Trump Swindles America
Trade war tensions continued to escalate last week on word the Trump administration is considering raising tariff stakes on more than $200 billion worth of Chinese imports from the original 10% proposed to 25%!
Lost in the trade tension drama is an interesting story that didn’t grab too many headlines.
File this under “You just can’t make this stuff up”:
To help offset losses due to Chinese tariffs on soybeans, among other crops, Trump recently ordered $12 billion in farm aid for American farmers as compensation.
The U.S. Chamber of Commerce took it one step further, examining what would happen if Trump were to extend aid to all industries hurt by tariffs and no surprise…
It’s a shockingly large number.
“Spreading a bailout across all industries affected by the ongoing trade war would cost taxpayers $39 billion, according to a U.S. Chamber of Commerce analysis,” writes CNBC.
Of course the chamber is on record opposing the billions in tariffs proposed or already levied by the Trump administration and referred to Trump’s farm-aid package as “a slippery — and costly — slope.”
If all American industries impacted by the trade war were similarly compensated like American farmers, it would easily amount to another $27 billion, according to the chamber’s numbers.
If you’re interested in who gets what handouts, the full list as reported by CNBC can be found below.
To make things fair, we’d have to bailout the automakers, again, not to mention the iconic Harley-Davidson (NYSE: HOG), to the tune of $7.6 billion in compensation.
And what about the Maine lobstermen and Alaskan crabbers and fisherman, who deserve an $811 million bailout? There’s even a line item handout in the chamber’s list for U.S. toymakers!
Wait, I thought all of our toys were already made in China?
Talk about adding insult to injury, not only will American consumers pay higher prices at retail due to the assortment of tariffs already levied or proposed, but we also get to foot the bill for billions in corporate bailouts too.
Your tax dollars at work!
Here’s to growing your wealth,
Chief Income Expert, Mike Burnick’s Wealth Watch