinese government.
www.forbes.com
Trumpism is now in the trash heap of history.
We now have a president who is confronting China. He is investing in our infrastructure and our future. We need to give him our support. And that applies to the right...and the left.
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