Well I do and I have written about Trump’s tariffs extensively……https://lobotero.com/2018/03/05/word-of-the-week-tariffs/ and https://lobotero.com/2019/12/18/tariffs-trump-weapon-of-choice/
Before I continue…do I need to refresh everyone’s mind on the tariff thing?
I thought so……https://lobotero.com/2019/10/03/sanctions-and-tariffs/
Now that I cover all my bases…..let’s move on to the news on tariffs.
A study by the Federal Reserve has found that the tariffs that Trump so loves has done MORE HARM than good….
“We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices,” the report by Fed economists Aaron Flaaen and Justin Pierce reads.
MarketWatch first reported the study, noting that 10 primary industries were hit by retaliatory tariffs and higher prices, including producers of magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.
And how much of that profit hiding offshore accounts have returned to the shores of the US?
Not enough to make a difference….but wait I thought that was going to be a gimme when Trump won….what happened?
The world economy does not look good for the next several years…..between an idiot in the White House and a pandemic….all is NOT well.
The International Monetary Fund (IMF) has significantly increased its forecast for the contraction in global economy, warning that it will take a cumulative $12 trillion hit over 2020–2021. Updating its forecast yesterday, the IMF said the global contraction for 2020 would be -4.9 percent, some 1.9 percentage points below the forecast it issued in April.
The IMF said that for the first time ever all regions of the world are expected to experience negative growth in the 2020.
Growth in the advanced economy group is projected at -8 percent this year. The US economy is predicted to contract by 8 percent, Japan 5.8 percent, the UK 10.2 percent, Germany 7.8 percent, France 12.5 percent and Italy and Spain 12.8 percent.
If Trump wins in November I cannot to see what monumental economic stupidity he will cough up or pull out of his ass next.
I Read, I Write, You Know
“lego ergo scribo”