“President” Donald Trump is the Biggest Loser of all time, according to his recently released tax returns. No surprise that when it comes to tariffs and how they work and whom they impact, he has not a clue. The new tariffs against China went into effect on Friday morning. The Association of Equipment Manufacturers noted that the new tariffs will have “dire consequences” for our equipment manufacturers and likely will cost jobs in the 400,000 range over ten years.
Notwithstanding experts who know what they speak of, Trump took out his phone, did not even Google how tariffs impact the consumer and our businesses and what a trade war does to the nation, and started tweeting about how glorious this newest stupidity would be:
Talks with China continue in a very congenial manner – there is absolutely no need to rush – as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S. The process has begun to place additional Tariffs at 25% on the remaining 325 Billion Dollars. The U.S. only sells China approximately 100 Billion Dollars of goods & products, a very big imbalance. With the over 100 Billion Dollars in Tariffs that we take in, we will buy agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance. In the meantime we will continue to negotiate with China in the hopes that they do not again try to redo deal! Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!
Someone on Donald Trump’s team must have then told him that he had no idea what he was talking about, as he then tried to backtrack a bit by tweeting that everyone should build in the United States to avoid tariffs. After referring to himself as “Your all time favorite President” (a paean apparently to Putin), he said he was tired of waiting. More danger, and the average Joe will pay for this.