Latest news with #Trump-caused
Yahoo
2 days ago
- Business
- Yahoo
Why Trump Is Losing His Trade War
The Atlantic Daily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas, and recommends the best in culture. Sign up for it here. Donald Trump's trade war is fast turning into a fiasco. When the president started the war, Team Trump advertised it as certain to be fast, easy, and cheap. Trump would impose tariffs. The world would yield to his will. The tariffs would do everything at once. They would protect U.S. industry from foreign competition without raising prices, and generate vast revenues that would finance other tax cuts. Americans could eat their cake, continue to have the cake, and trade the same cake for pie—all at the same time. 'There's not going to be any pain for American workers,' Trump's press secretary, Karoline Leavitt, vowed in April. The advertising rapidly proved false. The U.S. economy is slowing because of the Trump tariffs; China's is thriving in spite of them. Team Trump falsely promotes vague five-page outlines with alienated former allies as big deals; China is successfully wooing some of its former rivals, such as Vietnam. America's standing in the world is measurably sinking; China's is measurably rising. Courts are ruling that Trump's tariffs are illegal; public opinion mistrusts the tariffs, regarding them as expensive and unproductive. The promise of huge flows of painless money from tariff revenues is evanescing as the fantasy it always was. Oh, and the country's largest chain of Halloween retailers canceled its traditional summer grand opening because of Trump-caused supply disruptions. What comes next, as things go wrong? Trump's first instinct is to blame the targets of his economic aggression for not cooperating with his wishes. On May 30, Trump accused China of violating an imaginary agreement with him. On June 4, he complained that Xi Jinping was 'extremely hard to make a deal with.' But Trump seldom chooses to quarrel with foreign dictators, saying in the same breath, 'I like President Xi of China, always have, and always will.' Today, in all-caps emphasis, Trump announced that a deal had been done, declaring that his 'RELATIONSHIP IS EXCELLENT' with the Chinese president-for-life. The lack of details in the announcement strongly suggests that Trump yielded more and gained less than his publicity apparatus wants Americans to believe. That's because, in reality, Trump's global trade war has always been subordinate to his domestic culture war. Trump much prefers to vent his rage against enemies within. Get ready for him to blame the failure of his trade war on fellow Americans who did not support him enough. The Trump tariffs will be ballyhooed as an act of patriotism, a necessary sacrifice to be laid on the altar of the nation. One of Trump's television talkers reminded viewers that Americans melted down their pots and pans to win the Second World War. If the president needs to ration dolls and colored pencils, how dare any true American raise a contrary voice? The coming call for national solidarity with Trump's Great Patriotic War against imported Halloween costumes deserves all the scoffing it will get and more. Trump ordered the nation into economic warfare. He did not do any of the things necessary to create any hope of success in that war. The impending defeat is his personal doing, entirely his own fault. [Jonathan Chait: The good news about Trump's tariffs] Recall the classic Norm Macdonald bit in which the comedian marvels that in the 20th century, Germany decided to go to war with 'the world,' twice. That was meant as a joke. Trump adopted it as his actual strategy. Trump's rationalizers invoke anxiety about China as his justification. Yes, China numbered among the targets of Trump's 'Liberation Day' tariffs. But so did Australia. So did Brazil. So did Canada. So did Denmark. So did Egypt. And on and on, through the whole alphabet of American allies and trading partners. The United States is by far the planet's strongest national economy, producing slightly more than one-quarter of the planet's goods and services. Including its historic and recent partners, the United States could potentially lead a group of nations sufficiently influential to write economic rules that everybody would need to take into account. That fact underpinned the Trans-Pacific Partnership concept of the Obama years: Form a large-enough and attractive-enough club, and China will have no choice but to comply with the founding members' terms. Trump's alternative concept is for a quarter of the world economy to cut itself off from the other three-quarters, and then wait for the three-quarters to beg for mercy from the one-quarter. Unsurprisingly, that concept is fast proving a stinker. But suppose the president sincerely believed that the U.S. had no choice: The one-quarter must fight the three-quarters as a matter of national survival, or 'liberation,' from the tyranny of foreign goods and services, foreign fruits and vegetables. Crazy, but suppose he did. What would follow? A rational president would grasp that a U.S. economic war against the rest of the world would be a big, protracted, and painful undertaking. Such an enormous commitment would require democratic consent from a large majority of the public, all the more so because the United States is starting the war itself. Trump's trade conflict is very much a war of choice. The president must explain why he chose it. A rational president determined to fight an economic war would try to mobilize broad support from the public and from Congress. He would seek allies in Congress, and not only from his own party. He might, for example, compromise on some of his other goals. If he also wanted to tighten immigration at the same time as waging a global trade war, or to roll back DEI