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300,000 jobs lost A report from Moody's Analytics [PDF] says that the trade war with China, which started in early 2018, cost 300,000 jobs through September, based on an economic simulation. While it's hard to know exactly how many jobs losses can be attributed to trade tensions, the Moody's report isn't the only one that suggests the duties are having an effect on US workers. A survey of businesses by staffing firm Challenger, Gray & Christmas found that trade difficulties were cited as the reason for more than 10,000 job cuts in August alone. And an analysis by the Tax Foundation also suggests the trade war will result to job losses in the long-run.
American importers paid an extra $46 billion in tariffs Trump is wrong when he claims that China is paying the tariffs. The cost of the tariff comes directly out of the bank account of an American importer when the good arrives at the port. US companies have paid $46 billion more in tariffs than they would have without Trump's tariffs, according to an analysis of government data by the free-trade coalition called Tariffs Hurt the Heartland...
Tariffs cost US consumers Several studies show that tariffs end up costing US families. JPMorgan Chase said that the tariffs imposed in 2018 cost the average household $600 a year.
A separate report, from researchers at the NY Fed, Princeton, and Columbia University, estimated that those tariffs would cost households even more: $831 annually. Their research also considered the cost of shifting supply chains to avoid paying the tariffs....
Manufacturing takes a beating Trump has often argued that his tariffs are boosting the American manufacturing sector, but the industry is in a slump. In December, a measure of manufacturing activity weakened to its lowest point in more than a decade. Data from the Bureau of Labor Statistics show that just 46,000 net manufacturing jobs were added in 2019, an increase of less than 0.5%. While there are likely a lot of factors at play, a recent paper from economists at the Federal Reserve showed that the tariffs are certainly dragging down the sector.
(Score: 2, Interesting) by Anonymous Coward on Thursday January 16 2020, @03:46PM (5 children)
Also Democrats criticized Trump for cutting taxes
And criticize for raising taxes:
>American importers paid an extra $46 billion in tariff
And these importers are mostly rich multinationals
(Score: 0) by Anonymous Coward on Thursday January 16 2020, @04:31PM
It's not taxes when Republicans raise them.
(Score: 5, Insightful) by DeathMonkey on Thursday January 16 2020, @07:58PM (3 children)
Yes, I'm sure this is all very confusing to you. So, let me explain: we want to lower taxes on normal people and raise taxes on huge corporations.
Trump lowered taxes for the huge corporations and raised taxes on the normal people. Which most people think is a bad thing.
So, for example, this is a bad thing: Trump Tax Cut Hands $32 Billion Windfall to America’s Top Banks [bloomberg.com]
(Score: 1, Disagree) by Anonymous Coward on Thursday January 16 2020, @09:33PM (2 children)
My taxes are way lower under Trump than Obama.
(Score: 0) by Anonymous Coward on Friday January 17 2020, @03:15AM (1 child)
Billionaire spotted!! Didn't know that you would bother to mix with us plebes...
(Score: 0) by Anonymous Coward on Friday January 17 2020, @04:14AM
Mine dropped substantially as well -- about $8000. I'm no billionaire, not even a millionaire. I barely make it into six figures.