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The United States lost the trade war Trump started with China
Bill Gindlesperger
May 11 2021
In 2018 then President Donald Trump tweeted how “trade wars are good, and easy to win.” That was the start of his imposing tariffs on about $360 billion of imports from China.
Nearly 3 years later and it turns out Donald Trump was wrong on both counts. Trade wars are not good and we lost.
In 2020 to make matters worse, Donald Trump ignored the coronavirus as it infected nearly 1 in every 10 Americans, killed half a million Americans, and initiated the steepest economic downturn since the Great Depression.
Consequently, Donald Trump struck out with the largest slate of tariffs and sanctions that he could muster against China’s technology companies. His charade as a big tough leader failed miserably.
The problem is that Donald Trump’s bullying doesn’t work against China. The reason is obvious to any rational observer. China’s economy is too big and too important to the world economy to be simply pushed out of the way.
Meanwhile, China was standing strong against Donald Trump’s tariffs. Once China got control of its own spread of the coronavirus, China took economic advantage. China is the only country large enough to meet the demand for medical equipment, work-from-home computers and medical equipment. This expanded China’s trade surplus with the U.S. despite Donald Trump’s blow-hard tariffs.
In 2016 Donald Trump had vowed to “start reversing” the U.S. goods trade deficit with China. For all of Donald Trump’s blustery, the U.S. deficit with China has not declined but has substantially increased since then. This is due to China swinging back at Donald Trump’s tariffs with their own retaliatory tariffs as well as reducing its imports of U.S. products… like soybeans, aircraft, motor vehicles and microchips.
Cutting through the rhetoric, Donald Trump’s trade war with China occurred as Chinese exports splurged. This comparison followed the last two years of the Obama Administration when Chinese exports were on the downward slope. The raw truth is that China’s total shipments grew each year after Donald Trump took office.
Donald Trump believed without data that tariffs would help companies move production back to the U.S. In a 2019 tweet Donald Trump “ordered” companies to “immediately start looking for an alternative to China.” The effect of the tweet was little more than a puff of hot air.
Donald Trump claimed in 2019 that tariffs had enlarged the U.S. economy, while causing China’s economy to have its “worst year in over 50.” The facts were different. During the Trump Administration China grew substantially at or above 6% in both 2018 and 2019. Meanwhile the trade war with China cost the U.S. a substantial amount over the same period.
The hardest part to swallow about the trade war with China was Donald Trump’s big lie about who pays for the tariffs. Chinese exporters generally didn’t lower prices to keep their goods competitive after the tariffs were imposed. On the other hand, U.S. imposed duties were mostly paid by U.S. companies and consumers.
The tariffs imposed by Donald Trump during his trade war with China resulted in an income loss for U.S. consumers of about $16.8 billion in 2018 alone. Donald Trump's trade war on China was a failure in every possible way.
Donald Trump’s promises were a smoke screen for his failures.
He promised to revive the Rust Belt by bringing jobs home from China. It didn’t happen.
He promised to harness unfair competitors. It didn’t happen.
He promised to enhance intellectual property protections. The only changes China made to its protection of U.S. intellectual protection rights were in China’s own interests.
He promised to gain commitments from China on fair market competition of state-owned enterprises. That didn’t happen either.
The one thing that Donald Trump accomplished was to push China into self-sufficiency and to minimize its dependency on U.S. materials, products, food stuffs, and intellectual property.
Donald Trump's ultimate lie to farmers was a doozy. The Trump Administration promised to reward U.S. farmers, manufacturers and other business owners who had taken it on the chin by Donald Trump's ill-conceived trade war tariffs. These tariffs were in fact a tax on American businesses.
Donald Trump had promised that his trade war would rein in the U.S. trade deficit, boost American exports and slow China's rise as a global superpower. But what really happened is that the trade war reduced economic growth and cost the U.S. 245,000 jobs. Not to mention that foreign investment to the U.S. fell 49% in 2020 alone. Meanwhile, the U.S. goods and services trade deficit increased astronomically.
Now that the facts are in, it is clear that Donald Trump ran the country the same way he ran his many failed business ventures. Poorly.
Trump failures include these Trump-owned businesses and initiatives: Trump Airlines; Trump Vodka; Trump Mortgage; Trump, The Game; Trump Clothing Company; Trump Casinos; Trump Steak; Trump Magazine; GoTrump.com; Trump University; Trump Hotels; Trump Ice Skating Rink in Central Park; Trump’s U.S./China policy; Trump’s reelection campaign; and Trump’s present failure to hide his IRS tax records from prosecutors.
To avoid being taken to the cleaners by a master grifter, It is better to look at Trump’s real-life failures than his silver-tongued promises.
