The case has major implications beyond the taxation issue.
President Trump appears to be ready to expand his ignorant, counterproductive trade war with China.
The natural intuition of the aluminum tariff is that it would help Alcoa, the largest manufacturer of aluminum in the U.S. But apparently these things are a bit more complicated that one’s intuition would indicate.
Trade deals take more than an afternoon chat.
I have heard Trump supporters offer the following rationale for Trump’s tarris, “It is a bargaining strategy.” Then they sit back and smirk, and tell me, “Trump really wants zero tariffs, but to get these other countries to come to the table he has to get their attention. And once he has softened them up, they’ll be willing to reduce their tariffs.”
Trump’s trade war will claw back 25% of the growth in GDP, slightly more than 20% of the wage growth and more than wipe out all the jobs his tax cuts would provide.
The economy grew at an exceptionally strong pace according to the first estimate of GDP growth, but several caveats remain.
President Trump and the President of the European Commission announced an agreement late yesterday on trade issues, but it’s long on promises and short on results.
If President Trump’s trade war continues, it could have a serious impact on the political fortunes of President Trump and his party.
The President is apparently getting ready to take yet another ill-advised step in his ill-advised, economically illiterate trade war.