King Trump Economic Plan Is A Disaster

Beginning last year, Trump has hiked tariffs on about half of all imports from China. The average tariff on Chinese imports has risen from 3.1% before Trump got tariff-happy, to 21.2%. Those are taxes paid by American importers, who do their best to pass the added cost on to their own customers. Sometimes they can’t, and have to absorb the tariffs as a higher cost that lowers profits. And sometimes they can force their Chinese vendors to lower prices, to help offset the higher cost of the tariffs.

On Sept. 1, Trump imposed a 15% tariff for the first time on finished consumer goods imported from China, including clothing, shoes, appliances and food. A similar tariff is due to go into effect Dec. 15 on a deeper set of consumer goods, including electronics and smart phones. At that point, the average tariff would have risen to 24.3% and Trump would have hiked taxes on virtually everything imported from China.

King Trump says he is “winning big time, against China.” But his trade war is causing measurable damage to the U.S. economy, with the pain likely to worsen. Who is winning? Americans are not winning! The Chinese take the long approach to their economy the Government plans 10 to 30 years in the future to surpass the US economy. King Trump has no idea what’s happen tomorrow or next week …How can the US compete with a reckless moron in the White House?

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Forecasting firm Moody’s Analytics estimates that King Trump’s trade war with China has already reduced U.S. employment by 300,000 jobs, compared with likely employment levels absent the trade war. That’s a combination of jobs eliminated by firms struggling with tariffs and other elements of the trade war, and jobs that would have been created but haven’t because of reduced economic activity.

King Trump does not have a clue about international trade or the US economy

It’s time for the impeachment inquiry.

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