programs, or to cut taxes for the wealthy, or to relax anti-corruption measures, or to pardon the crimes of his violent supporters, or to plan any other ambitious but divisive project, he might think twice about pursuing them. You can't ask your opponents to pay more and do without if you won't forgo even a scrap of your partisan agenda. You can ask anyway, but don't be shocked when they answer with a Bronx cheer. That president would also lead from the front. A president seeking to inspire Americans to endure hardship for the greater good would certainly not throw himself a multimillion-dollar birthday parade at public expense. He would not accept lavish gifts from foreign governments, would not operate a pay-for-access business that collected billions of dollars for himself and his family from undisclosed favor-seekers. While asking other Americans to accept less, he would not brazenly help himself to more. He certainly would not troll, insult, and demean those who may not have voted for him, but whose cooperation he needs now. This president has, of course, done the most egregious version of every item above. His economic war is adjunct to his partisan culture war. He did not seek broad support. He gleefully offends and alienates everyone outside his base. Which works for him as long as times are prosperous, as they were in the first three years of his first administration. Allow things to get tough, though, and it's a different story. Trump cannot ask for patience and trust, because at least half the country has unalterably judged him as untrustworthy and out only for himself. [David Frum: The ultimate bait and switch of Trump's tariffs] Trump bet his presidency on the theory that trade wars are 'good and easy to win,' as he posted during his first term. His second-term trade war, however, is proving not so easy, and not so good, either. He is fighting it alone, without global allies or domestic consent, because that's his nature. It's now also his problem. In the 1983 movie WarGames, a computer thinks its way through dozens of terrifying nuclear scenarios and concludes: 'The only winning move is not to play.' In other words, the only safe way to conduct a nuclear exchange is never to have one. The same could be said of trade wars, at least when fought by one nation, however big and rich, against all the others, all at once. Trump decided he did not care about Americans' support for his economic war. He did not ask for their backing. He did not make any effort to win it. He willfully alienated at least half of the public. Now that he's losing, his supporters want to scold the country because it rejects the whole misbegotten project as stupid and doomed. Don't listen to their reproaches. This is Trump's war, and his alone. The only way to win now is to end Trump's trade war as rapidly as possible. And then end the excessive, unilateral trade powers of a corrupt president who blundered into a pointless and doomed conflict without justification, plan, or consent. Article originally published at The Atlantic
Atlantic
2 days ago
- Business
- Atlantic
Why Trump Is Losing His Trade War
Donald Trump's trade war is fast turning into a fiasco. When the president started the war, Team Trump advertised it as certain to be fast, easy, and cheap. Trump would impose tariffs. The world would yield to his will. The tariffs would do everything at once. They would protect U.S. industry from foreign competition without raising prices, and generate vast revenues that would finance other tax cuts. Americans could eat their cake, continue to have the cake, and trade the same cake for pie—all at the same time. 'There's not going to be any pain for American workers,' Trump's press secretary, Karoline Leavitt, vowed in April. The advertising rapidly proved false. The U.S. economy is slowing because of the Trump tariffs; China's is thriving in spite of them. Team Trump falsely promotes vague five-page outlines with alienated former allies as big deals; China is successfully wooing some of its former rivals, such as Vietnam. America's standing in the world is measurably sinking; China's is measurably rising. Courts are ruling that Trump's tariffs are illegal; public opinion mistrusts the tariffs, regarding them as expensive and unproductive. The promise of huge flows of painless money from tariff revenues is evanescing as the fantasy it always was. Oh, and the country's largest chain of Halloween retailers canceled its traditional summer grand opening because of Trump-caused supply disruptions. What comes next, as things go wrong? Trump's first instinct is to blame the targets of his economic aggression for not cooperating with his wishes. On May 30, Trump accused China of violating an imaginary agreement with him. On June 4, he complained that Xi Jinping was 'extremely hard to make a deal with.' But Trump seldom chooses to quarrel with foreign dictators, saying in the same breath, 'I like President Xi of China, always have, and always will.' Today, in all-caps emphasis, Trump announced that a deal had been done, declaring that his 'RELATIONSHIP IS EXCELLENT' with the Chinese president-for-life. The lack of details in the announcement strongly suggests that Trump yielded more and gained less than his publicity apparatus wants Americans to believe. That's because, in reality, Trump's global trade war has always been subordinate to his domestic culture war. Trump much prefers to vent his rage against enemies within. Get ready for him to blame the failure of his trade war on fellow Americans who did not support him enough. The Trump tariffs will be ballyhooed as an act of patriotism, a necessary sacrifice to be laid on the altar of the nation. One of Trump's television talkers reminded viewers that Americans melted down their pots and pans to win the Second World War. If the president