COMMENTARY
‘MAKE AMERICA RICH AGAIN’: Trump Announces ‘I Am a Tariff Man’ – and Sends Markets Tumbling

President Donald Trump does not understand tariffs or trade. Not. One. Bit.
For starters, he still claims that when he imposes, say, a ten percent tariff on goods from China, China pays “billions” to the U.S. government.
That’s not how this works.
When Trump imposes a tariff on Chinese goods, Americans who buy those goods pay the tariffs – not China.
That said, President Trump’s haphazard tariff policies have been called a “con,” and have cost jobs, profits, and even forced farmers “to leave their crops to rot.”
It’s also costing investors, which includes anyone with a 401(k) retirement plan.
On Monday, Trump tweeted, “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.”
Apparently that was untrue. It temporarily sent the declining stock markets soaring. But on Tuesday investors realized – after not one Trump administration official could explain what the president was talking about – it was all bluster, and the DOW, for example, right now is heading down about 175 points.
To make matters worse, Trump just posted these grotesque tweets, calling himself “a tariff man,” and proclaiming, “MAKE AMERICA RICH AGAIN.”
Take a look at his tweets from late Tuesday morning, which reveal he really has no idea what he’s talking about:
The negotiations with China have already started. Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina. Bob Lighthizer will be working closely with Steve Mnuchin, Larry Kudlow, Wilbur Ross and Peter Navarro…..
— Donald J. Trump (@realDonaldTrump) December 4, 2018
……on seeing whether or not a REAL deal with China is actually possible. If it is, we will get it done. China is supposed to start buying Agricultural product and more immediately. President Xi and I want this deal to happen, and it probably will. But if not remember,……
— Donald J. Trump (@realDonaldTrump) December 4, 2018
….I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN
— Donald J. Trump (@realDonaldTrump) December 4, 2018
…..But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign. Let the negotiations begin. MAKE AMERICA GREAT AGAIN!
— Donald J. Trump (@realDonaldTrump) December 4, 2018
UPDATE: 12:53 PM ET –
DOW now down more than 550 points.
Image by DonkeyHotey via Flickr and a CC license
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