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Fri May 3, 2019, 07:28 PM

Yes, Trump's Tariffs Are Still Hurting Americans -- No, He Still Doesn't Care

Back in 2018, President Trump slapped tariffs on several imported products and raw materials. The taxes were imposed mostly in an effort to force foreign nations to renegotiate their trade deals with the United States, about which Trump has complained repeatedly. Most significant were the tariffs placed on imported steel and aluminum, as well as a series of escalating tariffs on hundreds of billions in goods from China. The nations affected have responded with retaliatory tariffs on a wide array of products, resulting in a trade war that has made life more expensive for American companies, famers and consumers, drawing the ire of lawmakers from both parties.

Though Trump’s tariffs have been particularly hard on the agriculture industry (which was so debilitated that the Trump administration had to set aside $12 billion to bail out farmers last November), they’ve also caused the prices of consumer goods to soar.

Washing machines, for instance. A recent study by two researchers at the University of Chicago and one from the Federal Reserve Board used “the case of washing machines” to demonstrate the effect Trump’s tariffs have had on consumer goods. What they found wasn’t pretty. Since Trump imposed tariffs on washing machines in January 2018, the average price of the appliance has risen 12 percent — or, as NBC News notes, $86 to $92 more per machine.

Though consumers are suffering, manufacturers are doing fine. As the Wall Street Journal points out, Whirlpool recently reported a 400-percent increase in quarterly profits from 2018 to 2019. They attributed the bump to “margin expansion” resulting from “pricing actions.”

According to a study released in March by Columbia, Princeton and the Federal Reserve Bank of New York, Trump’s tariffs are costing American consumers $1.4 billion per month. The researchers note that this was a conservative estimate. Another study released in March found that Trump’s tariffs cost consumers $69 billion in additional costs in 2018. Not nice.

https://www.rollingstone.com/politics/politics-news/trumps-tariff-hurting-americans-farmers-830772/

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Reply Yes, Trump's Tariffs Are Still Hurting Americans -- No, He Still Doesn't Care (Original post)
Yo_Mama_Been_Loggin May 3 OP
Iliyah May 3 #1
riversedge May 3 #2
SWBTATTReg May 3 #3

Response to Yo_Mama_Been_Loggin (Original post)

Fri May 3, 2019, 07:35 PM

1. The Republican party don't care as well.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri May 3, 2019, 07:36 PM

2. Another study released in March found that Trump's tariffs cost consumers $69 billion in additional

whow.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri May 3, 2019, 08:51 PM

3. And all of this, despite a tick up in wages, means consumers are still falling behind...

Not good news for rump and his cronies for the election of 2020. Along w/ higher net taxes due to the 2017 tax cut and jobs bill, as well as the above, consumers are feeling the pain and will vote accordingly.

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