needs to ration dolls and colored pencils, how dare any true American raise a contrary voice? The coming call for national solidarity with Trump's Great Patriotic War against imported Halloween costumes deserves all the scoffing it will get and more. Trump ordered the nation into economic warfare. He did not do any of the things necessary to create any hope of success in that war. The impending defeat is his personal doing, entirely his own fault. Recall the classic Norm Macdonald bit in which the comedian marvels that in the 20th century, Germany decided to go to war with 'the world,' twice. That was meant as a joke. Trump adopted it as his actual strategy. Trump's rationalizers invoke anxiety about China as his justification. Yes, China numbered among the targets of Trump's 'Liberation Day' tariffs. But so did Australia. So did Brazil. So did Canada. So did Denmark. So did Egypt. And on and on, through the whole alphabet of American allies and trading partners. The United States is by far the planet's strongest national economy, producing slightly more than one-quarter of the planet's goods and services. Including its historic and recent partners, the United States could potentially lead a group of nations sufficiently influential to write economic rules that everybody would need to take into account. That fact underpinned the Trans-Pacific Partnership concept of the Obama years: Form a large-enough and attractive-enough club, and China will have no choice but to comply with the founding members' terms. Trump's alternative concept is for a quarter of the world economy to cut itself off from the other three-quarters, and then wait for the three-quarters to beg for mercy from the one-quarter. Unsurprisingly, that concept is fast proving a stinker. But suppose the president sincerely believed that the U.S. had no choice: The one-quarter must fight the three-quarters as a matter of national survival, or 'liberation,' from the tyranny of foreign goods and services, foreign fruits and vegetables. Crazy, but suppose he did. What would follow? A rational president would grasp that a U.S. economic war against the rest of the world would be a big, protracted, and painful undertaking. Such an enormous commitment would require democratic consent from a large majority of the public, all the more so because the United States is starting the war itself. Trump's trade conflict is very much a war of choice. The president must explain why he chose it. A rational president determined to fight an economic war would try to mobilize broad support from the public and from Congress. He would seek allies in Congress, and not only from his own party. He might, for example, compromise on some of his other goals. If he also wanted to tighten immigration at the same time as waging a global trade war, or to roll back DEI programs, or to cut taxes for the wealthy, or to relax anti-corruption measures, or to pardon the crimes of his violent supporters, or to plan any other ambitious but divisive project, he might think twice about pursuing them. You can't ask your opponents to pay more and do without if you won't forgo even a scrap of your partisan agenda. You can ask anyway, but don't be shocked when they answer with a Bronx cheer. That president would also lead from the front. A president seeking to inspire Americans to endure hardship for the greater good would certainly not throw himself a multimillion-dollar birthday parade at public expense. He would not accept lavish gifts from foreign governments, would not operate a pay-for-access business that collected billions of dollars for himself and his family from undisclosed favor-seekers. While asking other Americans to accept less, he would not brazenly help himself to more. He certainly would not troll, insult, and demean those who may not have voted for him, but whose cooperation he needs now. This president has, of course, done the most egregious version of every item above. His economic war is adjunct to his partisan culture war. He did not seek broad support. He gleefully offends and alienates everyone outside his base. Which works for him as long as times are prosperous, as they were in the first three years of his first administration. Allow things to get tough, though, and it's a different story. Trump cannot ask for patience and trust, because at least half the country has unalterably judged him as untrustworthy and out only for himself. David Frum: The ultimate bait and switch of Trump's tariffs Trump bet his presidency on the theory that trade wars are 'good and easy to win,' as he posted during his first term. His second-term trade war, however, is proving not so easy, and not so good, either. He is fighting it alone, without global allies or domestic consent, because that's his nature. It's now also his problem. In the 1983 movie WarGames, a computer thinks its way through dozens of terrifying nuclear scenarios and concludes: 'The only winning move is not to play.' In other words, the only safe way to conduct a nuclear exchange is never to have one. The same could be said of trade wars, at least when fought by one nation, however big and rich, against all the others, all at once. Trump decided he did not care about Americans' support for his economic war. He did not ask for their backing. He did not make any effort to win it. He willfully alienated at least half of the public. Now that he's losing, his supporters want to scold the country because it rejects the whole misbegotten project as stupid and doomed. Don't listen to their reproaches. This is Trump's war, and his alone. The only way to win now is to end Trump's trade war as rapidly as possible. And then end the excessive, unilateral trade powers of a corrupt president who blundered into a pointless and doomed conflict without justification, plan, or consent.
