Tag: Trump’s tariffs

Biden Criticizes Trump’s Tax, Tariff Plans

Buck Banks

“By all accounts, the incoming administration is determined to return the country to another round of trickle-down economics. On top of that, he seems determined to impose steep, universal tariffs on all important goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs, rather than the American consumer.”

— “President Joe Biden on Tuesday took direct aim at President-elect Donald Trump’s economic agenda, denigrating his plan to impose sweeping tariffs and cut taxes as a ‘major mistake’ that will weaken the economy,” Politico reports.

Trump’s Tariffs Didn’t Reduce the U.S. Trade Deficit

Buck Banks

$679 billion

“The U.S. trade deficit over the four years of President Donald Trump’s presidency soared to its highest level since 2008, despite his tough tariff tactics intended to bring it down, a new Commerce Department report showed on Friday,” Politico reports. “The combined U.S. goods and services trade deficit increased to $679 billion in 2020, compared to $481 billion in 2016, the year before Trump took office. The trade deficit in goods alone hit $916 billion, a record high and an increase of about 21 percent from 2016.”

Trump Threaten Europe with Tariffs Over Iran

Buck Banks

25%

“A week before Germany, France and Britain accused Iran of breaching the 2015 nuclear deal, the Trump administration privately threatened to impose a 25 percent tariff on European automobiles if they didn’t, according to U.S. and European officials,” the Washington Post reports. “The U.S. effort to coerce European foreign policy through tariffs represents a new level of hardball tactics with America’s oldest allies and could result in the reimposition of sanctions against Iran.”

Swing States Experiencing a Manufacturing Recession Already

Buck Banks

22

“A manufacturing recession may already be under way in vulnerable swing states, challenging President Donald Trump’s campaign promise to deliver blue-collar jobs to his base,” NBC News reports. “Out of the 22 states with manufacturing job losses so far this year, some of those with the biggest percentage declines are states where Trump won by less than 5 percentage points.”

China Socks It to Trump with New Tariffs

Buck Banks

$75 billion

“China announced that it will impose additional tariffs on a total of $75 billion of U.S. goods in retaliation for President Trump’s latest planned levies on Chinese imports,” Bloomberg reports. “Some of the countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement from the Ministry of Commerce. This mirrors the timetable the U.S. has laid out for 10% tariffs on nearly $300 billion of Chinese shipments.”

American Consumers Expect to Pay for Chinese Tariffs

Buck Banks

62%

A new Monmouth poll finds that 62% of Americans feel that U.S. consumers will bear the brunt of paying for new tariffs on Chinese goods, while just 23% say that Chinese producers will bear more of these costs. Likewise, 62% believe it is very likely that American companies which sell goods or use materials made in China will simply pass those costs onto domestic consumers.