Trump should tell Americans the truth about his trade war — if he understands it himself by mattbai
On the day they explained how tariffs work at Wharton, I guess the very stable genius in the back row must have been out playing golf. Because what Donald Trump doesn’t understand about his own trade policy could fill a couple of container ships.
“The unexpectedly good first quarter 3.2% GDP was greatly helped by Tariffs from China,” the president tweeted this week. “Some people just don’t get it!”Look: I’m not going to tell you that Trump’s march into a trade war is absolutely the wrong policy, or that it can’t leave us better off than we were before.
When you slap a tariff on foreign goods, it means that anyone who wants to import those goods on American shores has to pay a tax. So if you’re an American company selling products made in China, or bringing in Chinese parts you need to make your products here, then it’s going to cost you extra cash.
At the same time, the Chinese will retaliate with their own slate of tariffs, which will cost American exporters — especially farmers — a crucial market, because Chinese consumers will look elsewhere. Either way, the president has a problem. Because unlike with a political campaign, you probably can’t prevail in an economic standoff unless you tell people the truth.
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