REMINDER: Trump’s Trade War Hurt American Farming and Manufacturing
August 31, 2023
As Donald Trump tries to spin his devastating trade war, we wanted to remind you how much of a disaster it was for hardworking Americans in the manufacturing and farming industries. His reckless trade war and failed trade deal made a mess that not only hurt American farmers and manufacturers, but forced taxpayer-funded bailouts.
Trump waged a reckless trade war instead of delivering for American manufacturing and farming — hitting the American manufacturing industry hard and bankrupting farmers.
Brookings: “So over the years of the Obama administration there was a gradual recovery in manufacturing jobs and hours worked. Trump managed to destroy that through his ill-advised tariff tantrums in a short two years and put manufacturing into a recession.”
Bloomberg: “U.S. Farm Bankruptcies Surge 24% on Strain From Trump Trade War”
Washington Post: “U.S. manufacturing was in a mild recession for all of 2019, according to data released Friday by the Federal Reserve.”
Trump’s failed trade deal with China left America’s farmers and manufacturers even worse off than before his reckless trade war, which hurt the farming industry and shuttered factories across the country.
CNN: “Trump promised to win the trade war with China. He failed”
PIIE: “China bought none of the extra $200 billion of US exports in Trump’s trade deal”
Forbes: “Trump’s Trade War Cost U.S. Company Stock Prices $1.7 Trillion”
Trump’s disastrous and failed trade war forced American taxpayers — NOT payments from the CCP — to fund bailouts.
Yahoo News: “Trump’s claim that China paid for American farm subsidies is false, given that the U.S. has drawn from its own government coffers to pay for subsidies to bolster farmers hurt by the U.S.-China trade war.”