How Trump’s Tariffs and Resulting Trade War with China Damaged America’s Economy for Decades to Come

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I want to begin this article with one disturbing fact. Trump’s tariffs harmed American farmers more than anyone else. Although he bailed some out with $35 billion of taxpayer money, farm foreclosures are at their highest point since 2007. This is one fact which no one can deny. But there are many other disastrous results from Trump’s unilateral decision.

A combination of the trade war with China and Trump’s tax cuts for 704 billionaires and 18.6 million millionaires added one-trillion dollars to the deficit. It has reached a record high of 23 trillion dollars under the failed fiscal policies of another Republican president.

Trump announced the beginnings of a trade deal with China last week. China denied this claim and the White House admitted that nothing had been signed.

CNBC reported that “China’s surplus on its U.S. goods trade in the first ten months of this year was $294.5 billion, and amounted to 40% of America’s total trade gap.

“During the same period, Beijing slashed U.S. exports to China 14.5% to $87.6 billion. By contrast, Chinese goods sales to the U.S. were more than four times larger at $382.1 billion.”

Bluntly put, Trump’s attempt to bully China failed miserably. He proved once and for all that his infamous book, “The Art of the Deal,” was nothing but lies. Trump does not possess the diplomatic skills to ‘make a deal.’

At the present time there is no forecast for the end of a trade war between the world’s two largest economies. Meanwhile, consumers are paying higher prices for everything from appliances to toys. Businesses have been reducing their work force. The rich are getting richer, and the poor, poorer. Income inequality is a growing problem.

I will end this with a simple fact. Millions of ignorant and uninformed Americans gave Trump the Electoral College. They failed to know or chose not to know that Trump had failed at every business endeavor in his life. Twice he was near complete failure and would be penniless. In 1999 the Saudi Royal Family bailed him out. In 2005, after taking the Miss Universe Pageant to Moscow for the first time, his real estate business began to flourish. He continues to hide his tax returns. Would they prove that Russian oligarchs laundered money through his real estate investments?

We may never learn about all the crimes Trump committed in his lifetime. Impeachment and his removal from office are not enough. He must be imprisoned for his crimes against the people of the United States of America.

Op-ed by James Turnage

“The Truth Lives Here”

SOURCE

Image courtesy of DonkeyHotey

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