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Here’s What You Should Know About Trump’s 'Trade Wars'

What’s going on?

Markets around the world fell on Thursday when President Donald Trump said he plans a tariff of 25 percent on steel imports and 10 percent on aluminum imports.

A penalty on steel and aluminum coming into the U.S. could be devastating for global trade and is likely to increase prices for American consumers. The European Union, Germany, Canada and other countries have threatened to retaliate.

What did Trump say?

As usual, Trump followed up his announcement by tweeting about it.

“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” he wrote. “Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”

How will this affect me?

Short version: Your money won’t go as far. Companies that use steel and aluminum will have fewer choices and higher costs and will pass on their extra expenses to you, the consumer. The auto industry is one example. Since automakers need steel and aluminum, they’ll likely be paying more to build cars and passing on that cost to people buying them.

Glenn’s take:

On today’s show, Glenn called this announcement from Trump “the biggest blunder in his presidency” because it will hurt the economy.

“He sees this as a way to help struggling industries in the U.S., but it almost never helps,” Glenn said. “The data is clear: Protectionist policies only make things more expensive for consumers with few benefits for the protected industry.”

This article provided courtesy of TheBlaze.

GLENN: President Trump made the biggest blunder in his presidency yesterday, bigger than the NRA meeting that he had, because this one will actually affect the economy. And the economy is what keeps him afloat. Trump announced yesterday that his administration will impose a 25 percent tariff on steel and 10 percent on aluminum.

The move has been debated inside the White House for months. And advisers have been split. But Trump is going for it.

He sees this as a way of helping struggling industries in the US. But it almost never helps.

For decades, the US steel industry has lobbied the government to help them compete with foreign steel. But the data is clear: Protectionist policies only make things more expensive for consumers, with few benefits for the protected industry.

Past presidential attempts to give the steel industry a boost has not gone well. In 2002, President Bush placed tariffs ranging from 8 percent to 30 percent on steel products.

One year later, there was so much international backlash and bad economic consequences, that he got rid of the tariffs. Top advisers warned about retaliation from other countries. The Defense Department warned about how this will affect close allies. But Trump was eager to make the announcement anyway. And in a room full of steel and aluminum executives at the White House, he said, you know, when it comes to a time where our country can't make aluminum and steel, you don't have a country.

Stock market didn't take kindly to this announcement, the Dow dropped 500 points. They're now saying that we are approaching a bear market. Some people are saying that in the next few days, the -- the bears will take over, and we could drop anywhere. I've heard the kindest drop of 2,000 additional points, all the way to 5,000 points.

Companies that make products with steel and aluminum are not happy. Already warning about losses of jobs in those industries and increased prices for consumers.

Increased prices for consumers? Wonder where they got that idea. Oh, that's right. That's right. History.

Ben Sasse had a surprisingly strong reaction in a statement saying, let's be clear, the president is proposing a massive tax increase on American families. You would expect policy this bad from a leftist administration, but not a supposed Republican one.

Why now? Perhaps Donald Trump thought it would end his week of bad press on a more positive note. I'm doing something for the American workers, but if that was his strategy, it is going to backfire.

BLOG

Let’s thank the Pilgrims for defeating Socialism this Thanksgiving

This year marks the four hundredth anniversary of the first Thanksgiving celebrated by the Pilgrims and their Wampanoag allies in 1621. Tragically, nearly half of the Pilgrims had died by famine and disease during their first year. However, they had been met by native Americans such as Samoset and Squanto who miraculously spoke English and taught the Pilgrims how to survive in the New World. That fall the Pilgrims, despite all the hardships, found much to praise God for and they were joined by Chief Massasoit and his ninety braves came who feasted and celebrated for three days with the fifty or so surviving Pilgrims.

It is often forgotten, however, that after the first Thanksgiving everything was not smooth sailing for the Pilgrims. Indeed, shortly thereafter they endured a time of crop failure and extreme difficulties including starvation and general lack. But why did this happen? Well, at that time the Pilgrims operated under what is called the "common storehouse" system. In its essence it was basically socialism. People were assigned jobs and the fruits of their labor would be redistributed throughout the people not based on how much work you did but how much you supposedly needed.

