Tag: Trump’s trade war

Trump Has ‘No Deal,’ Not ‘New Deal’

Buck Banks

“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.

U.S. Economy Shrunk in First Quarter of Trump’s Second Term

Buck Banks

0.3%

The U.S. economy shrank at a 0.3% annual pace from January through March, the first drop in three years, as President Donald Trump’s trade wars disrupted business, the Associated Press reports. First-quarter growth was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before Trump imposed massive tariffs.

Canada Ready to Pull the Plug on Electricity Exports to U.S.

Buck Banks

“If they want to try to annihilate Ontario, I will do everything — including cut off their energy with a smile on my face. …They rely on our energy, they need to feel the pain. They want to come at us hard, we’re going to come back twice as hard.”

— “Speaking Monday at a mining convention in downtown Toronto, Ontario Premier Doug Ford doubled down on threats to cut electricity exports to U.S. border states if the tariffs go through,” the Toronto Sun 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’s Trade War Has Killed 300,000 Jobs

Buck Banks

300,000

Yahoo News: “Forecasting firm Moody’s Analytics estimates that Trump’s trade war with China has already reduced U.S. employment by 300,000 jobs, compared with likely employment levels absent the trade war. … That’s a combination of jobs eliminated by firms struggling with tariffs and other elements of the trade war, and jobs that would have been created but haven’t because of reduced economic activity.”

Trade with China Is Falling

Buck Banks

-22%

Associated Press: “China’s trade with the United States is falling as the two sides prepare for negotiations with no signs of progress toward ending a tariff war that threatens global economic growth. Imports of American goods tumbled 22% in August from a year earlier to $10.3 billion, customs data showed Sunday. Exports to the United States, China’s biggest market, sank 16% to $44.4 billion.”