So we talked about President Trump and his terrible tariff plan to weaken our economy.
For those that missed it, President Best Brain is lobbing a fresh shot across the bow of China, with over $200 billion in new tariffs.
China is retaliating.
It will not go well for American businesses or consumers.
Smarter people have attempted to explain to Trump the destructive nature of his protectionist policies, regarding trade. None of them have been able to penetrate the MAGA hive mind.
Donald Trump’s history, no matter how it has been spun for the consumption of the poorly educated that he loves – whether they be the gullible rubes that were taken in by his Trump University scam, or the glassy-eyed simpletons in MAGA caps – is not the history of an actual, successful businessman.
Republican strategist, Rick Wilson, relays a conversation with an actual billionaire out of New York, who laughingly describes Trump as “a clown living on credit.”
And now he’s playing with the nation’s credit card. That’s not good.
Sadly, the wise are bailing the administration, fed up with fruitless attempts to keep the ship from slamming into the rocks.
That leaves a White House full of clingers and those who will say and do ridiculous things, just to appease the hay-haired mountebank in the Oval Office.
Speaking of ridiculous, let’s hear from Trump’s pick for Commerce secretary, Wilbur Ross. Surely, to hold such an important seat in the Cabinet, he has something cogent to add to the tariff debate.
Ross told CNBC on Tuesday that Americans wouldn’t notice price differences on the affected Chinese imports, arguing the tax is but a “tiny, tiny fraction” of U.S. inflation.
“If you have a 10 percent tariff on another $200 billion, that’s $20 billion a year,” Ross said. “Because it’s spread over thousands and thousands of products, nobody’s going to actually notice it at the end of the day.”
Pork and soy farmers are already feeling the pain from his first round of tariffs.
Businesses are closing or moving out of the country because of his tariffs.
What Trump is doing and what Ross is defending is anathema to good business and to the economic well being of the United States.
Earlier Tuesday, the Chinese government answered President Trump’s announcement of new tariffs by unveiling another $60 billion in tariffs on goods out of the United States, as well.
Business groups and lawmakers have warned against the Trump trade war, concerned for the damage done to American consumers and businesses.
We have a strong economy now, but the way to keep it strong is not to damage trade relations or inflict higher taxes on the citizens.
Taxes on imports are intended to push consumers toward buying goods from domestic manufacturers by raising the cost of foreign competitor products. A lack of a meaningful price difference between U.S. and foreign goods could do little to bolster American manufacturers against Chinese rivals.
Ross insists that the tax hikes will be “minor,” but he’s a wealthy investor. He lives in a bubble of privilege and doesn’t really grasp how what might seem “minor” to him could cause real pain for the average American. He’s talking about raising the price of a broad host of goods, meaning American consumers are paying more for the things they need.
Neither does Donald Trump, who lives in a bubble if ignorance.
This is a real “Let them eat cake” scenario and we don’t currently have anyone in Congress willing to step up and put a stop to it.