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The President demonstrated his ignorance of the basics of trade once again this morning with a classic tweet:
Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that – and everybody’s talking! Remember, we are the “piggy bank” that’s being robbed. All will be Great!
— Donald J. Trump (@realDonaldTrump) July 24, 2018
Once again we find out that it is the politically connected who are protected from the destruction wrought by trade wars:
The Trump administration plans to offer billions of dollars in aid to farmers hit by tariffs on their goods, an emergency bailout intended to ease the pain caused by Trump’s escalating trade war in key electoral states, people briefed on the plan told CNBC.
The total aid amount is reportedly about $12 billion. A senior administration official told NBC News that the aid would be temporary.
The announcement could come as soon as Tuesday afternoon, hours after the president proclaimed on Twitter that “Tariffs are the greatest!” An industry source briefed on the plan said the package could use existing programs designed to mitigate price and coverage risks, and could target dairy, pork and soy products.
So, to combat the predictable effects of an ill-considered trade war, the President is going to mortgage the future to pay off those in the present. Well, at least Trump is starting to act like a typical Washington politician.
I hate to say I told you so, but…