In threatening an escalation of a trade war with China, President Trump asserted that the tariffs already in place have boosted the economy. Economists disagree.
In threatening an escalation of a trade war with China over the weekend, President Donald Trump asserted that the tariffs already in place have boosted the economy.Economists disagree.
Moore said the domestic economy is thriving because of other Trump administration initiatives like deregulation and a big corporate tax cut, along with low interest rates. “In theory, the government should be earning $32.5 billion a year on top of what they were already earning. That hasn’t happened. If you look at tariff revenue in 2018, it was only about $50 billion, whereas in 2017, it was about $35 billion. It hasn’t gone up by as much as you’d think,” Kirkegaard said.is one example of how just the threat of a trade war subtracts value, said David Dollar, a senior fellow at the Brookings Institution.
“Today it’s very difficult to set up new businesses without, to some extent, relying on a global supply chain,” Kirkegaard said, and a trade war would throw into question that crucial access to global markets.
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