JM Rieger @RiegerReport Video Editor, The Washington Post • [email protected] Aug. 13, 2019 2 min read

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.

 https://www.wsj.com/articles/u-s-collects-63-billion-in-chinese-tariffs-through-june-11565168400 

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.

 https://www.washingtonpost.com/business/2019/05/07/trumps-steel-tariffs-cost-us-consumers-every-job-created-experts-say/?_view=prod 

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.

 https://www.cnbc.com/2019/05/13/this-chart-from-goldman-sachs-shows-tariffs-are-raising-prices-for-consumers-and-it-could-get-worse.html 

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

 https://www.washingtonpost.com/business/2019/08/13/us-businesses-are-taking-down-job-listings-trumps-trade-war-grows/?_view=prod 

Analysts are downgrading companies caught in the trade war

 https://www.cnbc.com/2019/08/11/analysts-fear-these-stocks-are-caught-in-the-us-china-trade-war.html 

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.

 https://www.washingtonpost.com/politics/2019/07/23/selective-socialism-donald-trump-farmers-yes-poor-families-no/?_view=prod 

Reminder:

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.

From @pbump:

Congratulations to ‘Fox & Friends’ on airing one of the worst defenses of Trump’s tariffs in history

 https://www.washingtonpost.com/politics/2019/08/13/congratulations-fox-friends-airing-one-worst-defenses-trumps-tariffs-history/?_view=prod 

"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.

 https://www.washingtonpost.com/politics/2019/08/13/congratulations-fox-friends-airing-one-worst-defenses-trumps-tariffs-history/?_view=prod 

💯 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."

 https://www.washingtonpost.com/politics/2019/08/13/congratulations-fox-friends-airing-one-worst-defenses-trumps-tariffs-history/?_view=prod 


You can follow @RiegerReport.



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