The problem with this mode of economics is that it only fails every time. Even the Pilgrims, who were a small group with relatively homogeneous beliefs were unable to successfully operate under a socialistic system without starvation and death being only moments away. Governor William Bradford explained that under the common storehouse the people began to "allege weakness and inability" because no matter how much or how little work someone did they still were given the same amount of food. Unsurprisingly this, "was found to breed much confusion and discontent."[1]

The Pilgrims, however, were not the type of people to keep doing what does not work. And so, "they began to think how they might raise as much corn as they could, and obtain a better crop than they had done, that they might not still thus languish in misery."[2] And, "after much debate of things" the Pilgrims under the direction of William Bradford, decided that each family ought to "trust to themselves" and keep what they produced instead of putting it into a common storehouse.[3] In essence, the Pilgrims decided to abandon the socialism which had led them to starvation and instead adopt the tenants of the free market.

And what was the result of this change? Well, according to Bradford, this change of course, "had very good success; for it made all hands very industrious, so as much more corn was planted than otherwise would have been."[4] Eventually, the Pilgrims became a fiscally successful colony, paid off their enormous debt, and founded some of the earliest trading posts with the surrounding Indian tribes including the Aptucxet, Metteneque, and Cushnoc locations. In short, it represented one of the most significant economic revolutions which determined the early characteristics of the American nation.

The Pilgrims, of course, did not simply invent these ideas out of thin air but they instead grew out of the intimate familiarity the Pilgrims had with the Bible. The Scriptures provide clear principles for establishing a successful economic system which the Pilgrims looked to. For example, Proverbs 12:11 says, "He that tills his land shall be satisfied with bread." So the Pilgrims purchased land from the Indians and designated lots for every family to individually grow food for themselves. After all, 1 Timothy 5:8 declares, "If anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever."

We often think that the battle against Socialism is a new fight sprouting out of the writings of Karl Marx which are so blindly and foolishly followed today by those deceived by leftist irrationality. However, America's fight against the evil of socialism goes back even to our very founding during the colonial period. Thankfully, our forefathers decided to reject the tenants of socialism and instead build their new colony upon the ideology of freedom, liberty, hard work, and individual responsibility.

So, this Thanksgiving, let's thank the Pilgrims for defeating socialism and let us look to their example today in our ongoing struggle for freedom.

[1] William Bradford, History of Plymouth Plantation (Boston: Massachusetts Historical Society, 1856), 135.

[2] William Bradford, History of Plymouth Plantation (Boston: Massachusetts Historical Society, 1856), 134.

[3] William Bradford, History of Plymouth Plantation (Boston: Massachusetts Historical Society, 1856), 134.

[4] William Bradford, History of Plymouth Plantation (Boston: Massachusetts Historical Society, 1856), 135.

THE GLENN BECK PODCAST

EcoHealth Alliance's Peter Daszak: Hero or Villain? | Matt Ridley | Ep 126

Like most people, science journalist Matt Ridley just wants the truth. When it comes to the origin of COVID-19, that is a tall order. Was it human-made? Did it leak from a laboratory? What is the role of gain-of-function research? Why China, why now? Ridley's latest book, "Viral: The Search for the Origin of COVID-19," is a scientific quest to answer these questions and more. A year ago, you would have been kicked off Facebook for suggesting COVID originated in a lab. For most of the pandemic, the Left practically worshipped Anthony Fauci. But lately, people have been poking around. And one of the names that appears again and again is Peter Daszak, president of EcoHealth Alliance and a longtime collaborator and funder of the virus-hunting work at Wuhan Institute of Virology. In this episode of the Glenn Beck Podcast, Matt reveals the whole tangled web.

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RENEWING KINDNESS: The Power of One and the Way Forward

I have one simple rule for anyone who wants to restore our nation. We will not settle for private patriotism and public compliance. The tyranny ends with us. Anyone who believes in the truth, please join me.

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Crimes or Cover-Up? Exposing the World’s Most Dangerous Lie

COVID-19 changed everything. The way we live our lives, how we operate our businesses, how we see each other. And now, the federal government is sinking its tendrils even deeper, threatening the fabric not only of our bodily autonomy, but of the republic.

Our American way of life may never be the same. To save it, we must understand the key fundamentals of the pandemic that transfigured our society into the nightmare it is today. What is the COVID-19 origin story? Who are its top players in government and science, pulling the strings? What was their REAL response in the first days of the pandemic? The answers to these questions are frightening.

Emails, documents, and federal contracts tell a dark story that is still dominating our lives. It's time to cast a light on the shocking truth. Because only with the truth can we emerge from the darkness of this "pandemic" and take back the liberty stolen from us.

This is Glenn Beck's most important chalkboard of his life. And the most pivotal time in yours.

Watch the full special below:

View the research and supporting documents for this special here.

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