Big League Economics
President Trump Prepared to Slam China With Lots Of Tariffs
President Donald Trump is about to rain tariffs down on China as the United States finally asserts itself in our unbalanced decades-old trade relationship with the Communist country.
Trump economic adviser Larry Kudlow is hyping the new tariffs, which seem good to go.
The Wall Street Journal reports: “The Trump administration plans to announce within days new tariffs on as much as $200 billion in Chinese goods, further pressuring Beijing before high-level, U.S.-China talks set for later this month, say people familiar with the matter. President Trump’s decision—to go into effect within weeks—is designed to give the U.S. more leverage in discussions with China over allegations that Beijing coerces American firms into handing over valuable technology to Chinese partners. But the decision’s timing risks deepening the already…”
The mainstream press usually has to try to argue that tariffs are bad, but the American people are increasingly waking up to the fact that President Trump is making other countries bend to American will.
Even the threat of Trump tariffs scares foreign states into submission.
President Donald J. Trump struck a deal with the European Union to rework the lopsided trade deals that have hurt the United States economy for decades.
“This was a very big day for free and fair trade,” Trump said in a Rose Garden press conference with European Commission President Jean-Clause Juncker.
He echoed the same sentiment on Twitter.
“Great to be back on track with the European Union,” he said. “This was a big day for free and fair trade!”
Under the new agreement, all tariffs and trade barriers will be abolished, and subsidies on non-auto industrial goods will be eliminated.
The deal is nearly exactly what Trump demanded in a Tweet from Tuesday.
“The European Union is coming to Washington tomorrow to negotiate a deal on Trade,” he said. “I have an idea for them. Both the U.S. and the E.U. drop all Tariffs, Barriers and Subsidies! That would finally be called Free Market and Fair Trade! Hope they do it, we are ready – but they won’t!”
In addition, the EU will import more U.S. soybeans and liquified gas.
Big League Economics
Trucking Industry Leaders Expect Biden’s Policies to Crush Small Trucking Companies
Biden will make trucking harder for the little guy.
Trucking industry experts expect Joe Biden’s presidency to seriously jeopardize many small American trucking companies, and the prospects of truck drivers who work as independent contractors.
Biden is poised to sign a transportation law passed in the Democratic House and stalled in the then-Republican Senate in 2019. The Moving Forward Act had required commercial motor vehicles to maintain more than $2 million in insurance liability, more than doubling the existing $750,000.
It’s possible that an updated Democratic transportation law will be even stricter on truck drivers, requiring insurance liability of as much as $4 million. Democrats’ longstanding allegiance to trial lawyers is a critical element in the insurance push, enabling lawyers to secure more lucrative judgements through suing truck drivers.
Bigger trucking companies can easily afford such a liability, but small companies cannot, lacking the sums of cash on hand to afford insurance protections for a small set of drivers. Globalist corporations such as Amazon and Walmart have increasingly sought to corner more of the trucking market share, in many cases eroding wages, healthcare protections and safety regulations.
The buffed barrier to entry will ultimately result in big corporations seizing even more of the trucking market share.
Fuel prices are also set to skyrocket as Biden cracks down on domestic fossil fuel production, already pledging to cancel construction of the Keystone XL pipeline. Biden will also ban new fracking operations, despite making a misleading claim that he wasn’t going to ban the industry.
“It’s a very dark day for small business in general, not just for trucking,” David Owen, president of the National Association of Small Trucking Companies (NASTC) told Transportation Nation Network of the situation. “I’m pretty discouraged. I don’t know how anybody can think an anti-capitalist agenda can be good for transportation.”
Truck drivers have been critical to providing food and material necessities to the nation during the coronavirus pandemic, but increasingly the diverse and blue-collar demographic feels disrespected and ignored by the political elite. Truckers across the country staged the first ‘Stop the Tires’ protest in November, halting the transport of non-essential goods to draw attention to Biden’s threat to the industry and its workers.
#StopTheTires – American Truckers Halt Shipments Citing Voter Fraud, Elite Disrespect, Joe Biden
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