From a ‘Fox and Friends’ segment this morning on Trump’s tariffs:
"We're taking money in. US companies aren't saying they're being hurt by it. So this could be an interesting trade strategy that everyone poo-pooed against, that actually plays out in real time"
There are numerous falsehoods and misleading statements in this segment:
1) “There’s been a narrative with two sides” about who is paying the tariffs
No. While Treasury has collected more in tariffs, it is paid by importers, not China.
2) “Consumers were going to be on the hook for most of it. It doesn’t seem like that’s happening”
US consumers have paid $22b so far for Trump’s tariffs, per one study.
Another found US consumers have paid over $900k/yr for each job saved by tariffs.
Another analysis found significant price increases for consumers.
Goldman Sachs research shows tariffs have raised prices of goods in affected industries more than the overall inflation rate.
3) “You’re not hearing companies say they’re worried about China or that China impacted the bottom line”
Companies removing job postings in part due to the trade war
Analysts are downgrading companies caught in the trade war
4) "We're taking money in. US companies aren't saying they're being hurt by it."
Through June, Americans directly paid $22 billion in increased costs from Trump’s tariffs.
Trump is spending $16 billion to bail out farmers hurt by tariffs.
The US trade deficit is near an all-time high: https://www.reuters.com/article/us-usa-economy-trade/u-s-trade-deficit-surges-to-five-month-high-as-imports-soar-idUSKCN1TY1PR …
Economists say Trump’s trade war could cause a recession: https://www.nbcnews.com/business/economy/trump-s-trade-war-could-spark-recession-warns-goldman-sachs-n1041501 …
Meaning, there were at least 4 false/misleading statements in this 90 second Fox segment.
Congratulations to ‘Fox & Friends’ on airing one of the worst defenses of Trump’s tariffs in history
"Over the course of a brief segment, [reporter Jackie DeAngelis] made a number of immediately and obviously untrue claims about the effects of increased tariffs on products imported from China.” https://www.washingtonpost.com/politics/2019/08/13/congratulations-fox-friends-airing-one-worst-defenses-trumps-tariffs-history/?_view=prod …
.@pbump points out an additional falsehood in this segment:
5) "China has paid us $59 billion in tariffs, and that number is up about 75 percent, year on year”
The $59 billion isn’t money from China or from Chinese tariffs.
It’s money from all tariffs.
💯 from @pbump:
"On one side, you have people saying that Earth is flat. On the other side, you have people saying that it is some sort of ball or sphere."
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