- May 18, 2017
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In a study published on Saturday, economists from the Federal Reserve Bank of New York, Princeton University, and Columbia University found that tariffs imposed last year by Trump on products ranging from washing machines and steel to some $250 billion in Chinese imports were costing U.S. companies and consumers $3 billion a month in additional tax costs and companies a further $1.4 billion in deadweight losses. They also were causing the diversion of $165 billion a year in trade leading to significant costs for companies having to reorganize supply chains.
In a separate paper published on Sunday, four economists including Pinelopi Goldberg, the World Bank’s chief economist and a former editor in chief of the prestigious American Economic Review, put the annual losses from the higher cost of imports alone for the U.S. economy at $68.8 billion.
Bloomberg - Are you a robot?
It's what caused National Economic Council director Gary Cohn to sprint across the South Lawn of the White House & hail the next cab back to New York. He told Donald this was a terrible idea. He warned Donald this would happen. Donald still thought trade wars would be good & easy to win.
As one example, a store was talking about how their most popular washing machine had cost $499 last year. On account of Donald's trade wars, the exact same model is now $599. He said it was putting things in a spin cycle to say that this had been good for America.