Trump Blames Biden for Never Removing the Tariffs Trump Imposed

“The really frustrating thing about this is that Trump is fundamentally wrong about how tariffs work. He has been for a long time. Taxes on Americans are not going to change China’s behavior. That’s not theoretical. We have six years of real evidence. Tariffs are not saving American manufacturing. The trade deficit didn’t fall like Trump promised it would. China didn’t buy the larger share of American imports that were part of Trump’s supposed “phase one” deal. In the middle of Thursday’s debate, Trump even managed to confuse the trade deficit with the federal budget deficit (a mistake he’s been making for years).
If only Biden were in a position to highlight Trump’s clearly misguided views on trade and tariffs. But that would have required different choices over the past three-plus years (and a stronger debate performance from the president, who struggled at times on Thursday to be articulate).

Biden chose this outcome, and now we’re left with a choice between a candidate who doesn’t understand the fundamentals of trade policy and one who has foolishly gone along with that fantasy for political gain.”

American Manufacturers Need Tax and Regulatory Reform, Not Tariffs

“In a recent paper titled “Industrial Headwinds: Reducing the Burden of Regulations on U.S. Manufacturers,” published in the May 2024 Club for Growth Policy Handbook, economist Daniel Ikenson writes, “For manufacturing firms, the cost of federal regulations in 2022 was roughly $350 billion, or 13.5% of the sector’s GDP—a burden 26% greater than the inflation-adjusted cost of regulatory compliance in 2012.”

He adds that while the average U.S. company pays a regulatory compliance price of $13,000 per employee, large manufacturers shoulder a cost more than twice as much—$29,100. However, even some small-sized manufacturers face annual compliance costs of $50,100 per employee. This helps explain why manufacturing automation is so popular and why our fastest-growing companies are in service-sector tech, not manufacturing.”

Trump’s Proposed Tariffs Would Cost Families $1,700 Annually

“A set of new tariffs proposed by former President Donald Trump would cost the average American family an estimated $1,700 annually—and lower-income households would be hit relatively harder, a new analysis warns.
Trump has called for a 10 percent across-the-board tariff on all imports combined with higher tariffs (potentially as high as 60 percent, he’s claimed) aimed specifically at imports from China. Together, those two policies would cost Americans about $500 billion per year, according to the Peterson Institute for International Economics (PIIE), a trade-focused think tank.”

Report: Trump’s Proposed Tariff Would Cost Families $1,500 Annually

“Former President Donald Trump’s plan to impose a 10 percent tariff on all imports to the United States would hike prices and cost the average American household $1,500 annually.
That’s the sobering conclusion reached by a new economic analysis from the Center for American Progress (CAP) Action Fund, a left-leaning think tank and advocacy organization. The proposed tariff, which would be applied on top of existing tariffs according to Trump’s campaign, would translate into $1,500 in higher costs for the average American household. That includes “a $90 tax increase on food, a $90 tax increase on prescription drugs, and a $120 tax increase on oil and petroleum products,” according to Brendan Duke and Ryan Mulholland, the two economists who authored the report.”

Trump and Biden Both Get Globalization Wrong

“trade doesn’t need to balance. I have a trade deficit with my supermarket. They get more of my money every year. So, what? I don’t “lose.” I get food without having to grow it myself.
That’s a win for me and the food producer regardless of whether the food was grown locally or came from Mexico.

“Imports are great,” says Lincicome. “It means I can focus on what I want to do for a living and not go make my own food or make my own clothes. I can use those savings and buy other things that makes me better off.”

As long as trade is voluntary, trade is a win for both parties. It has to be; neither side would agree to it unless they think they get something out of the deal.”

“Manufacturing output in the U.S. is near its all-time high. We make more than Japan, Germany, India, and South Korea combined.”

New Tariffs on Tin Cans Get Biden Administration Approval

“The Commerce Department has officially declared a trade war on cheap tin cans.
Last week, the department gave a green light to placing new tariffs on tinplate steel—the metal used to manufacture tin cans and a wide variety of other consumer goods—imported from Canada, China, Germany, and South Korea. While the new tariffs are far less extensive than the absurdly high trade barriers originally requested by Cleveland-Cliffs, an Ohio-based steel company that is one of the few companies in America to make tinplate steel, the tariff decision once again underlines the arbitrary and cronyist nature of federal trade policy.”

“Because the tariff-petition process is heavily skewed in favor of companies seeking protectionism—among other things, the Commerce Department is forbidden from considering how higher tariffs might impact other parts of the economy, including consumers—industries that need reliable access to tinplate steel were prepared to take a hit.

The Consumer Brands Association (CBA), which represents more than 2,000 companies including Campbell Soup Company and other brands that stood to be harmed by the tariffs, estimated that Cleveland-Cliffs’ proposed tariffs would have added about 58 cents to the cost of the average canned food product. A separate study by the Trade Partnership Worldwide LLC, a pro-trade think tank, found that 600 jobs would be put at risk for every steel-making job protected by the proposed tariffs.”

“A single American company was able to file a petition asking unelected bureaucrats to punish its competitors (along with many downstream businesses and consumers) in order to goose its bottom line, triggering a review process that cost taxpayer resources and forced other businesses to play defense in a game that’s deliberately rigged against them.”

Chris Christie Is Right, Trump’s Trade War Accomplished Nothing

“Trump’s presidency overturned decades of a generally pro-trade Republican consensus and ushered in an era of assuming that trade is bad for American workers and consumers. He hiked tariffs on steel, aluminum, solar panels, washing machines, and a wide range of Chinese goods. For Trump and his allies, those higher tariffs—which were directly paid by American importers and consumers—were meant to reconfigure the trading relationship between America and China.
But Christie is exactly right. It failed.

The one material thing Trump’s trade war accomplished was a so-called “phase one” trade deal with China, which he signed with Chinese President Xi Jinping to much fanfare in December 2019. That deal included a promise that China would buy $200 million more American exports annually. Those increased purchases were supposed to be spread across multiple sectors of the American export economy, something Trump promised would provide much-needed relief to farmers, manufacturers, and other businesses harmed by the tariffs he’d imposed since taking office.

China didn’t do that. According to an analysis by the Peterson Institute for International Economics, American exports to China didn’t even reach pre-trade-war levels in the first year that “deal” was in place. Both countries seem to have quietly dropped any pretense of following through on the agreement.”