Why do you worry about soybean money from China? Trump's tariffs are raking in hundreds of billions
You misunderstand the issue.
Soybean money IS from China into America.
Tariffs are a local domestic tax - a different way of collecting tax from American money from American people on the tax on overseas goods.
American soy growers sell TO China - and make money. But if Trump puts a tariff on anything Chinese - and China responds in kind and puts a tariff on American soy growers, then those farmers are going to lose their market. They're already hurting!
Trump likes tariffs because they tax America's poor even more than the rich. That is - the poor pay a much higher percent of their income as tax on overseas staples. Tariffs are Trump taxing America's poor. It's just like the BBB - doing a reverse Robin Hood to transfer wealth from the poor to the rich.
While it might be HERESY for a MAGA to disagree with Trump on anything, it's OK for genuine Republicans to not like tariffs. You have the permission of Ronald Reagan! I'm a lefty - but MAGA have gone so alt-right that here you have me cheering on Reagan! Check the bits in red and beware!
In a 1988 speech, President Ronald Reagan strongly opposed tariffs against Canada and Mexico, calling them anti-American. He emphasized the importance of free trade, stating:
"Our peaceful trading partners are not our enemies; they are our allies. We should beware of the demagogues who are ready to declare a trade war against our friends, weakening our economy, our national security, and the entire free world—all while cynically waving the American flag.
The expansion of the international economy is not a foreign invasion; it is an American triumph—one we worked hard to achieve and something central to our vision of a peaceful and prosperous world of freedom. After World War II, America led the way in dismantling trade barriers and creating a global trading system that paved the way for decades of unprecedented economic growth.
Yes, back in 1776, our Founding Fathers believed that free trade was worth fighting for. And we can celebrate their victory because today, trade is at the core of the alliance that secures peace and guarantees our freedom. It is the source of our prosperity and the path to an even brighter future for America."
Appealing to a confused and bewildered working class with simplistic promises is a tried and true tactic of demagogues throughout the 20th century.
If you listen to experts on international trade (like I have on The Economist podcast), the so called
agreements that Trump thinks he has won from strutting the stage with his big tariff stick are
anything BUT done deals! They are more like vague promissory notes -
intentions to do things - rather than actually legally binding trade deals. There are so many i's to dot and t's to cross in the actual details in terms of actual trade deals - things that take 6 months to a year to nut out - that I'd have more faith in America's carbon targets being met by City Mayors and State governors than any of these 'trade deals' actually working out as Trumpeted by Trump!
The whole notion of Trump's tariffs have failed legal tests so far - which he appealed, and will ultimately be tested in the Supreme Court on
Nov 5 according to the wiki
Under 'normal' Presidents (those not afflicted with
NPD) - these tariff powers were not as abused - and the rule of law respected. The executive has tariff powers, but they're in certain emergency test cases. And no - just because Trump gets shampoo in his eyes one morning and is in a bad mood and wants to whack tariffs on someone for the world having the AUDACITY to let shampoo get in his eyes - no - that is not a trade emergency.