No president wants to face voters in an economic downtown. But if that were Trump's only concern, he never would have pursued his haphazard trade policy in the first place, John Harwood writes.
that would have hiked prices on popular consumer goods. The threat of those tariffs had helped drive markets down nearly 400 points on Monday.
No president wants to face voters in an economic downtown. But if that were Trump's only concern, he never would have pursued his haphazard trade policy in the first place.The business community and its campaign donations represent vital Republican assets. The top priority of corporate executives – the December 2017 tax-cut – stands as the only major legislative accomplishment Trump and the GOP Congress delivered.
In 2016, Trump won Rust Belt battlegrounds by promising to fight the scourge of unfair competition from China and other countries. "This American carnage stops right here," he declared in his 2017 inaugural. Tariff punches have hurt China by dampening demand for its exports. They have also hurt Trump's own supporters,Those losses have been so acute that Trump has offset them with direct government payouts to farmers. He has pretended other losses – from dampened business investment and increased consumer prices – don't exist at all.
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