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Thu Dec 6, 2018, 07:46 AM

Forget the trade truce: Trump's tariffs are killing U.S. jobs

Factory jobs are going to China, and to Vietnam and Cambodia

Trumpís steel tariffs are new. They reportedly raised GMís costs up to $1 billion annually. Hence the need to unallocate plants and transform staff.

...snip...

Last yearís Tax Cuts and Jobs Act was long on tax cuts and short on jobs. Its hastily drawn provisions include one called GILTI that can reward U.S. companies for moving production overseas.

In certain situations, they pay a lower U.S. tax rate than they would by making the same goods in the U.S. and exporting them.

...snip....

A separate study (funded by Koch Industries, so not a left-wing source) estimates trade policy will cost the U.S. economy $915 per person in 2019 alone. This will reduce GDP by 1.78 percentage points.


Hang on, my friends, itís going to be a bumpy ride.

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