In recent times, the Trump administration’s trade protectionist policy has caused more and more opposition and concern in the United States. Imported tariffs on imported steel and aluminum products have begun to cause some daily consumer goods prices to rise. The agricultural rescue plan not only failed to alleviate the concerns of farmers, but also provoked more calls for subsidies. According to the latest survey, 53% of respondents believe that trade protectionism is the biggest threat to US economic growth.
One hundred years old factory encounters survival predicament
The side effects of the Trump administration’s trade protectionist policies on the US economy have begun to emerge, and recent reports have been reported from time to time. According to US media reports, the Trump administration's "steel and aluminum tax" is causing a century-old factory in southern Indiana that produces lawn cutting tools to fall into the most difficult survival situation since its establishment.
According to reports, in order to maintain business, the factory has laid off 75 people. Boss Jane Hardy warned that if the Trump administration does not end the current tariff policy as soon as possible, they will not only lay off employees, but even the factory will face the danger of bankruptcy.
The plant mainly buys steel from the United States, but new tariffs have caused domestic steel prices to rise 33% from the beginning of the year. Moreover, some of the products required for the plant are not available in the United States, but are included in the list of Chinese products to be imposed on the United States.
The report said that the factory was built in 1839, after the American Civil War and the Great Depression era, but it may be difficult to overcome the current trade war.
Companies that lay off employees due to tariffs are not the only ones.
In June, the largest nail manufacturing plant in the United States, due to new tariffs, caused orders to be cut in half in just two weeks and forced to lay off 60 people. A spokesperson for the plant said they are on the verge of bankruptcy unless the US Department of Commerce can grant a tariff waiver.
However, the outlook is not so optimistic. According to reports, since the implementation of the "steel and aluminum tax", US companies have applied for nearly 2.9 million exemptions, but the US Department of Commerce has so far only decided on 1,317 applications, of which nearly half have been rejected.
Daily consumer goods prices rise
Affected by the new tariff, the US Coca-Cola Company recently announced a price increase.
Coca-Cola CEO Quincy said this is because the cost of producing cans has increased. He said that a 10% tax on imported aluminum products "is a destructive effect on us, as well as consumers."
At the same time, Boston Beer will also raise the price by 2%. According to reports, 60% of the beer produced and sold in the United States is cans or bottles, and the cost of the winery is as high as $34.8 million.
Earlier, the report of the American Beer Research Institute also said that the new tariff will cause the US beer industry to lose 20,000 jobs.
Experts believe that the protectionist tariffs of the Trump administration will fluctuate the prices of daily necessities in supermarkets. Some product prices have risen due to increased costs due to tariffs, such as canned beverages. Although the prices of agricultural and sideline products such as beef will decline, they are exchanged for the loss of overseas trade opportunities and markets.
"Eccentric" rescue caused dissatisfaction
To appease American farmers affected by tariff policies, the Trump administration launched a $12 billion relief plan on July 24.
According to reports, since the implementation of protectionist tariffs, US agricultural losses have reached 11 billion US dollars. Although the $12 billion in relief is not too small in total, the subsidies that can actually be allocated to farmers are far less than their actual losses.
Even so, many farmers still say that they "require trade rather than rescue."
At the same time, the practice of specifically subsidizing farmers is also considered to be “politically biased†and is considered to quell the dissatisfaction of Trump's core ticket warehouse.
Republican Senator Lisa Merkoski from Alaska pointed out that farmers are hurt by tariffs, but there are still many injuries, including Alaska's seafood. She said metaphorically, "We are farmers in the sea."
Some Democratic lawmakers have also introduced bills to provide support to fishermen affected by tariffs. Democrat Rep. Cherie Pinggri, one of the co-founders, said the Maine lobster industry is losing its biggest market in China because of a 25% retaliatory tariff.
According to estimates by the American Chamber of Commerce, with reference to the Trump administration's bailout plan for farmers, if it is necessary to fully rescue all industries, at least $39 billion is needed.
However, the Trump administration simply could not get the money without asking for support from Congress.
According to reports, the $12 billion rescued farmers do not need to be approved by Congress because it comes from the commodity trading company under the Ministry of Agriculture. The company was established during the Great Depression of the United States in 1933 to provide financial support to US farmers. However, according to regulations, the company can only borrow up to 30 billion US dollars from the Ministry of Finance.
Serious threat to US economic growth
Trump’s trade protectionist policies will threaten US economic growth.
Economists warned that the US economy grew at a rate of 4.1% in the second quarter, largely due to the pre-emption of new tariffs; this way of increasing economic growth is short-lived and unsustainable. There will be a reversal in the coming months.
According to Morgan Stanley's analysis, the two rushing reserves and trades before the implementation of the tariff policy add up to 2.2%, accounting for nearly half of the growth rate.
Fitch Ratings International estimates that the trade war will reduce the global economic growth rate from 3.2% to 2.8% in 2019, while the US economic growth rate will drop by nearly one percentage point.
According to a recent survey by the US Business and Consumer Channel, the US economy will grow at an annual rate of nearly 3% in 2018 and then fall to 2.7% in 2019. 53% of respondents believe that Trump's trade protectionist policy is the biggest threat to US economic growth.
According to reports, the imposition of any tariff on Chinese goods will affect many ports in the 328 ports of entry administered by the US Customs and Border Protection.
Los Angeles City Mayor Jasetti recently pointed out that if the Trump administration's measures to increase tariffs are fully effective, 20% of the cargo volume of the Port of Los Angeles and Long Beach will be threatened. The Port of Los Angeles and Port of Long Beach are estimated to provide nearly 1 million jobs in Southern California.
Charles Cooke, chairman of the US Republican Party’s “Golden Lord†and Cork Industries’ company, also warned that the trade war provoked by the United States could lead to a recession in the US economy. He said that trade protectionism at any level is harmful. If the United States completely or completely shuts itself down, the consequences will be "catastrophic."
Cork also hinted that in view of the Trump administration's trade protectionist policy, he was open to Democrats who supported the idea of ​​a free market.
As early as June, the political lobbying organization supported by Cork Network launched a multi-million dollar, long-standing lobbying campaign against tariffs.
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