Trump’s Failed China Policy Cost Tens Of Billions Of Dollars, While Getting Little In Return
December 20, 2019
After costing consumers, manufacturers, taxpayers, farmers, and workers tens of billions of dollars with his failed trade policies, Trump’s only real concession from China is an additional $16 billion in farm purchases, which the Chinese won’t even commit to. Trump wants to claim success with his China “deal,” but you do the math.
Here’s what Trump’s failed China policy got us:
$16 billion – The Trump administration claims China will buy an additional $16 billion worth of farm products over each of the next two years.
Zero – The amount of additional U.S. goods China has publicly committed to buying.
Zero – China didn’t confirm any major structural changes to its economy that Trump promised to fix.
Zero – The U.S. and China have still not signed any agreements, or even agreed to a timeline for signing.
Five – This is at least the fifth time the Trump administration has claimed victory on a trade agreement with China, none of which have held up.
And here’s what it has already cost us:
$134 billion — The U.S. economy has lost an estimated $134 billion in GDP so far,
$42 billion – U.S. consumers have paid an additional $42 billion in tariffs since Trump said he’d stand up to China.
$40 billion – U.S. companies paid $40 billion in additional taxes since Trump imposed China tariffs.
$28 billion – Taxpayers have had to pay $28 billion to compensate farmers for lost sales.
300,000 jobs – Trump’s China trade policy cost the U.S. 300,000 jobs through June 2019.
You do the math.