Begun, the trade wars soon will.
President Trump has indicated he’ll sign his two proposed tariffs on steel and aluminum as soon as tomorrow. These, if fully implemented, will kick off Trump’s proposed trade war to bring better manufacturing jobs to the U.S.
Jonathan Swan reports:
President Trump wants to sign a presidential proclamation tomorrow to set his steel and aluminum tariffs in motion, according to two senior administration officials.
🚨🚨🚨 Trade war begins tomorrow 🚨🚨🚨https://t.co/zpaSWTXa0u
— Comfortably Smug (@ComfortablySmug) March 7, 2018
So what does this mean? Will the price of a can of Coke jump by a quarter tomorrow? Will Chinese ships start firing upon American aircraft carriers in retaliation for being unable to dump subsidized steel into our country?
No, not exactly. It’s unclear how this will play out legally. Swan writes, “White House lawyers have been working overtime on these tariffs and sources tell me nothing is certain when it comes to timing.”
We’ll have to wait and see just where Trump wants to take this. It’s presumed that there will be some kind of legal injunction before the tariffs take full effect.
One thing to consider: the politics of trade. Swan reports that a special election scheduled next week in Pennsylvania may be playing a role in Trump’s decision to move forward. “Next Tuesday’s looming Pennsylvania election could be pushing Trump to act quickly, given that the race is taking place in industrial steel and coal strongholds in the southwestern corner of the state,” Swan notes.
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Of course, Trump’s instincts have always leaned heavily toward tariffs and rebalancing America’s role in the world of commerce. He’s been demanding tariffs since the first day he assumed the presidency, and has finally been given them. It’s unlikely he’ll waste this opportunity.
Republicans are already threatening to pull back on whatever Trump imposes:
Another note: republicans are saying they’ll treat trump like a child on tariffs. Let him have his temper tantrum, impose tariffs and then walk them back legislatively later. pic.twitter.com/9xzFVSKzX2
— Jake Sherman (@JakeSherman) March 7, 2018
What do you think about Trump’s tariffs? Do you agree with them? Tell us your thoughts below!
