Trade war is producing many negative effects
Donald Trump’s ego-driven trade war is having a decidedly negative impact on the U.S. economy. A large number of non-partisan economic experts have recently detailed some of these impacts:
Moody’s Analytics reported that the trade war has reduced U.S. job growth by 300,000 jobs and that the number of lost jobs is likely to rise to 450,000 by the end of the year.
The American Farm Bureau reported that “delinquency rates for commercial agricultural loans are at a six-year high” and that farm bankruptcies have greatly increased.
A paper from the National Foundation for American Policy estimated that Trump’s tariffs will cost U.S. households $2,000 each by next year.
The American Action Forum estimated that the tariffs could cause national consumer prices to increase by over $120 billion annually.
The Consumer Sentiment Index from the University of Michigan fell in August by the highest amount since 2012. The official who oversees the Index stated: “The data indicate that the erosion of consumer confidence due to tariff policies is now well underway.”
Jobs lost, farm loan delinquencies and bankruptcies increasing, prices rising, consumer confidence down. These are the “benefits” of Trump’s tariffs.
Donald Trump has repeatedly claimed that China would bear the cost of the tariffs he has imposed on imports from that country. As is so often the case with Trump, this claim is a lie. The costs of the tariffs are being borne by American businesses and American consumers.
In addition to the economic damage that Donald Trump’s trade war has caused, it has also created a great deal of stress in our relations with our closest allies. Trump’s self-centered “America First” agenda has alienated our friends and encouraged our enemies, especially Russia.
Donald Trump and his trade war are both bad for our country. We the people need to make sure he is a one-term president.