今日双色球开奖结果 www.xnzvqg.com.cn We’ll say this for President Trump: When he misunderstands something, he misunderstands it more than anyone else in creation.
Take the business of tariffs. 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.
“Just so you understand,” he said, “these tariffs are paid for largely by China. A lot of people like to say by ‘us.’ ”
Well, the people who say that are economists and other experts who have done the math, and found that the tariffs Trump has imposed on imports from China cost American consumers $68.8 billion last year, though some of that spending got funneled back to some domestic producers in the form of higher prices (which their customers, of course, paid).
But our main topic here is that $16 billion bailout, and what it says about who pays for Trump’s trade war and how much. The newly announced bailout comes on top of $12 billion in emergency farm aid he announced last year, aimed heavily at soybean farmers whose exports to China have fallen to zero, thanks to the trade war.
As Jordan Weissmann observes in Slate, the $28 billion total is “about what the U.S. spent last school year on Pell grants for college students.” That raises doubts about Trump’s priorities.
To get a sense of where these expenses fall, it’s worthwhile to follow the money. The $68.8 billion tariff cost estimated by a team of economists led by Pablo D. Fajgelbaum of UCLA, is reflected in the prices of imports, which are passed through almost entirely to U.S. consumers.
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.
Related video: Trump pledges $16B to farmers hurt by trade war (provided by USA Today)
- Google may be tracking your every move: Here's what you need to knowIf you want to use certain Google features, you'll get a notification urging you to turn the feature on.USA TODAY
- Trump signs executive order imposing new sanctions on IranPresident Trump signed an executive order imposing new sanctions on Iran, including against its supreme leader, saying they would deny Iran and its allies “access to key financial resources and support." Photo: GettyThe Wall Street Journal.
- Baghdad could feel effects of US economic sanctions against IranU.S. economic sanctions are already in full force, while a handful of countries had gotten waivers to keep buying oil from Iran. But they've now expired. Iraq, though, still has a waiver for Iran to fulfill its energy needs. Roxana Saberi reports.CBS News
Trump pledges $16 billion to farmers hurt by trade warUSA TODAY1:35
Google may be tracking your every move: Here's what you need to knowUSA TODAY0:53
Trump signs executive order imposing new sanctions on IranThe Wall Street Journal.1:20
Baghdad could feel effects of US economic sanctions against IranCBS News2:22
How Tesla CEO Elon Musk makes and spends his $19.2 billionBusiness Insider5:45
Disney's 'Toy Story 4' falls short of box office expectationsCNBC1:48
America has recovered from the Great Recession, but many still feel the painUSA TODAY2:25
Potential luxury homebuyers rushing to close ahead of tax hikesFox Business3:53
Eldorado Resorts buys CaesarsReuters1:07
Here's how much you should have in retirement at every ageCNBC2:30
Cannabis sales could hit $45B by 2024Fox Business3:53
Slack CEO thinks company email as we know it won't exist in 5 to 7 yearsVeuer0:40
How gunmakers tweak rifles to get around assault weapon bansThe Wall Street Journal.5:12
Men expose billion-dollar back surgery scam involving fake hardwareCBS News5:47
Inside Boeing's Starliner production facilityFox Business1:45
These melons can sell for as much as $22,500 each in JapanBusiness Insider6:58
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 (at the behest of Whirlpool, a domestic manufacturer). It won’t help the estimated 40,000 beer industry workers 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.
Nor are the agricultural bailouts evenly distributed 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. tariffs, which at least return some money to the Treasury: It’s the result of retaliatory tariffs from China and other trading partners, which destroys foreign demand for U.S. production. No one pockets any gains from these tariffs; they’re simply a deadweight loss to international trade.
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. “The noose is getting tightened a little bit more than it was before,” Michigan farm spokesman Jim Byrum said a couple of weeks ago.
So U.S. consumers are paying a tax to the U.S. government in the form of higher prices for imported goods. Some of those funds are circulated back into the economy as emergency aid — but it’s not going back to all the consumers who paid the tariffs. Nor is its certain that the tariff revenue is actually going to the trade war victims: The government is running a deficit, caused in considerable part by the tax cuts enacted in December 2017, which largely benefited corporations and the wealthy. Arguably, it’s their tax breaks, not the losses of soybean farmers, that are being subsidized by Trump’s tariff revenue.
Moreover, because the farm losses are due to foreign, not domestic, tariffs, no revenue at all is coming to the United States as a result. The bailouts are our expense, completely. That’s another way in which the tariffs are paid not by China, but by “us,” Mr. Trump. See how it works?
Pulitzer Prize-winning journalist Michael Hiltzik writes a daily blog appearing on latimes.com. His business column appears in print every Sunday, and occasionally on other days. As a member of the Los Angeles Times staff, he has been a financial and technology writer and a foreign correspondent. He is the author of six books, including “Dealers of Lightning: Xerox PARC and the Dawn of the Computer Age” and “The New Deal: A Modern History.” Hiltzik and colleague Chuck Philips shared the 1999 Pulitzer Prize for articles exposing corruption in the entertainment industry.
?2019 Los Angeles Times