342 Billion Dollars...
And growing. Rapidly. Someone is finally saying what has for whatever reason, not been said for over one entire generaration.
Finally.
Trump is right on, about trade. Right on.
Anyone can mouth words you want to hear during a publicity stunt. You can’t seriously (along with many others here) be quaffing this man’s Kook-aid. This guy is PT Barnum, Huey Long and a Kardashian all rolled into one. LOL
all that Chinese made stuff has been great for the American landfill industry.
Here’s the problem with all this “trade deficit” stuff: There is no “American” trade deficit with “China” or with any other country. Who is this individual called “America”? Point him out to me; I’d like to meet him.
The trade deficit is an aggregate measure, an aggregate measure of millions of individual decisions to buy certain products produced in certain other countries. Meaning, the sum total of when you go to the store and buy a made-in-Wherever product, and I go to the store and buy a made-in-Wherever product, and so on....
No one, certainly not “America” or “China,” holds a gun to your head, or my head, or anyone’s head, forcing us to buy a particular product from Wherever.
If I buy a Toyota Camry for $25,000, it’s true that “America” now has a $25,000 trade deficit with Japan. But the Camry purchase is good for me (else, why did I buy the Camry?); so how is it bad for “America”?
You’ve got a little extra cash on hand and decide to buy a $50,000 Porsche. That Porsche purchase is good for you (else, why did you buy the Porsche?). But now you’ve just added $50,000 to “America’s” trade deficit.
So I’ve made a purchase that increased my well being, and you’ve made a purchase that increased your well being. But “America” is supposedly now worse off, having a trade deficit of $75,000. Who, exactly, is worse off?
If I’m not worse off, and you’re not worse off, then supposedly some “American” from whom we did not buy a car is worse off. But so what? I get to choose from whom I buy a car. At least until ObamaCar is implemented. And do we really want “ObamaCar”?
Think through the logical implications of trade tariffs: Make some products so expensive that you’re forced to buy substitutes that you otherwise wouldn’t want. How can “America” as a country be better off if all American consumers are getting screwed?
Curious why inter-state trade deficits are not an issue. I imagine that among our 50 states, some must have HUGE trade deficits vis-a-vis other states. Where’s the outrage? Where’s the panic?
Strip out the international component, and it’s clear that “trade” is nothing more than one individual trading with another individual (or firm) irrespective of geography. And a tariff on a “foreign” good I want to buy is no different than the 40% excise tax that ObamaCare put on my “Cadillac” health plan, which I can no longer afford. I’m buying “American” (ObamaCare Exchange) insurance now!