If you haven’t heard, the guy that started out in the business world with hundreds of millions of dollars and about a billion dollars worth of land connections, only to bankrupt himself at least a handful of times, is running our country’s foreign businesses. One of his big ideas was to begin a trade war with China by applying tariffs. These tariff’s to Chinese exports, has led to more farmer welfare checks as Trump’s attacking the conservative heartland Republicans have historically depended on, which in turn has brought about more and more grumbling among the impotent Republican senators and representatives, Now, in retaliation to China’s trade tariffs retaliation, Trump’s reportedly mulling over adding an additional $300 billion more in tariffs on China in the coming days or weeks or months. This is not good news for large swaths of the American business class because so much of our retail costs depend on the cheap labor offered by China, to manufacture so much of what we sell here.
On Thursday, over 660 retailers signed a letter warning Trump that adding more wood to the fire of his personal trade war with China will only lead to more fire. Trying to be as diplomatic as possible, after explaining that they completely agree that China needs to follow fairer trade practices, the retailers explain that “We remain concerned about the escalation of tit-for-tat tariffs. We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the U.S. economy. Broadly applied tariffs are not an effective tool to change China’s unfair trade practices.”
The letter warns that if reports of Trump’s ideas on escalating this trade war are true, he puts more than 2 million jobs in jeopardy. That’s a lot of jobs, and considering that the only jobs the Trump administration has created have been a few dozen management gigs in the coal industry, while dragging down the coattails of the previous administration’s economic heavy lifting, losing 2 million jobs is not good. This letter has appeared at this time in no small part due to the erratic behavior of our president, having recently blindsided just about everyone with his announcement of tariffs on Mexico.
Some of the companies signing on to the letter include Target, Macy’s, Ikea, Costco, Walmart, J Crew, Gap, and Footlocker. As far as capitalism goes, this is what passes for true bipartisanism.
This post was created with our nice and easy submission form. Create your post!