Trump’s Measly 'Trade War' 2019: $24 Billion in Tariffs - and a $22 Trillion Economy
Schadenfreude - Trade Edition
Candidate Donald Trump promised to strategically impose strategic tariffs upon the countries that have spent the last several decades royally screwing us on trade.
As a way to force these very many countries - to stop screwing us.
President Trump - has kept his promise. So have the tariffs he’s been imposing.
Our chief global antagonist - economically and in all other ways - is Communist China. With whom we have for several decades been very stupidly cutting very stupid trade deals.
Trump’s China mini-tariff regime - augmented by a coronavirus outbreak - has Communist China’s regime in serious trouble.
Don’t let anyone fool you: Communist China’s regime collapsing - is a very good thing. And companies having to relocate their production houses to somewhere besides Communist China - preferably here - is a very good thing.
Trump’s North America mini-tariff regime - allowed US to tear up the exceedingly awful North American Free Trade Agreement (NAFTA). And replace it with the exceedingly better United States-Mexico-Canada Agreement (USMCA).
The now-Britain-free European Union (EU) - ain’t looking to lock horns with Trump and his tariffs:
“Donald Trump and European Union officials on Wednesday stepped back from a trade war as they struck a deal to work towards ‘zero’ tariffs, barriers and subsidies.”
Yes, please. And round and round we go - all round the globe.
The willfully-blind-to-reality Free Trade Freaks - have spent the last three-plus years freaking the heck out.
Accusing those of us who prefer an America First trade policy - of being “collectivists”…for preferring our nation.
Seriously: I have on numerous occasions been called by Free Trade Freaks a “collectivist” for using the first person plural pronoun “We”…when referencing the United States of America. How exceedingly unintelligent these Free Trade Freaks are.
And the Free Trade Freaks have been endlessly, incorrectly predicting the imminent collapse of our economy - because of Trump’s tariffs.
Trump’s Global Trade War Is a Recipe for Economic Collapse
Economic Trouble Signs Hang Over Trump’s Trade War
Trump's Trade War Will Punish Trump Country Worst of All
In Trump's Trade War, How Patriotic Will Americans Be?
Except, of course, none of this has proven to be true.
In fact, the exact opposite has been borne out - in about nine million different directions.
Most especially so - for minorities…and the lowest of the wage earners amongst US.
Experts Predicted Economic Armageddon Under Trump - Where Are They Now?
Democrats Remain in Denial over the Trump Economy
The US Economy and Asset Markets Are Underpinned by Strong Growth Drivers
Consumer Confidence Rose to 99.8 in January from 99.3 in December
U.S. Unemployment Rate Falls to 50-Year Low
Black and Hispanic Unemployment Is at a Record Low
At a 10-Year High, Wage Growth for American Workers Likely to Keep Accelerating
Workers at the Lower End of the Pay Scale Finally Are Getting the Most Benefit from Rising Wages
Fed Chair Powell: US Economy Is in a ‘Very Good Place’
The Economy Will Do Well In 2020
Those of us who like actual free trade - but aren’t Free Trade Freaks - weren’t freaked out by Trump’s mini-tariff regimes. Because we can do math.
All along the way, Freaks told us freaked out things like this:
Americans Stuck Paying ‘Approximately 100 Percent' of Trump's Tariffs
American Consumers, Not China, Are Paying for Trump’s Tariffs
Trade War: New Analysis Updates Staggering Amount Americans Pay for Trump's Tariffs
Of course that “100 percent” assertion - is ridiculously inaccurate. Because duh.
And what is the allegedly “staggering amount” in tariffs We the Consumers have paid?:
“Since the trade war commenced in February 2018, Americans have paid an additional $42 billion….”
Wow. $42 billion. In two years.
Except our national economy was in 2019 - $22.32 TRILLION.
So say the $42 billion in tariffs we have paid were split equally over the two years.
That means $24 billion in 2019.
Which is approximately 1/1000th of last year's Gross Domestic Product (GDP).
The tariffs paid - aren’t even a rounding error. Not even a mini-blip on the radar.
And the US economic payoff from that $42 billion in tariffs - has been the best US economy in decades.
Thanks to phenomenal economic, wage and stock growth.
And extraordinarily improved global trade.
Helped brought about - by the 1/1000th tariffs we’ve paid.
I’d call that a mind-bogglingly remarkable return on our investment.
As the numbers show - most Americans think so too.
This first appeared in Red State.