Global News
06-05-2025
- Business
- Global News
Ontario has new path to budget balance, Ford signals amid need for tariff relief
Ontario Premier Doug Ford is signalling that his government's upcoming budget may not be balanced, as the province needs to support people in the face of U.S. President Donald Trump's tariffs. Ford announced today that in the Ontario budget to be tabled May 15, the province will be adding nearly $1 billion over three years to the Skills Development Fund, which supports hiring, training and upskilling programs. Ford says the Trump-caused economic uncertainties are already having a direct impact on Ontario and its workers, and he will 'not spare a penny' to protect workers, families and communities. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy In the middle of remarks at a skills competition today, Ford gave a nod to Finance Minister Peter Bethlenfalvy, saying the minister 'really watches the dollars' and has warned that the premier's plans will throw off the government's path to balance. The province's last major fiscal update, the fall economic statement, had eyed a balanced budget for 2026-27, but that came before the election of Trump and the implementation of tariffs. Story continues below advertisement Ford now suggests he still has a path to balance, but it might be a bit different. 'We have two choices, right, either start cutting infrastructure and everything else, or you hang in there for a year or two, and we balance,' he said. 'We'll make up the difference in the next couple years, but it's about today, right now, how are we going to support these families? So again, Peter, thank you for being understanding and making sure the people of Ontario will always be taken care of.' Bethlenfalvy announced Monday that the budget will include expanding the Ontario Made Manufacturing Investment Tax Credit, which he said would be a significant tool for businesses as they look for ways to keep workers on the job. Ontario has also announced that businesses will see select provincial taxes deferred for six months, giving them about $9 billion worth of relief amid U.S. tariffs.
Hamilton Spectator
06-05-2025
- Business
- Hamilton Spectator
Ontario has new path to budget balance, Ford signals amid need for tariff relief
TORONTO - Ontario Premier Doug Ford is signalling that his government's upcoming budget may not be balanced, as the province needs to support people in the face of U.S. President Donald Trump's tariffs. Ford announced today that in the Ontario budget to be tabled May 15, the province will be adding nearly $1 billion over three years to the Skills Development Fund, which supports hiring, training and upskilling programs. Ford says the Trump-caused economic uncertainties are already having a direct impact on Ontario and its workers, and he will 'not spare a penny' to protect workers, families and communities. In the middle of remarks at a skills competition today, Ford gave a nod to Finance Minister Peter Bethlenfalvy, saying the minister 'really watches the dollars' and has warned that the premier's plans will throw off the government's path to balance. The province's last major fiscal update, the fall economic statement, had eyed a balanced budget for 2026-27, but that came before the election of Trump and the implementation of tariffs. Ford now suggests he still has a path to balance, but it might be a bit different. 'We have two choices, right, either start cutting infrastructure and everything else, or you hang in there for a year or two, and we balance,' he said. 'We'll make up the difference in the next couple years, but it's about today, right now, how are we going to support these families? So again, Peter, thank you for being understanding and making sure the people of Ontario will always be taken care of.' Bethlenfalvy announced Monday that the budget will include expanding the Ontario Made Manufacturing Investment Tax Credit, which he said would be a significant tool for businesses as they look for ways to keep workers on the job. Ontario has also announced that businesses will see select provincial taxes deferred for six months, giving them about $9 billion worth of relief amid U.S. tariffs. This report by The Canadian Press was first published May 6, 2025.
Toronto Sun
06-05-2025
- Business
- Toronto Sun
Ontario has new path to budget balance, Ford signals amid need for tariff relief
Published May 06, 2025 • 1 minute read Ontario Premier Doug Ford fires back at U.S. President Donald Trump at the McDonald Block beside Queen's Park on Tuesday, March 4, 2025. Photo by JACK BOLAND / TORONTO SUN Ontario Premier Doug Ford is signalling that his government's upcoming budget may not be balanced, as the province needs to support people in the face of U.S. President Donald Trump's tariffs. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Ford announced today that in the Ontario budget to be tabled May 15, the province will be adding nearly $1 billion over three years to the Skills Development Fund, which supports hiring, training and upskilling programs. Ford says the Trump-caused economic uncertainties are already having a direct impact on Ontario and its workers, and he will 'not spare a penny' to protect workers, families and communities. In the middle of remarks at a skills competition today, Ford gave a nod to Finance Minister Peter Bethlenfalvy, saying the minister 'really watches the dollars' and has warned that the premier's plans will throw off the government's path to balance. The province's last major fiscal update, the fall economic statement, had eyed a balanced budget for 2026-27, but that came before the election of Trump and the implementation of tariffs. This advertisement has not loaded yet, but your article continues below. Ford now suggests he still has a path to balance, but it might be a bit different. 'We have two choices, right, either start cutting infrastructure and everything else, or you hang in there for a year or two, and we balance,' he said. 'We'll make up the difference in the next couple years, but it's about today, right now, how are we going to support these families? So again, Peter, thank you for being understanding and making sure the people of Ontario will always be taken care of.' Bethlenfalvy announced Monday that the budget will include expanding the Ontario Made Manufacturing Investment Tax Credit, which he said would be a significant tool for businesses as they look for ways to keep workers on the job. Ontario has also announced that businesses will see select provincial taxes deferred for six months, giving them about $9 billion worth of relief amid U.S. tariffs. Toronto Maple Leafs Canada Editorial Cartoons MLB Toronto Blue Jays
