Trump's Trade Wars Costs Americans billions per month

[Go Braves]

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.

 

[Hammster]

It may not be the trade war.

Bloomberg - Are you a robot?

 

[FireDragon76]

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.

That has been my experience as well. Electronics seems to have gone up in price by about 20 percent or so.

 

[Go Braves]

That has been my experience as well. Electronics seems to have gone up in price by about 20 percent or so.

My extended family is from a farming community that has been hit pretty bad from all this.

Pompeo takes heat from Iowa farmers hit by Trump's trade wars in trip to rally president's support

 

[Belk]

My extended family is from a farming community that has been hit pretty bad from all this.

Pompeo takes heat from Iowa farmers hit by Trump's trade wars in trip to rally president's support

My father in law is a farmer. He has not been hit bad because his crops are local but a lot of apple producers are having a hard time.

Trade war is costing Washington dearly

 

[Go Braves]

My father in law is a farmer. He has not been hit bad because his crops are local but a lot of apple producers are having a hard time.

Trade war is costing Washington dearly

Sorry to hear about your FIL's troubles. I'm not surprised. The farming communities where folks I know & extended family live have been hit hard in 2 ways. By the trade wars & by Donald's immigration rhetoric. The article up above Hammster posted talks about how the trucking industry has had a real hard time getting folks to work for them. That's been the problem farmers have had for generations now. Even with modern technology a lot of farming is still manual labor out in the elements. Hard, hard work. A lot of folks born & bred in America just turn their noses up at that, or aren't fit for it. Or they want wages to reflect on how hard that work is, rightfully so, instead of just getting paid the bare minimum. Farmers have long depended on immigrants. I learned Spanish, got an appetite for Central American food, on account of the number of migrant kids I played with growing up, who had parents working the farms.
For generations most farmers simply hired undocumented workers & that was just fine. Republican bills have actually pushed for more visas for seasonal workers but that's incongruent with all of Donald's rhetoric about "the wall." There's more illegal immigrants in the US who came here on visas & overstayed them than there are who crossed at the border. On top of that, the workers who come in, learn how to do the job, & do the job great are ones farmers want to keep, but those workers often want their families to come join them.