“”WASHINGTON — The effects of President Trump’s trade war are beginning
to ripple through the United States economy as steel tariffs disrupt domestic
supply chains and global trading partners retaliate against a wide variety of
American products, such as peanut butter, whiskey and lobster.
The cascade of tit-for-tat tariffs has
spooked corporate executives, potentially slowing investment, and the Federal
Reserve suggested this week that it might have to rethink its economic forecasts
if the trade wars continue. . .
Mr. Trump, who campaigned on a get-tough approach to
trade, has said his tariffs would make trade pacts more fair and ultimately
help American workers, farmers, manufacturers and other. But the situation
could soon become politically perilous to Mr. Trump, whose trade policies are
starting to inflict economic pain across the country, including in areas that
are home to the voters who helped him win election.”
https://www.nytimes.com/2018/06/22/us/politics/donald-trump-tariffs-trade-war.html
https://www.nytimes.com/2018/06/22/us/politics/donald-trump-tariffs-trade-war.html
"WASHINGTON — A Florida boat builder absorbs $4 million in lost business and expects more pain. An Ohio pork producer is losing access to a vital export market and fears the damage will last years. A motorcycle shop near Cologne, Germany, wonders if it even has a future.
A brawl that the United States provoked with its closest trading partners is starting to draw blood. On Friday, the European Union began imposing tariffs on $3.4 billion in American goods — from whiskey and motorcycles to peanuts and cranberries — to retaliate for President Donald Trump's own tariffs on imported steel and aluminum. China, India and Turkey had earlier begun penalizing American products in response to the U.S. tariffs on metals.
"We're bleeding pretty bad right now," said Jim Heimerl, a pork producer in Johnstown, Ohio.
Pork producers like Heimerl are already suffering from plunging prices and reduced income since China's move to impose a 25 percent tariff on American pork in retaliation for Trump's tariffs on imported steel and aluminum."
For all that there have been many wrongful trades practices used against the US, a shotgun approach to tariffs which leads to a trade war can easily result in another world-wide depression. Similar to what the Smoot/Hawley law did in the 1930s.
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