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Trump Raising Taxes on Middle-Class Consumers With Trade War


Source: Truthout

Just when many policy types thought that Donald Trump was about to wind down his trade war with China and work out a deal, he announced that he was in no rush to reach an agreement. He said that he might wait until after the election next year, boasting about the “massive” amount of money he was pulling in from his tariffs.

In addition to his China attack, Trump also imposed tariffs on steel and aluminum from Argentina and Brazil, complaining that they were manipulating their currencies. Moreover, his administration announced plans to put a tariff as high as 100 percent on wine and cheese imported from France in retaliation for France’s plans to tax internet services. This tax will largely hit U.S. tech giants like Google and Facebook.

Each of these moves by themselves would seem a bit peculiar; taken together they are truly bizarre. This is similar to a general ordering randomly fired artillery shots. Some hit the opposing army, some hit civilian targets and some shoot backward at his own troops. There is very little sense in what Trump is doing here.

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