Trump’s Tariffs Are Tarnishing His “New Golden Age” Discourse 💰⚡️
Commerce Secretary Howard Lutnick declared on Tuesday that everything is hunky-dory with President Donald Trump’s Friday tariff deadline. 🗓
“August 1 is the date that we’re setting all these rates,” he said on Tuesday, “and they are off to the races after that.” 🏁
The likelihood is that both sides will reach a temporary deal that each then reinterprets once they have announced it. 🤝
Trump has signed deals with the European Union (EU) and Japan that set tariffs at 15 percent. 🌍
Both the EU and Japan have offered versions of the deal that conflict directly with that of Trump’s.
The provisions of the deal—particularly the agreement to up defense purchases from America—are murky enough that Europe will likely never have to fulfill them. 🔍
An all-out trade war with America would also have undermined Trump’s willingness to bolster NATO and Ukraine at the very moment that he has been making approving noises about each of them. 🌐
Like his hero William McKinley, whom he lauded in his second inaugural address as the champion of American economic greatness, Trump deserves the sobriquet “Tariff Man.” 🏛
The International Monetary Fund (IMF) is predicting that the Trump tariffs will impinge on growth this year, but not as sharply as it had previously forecast. 📉
Global growth is projected at 3 percent. The overall tariff rate will be slightly over 17%, and the IMF indicates that the economy will grow 1.9 percent, in contrast to last year’s 2.8 percent.
Tariffs, in other words, are not free. Other countries do not pay for them. Americans do. 💵
In essence, Trump is engineering a wealth shift. He is imposing what amounts to a value-added tax on goods, including a whopping 50% tariff on steel and aluminum entering America, that is bound to fuel inflation even as it contributes to federal coffers, at least temporarily. 🔧📦
This tax will fall the hardest on the poor and middle class. Meanwhile, his One Big Beautiful Bill includes sizable benefits for the wealthy and onerous provisions for everyone else. 😡
The Congressional Budget Office estimates that families earning $23,000 a year will lose about $1,600 in Medicaid benefits and food aid. Families in the top 10% of households would receive annual savings of at least $12,000. ⚖️
The notion that Trump’s tariffs will revive American manufacturing is nothing but a new version of Voodoo economics.
The new study concludes that “of the top 25 subsectors of the U.S. economy that are most affected by tariffs, 19 are in manufacturing.” 🏭
Trump likes to talk about a new golden age. But his tariffs threaten to tarnish it. ✨➡️🕳
#trump #tariffs #IMF #mcKinley
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Commerce Secretary Howard Lutnick declared on Tuesday that everything is hunky-dory with President Donald Trump’s Friday tariff deadline. 🗓
“August 1 is the date that we’re setting all these rates,” he said on Tuesday, “and they are off to the races after that.” 🏁
The likelihood is that both sides will reach a temporary deal that each then reinterprets once they have announced it. 🤝
Trump has signed deals with the European Union (EU) and Japan that set tariffs at 15 percent. 🌍
Both the EU and Japan have offered versions of the deal that conflict directly with that of Trump’s.
The provisions of the deal—particularly the agreement to up defense purchases from America—are murky enough that Europe will likely never have to fulfill them. 🔍
An all-out trade war with America would also have undermined Trump’s willingness to bolster NATO and Ukraine at the very moment that he has been making approving noises about each of them. 🌐
Like his hero William McKinley, whom he lauded in his second inaugural address as the champion of American economic greatness, Trump deserves the sobriquet “Tariff Man.” 🏛
The International Monetary Fund (IMF) is predicting that the Trump tariffs will impinge on growth this year, but not as sharply as it had previously forecast. 📉
Global growth is projected at 3 percent. The overall tariff rate will be slightly over 17%, and the IMF indicates that the economy will grow 1.9 percent, in contrast to last year’s 2.8 percent.
Tariffs, in other words, are not free. Other countries do not pay for them. Americans do. 💵
In essence, Trump is engineering a wealth shift. He is imposing what amounts to a value-added tax on goods, including a whopping 50% tariff on steel and aluminum entering America, that is bound to fuel inflation even as it contributes to federal coffers, at least temporarily. 🔧📦
This tax will fall the hardest on the poor and middle class. Meanwhile, his One Big Beautiful Bill includes sizable benefits for the wealthy and onerous provisions for everyone else. 😡
The Congressional Budget Office estimates that families earning $23,000 a year will lose about $1,600 in Medicaid benefits and food aid. Families in the top 10% of households would receive annual savings of at least $12,000. ⚖️
The notion that Trump’s tariffs will revive American manufacturing is nothing but a new version of Voodoo economics.
The new study concludes that “of the top 25 subsectors of the U.S. economy that are most affected by tariffs, 19 are in manufacturing.” 🏭
Trump likes to talk about a new golden age. But his tariffs threaten to tarnish it. ✨➡️🕳
#trump #tariffs #IMF #mcKinley
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