Since the early stages of the Trump campaign, economists, politicians and journalists have warned a trade war with China could torpedo the U. S. economy.…
Since the early stages of the Trump campaign, economists, politicians and journalists have warned a trade war with China could torpedo the U. S. economy. But even as President Donald Trump prepares to escalate the ongoing conflict with another round of tariffs on Chinese imports, the domestic economy continues to thrive.
Unemployment is at historic lows, an average of more than 200,000 jobs are being added each month and GDP rose 3.2% in the first quarter of 2019. In the manufacturing industry, where experts predicted severe damage, the economy has added nearly 500,000 jobs since Trump took office, according to the White House. The National Association of Manufacturers quarterly outlook survey found optimism in the industry is the highest it has been since they began conducting it 20 years ago.
Trump downplayed the ongoing trade battle Tuesday, calling it a “little squabble,” and spoke positively of its effects on the steel and auto industries. His remarks, and the numbers so far, are in sharp contrast to the doomsday predictions of massive job losses and a global recession on par with the Great Depression that have permeated the press for years now. (RELATED: China Is Picking Up The Tab For Trump’s Trade War: Report)
Let’s take a look.
2016
“Donald Trump’s trade war could kill millions of U. S. jobs” — The Washington Post
“If Donald Trump launches a trade war with China it would likely result in catastrophic losses for both nations and possibly a humbling defeat for the United States, some have warned.” — NBC News
“Trump trade plans could cause global recession: Experts” — CNBC
“Donald Trump’s threats to slap steep tariffs on Chinese and Mexican imports may have won him votes in Republican primaries but they would likely backfire, severely disrupting U. S. manufacturers that increasingly depend on global supply chains.” —Reuters
“Economists warn that a clash could backfire, reducing U. S. exports and putting one million U. S. jobs at risk.” — The Wall Street Journal
“…protectionism is a beast that will gore us if set loose.” — US News & World Report
“The economic harm that his tariff wall would have on the average American is shocking.” — Quartz
“We can do it, but when it’s all said and done the only person who could afford a light fixture would be Donald Trump,” —entrepreneur Ben Schwall, speaking to CNN Business.
