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
Steve Mnuchin Secures Commitment Towards Trumpbux 2.0 $1,200 in Stimulus Negotiations
The Democrats are holding it up.
Treasury Secretary Steve Mnuchin has received a commitment from House Majority Leader Nancy Pelosi on a second $1,200 stimulus payment towards American taxpayers, contingent on a broader deal with the Democratic majority in the House.
Oh boy twitter. Mnuchin just now on talks with Pelosi: "We have reached an agreement that if there is a deal there will be direct payments" — meaning the $1,200 stimulus checks. Still need the deal tho!
— Jeff Stein (@JStein_WaPo) September 30, 2020
With an agreement on direct payments to taxpayers reached, Democrats are now holding up a second TrumpBux payment in an attempt to secure bailout pork for encumbered state and city governments. Republicans have already proposed two different stimulus packages, but the Democrats have shot down both, insisting upon a whopping $3.4 trillion package. Republicans upped the ante to a $1.4 trillion package after their first plan was rejected, but it’s still not enough for the Democrats.
The priority should be payments to taxpayers and relief for real community small businesses that are struggling to compete with digital corporate monopolies in the atomized post-coronavirus world. Somewhere along the line, Democrats decided to make bankrupt municipalities the priority. Payroll support for the struggling airline industry is also a matter of contention in the negotiations.
A vote on a tentative stimulus package was planned in the House of Representatives on Wednesday, but it appears that plan has been postponed as Mnuchin and Pelosi continue to negotiate over the substance of the legislation. The size of the total package will most likely range between $2.2 trillion and $1.5 trillion, the proposals set forth by Democrats and Republicans respectively.
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