Now Trump is coming for your iPhone, says TimMullaney
First, they came for the washing machines, but I said nothing because I wasn’t in the market for a washing machine. Then they came for steel, but I have no idea what the steel in my car costs, or where it comes from.
Want to know what tariffs cost? Simple. Your iPhone will cost $160 more if Trump follows through on his tariffs, says Morgan Stanley analyst Katy Huberty. And China ain’t paying. Think about the fact that Trump is currently sitting on a -7 approval v. disapproval margin, according to Real Clear Politics. Several polls are much worse, and the only one materially better is Rasmussen Reports, rated C+ by FiveThirtyEight for its inaccuracy, partisan lean, and methodological problems.
Finally, think about the fact that the Standard & Poor’s 500 SPX, +1.15% fell 2.4% Monday and is down 5% since the president began his latest trade fight. And that the selloff is likely to persist as long as the tweets and tariffs do — because back to 2016 the book on Trump has been that his tax-cut plans might stimulate the economy briefly, but his trade policies would more than undo the damage if implemented.
Do the math. The tariffs will be visible — and visibly paid by Americans, eroding Trump’s already-controversial middle-class-tax-cut brand. The 0.5 percentage-point erosion in U.S. growth that Oxford Economics predicts if tariffs get fully implemented will cut into Trump’s economic-approval rating, the only political card he’s got to reach beyond his base.
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