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.
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
New Mexico woman’s bodycam confession about hiding newborn baby in hospital garbage tossed by state court
Fox News Campus Radicals Newsletter: Parents left in the dark, Trump starving socialist breeding grounds
Democratic socialist headed for $142K legislature salary begs for rent handout, deletes post after backlash
Multiple people killed in shooting at Idaho In-N-Out restaurant, suspect dead
ICE arrests illegal immigrant accused of rape, multiple sex crimes after release from Maryland jail
Father of 10-year-old boy breaks silence after viral beach rescue: ‘No way I could ever repay him’
Trump says he ‘disagrees 100%’ with U.S. Attorney Jeanine Pirro over Reflecting Pool case
Assisted living sent resident to doctor’s appointment after giving him 18 shots, 5 am beer: officials
Mamdani extends deadline for NYC homeowners to seek exemption from new pied-à-terre tax
DSA candidate pushes federal AI data center moratorium with Michigan early voting underway
Trump immigration agenda faces setback as Obama-appointed judge issues fresh TPS stay
Israeli president says Palestinian peace ‘requires’ acceptance of Israel in warning against Mamdani
New Christian Persecution Report Shows Most Dangerous Countries on Earth for Believing in Jesus
Why Gen Z Is Breaking This Longtime Workplace Taboo
Reporter’s Notebook: Why Fauci’s 111 Fifth Amendment pleas could end up before the courts
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.
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
New Mexico woman’s bodycam confession about hiding newborn baby in hospital garbage tossed by state court
Fox News Campus Radicals Newsletter: Parents left in the dark, Trump starving socialist breeding grounds
Democratic socialist headed for $142K legislature salary begs for rent handout, deletes post after backlash
Multiple people killed in shooting at Idaho In-N-Out restaurant, suspect dead
ICE arrests illegal immigrant accused of rape, multiple sex crimes after release from Maryland jail
Father of 10-year-old boy breaks silence after viral beach rescue: ‘No way I could ever repay him’
Trump says he ‘disagrees 100%’ with U.S. Attorney Jeanine Pirro over Reflecting Pool case
Assisted living sent resident to doctor’s appointment after giving him 18 shots, 5 am beer: officials
Mamdani extends deadline for NYC homeowners to seek exemption from new pied-à-terre tax
DSA candidate pushes federal AI data center moratorium with Michigan early voting underway
Trump immigration agenda faces setback as Obama-appointed judge issues fresh TPS stay
Israeli president says Palestinian peace ‘requires’ acceptance of Israel in warning against Mamdani
New Christian Persecution Report Shows Most Dangerous Countries on Earth for Believing in Jesus
Why Gen Z Is Breaking This Longtime Workplace Taboo
Reporter’s Notebook: Why Fauci’s 111 Fifth Amendment pleas could end up before the courts
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.
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?
New Mexico woman’s bodycam confession about hiding newborn baby in hospital garbage tossed by state court
Fox News Campus Radicals Newsletter: Parents left in the dark, Trump starving socialist breeding grounds
Democratic socialist headed for $142K legislature salary begs for rent handout, deletes post after backlash
Multiple people killed in shooting at Idaho In-N-Out restaurant, suspect dead
ICE arrests illegal immigrant accused of rape, multiple sex crimes after release from Maryland jail
Father of 10-year-old boy breaks silence after viral beach rescue: ‘No way I could ever repay him’
Trump says he ‘disagrees 100%’ with U.S. Attorney Jeanine Pirro over Reflecting Pool case
Assisted living sent resident to doctor’s appointment after giving him 18 shots, 5 am beer: officials
Mamdani extends deadline for NYC homeowners to seek exemption from new pied-à-terre tax
DSA candidate pushes federal AI data center moratorium with Michigan early voting underway
Trump immigration agenda faces setback as Obama-appointed judge issues fresh TPS stay
Israeli president says Palestinian peace ‘requires’ acceptance of Israel in warning against Mamdani
New Christian Persecution Report Shows Most Dangerous Countries on Earth for Believing in Jesus
Why Gen Z Is Breaking This Longtime Workplace Taboo
Reporter’s Notebook: Why Fauci’s 111 Fifth Amendment pleas could end up before the courts
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.
Story cited here.
