No matter how many times experts tell Donald Trump that tariffs do not benefit the American consumer, the failed businessman who consistently lost more money than he made insists that he knows better than they do what will benefit the American economy. On Friday, he demonstrated his utter lack of knowledge once again by lashing out about China, tariffs, and President Obama.
This is not how the American economy works. To learn this, all Trump would need to do is open a Forbes magazine, which has been warning for some time that Trump’s trade deals are bad for the American economy and steadily working to make things worse.
Forbes writes that:
‘Let’s stop pretending. An import tariff is nothing but a tax on consumers and businesses. Not in the exporting country, but the importing one. So the 10% tariff on $200bn of Chinese imports that President Trump has just imposed is in reality a new tax on Americans. And it will hurt America much more than China.’
Yet, it doesn’t appear that anyone is going to be able to stop this mistake of a president from running the nation’s economy, an economy rescued from a second Great Depression by President Obama, into the ground. No expert warnings will sway him, and he either doesn’t understand that what he’s saying is nonsense, or at least he’s hoping very much that his supporters don’t.
‘If the Trump administration enacts additional tariffs on automobiles and parts and additional Chinese tariffs, the Tax Foundation model estimates that GDP would fall by an additional 0.44 percent ($111.3 billion), resulting in 0.29 percent lower wages and 345,170 fewer full-time equivalent jobs.’
That great trade deal that Trump promised was already in the works with China has so far been as elusive as the booming economy Trump claims the U.S.A. is enjoying today despite the fact that wages aren’t rising in any significant way. For whom exactly is the economy booming?
Twitter tried to explain it to the president, as well, but their warnings will fall on deaf ears just like everyone else who tries to talk sense into Trump. Read some of their comments below: