President Donald Trump is painting a false picture of a U.S. economy unaffected by his trade war with China and other countries. Some economists have put the costs to an average U.S. household from Trump's pending tariffs on imports from China at $1,000 per year or more, not taking into account
1 / 3France G7 Summit TrumpU.S President Donald Trump smiles during a news conference with Japanese Prime Minister Shinzo Abe at the G-7 summit in Biarritz, France, Sunday, Aug. 25, 2019, where they announced that the U.S. and Japan have agreed in principle on a new trade agreement. WASHINGTON — President Donald Trump is painting a false picture of a U.S. economy unaffected by his trade war with China and other countries.
TRUMP:"It's coming in by the billions. We never got 10 cents from China." — remarks Sunday with the British prime minister at G-7 summit. Story continuesIn a study in May, the Federal Reserve Bank of New York, with Princeton and Columbia universities, estimated that tariffs from Trump's trade dispute with China were costing $831 per U.S. household on an annual basis, before tariffs were recently escalated. Analysts also found that the burden of Trump's tariffs falls entirely on U.S. consumers and businesses that buy imported products.
"Businesses' uncertainty about trade policies is expected to continue to weigh on private investment and, thus, output," it said.TRUMP, asked if he should take responsibility for a 600-point drop Friday in the Dow Jones industrial average spurred by his escalating trade war:"Not at all. Because if you look at from November 9th — the day after the election — we're up 50% or more. We're up many, many points. We were at about sixteen or seventeen thousand.
THE FACTS: Actually, most economists — about 74% — do expect a recession in the U.S. by the end of 2021. TRUMP:"Germany sells 30 year bonds offering negative yields. Germany competes with the USA. Our Federal Reserve does not allow us to do what we must do. They put us at a disadvantage against our competition." — tweet Thursday.
By having even slightly positive interest rates compared to the rest of the world, the United States is in a better position to attract global investment.TRUMP:"President Obama had separation. I'm the one that brought them together. This new rule will do even more to bring them together. But it was President Obama that had the separation." — remarks Wednesday to reporters.
Before Trump's zero-tolerance policy, migrant families caught illegally entering the U.S. were usually referred for civil deportation proceedings, not requiring separation, unless they were known to have a criminal record. Then and now, immigration officials may take a child from a parent in certain cases, such as serious criminal charges against a parent, concerns over the health and welfare of a child or medical concerns.
Arthur Evans, chief executive officer of the American Psychological Association, said that red flag laws urged by Trump, which are also known as extreme risk protection orders, are a worthwhile step. Seventeen states and the District of Columbia have such laws, according to the nonprofit Giffords Law Center to Prevent Gun Violence; some have used the laws to temporarily disarm people who have threatened violence.
Last month, the U.S. Secret Service released a report on mass public attacks in 2018, finding that"no single profile" can be used"to predict who will engage in targeted violence" and"mental illness, alone, is not a risk factor."TRUMP:"The Legendary Henry Ford and Alfred P. Sloan, the Founders of Ford Motor Company and General Motors, are 'rolling over' at the weakness of current car company executives." — tweet Wednesday.
Trump claims his proposal would cause little environmental harm, but documents from his administration say that U.S. fuel consumption would increase by about 500,000 barrels per day, a 2% to 3% increase. Environmental groups predict even more fuel consumed, resulting in higher pollution. Veterans' unemployment has fallen mostly for the same reasons that joblessness has dropped generally: strong hiring and steady economic growth over the past decade dating to the Obama administration.TRUMP:"The VA is now providing same-day emergency mental health care and mental health screenings to every patient that walks through the door." — AMVETS convention.
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