Bill Gindlesperger
May 11 2021
In 2018 then President Donald Trump tweeted how “trade wars are good, and easy to win.” That was the start of his imposing tariffs on about $360 billion of imports from China.
Nearly 3 years later and it turns out Donald Trump was wrong on both counts. Trade wars are not good and we lost.
In 2020 to make matters worse, Donald Trump ignored the coronavirus as it infected nearly 1 in every 10 Americans, killed half a million Americans, and initiated the steepest economic downturn since the Great Depression.
Consequently, Donald Trump struck out with the largest slate of tariffs and sanctions that he could muster against China’s technology companies. His charade as a big tough leader failed miserably.
The problem is that Donald Trump’s bullying doesn’t work against China. The reason is obvious to any rational observer. China’s economy is too big and too important to the world economy to be simply pushed out of the way.
Meanwhile, China was standing strong against Donald Trump’s tariffs. Once China got control of its own spread of the coronavirus, China took economic advantage. China is the only country large enough to meet the demand for medical equipment, work-from-home computers and medical equipment. This expanded China’s trade surplus with the U.S. despite Donald Trump’s blow-hard tariffs.
In 2016 Donald Trump had vowed to “start reversing” the U.S. goods trade deficit with China. For all of Donald Trump’s blustery, the U.S. deficit with China has not declined but has substantially increased since then. This is due to China swinging back at Donald Trump’s tariffs with their own retaliatory tariffs as well as reducing its imports of U.S. products… like soybeans, aircraft, motor vehicles and microchips.
Cutting through the rhetoric, Donald Trump’s trade war with China occurred as Chinese exports splurged. This comparison followed the last two years of the Obama Administration when Chinese exports were on the downward slope. The raw truth is that China’s total shipments grew each year after Donald Trump took office.
Donald Trump believed without data that tariffs would help companies move production back to the U.S. In a 2019 tweet Donald Trump “ordered” companies to “immediately start looking for an alternative to China.” The effect of the tweet was little more than a puff of hot air.
Donald Trump claimed in 2019 that tariffs had enlarged the U.S. economy, while causing China’s economy to have its “worst year in over 50.” The facts were different. During the Trump Administration China grew substantially at or above 6% in both 2018 and 2019. Meanwhile the trade war with China cost the U.S. a substantial amount over the same period.
The hardest part to swallow about the trade war with China was Donald Trump’s big lie about who pays for the tariffs. Chinese exporters generally didn’t lower prices to keep their goods competitive after the tariffs were imposed. On the other hand, U.S. imposed duties were mostly paid by U.S. companies and consumers.
The tariffs imposed by Donald Trump during his trade war with China resulted in an income loss for U.S. consumers of about $16.8 billion in 2018 alone. Donald Trump's trade war on China was a failure in every possible way.
Donald Trump’s promises were a smoke screen for his failures.
He promised to revive the Rust Belt by bringing jobs home from China. It didn’t happen.
He promised to harness unfair competitors. It didn’t happen.
He promised to enhance intellectual property protections. The only changes China made to its protection of U.S. intellectual protection rights were in China’s own interests.
He promised to gain commitments from China on fair market competition of state-owned enterprises. That didn’t happen either.
The one thing that Donald Trump accomplished was to push China into self-sufficiency and to minimize its dependency on U.S. materials, products, food stuffs, and intellectual property.
Donald Trump's ultimate lie to farmers was a doozy. The Trump Administration promised to reward U.S. farmers, manufacturers and other business owners who had taken it on the chin by Donald Trump's ill-conceived trade war tariffs. These tariffs were in fact a tax on American businesses.
Donald Trump had promised that his trade war would rein in the U.S. trade deficit, boost American exports and slow China's rise as a global superpower. But what really happened is that the trade war reduced economic growth and cost the U.S. 245,000 jobs. Not to mention that foreign investment to the U.S. fell 49% in 2020 alone. Meanwhile, the U.S. goods and services trade deficit increased astronomically.
Now that the facts are in, it is clear that Donald Trump ran the country the same way he ran his many failed business ventures. Poorly.
Trump failures include these Trump-owned businesses and initiatives: Trump Airlines; Trump Vodka; Trump Mortgage; Trump, The Game; Trump Clothing Company; Trump Casinos; Trump Steak; Trump Magazine; GoTrump.com; Trump University; Trump Hotels; Trump Ice Skating Rink in Central Park; Trump’s U.S./China policy; Trump’s reelection campaign; and Trump’s present failure to hide his IRS tax records from prosecutors.
To avoid being taken to the cleaners by a master grifter, It is better to look at Trump’s real-life failures than his silver-tongued promises.
The United States lost the trade war Trump started with China
Donald Trump promised his trade war with China would be good for America. But it wasn't, and here's why.
www.publicopiniononline.com
