As every day passes, the number of people who understand that tariffs do not punish China or Mexico grows — tariffs hurt Americans. That awareness is stretching across the nation. Corporate owners pay more for the products they sell in this country. Then, they pass that cost along to the buyer: American families. Donald Trump refuses to ever change his mind. He decided tariffs were great 30 years ago and just look at what happened.
In an impromptu call to CNBC, the president bragged that his tariffs on China have caused them to lose up to $20 trillion since he was elected, according to Huffington Post. Trump continued with his lie, claiming:
”They’re way behind. They were going to catch us. Had a Democrat gotten in, namely, the one we’re talking about, China would have caught us by the end of her term. They’re nowhere close. They’ll never catch us. Not with what I’m doing.’
The U.S. commander-in-chief continued, saying that China’s economy:
‘(Has lost) many, many trillions of dollars. $15 to $20 trillion in value since the day I was elected.’
The man who occasionally sits in the Oval Office had often made his lies too expansive. The economy in China runs about $13 trillion, up from $12.2 trillion in 2017, the World Bank shows. The U.S. economy is at $20 trillion. If POTUS had really blown up 150 percent of China’s gross domestic product (GDP), the country would cease to have any money at all.
Not only was Trump wrong, China’s economy has been growing at six percent a year since he came into office. The only part of the president’s statement that was correct was that his tariffs have hurt China. The reason was tariffs made their products more expensive, so they are “less competitive in the American market.”
Yet, the U.S. economy will suffer more, because our nation’s salaries have grown so little and companies often pay debt-incurring wages. That means people have just not been able to buy as much as they did before.
Check out Trump’s CNBC interview video below: