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Trumponomics: 10 percent tax on household items, fewer jobs. How is that MAGA?

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Trumponomics: 10 percent tax on household items, fewer jobs. How is that MAGA?

07.11.18 09:01 PM

President Donald Trump’s trade war is starting to hit American consumers right in the pocketbook. It’s also beginning to take its toll on U.S. business and industry.

That’s the natural outgrowth of protectionist trade policies.*Tariff is just another word for tax. Trump claims the result of the tariffs may be more goods manufactured in America and fewer overseas, and by extension, more jobs. But it’s only true in Trumponomics. It’s never happened in real life and it’s*not happening now.

What we’re seeing is small manufacturers are getting hit hard and American workers are getting laid off.

And prices on products are going up because of the price of the tariffs being added to imports; and because it costs more to make goods in America due to the greater regulatory and tax burden.

Take a look at these headlines:
Trump Boils Maine Lobstermen – The Wall Street Journal

Mr. Trump’s unilateral tariffs are about to erode the price advantage of American lobsters. After the U.S. announced on June 15 plans to impose a 25% tariff on $50 billion in Chinese goods, Beijing retaliated with a new 25% tariff on American seafood, farm products and autos, effective July 6. That’s on top of the 10% to 15% tariffs China already imposes on U.S. and Canadian lobster.

Meanwhile, on July 1, China’s tariff on Canadian lobster will drop to 7%. “I suspect that will virtually wipe out my company’s Chinese sales,” says Tom Adams, CEO of Maine Coast Company, a lobster dealer… “What happens if we lose 30%, 40%, even 50% of our market share?” he says. “We have to keep paying the bank for that borrowed money. If we do have an impact in sales, it’s going to have a direct impact on jobs. That’s the only way we reduce our expenses. I hope that doesn’t happen. And to date we haven’t laid anyone off.” Mr. Adams adds that if the trade tensions don’t abate, he would consider moving some of his operations to Canada.

Southeast Missouri nail company gets hammered by Trump’s tariffs – Missourinet

President Trump’s tariff on steel imports that took effect June 1 has caused a southeast Missouri nail manufacturer to lose about 50% of its business in two weeks. Mid Continent Nail Corporation in Poplar Bluff – the remaining major nail producer in the country – has had to take drastic measures to make ends meet. The company employing 500 people earlier this month has laid off 60 temporary workers. It could slash 200 more jobs by the end of July and be out of business around Labor Day.

Trump’s aluminum tariffs are hurting US brewers: Beer Institute CEO — CNBC

James McGreevy, Beer Institute CEO, argues that Trump’s aluminum tariffs will cost American brewers an additional $347 million and more than 20,000 jobs could be lost in industries involved in the beer supply chain.

No Country for American Locker Makers – WSJ

Opportunity lured entrepreneur John Altstadt out of retirement and into the business of making lockers for workplaces, gyms and schools. Yet a year after becoming president of Lyon Group Holding, his company is struggling to survive as Donald Trump’s steel tariff gives his Chinese competitors an unfair advantage. Meet the law of unintended consequences with arbitrary harm to the innocent.

Utah companies suffer at the hands of Trump tariffs on steel — KUTV.com

“Jack’s Ornamental Iron, another Salt Lake City manufacturer, saw its steel cost jump 20 percent in less than two weeks,” Hatch told Commerce Secretary Wilbur Ross during the meeting.

Hatch also sighted issues at another Salt Lake City business, Bish’s Steel Fabrication and Manufacturing, saying the company has watched as their business has gone dry within weeks.

“The company tell me that contracts for future work have all but dried up,” Hatch said in the hearing.

Look at the image below, from the Chamber of Commerce. It shows the amount of each state’s exports impacted by the trade war. Trump is hitting his base right in the pocketbook.

And David Stockman notes that Trump’s trade war will add a 10 percent tax on household items like vacuum cleaners, air conditioners, suit cases, leather goods, glass and glassware, tools and cutlery and the like.

Tariffs are a protection racket for big business that stifle competition and reduce the number of choices consumers have. There is nothing free market about tariffs. They are cronyism, also known as corporatism or fascism.

Trade deficits, which seem to sit in Trump’s craw, are a non-issue. Economics professor Richard M. Ebeling explains why.

Additionally, wars have been started over tariffs. A Revolution was started over tariffs. Tariffs was one of the flash-points that led to the American war of Northern Agression.

The post Trumponomics: 10 percent tax on household items, fewer jobs. How is that MAGA? appeared first on Personal Liberty®.

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