'Trump is unshakably convinced that his tariffs are a tax on China. He repeated this grossly erroneous claim just Thursday, during his announcement of a new $16-billion bailout for farmers harmed by, yes, his tariff war.' More from columnist hiltzikm:
The money is paid by importers to the U.S. government, which can redistribute it to the direct victims of the trade war, such as farmers, if it wishes. But that’s a narrow recompense.
It doesn’t help collateral victims, such as the buyers of foreign-made washing machines, the median price of which rose to $835 from $749 after tariffs were imposed on the appliances . It won’t help the estimated who have lost their jobs, in part because of tariffs on the aluminum used to make cans, according to industry reports. Nor will it help others who lose their jobs if the tariffs foment a general economic slowdown.within the farm sector. They’re heavily concentrated among Midwestern growers, including soybean farmers, leaving dairy farmers and others wanting. It’s proper to note that the pain in this sector isn’t a direct result of U.S.
As farmers are well aware, the bailouts won’t compensate them for the longer-term damage to their export prospects. Soybean farmers can’t count their losses simply in terms of lower annual exports while the tariffs are in effect; they’re fearful, rightly, that when former customers such as the Chinese turn to other countries for their supplies, they may never come back.
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