Hashtag Tariffageddon… it's not going away folks. We've been so fixated on the never ending stream of breaking news that we're not seeing the major economic storm coming over the horizon. We're in a trade war, and we haven't even begun to see the full effects of the fallout yet. This war only just started. The bombs have barely begun to drop, and we're about to start seeing the casualties.
Let's not forget what tariffs really are. They're not hurting or punishing the Chinese government, the European Union or Canada… they're hurting you. A tariff is really a tax on you. There's nothing conservative with President Trump's trade policy. This is about as progressive and big government as you can get. Ronald Reagan said it the best:
Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
When the Trump administration's tariffs hurt American farmers he subsidized them with 12 billion in handouts. They never needed a handout before this ridiculous trade war began. Now they're being forced to live off the government - to rely on the government - to continue their own business. There's nothing conservative about any of this.
According to the tax foundation, this trade war will result in nearly 300,000 lost jobs. Yesterday, General Motors - the nation's largest car company - announced a dramatic downsizing, halting production at multiple plants in the U.S. and
Canada. Over 8,000 white collar jobs will be eliminated. More than 6,000 factory jobs… gone. Over 14,000 people in total will lose their livelihoods. Oh and did I mention that, back in July, GM announced that the administration's trade war would cost the company one billion dollars?
And let's stick with American cars for a second. News from Tesla came out just this morning, announcing their sales in China fell 70%. SEVENTY PERCENT! Why? Retaliatory tariffs from China on U.S. car imports.
Apple's stock has fallen 20% over the past three months. As of this morning, they lost another 2%. Why? The president told the Wall Street Journal that he's considering slapping a tariff on iPhones. You might want to buy an iPhone right now, because you may not be able to afford one very soon.
Americans are already starting to lose their jobs. We're the ones writing the checks to fund this trade war.
Tariffs as they stand right now, and they could go even higher, but as they are right now will cost Americans over 40 billion dollars. That's more money than Obamacare's tax bill of 34 billion. That's $915 dollars per American, $2,400 per household and - if the tariff's stay in place - $17,300 per household by 2030.
Tariffs are a tax on you. Americans are already starting to lose their jobs. We're the ones writing the checks to fund this trade war. It's got to stop!