Donald Trump is fond of saying we lose billions of dollars to China each year because of our trade deficit with the country — a deficit that has (erp!) somehow hit a record high under Trump’s watch.
Of course, that’s a little like saying my trade deficit with Trader Joe’s is unsustainable, so I’m gonna stop shopping there until they agree to stock my signature handcrafted artisanal toilet rum. (The analogy isn’t perfect, but if Trump isn’t going to make any sense on trade, why should I?)
Well, guess what? We are about to lose a lot of money on trade — because our president is a moron.
That’s according to a new Oxford Economics study estimating that the latest round of tariff increases could cost each American household an average of $490 to $800.
Oxford Economics estimated that if China retaliates, President Donald Trump's decision to increase tariffs from 10 percent to 25 percent on $200 billion of Chinese goods could cost the economy $62 billion, or $490 per household, in economic output, as reported by CNBC.
If the U.S. were to put that 25 percent tariff on all imported items from China, and Beijing were to retaliate, that amount could go as high as $800 per household, or a negative $100 billion impact on the U.S. economy, estimated Oxford Economics.
In contrast to prior rounds of tariffs, the Trump administration did not exempt certain types of consumer goods from the latest import hikes. Consumer goods comprise 23 percent of the items subject to higher import rates due to the policy shift announced Friday, according an analysis from the Petersen Institute for International Economics.
Oh, but that tax law Trump and the GOP passed in 2017 increased your take-home pay by $4,000, right? Right? (Don’t contradict Dear Leader, now.)
Donald Trump is barreling down the road playing chicken with China, but unfortunately we’re all strapped to the grill. And judging from past experience (government shutdown, anyone?) I can only imagine any “gains” our side achieves will be marginal — like they’ll promise to produce an unlimited number of MAGA hats for free and send at least 90 percent of their lead-covered toys to children in blue states. Because nothing says #Winning like screwing over the people who didn’t vote for you.
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