Tag: Trump’s tariffs
Trump’s Tariffs Pulling in Billions
$27.7 billion
data from the Treasury Department released Tuesday afternoon confirmed that July marked another record month on the revenue front, with some $27.7 billion in customs duties coming into US coffers, reports Yahoo Finance. This was another step up from June’s total of $26.6 billion and May’s total of $22.2 billion. It represents a significant jump from around $8 billion in customs duties one year ago and brings the total for the fiscal year to around $135.7 billion.
Trump’s Tariffs Will Cost Americans $2,400 This Year
$2,400
The Yale Budget Lab says the new tariff rates President Trump announced late Thursday are the highest in nearly a century and will cost the average family about $2,400 this year, Axios reports. After blending the various rates assigned to different countries, the average tariff now stands at 18.3%, the highest since 1934.
There Are Signs of a Global Economic Slowdown Created by Trump’s Trade Policies
2.9%
OECD warned of a global economic slowdown. In its latest forecast, the Organisation for Economic Co-operation and Development revised the global GDP growth rate for this year down from 3.1% in previous estimates to 2.9% as a result of the effects of the Trump administration’s trade policies. The organization also cut the US’ growth outlook from 2.2% as of March to 1.6%.
Lo, TACO Mockery!
Donald Trump is nothing if not a predictable lout,
And investors are profiting on his tariff turnabouts.
On Wall Street they’ve already made
Something called the “TACO trade,”
‘Cause when it comes to tariffs, “Trump Always Chickens Out.”
Rand Paul’s Simple Tariff Explanation
“Well, tariffs are taxes, and when you put a tax on a business, it’s always passed through as a cost. So, there will be higher prices. The only trade that means anything is the individual who buys something. That’s the only real trade. And that by very definition, if it’s voluntary, is mutually beneficial, or the trade doesn’t occur.”
— Sen. Rand Paul (R-KY), quoted by Politico.
Trump Has ‘No Deal,’ Not ‘New Deal’
“Everyone says ‘When, when, when are you going to sign deals?’ We don’t have to sign deals. We could sign 25 deals right now if we wanted to. We don’t have to sign deals. They have to sign deals with us. They want our market. We don’t want a piece of their market. We don’t care about their market.”
— President Trump, quoted by the New York Times, on trade deals his administration is supposedly negotiating.
Have a Trumpy Christmas
Trump says it’s just the cost of doing business,
As if his tariff plan wasn’t stupid and witless.
From a thriving economy in a land of plenty,
We’ve gone to big-box stores with shelves all empty,
And it’s going to be a Trump-branded crappy Christmas.
