McRocket
Gold Member
- Apr 4, 2018
- 5,031
- 707
- 275
- Banned
- #1
'IHS Markit, a London-based economics research firm, conducted a survey of just over 800 manufacturing companies between October 12-26 and discovered that President Trump's deepening trade war would raise prices for US consumers (tariffs are a hidden tax), but here is the shocker: it will not bring back many overseas manufacturing jobs.
As the administration's tariffs on $34 billion worth of Chinese goods kicked in July, President Trump, White House officials, and conservative media unleashed a wave of propaganda emphasizing that higher duties would encourage the revival of America's manufacturing sector. By Sept., Trump announced another round of new duties of 10% on $200 billion in Chinese imports, which will increase to an eventual rate of 25% by Jan. 01.
To make matters worse, China immediately implemented retaliatory tariff, calling it the "biggest trade war in economic history."
Months later, the administration's promise of a manufacturing revival through taxing Chinese imports had backfired. More than 4 in 10 companies surveyed said they are raising prices to offset the higher cost of production (again, a tax on American consumers as real wages remain to stagnate). About 1 in 10 said they expect to reduce the share of total output manufactured outside the US. Approximately the same number said the tariffs would encourage them to move more jobs back home.'
US Manufacturers Warn Trump Tariffs Will Bring Higher Prices, Not More Jobs: Survey
Once again, people who know WAY more than Trump does tell it like it is. Trump's moronic tariffs will NOT help America.
As the administration's tariffs on $34 billion worth of Chinese goods kicked in July, President Trump, White House officials, and conservative media unleashed a wave of propaganda emphasizing that higher duties would encourage the revival of America's manufacturing sector. By Sept., Trump announced another round of new duties of 10% on $200 billion in Chinese imports, which will increase to an eventual rate of 25% by Jan. 01.
To make matters worse, China immediately implemented retaliatory tariff, calling it the "biggest trade war in economic history."
Months later, the administration's promise of a manufacturing revival through taxing Chinese imports had backfired. More than 4 in 10 companies surveyed said they are raising prices to offset the higher cost of production (again, a tax on American consumers as real wages remain to stagnate). About 1 in 10 said they expect to reduce the share of total output manufactured outside the US. Approximately the same number said the tariffs would encourage them to move more jobs back home.'
US Manufacturers Warn Trump Tariffs Will Bring Higher Prices, Not More Jobs: Survey
Once again, people who know WAY more than Trump does tell it like it is. Trump's moronic tariffs will NOT help America.
