Tariffs meant to hand us tiny screws; we get a big one

For those paying attention, it’s old news: Trump’s devastating tariffs, like everything else he’s ever said or done, are based on lies. That they were allowed reflects the cowering fecklessness of congressional Republicans, who, as in all things Trump, kneel before him (or is it behind?) Our Constitution gives tariffs to Congress, except, per a fairly recent law, in cases of national economic emergency. Which Trump declared. When the U.S. was outpacing all other countries in a period of steady economic growth beginning when Joe Biden ran him out of office. The biggest lie, of course, is that tariffed countries pay.

His calculations for the amount of tariff applied have been greeted with laughter (Meaww: tinyurl.com/2laugh4u). Touting a formula leaving heads scratched and jaws dropped, later festooning it with symbols that changed nothing, he equated trade deficits to tariffs. But, whereas some countries have tariffs on American imports (Switzerland’s is about 2 percent, e.g.), that’s not the whole story. Trade deficits exist because other countries make products Americans want at prices they like, while America makes fewer, reciprocally. Deficit is a misnomer. It’s commerce. Nor is it, as Trump says, a rip-off. They give us goods, we give them dollars.

Should we not avail ourselves of better TVs? Trump’s commerce secretary foresees tariffs allowing Americans to be the ones screwing tiny screws into iPhones (Crooks & Liars: tinyurl.com/2screw4you). What other tiny delights await? (YouTube: tinyurl.com/moretinies)

There was no emergency. Trump has been fixated on deficits and tariffs since he was bankrupting casinos and scamming suckers. It’s his bumper-sticker understanding of economics and his desire to abuse power for its own sake. “Look what I did,” he must be saying, surveying the detritus of the world’s economies. “Trump. I did that!”

https://www.heraldnet.com/opinion/schwab-tariffs-meant-to-hand-us-tiny-screws-we-get-a-big-one/