From: Larry Shade
Columbus
The Constitution states that Congress has the power to place tariffs on other countries, although through some laws, has delegated some of this authority to the President. Sadly, the Republican-controlled Congress has abdicated all their power on tariffs to President Trump.
Republicans in Congress know that Trump has mesmerized all Republican voters to the extent that he can have any Republican in Congress lose their next election if they disagree with him.
Trump placing tariffs on all countries from whom we purchase products has totally disrupted global trade.
Trump’s trade war is not only bad for global trading, but his tariffs placed on other countries has been raised to an extreme level. Here are some recent numbers, Canada and Mexico – 30%, China – 35%, Vietnam – 20%, Japan – 25%, South Korea – 25%, Europe Union – 30%, India – 25%, South Africa – 30%, United Kingdom – 10%.
But Trump has now expanded his tariffs beyond individual countries. He has now placed a 50% tariff on all copper coming into the United States. Copper is a mineral that is necessary in producing many different products around the world. Trump’s 50% tariff on copper will be devastating to the global economy. Trump’s tariff policy is doomed to fail because he is trying to do too much too fast, and he is constantly making changes to his prior statements.
No surprise that other countries have responded to Trump’s tariffs on their products bought by America. These countries have responded with a tariffs on all U.S. products being imported into their country. These added tariff costs will make U.S products more expensive in these countries, resulting in fewer of our products being bought by consumers in these countries. It will also lead to other countries who are fighting high U.S. tariffs to look for new trading partners and avoid trading much with America. Trump’s trade war with the world will be a negative force on the global economy for years to come. And America’s stellar reputation in the world will never be the same.
