Opinion: The media is lying to you about Trump’s China tariffs - PressFrom - US
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OpinionThe media is lying to you about Trump’s China tariffs

17:35  15 may  2019
17:35  15 may  2019 Source:   marketwatch.com

Trump warns China not to retaliate against tariff hike

Trump warns China not to retaliate against tariff hike U.S. President Donald Trump on Monday warned China not to retaliate against a hike in tariffs he imposed last week and said U.S. consumers would not pay for any increase in duties. There "is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today ... China should not retaliate-will only get worse!" Trump tweeted, adding that tariffs can be avoided if manufacturers shift production from China to other countries.

Are you kidding me? I’m used to partisan, inaccurate drivel from all sides these days, but the media ’s coverage of President Trump ’ s tariffs and the so-called “trade war” takes some kind of cake. There’s no serious doubt that some in the media would absolutely love to tank the stock market.

But Trump is simply trying to change this imbalance where we’re not the ones that are constantly placing ourselves in second-fiddle position, and we’re not walking around with a back pocket wide open saying to whoever wants MarketWatch: The Media is Lying to You About Trump ’ s China Tariffs .

The media is lying to you about Trump’s China tariffs© Reuters President Donald Trump

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

Are you kidding me?

I’m used to partisan, inaccurate drivel from all sides these days, but the media’s coverage of President Trump’s tariffs and the so-called “trade war” takes some kind of cake.

There’s no serious doubt that some in the media would absolutely love to tank the stock market. They figure that would hurt Trump’s re-election chances in 2020. Monday’s stock market slump, which saw the Dow Jones Industrial Average (DJIA) tumble 2.4% and the Nasdaq Composite 3.4%, looked just like what the doctor ordered.

Trump says tariffs on $200 billion of Chinese goods will increase to 25% on Friday

Trump says tariffs on $200 billion of Chinese goods will increase to 25% on Friday In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods "shortly." The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate. Trump tweet: For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars....

Trump tweeted his intention to hike tariffs to 25% on Friday and threatened to add tariffs to more products. The announcement sent global markets swooning as investors worried Trump ’ s threat could scuttle trade talks with China and deal a blow to both economies.

Social- media editor. President Trump says that trade wars are “good and easy to win,” and that the U.S. is basically “Our country can take in 0 billion a year in tariffs , paid for mostly by China , by the way, not by us,” Trump said recently. The media is lying to you about Trump ’ s China tariffs .

I write this, incidentally, as someone who is no fan of the president. But I remember when politics was supposed to stop at the water’s edge.

And, anyway, facts are facts. Most of what the public is being told about these tariffs is either misleading or a downright lie.

I’ve been following the coverage all weekend with my jaw on the floor.

Uncle Sam benefits

Yes, tariffs are “costs.” But they do not somehow destroy our money. They do not take our hard-earned dollars and burn them in a big pile. Tariffs are simply federal taxes. That’s it. The extra costs paid by importers, and consumers, goes to Uncle Sam, to distribute as he sees fit, including, for example, on Obamacare subsidies.

It wasn’t long ago the media was complaining because Trump was cutting taxes. Now it’s complaining he’s raising them. Confused? Me too.

Trump says in 'no rush' for China trade deal, defends tariffs

Trump says in 'no rush' for China trade deal, defends tariffs U.S. President Donald Trump said on Friday he was in "absolutely no rush" to finalize a trade agreement with China as negotiators from both countries prepared to continue talks in Washington, in a sign that discussions could go past this week. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.

He insists that China pays the tariffs on its exports to the U.S. when it’s U.S. businesses and consumers (mostly) who bear the cost. The media is lying to you about Trump ’ s China tariffs . Apple’s loss at the Supreme Court is ‘a big victory for consumers’ fighting Big Tech’s app and platform

President Donald Trump said on Monday that his administration was planning to provide about billion in aid to help U. S . farmers whose products may be targeted with tariffs by China amid a deepening

And the amounts involved are trivial. Chicken feed.

President Trump just hiked tariffs from 10% to 25% on about $200 billion in Chinese imports. In other words, he just raised taxes by … $30 billion a year.

Oh, no!

The total amount we all paid in taxes last year — federal, state and local — was $5.51 trillion. This tax increase that has everyone’s panties in a twist is a rounding error.

Investors panic needlessly

Meanwhile, the total value wiped off U.S. stocks during Monday’s panic was about $700 billion. More than 20 years’ worth of the new tariffs.

Even if Trump slapped 25% taxes on all Chinese imports, it would come to a tax hike of … $135 billion a year. U.S. gross domestic product (GDP) last year: $20.5 trillion.

So even this supposedly scary “escalation” of this “tariff war” would, er, raise our total tax bill from 26.9% of GDP all the way to 27.5% of GDP.

Oh, and isn’t it interesting to see some people’s priorities? Apparently the most shocking part of this trivial tax hike is that it might raise the price of new Apple (AAPL) iPhones.

Trump administration will delay auto tariffs for up to six months

Trump administration will delay auto tariffs for up to six months The White House had to decide by Saturday whether to slap tarifffs on autos over what it calls national security concerns.

President Trump offered a projection about how much longer the trade war may last with China . CNBC's Kayla Tausche reports from Washington. The media is lying to you about Trump ' s China tariffs .

Trump ’ s claim that his tariffs have boosted U.S. growth is based in part on what economists say was a transitory drop in imports related to the stockpiling by U.S. companies at the end of last year of goods facing possible higher The media is lying to you about Trump ' s China tariffs . MarketWatch.

Last I checked, these were luxury items, right?

U.S. consumers gain

Meanwhile, the trade spat seems to be bringing down food prices. China is going to take less of our farm products. So wheat prices are down 20% since the start of the year. Soybeans are at 10-year lows.

Good for consumers, right?

No, no, of course not! Silly you. This is also bad news … for farmers!

And all this ignores the much bigger picture, anyway.

The tariffs are simply a means to an end. The president is trying to get China to start buying more of our stuff. He knows the so-called Middle Kingdom, which now has the second-biggest economy in the world, responds to incentives more than to nice words. These tariffs give China an incentive to open up.

OK, so China’s first reaction is just to retaliate. Big deal. That’s just posturing.

Right now we export less to China than we do to Japan, South Korea and Singapore put together. That’s the point. So the effect of China’s new tariffs on the U.S. are yet another rounding error. Even if China banned all imports from the U.S., that would amount to only 0.6% of our gross domestic product. And we’d sell the stuff somewhere else.

Don’t buy the hysteria. President Trump is simply trying to pressure our biggest competitor to buy more American goods. That should be a good thing, even if you don’t like him.

Brett Arends is a columnist for MarketWatch.

The Folly of Protectionist Tariffs.
Trump’s trade war will hurt poor and working-class Americans the most.

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