The United States has been enjoying the benefits of Donald Trump’s unorthodox and iconoclastic economic policies — but that’s all about to change.
No other president in history stood up to the economic terrorists in China who for years have taken advantage of free trade policies that destroyed America’s manufacturing industry.
The latest research from the Economic Policy Institute (EPI) notes that there is no connection between U.S. tariffs and current inflation.
From 2001 to 2018, U.S. free trade with China eliminated 3.7 million American jobs from the economy — 2.8 million of which were lost in American manufacturing. During that same period, at least 50,000 American manufacturing plants closed down.
Free trade policies with China resulted in a massive trade deficit which coincided with U.S. manufacturers fleeing the country. A study from 2019 determined that a permanent tariff on China-made products at 25% would create more than a million U.S.-based jobs in five years.
Recent reports signal a willingness from the Biden administration to abandon all Trump-era tariffs on communist China in an effort to solve the political issues stemming from soaring rates of inflation.
Former President Trump decried Biden’s potential decision to cut tariffs on China, calling the move a “terrible mistake.” But Biden doesn’t seem to mind paying favors to communist countries.
Let’s face it, Trump’s China tariffs resulted in a massive injection of cash to the U.S. economy — something Biden seeks to accomplish with tax rises on the middle class.
A Manufacturing boom exploded across the U.S. after Donald Trump levied giant tariffs against Communist China and the products they import. Recent investment data proves that to be true.
Bloomberg released a report this week that essentially dispelled all myths related to Trump’s China tariffs. The figures couldn’t come at a better time since Biden is days away from eliminating all Trump-era tariffs on China that spurred such a massive manufacturing uptick.
For some companies, the first nudge they got to revamp their supply-chain lines came two years before Covid, when then-President Donald Trump began slapping tariffs on Chinese products again and again.
Construction was completed on numerous manufacturing projects this year. The U.S. economy added 120% more facilities than under the Obama administration. Some projects include microchip plants, aluminum plants, and steel manufacturing facilities across many states in the southern U.S, all Republican-controlled.
Over 90% of executives polled in a recent business survey claimed they were planning or have already planned to move their manufacturing operations out of China, and 80% of them pledged to reshore in the U.S.
Even unions agree with the Former President and have urged the Biden administration to keep in place the Trump China tariffs that spurred massive economic growth in the years since they were levied. It’s still unknown whether Biden, who constantly announces his union background, will listen to his union backers.
The United Steelworkers (USW) union agrees with Trump and has urged Biden not to cut any U.S. tariffs on China.
According to the United Steelworkers Union, “Too many U.S. companies have failed to take needed actions to address the threat posed by Chinese Communist Party policies,” which Trump’s tariffs seemed to correct.
Meanwhile, the Biden administration is desperate to dig themselves out of a political hole. Soaring consumer prices for nearly all goods and services has rocked Biden and the Democrats’ approval ratings and the midterm elections will likely reflect voters’ concerns.
This is why Biden is considering eliminating Trump’s China tariffs in the first place. By doing so, the Biden administration argues prices of goods will drop for U.S. consumers, but the data says otherwise.
Author: Robert Bogart