The tariffs hurt America’s economy, according to economists. American consumers don’t feel the tariff pain as much as they will when Trump enforces all the tariffs he plans to enforce. Wall Street economists think consumers will pay the government an extra $800 in 2019 thanks to the tariffs. But that number will increase to more than $2,000 in 2020 if Trump’s ideological war with China continues.
The president turned the trade war into a political, as well as an ideological fight when he decided China must change the way Chinese companies do business. Mr. Trump claims Huawei, China’s largest tech company, spies for the Chinese government. But the Chinese call it joint cooperation with American techies, according to the Chinese news agency.
At least two Federal Reserve Board members think additional interest rate cuts will not stimulate the economy the way it did before Trump came along. Mr. Trump wants a zero or below zero interest rate in order to stimulate consumer borrowing. But consumer debt is already out-of-control, according to MarketWatch. Borrowing more money in the face of an economic recession could hurt the consumer’s sector’s ability to fuel Trump’s economy.
If consumers decided to change their spending habits during the holiday season, the U.S. economy will feel the side-effects of a recession by June 2020, according to MarketWatch. Business development stopped when Trump started the tariff war. The national debt just passed $22 trillion. Mr. Trump’s 2017 tax cut and his foreign policy blunders add $1 trillion to the national debt every year, according to the Washington Post.
Mr. Trump turned the whistleblower’s Ukraine story into his version of what happened when he called Ukraine president Zelenskiy and told him if he wants the $250 million in aid, he needs to investigate Joe and Hunter Biden.
Instead of denying he talked about Biden during his July conversation with Zelenskiy, Trump claims he was on a quest to expose Biden for helping his son when a Ukraine prosecutor tried to prove the gas company’s CEO was a crook. According to Trump, Biden helped get the prosecutor fired by withholding an aid payment. But a new Ukraine prosecutor investigated the same charges last spring, and he decided Joe and Hunter Biden were innocent, according to the Times.
If Mr. Trump’s intelligence director doesn’t turn over the Whistleblower’s report to Adam Schiff within two days, Nancy Pelosi plans to start impeachment proceedings even though she may not have the support she needs from the public. Nancy said Trump latest blatant act of collusion with a foreign government is enough to impeach the Trumpster even though the Senate may not convict him.