As the US president imposes import taxes on three key trading partners, we examine potential repercussions
www.theguardian.com
When Trump put tariffs on Chinese imports last time he was in the White House, Beijing put tariffs on US imports, including soya beans and corn. The move ultimately hurt US farmers, who relied on business with China. Without the approval of Congress, Trump ended up bailing out farmers, whose export revenues dropped by at least $10bn (£8bn) after the tariffs were imposed.
The Council on Foreign Relations, a US thinktank, has since calculated that as much as 92% of the proceeds collected from the tariffs on Chinese imports were spent on payouts to farmers.
Its so exciting to be at the start of a golden age. Have you noticed prices going up yet or is it too early to notice ?
Trump is now saying that the notional money that he makes from tariffs will enable him to stop income tax. Delusional.
But if this is his only economic idea then the invasion of Greenland comes nearer as he will need a diversion.
My advice to the US is to stock up on toilet paper and tinned goods. It may help you get thru the coming years.
Meanwhile eggs are expensive.