President Donald Trump took to Twitter today, again, to directly address the American public. The POTUS posted a short video to his official Twitter page defending the tariffs his administration has imposed on China, praising his protectionist policies.
Trump’s video message has also been published by the White House on YouTube.
“For many years countries have been taking total advantage of the United States on trade,” Trump began.
The president then went on to praise his administration’s accomplishments, claiming to have managed to transform the image of the United States. The U.S., according to President Trump, is no longer viewed as being soft.
“We’ve made a deal with Mexico which is a fair deal, not the deal that we lived with, where we were losing hundreds of billions of dollars a year,” Trump praised his revamping of NAFTA (North American Free Trade Agreement), which he has been a critic of.
“We’re working on other trade deals, but the big one is China because for a long period of time China has taken advantage of our country,” is how President Trump began describing China, a country that he is waging an economic war against.
According to Trump, China is not to blame for “taking advantage” of the United States. It is, in fact, former American leaders, previous administrations, that have allowed that to happen in the first place. The Trump administration, the POTUS said, does not want to allow “$375 billion in trade deficits,” and has addressed the issue by imposing tariffs on Chinese goods.
“We don’t want that. Not fair, not right. So, we’ve placed massive tariffs on China, and the tariffs have really had a positive impact.”
Trump then went on to praise his administration for “creating jobs like never before,” seemingly tying job growth to tariffs on China.
“It’s very important that China opens its markets to our farmers and everybody else, ’cause right now they’re closed, largely, and yet our markets are open to them,” Trump said, and then went on to elaborate on his claims by pointing out that China has to pay a tax of 2.5 percent when exporting a car into the United States, while the United States has to pay a tax of 25 percent while exporting a car into China.
This used to be the case, but as the New York Times reported, China cut the import duty on passenger cars to 15 percent in May this year.
“We’re changing things, and we’re changing them fast,” President Trump concluded.
But, not everyone is happy with Donald Trump’s protectionism. In fact, experts, politicians, economists, Republicans, Democrats, citizens, journalists, businesses, and international trade organizations have all criticized Trump’s economic policies, but the president has refused to budge, displaying remarkable consistency.
For instance, in an interview with Bloomberg, the WTO (World Trade Organization — the largest intergovernmental free trade body in the world) head addressed Trump’s threat of U.S. exit, warning that such maneuvers could cause the world economy to descend into chaos.
Influential Republican donors, the Koch brothers, recently launched a multi-year, multi-million dollar campaign in an effort to counter and combat Donald Trump’s trade policies, protectionism, and tariffs, according to CNBC.
Most recently, as the Inquisitr reported, Walmart joined hundreds of U.S. companies who have testified in hearings hosted by the Office of the U.S. Trade Representative, writing a formal letter to Robert Lighthizer, arguing that Trump’s tariffs on China will force price hikes, harm American consumers, and the American economy as a whole.
Deaf to warnings, President Trump continues to wage economic wars, threatening tariffs, and pulling out of international trade agreements, while praising his administration’s work.
According to a recent Bloomberg analysis, President Trump’s unpopularity is unprecedented, given the strength of the U.S. economy. Unemployment is near the lowest since the 1960s, wages are on the rise, the stock market is hitting record numbers, and the U.S. economy is “on a roll,” according to Bloomberg.
But, the economic boom the United States is experiencing under President Trump has little to do with tariffs. It is, in fact, the trade war Trump has been escalating with China that is threatening to devastate the American economy, according to Director of the Hutchins Center on Fiscal and Monetary Policy David Wessel, who argued in an essay published on the Brookings Institution’s official website that Trump’s “assaults” at other countries and free trade organizations are threatening to harm the United States and disrupt the world economy.
Today, The Atlantic pointed out the similarities and the differences between the trade war President Trump is escalating with China and the U.S.-USSR Cold War. According to The Atlantic, the dispute between China and the United States is taking the world into unknown territory.
In a column for The Hill, senior political analyst at ECR Research and ICC Consultants Andy Langenkamp observed that President Trump may dilute his protectionism ahead of this fall’s midterms but concluded that the commander in chief will inevitably remain faithful to his protectionist ideals.