Trump's tariff plan will send prices 'through the roof', warn US firms [View all]

[FightFight]

Source: theguardian

Donald Trump set the business and political world alight late on Monday. The incoming president said he would impose a 25% tariff on goods from Mexico and Canada and hit China with more levies on day one of his term.

“This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” he wrote on Truth Social.

Scott Harris has been here before. Eight years ago Catoctin Creek, the Virginia whiskey distillery he runs with his wife, Becky, was generating 11% of its sales in Europe – and expecting to more than double its business there the next year. Then the trade war kicked in.

A shipping yard with containers stacked high.
Trump’s tariff threat sets stage for bitter global trade war
Read more
After Trump imposed steep tariffs on foreign steel and aluminum, the European Union hit back with retaliatory duties, including 25% on American whiskey. “That 11% went to zero,” recalled Harris.

While that initial wave of tariffs was repealed, today Catoctin Creek has “no meaningful business” left in Europe, he said. “A few thousand dollars, but nothing to speak of.”

Read more: https://www.theguardian.com/business/2024/nov/27/trump-tariffs-policies-prices?CMP=Share_AndroidApp_Other

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**Want A Better Economy? History Says Vote Democrat**

1. Personal disposable incohttps://www.forbes.com/sites/adamhartung/2012/10/10/want-a-better-economy-history-says-vote-democrat/me has grown nearly 6 times more under Democratic presidents


2. Gross Domestic Product (GDP) has grown 7 times more under Democratic presidents
https://www.epi.org/press/new-report-finds-that-the-economy-performs-better-under-democratic-presidential-administrations/

3. Corporate profits have grown over 16% more per year under Democratic presidents (they actually declined under Republicans by an average of 4.53%/year)
Average annual compound return on the stock market has been 18 times greater under Democratic presidents (If you invested $100k for 40 years of Republican administrations you had $126k at the end, if if you invested $100k for 40 years of Democrat administrations you had $3.9M at the end) https://www.facebook.com/Reuters/posts/wall-streets-three-major-indexes-rose-on-wednesday-after-october-data-showed-con/1084206576903407/

4. Republican presidents added 2.5 times more to the national debt than Democratic presidents

5. The two times the economy steered into the ditch (Great Depression and Great Recession) were during Republican, laissez faire administrations

**Why Are Republican Presidents So Bad for the Economy?**
G.D.P., jobs and other indicators have all risen faster under Democrats for nearly the past century. https://www.nytimes.com/2021/02/02/opinion/sunday/democrats-economy.html

**U.S. Jobs, Income, GDP Growth 'Startlingly' Higher Under Democratic Presidents** https://www.newsweek.com/us-jobs-income-gdp-growth-startlingly-higher-under-democratic-presidents-analysis-1566313

**Over the last 6 decades--60 years or so, history has tended to favor Democratic presidents in terms of economic performance** https://www.usnews.com/news/blogs/data-mine/2015/10/28/which-presidents-have-been-best-for-the-economy

**During the final 3 years of Barack Obama's presidency 2014. 2015 . 2016 , the number of jobs added was 1.5 million greater than the number added during Trump's first 3 years in office 2017 2018 2019** https://www.snopes.com/fact-check/obama-created-more-jobs-trump

**Trump inherited a booming economy — and handed Biden a nation 'in shambles'** https://www.nbcnews.com/business/economy/trump-inherited-booming-economy-handed-biden-nation-shambles-n1255033

**Trump to leave office with the worst jobs record since Herbert Hoover** https://finance.yahoo.com/news/trump-leave-office-worst-jobs-030044152.html

Trump will be first president since WWII to lose jobs during tenure. The U.S. lost 140,000 jobs in December 2020 in the final jobs report of Trump’s presidency. This means the nation has about 3 million fewer jobs than it did 4 years ago UNDER THE BLACK GUY --OBAMA, meaning Trump will be the first president to lose jobs over his term since employment data was collected in this way. NBC News Now correspondent Simone Boyce explains how it all unfolded.

https://www.nbcnews.com/now/video/trump-will-be-first-president-since-wwii-to-lose-jobs-during-tenure-

DEBT AND DEFICIT

Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president. https://www.propublica.org/article/national-debt-trump

The national debt has risen by almost $7.8 trillion during Trump’s time in office

TRUMP HAD THE THIRD-BIGGEST PRIMARY DEFICIT GROWTH, 5.2% OF GDP, BEHIND ONLY GEORGE W. BUSH (11.7%) AND ABRAHAM LINCOLN (9.4%).--All Republicans

Republican tax cuts are the driving force behind the country’s worsening fiscal outlook.

If not for the Bush tax cuts and their extensions — as well as the Trump tax cuts — revenues would be on track to keep pace with spending indefinitely, Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57 percent of the increase in the debt ratio since 2001

https://finance.yahoo.com/news/gop-tax-cuts-driving-us-160437971.html

"Reagan took the deficit from $70 billion to $175 billion. Bush 41 took it to $300 billion. Clinton got it to zero. Bush 43 took it from zero to $1.2 trillion. Obama halved it to $600 billion. Trump’s got it back to a trillion."
https://www.politifact.com/factchecks/2019/jul/29/tweets/republican-presidents-democrats-contribute-deficit/