Trump's trade war cost the US economy $7.8 billion in 2018
President Donald Trump’s trade battles cost the U.S. economy $7.8 billion in lost gross domestic product in 2018, a study by a team of economists at leading American universities published this week showed.
Authors of the paper said they analyzed the short-run impact of Trump’s actions and found that imports from targeted countries declined 31.5 percent while targeted U.S. exports fell by 11 percent. They also found that annual consumer and producer losses from higher costs of imports totaled $68.8 billion.
“After accounting for higher tariff revenue and gains to domestic producers from higher prices, the aggregate welfare loss was $7.8 billion,” or 0.04 percent of GDP, the researchers said.
The study was authored by a team of economists at the University of California Berkeley, Columbia University, Yale University and University of California at Los Angeles (UCLA) and published by the National Bureau of Economic research. www.nber.org/papers/w25638
Having dubbed himself the “tariff man,” Trump pledged on both the campaign trail and as president to reduce the trade deficit by shutting out unfairly traded imports and renegotiating free trade agreements.
https://www.rawstory.com/2019/03/trumps-trade-war-cost-us-economy-7-8-billion-2018/?utm_source=push_notifications
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Former White House aide Rob Porter accused of domestic abuse pens op-ed in Wall Street Journal
https://www.rawstory.com/2019/03/former-white-house-aide-rob-porter-accused-domestic-abuse-pens-op-ed-wall-street-journal/
Shira Tarlo, Salon
16 Mar 2019 at 04:47 ET
Former White House official Rob Porter reemerged into the political spotlight with an op-ed in The Wall Street Journal in which he praised President Donald Trump’s trade policy agenda more than one year after he resigned from his post at the White House in the wake of accusations of domestic violence from two of his former wives.
Porter, who helped manage the president’s trade agenda as part of his role as White House staff secretary, wrote in the Journal that Trump has a “series of opportunities to advance the cause of free trade more consequentially than his recent predecessors” – starting by negotiating a deal with China.
“De-escalating tit-for-tat tariffs would encourage markets and help preserve global supply chains,” Porter wrote. “Beijing’s proposed shopping spree could provide a temporary boost to some American exports such as soybeans and aerospace parts. But it would be shortsighted to settle for discrete purchases to reduce the current bilateral goods imbalance. Absent a change in Americans’ overall saving and consumption patterns, narrowing our export gap with China would only widen our trade deficit with the rest of the world.”
Porter said Trump “can inaugurate a new era of U.S.-led trade liberalization” as long as his administration focuses on “strengthening rather than undermining” trade institutions and agreements.
“Having disrupted the global economic status quo, Mr. Trump is now well-positioned to make good on his overarching commitment to help ‘restore integrity to the trading system,'” he wrote.
Porter left his post one day after multiple media outlets detailed the allegations of two of his former wives last February. His first wife, Colbie Holderness, released pictures of herself with a black eye that she alleges Porter gave her by punching her in the face. Porter’s second wife, Jennifer Willoughby, claimed she filed for an emergency protective order against him. Porter denied the allegations..............
U.S. President Donald Trump hands Chief of Staff Reince Priebus (R) an executive order that directs agencies to ease the burden of Obamacare, after signing it in the Oval Office in Washington, U.S. January 20, 2017. Also pictured is White House Staff Secretary Rob Porter (C). REUTERS/Jonathan Ernst
