Donald Trump, the self-described best negotiator, has caved in again. Just like he did with Nancy Pelosi, Trump looked China square in the eye and blinked. Trump has taught the world that if they’re in a negotiation with him, all they have to do is wait him out.
Trump is delaying a ten-percent tariff on Chinese goods until after the holiday shopping season. While previous rounds of Trump’s tariffs didn’t affect clothing (Ivanka’s fashion line and “Make America Great Again” products made in China), the next round will , in addition to electronics and toys. In case you’re not a parent, kids like to get clothes, electronics, and toys for Christmas.
Trump still claims China is paying all the costs of the tariffs, though reality proves U.S. consumers are paying the price for the previous rounds imposed by Trump. So basically, Trump is saying American shoppers don’t pay for tariffs but let me delay this round of tariffs so American shoppers won’t have to pay for them until after Christmas.
Trump’s stubbornness and stupidity are two reasons the stock market is tumbling and there are new fears of a recession. While consumers and economists have had confidence in the economy, they don’t have it in Trump.
Donald Trump inherited a great economy from Barack Obama. It’s his greatest accomplishment, as inheriting is his greatest life accomplishment. His other big accomplishment is that even he hasn’t destroyed the Obama economy…yet. It appears that is about to change. Just like his daddy’s money, Trump will burn what Obama left for him. And, when the economy starts reeling and stockbrokers realize the guy in charge of the government doesn’t understand tariffs or taxes, they start selling. Yesterday was the worst day of the year for the Dow.
Trump raised tariffs 10 percent, then 25 percent. He initially left off items like clothing and cell phones, but the next round, which is now scheduled for December 15, will hit $300 billion of almost all Chinese goods at 10 percent. Some tariffs will still take effect on September 1.
When tariffs are raised, companies like Wal-Mart and Target have three options. They can find a new source for goods (like Vietnam or Mexico), or they can eat the increased prices themselves (which a lot of them have been doing), or they can pass the price increase to their customers. Even if American consumers don’t pay the higher fees, American companies will. Americans are still paying for these tariffs, not China.
I am not an economic expert, but apparently I, a guy who draws funny pictures and makes fun of people for a living, understand this topic better than the president of the United States.
The one thing that’s been keeping the Trump dumpster fire afloat has been Obama’s economy. Voters have short memories and they suck at seeing the future. But they do live in the present. When their pocketbooks and bank accounts are hurting in November 2020, Captain Bone Spurs will finally feel their pain.
Many economists believe it was good policy for Trump to back down on this latest round of tariffs, but they don’t like the politics of it. Nearly everyone agrees China has taken advantage of us in trade, but hardly anyone agrees we can win a trade war…or that anyone can win a trade war. Trump now has to find a way to end another crisis he created.
The only hope with the next round of tariffs is that Trump chickens out again. It can go either way. The guy is stubborn while also being a coward. Let’s hope the chicken wins over the jackass. Or, he delays the next round, then hopes everyone forgets about it. With his supporters, that’s very possible.
But trust me on this, when we go into battle, over a trade war or a real war, Captain Bone Spurs will save himself and once again, avoid doing any of the actual fighting.
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