Despite evidence that Trump’s “good and easy to win” trade war is in reality bad and losing … BIGLY, the administration wants you to know that recent bad news about the stock market is the Democrats’ s fault, even though the GOP has had complete control of Washington for the past two years.
Speaking to reporters yesterday, White House economic advisor, Larry Kudlow — who used to be a conservative before selling his soul for a job in the bankruptcy king’s administration — blamed the recent string of losses on Wall Street on fears that Democrats will win the mid-term election.
Calling it a correction to overcome the uncertainty about the election, Kudlow said, “I think the stock market is worried that Congress will change and will overturn these pro-growth policies.”
I’m not sure what Kudlow considers “pro-growth,” but Trump’s tariff policies and the resulting trade war are anything but pro-growth, based on several recent news stories. Here are just a few:
- Ford Motor Company recently announced that US steel prices are now the highest in the world.
- Harley-Davidson is on the verge of bankruptcy, a condition made worse by Trump’s ego-driven call to boycott them.
- Consumer prices are rising on a host of products from beverages to RV’s.
- Even the cost of pet adoption has gone up due to higher prices for aluminum to make dog tags.
Calling it just “the tip of the iceberg,” new data by Tariffs Hurt the Heartland, a campaign that highlights the negative impacts of Trump’s trade war on US businesses and the economy, shows American businesses and consumers just paid a 45% spike in duties in August.
According to recent estimates by the National Taxpayer’s Union Foundation, the annual cost of Trump’s tariffs on consumers will be $41.65 billion next year and will exceed the taxes Americans will pay for Obamacare ($34.6 billion).
These realities don’t appear to be having an impact on Trump. Yesterday, he defended his Make 1800’s Protectionism Great Again policies by issuing a threat for a new round of tariffs against countries that “won’t give us a fair-trade deal.”
Billions of dollars are, and will be, coming into United States coffers because of Tariffs. Great also for negotiations – if a country won’t give us a fair Trade Deal, we will institute Tariffs on them. Used or not, jobs and businesses will be created. U.S. respected again!
— Donald J. Trump (@realDonaldTrump) October 23, 2018
He’s almost right. Billions of dollars are filling US coffers because of tariffs due to the higher prices consumers are paying on nearly everything. And as far as being “great” for negotiations, China — enemy #1 on Trump’s anti-free trade hit list — just informed the US that they have no intention of surrendering to Trump.
Edwin Gerwin, a senior fellow for trade and global opportunity at the Progressive Policy Institute wrote in the Wall Street Journal that Trump’s trade war is “already damaging the US economy” and that prices will continue to climb on everything from beer to boats. Meanwhile, Larry Kudlow considers Trump’s tariffs and trade wars to be pro-growth policies that Democrats will overturn them if they win in November.
Based on how these policies are destroying the economy, it sounds to me like he just gave America a reason to vote Democrat.
David Leach is the owner of The Strident Conservative. His politically incorrect and always “right” columns are also featured on NOQReport.com.
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