berg80
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- Oct 28, 2017
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Trump terminates all U.S. trade negotiations with Canada over Reagan tariffs TV ad
President Donald Trump said Thursday night that he was terminating all trade negotiations with Canada because the Ontario provincial government aired an ad featuring former President Ronald Reagan speaking negatively about tariffs.Trump’s announcement accused Canada of trying to influence a pending U.S. Supreme Court case that could doom many of his tariffs, including ones on Canada.
His statement came after The Ronald Reagan Presidential Foundation and Institute said that the ad misrepresents a presidential radio address Reagan delivered in April 1987, and that his remarks were edited without permission.
The foundation did not say what was misleading.
Ontario enlists Ronald Reagan against Trump’s tariffs
TORONTO — Ontario is using Ronald Reagan to warn that Donald Trump’s tariffs will cost Americans their jobs.“We’re going to repeat that message to every Republican district there is right across the entire country,” Ontario Premier Doug Ford said this week, teasing the new ad campaign at a Toronto business luncheon.
The one-minute ad excerpts a 1987 radio address by Reagan to justify imposing 100 percent tariffs on Japanese electronics over a trade dispute over semiconductors.
Reagan’s address warned of the long-term economic perils of tariffs on foreign imports sold to Americans as a protectionist policy and explained they were imposed to sort a particular problem — not to begin a trade war.
“But over the long run, such trade barriers hurt every American, worker and consumer,” Reagan narrates in the ad. “High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. Then the worst happens. Markets shrink and collapse, businesses and industries shut down and millions of people lose their jobs.”
China’s embassy in Washington notably used the same Reagan clip to troll Trump’s global tariffs when the China-U.S. trade war heated up in the spring.
Don has his extra large shorts in a bunch for being called out (posthumously) by Ron, the patron saint of conservatives. The crux of Reagan's remarks being consumers ultimately bear most of the cost of tariffs. Something the tariff man doesn't like being reminded of.
Tariff costs to companies this year to hit $1.2 trillion, with consumers taking most of the hit, S&P says
Of course, consumers aren't the only ones who get hurt. Just ask the soy bean farmers.
Ohio soybean farmers left high and dry as Trump’s tariff tornado obliterates China market
Ohio soybean farmers left high and dry as Trump’s tariff tornado obliterates China market
Not a single bushel sold to China this year as tariff wars devastate Ohio's agricultural economy, leaving farmers facing potential federal bailout