White House Admits Trump’s Trade Policies Hurt The Economy
February 20, 2020
For nearly two years, Trump falsely claimed that his trade policies were benefiting the economy. We always knew it wasn’t true, but now even Trump’s White House admits it.
Today, the White House acknowledged that Trump’s reckless trade policies hurt our economy and that the uncertainty Trump created remains.
Bloomberg: “The White House acknowledged what many economists considered obvious through much of last year: President Donald Trump’s trade stance depressed economic growth and business investment.”
Reuters: “Philipson said he expects investment to rebound this year ‘if uncertainty settles down, which we hope it will.’”
Trump’s chief economist hit the nail on the head.
Tomas Philipson: “Uncertainty generated by trade negotiations dampened investment.”
Trump claimed that his China trade policies did not affect the U.S. economy and had actually brought in tens of billions of dollars.
TRUMP: “Our economy is very strong. And China is being affected very badly. We’re not — we’re not being affected.”
TRUMP: “I’ve put tariffs on $250 billion worth of products, right? No one’s feeling that.”
TRUMP: “It’s cost us nothing.”
Trump’s trade adviser said China tariffs were benefiting economic growth.
Navarro: “It also, according to the administration, illustrates that despite the continuing doubts of many mainstream economists, Trump’s trade policies and his tariffs are contributing to a steady narrowing of the deficit that ought to be causing forecasters to upgrade their expectations for economic growth this year. ‘Clearly the Trump tariffs are working,’ said White House adviser Peter Navarro. A ‘phase-one’ deal with China — scheduled to be signed in Washington Jan. 15 — should help as well, Navarro said. Most of the tariffs now in place on some $360 billion in imports from China are due to remain despite the deal, which means a drop in Chinese imports should continue.”