Opinion: Trump’s economic illiteracy comes back to haunt him
A U.S. flag flies over shipping cranes and containers in Long Beach, Calif. By Jennifer Rubin Jennifer Rubin Opinion writer covering politics and policy, foreign and domestic Email Bio Follow Opinion writer March 6 at 1:15 PM President Trump doesn’t understand that the trade deficit is not an accounts payable that the United States must settle by writing a big check. He insists money is being “taken out” of the United States. That’s just wrong.
Maybe Trump will go back to German Chancellor Angela Merkel for one more tutoring session on trade. When we purchase more German or Chinese or whoever’s goods than they purchase of ours, they have a whole lot of U.S. dollars — which they use to invest in our economy, create jobs and generate more wealth. No matter how many times Merkel points to German plants in the U.S. producing cars and employing Americans, Trump doesn’t get it.
Weinstein’s study, co-written with Mary Amiti of the Federal Reserve Bank of New York and Princeton University’s Stephen J. Redding, reviewed what actually occurred last year after U.S. tariffs took effect. It concluded that Americans paid the entire tariff bill. What’s more, it’s Trump voters who have absorbed the brunt of the pain. That second study referenced above also showed that “workers in Republican-leaning counties, especially in farm states, suffered the greatest losses from tariffs that U.S. trading partners imposed in retaliation for the president’s actions.”
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