We have heard about it for months. Tariffs are going to cause the loss of millions of jobs. Going to cause a recession, China and others will retaliate. Yesterday China announced the 9th largest soybean purchase ever. Over 200,00 jobs have been created in the industries that tariffs were going to hurt. We saw that on Tuesday China proposed to reduce tariffs on US autos from 40% to 15%. The same that’s on other countries. Where was Obama for eight years on these unfair tariffs?
This from Politico. Some of Trump’s top advisers had pointed to potential ag purchases as an early indication of whether Beijing would follow through on commitments it had made in Argentina. Trump himself had also said major sales were expected, tweeting days after the meeting: “Farmers will be a a very BIG and FAST beneficiary of our deal with China.” “We make the finest and cleanest product in the World, and that is what China wants,” he added. “Farmers, I LOVE YOU!”. Bloomberg reporting that more soybean purchases are coming. This provides some relief to US farmers .
Look at the Aluminum and Steel industry. CNBC ran with this on the 11th. It said the U.S. aluminum companies have added about 300 jobs, and companies that process aluminum into finished products have expanded, generating $3.3 billion in investments that could employ 2,000 more workers. Overall, U.S. manufacturing has added more than 200,000 jobs since just before the tariffs were put in place, according to the Labor Department’s November jobs report last week.
In closing how do you argue with numbers like this? Will there be some losers in the tariff war? Of course there will. But we finally have a President that’s willing to negotiate. Not a President who doesn’t want to offend his friends.
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I have been writing on and off the past 46 years. First piece I ever wrote was my high school underground newspaper. A father of two twenty somethings. Happily married and presently living in Ohio.