Senin, 25 Juni 2018

Trump’s trade wars just hit his biggest fans where it hurts the most

Trump’s trade wars just hit his biggest fans where it hurts the most

Trump’s obsession with erasing the legacy of our first black president marches on unabated, hurting the country in new ways at every turn.

As it turns out, “Making America Great Again” really just means undoing all the painstaking progress and rebuilding done by President Obama in the years after the disastrous Bush administration. Trump inherited a rebounding economy and is already on course to dive us headfirst into another recession.

On top of his tax cut legislation — which accomplished nothing more than skyrocketing the deficit and transferring a massive amount of wealth to the super rich — Trump is also pursuing a series of tariffs on foreign countries, adversaries and allies alike. History has shown time and time again that such measures only lead to trade wars, which in turn depress not only the American economy but the global economy. And yet Trump persists in pushing them.

Now, the president’s foolish tariff policies are destroying more American jobs. Harley-Davidson, the famed motorcycle company, will be moving its production for Europe-bound motorcycles out of the United States. The decision is a direct result of Trump’s tariffs, which caused European Union countries to retaliate meaning that it’s now too expensive to build the bikes in America and ship to Europe.

The Associated Press reports a regulatory filing by Harley-Davidson states that EU tariffs on its motorcycles have risen from 6% to 31% which means that each exported bike costs roughly $2,200 more than it did previously.

Harley-Davidson doesn’t intend to raise prices in Europe, and will instead swallow the additional costs for the immediate future. They estimate the remainder of the year could cost them between $30 million and $40 million.

“Harley-Davidson maintains a strong commitment to U.S.-based manufacturing which is valued by riders globally. Increasing international production to alleviate the EU tariff burden is not the company’s preference, but represents the only sustainable option to make its motorcycles accessible to customers in the EU and maintain a viable business in Europe. Europe is a critical market for Harley-Davidson,” Harley-Davidson said in its official remarks.

Unfortunately, this news is probably just the first of many more detrimental effects of Trump’s unhinged, uninformed economic policies. The only real way forward is to repeal these tariffs, but given the fact that our president is pathologically incapable of admitting when he is wrong it seems likely we’ll be saddled with economic decline for the foreseeable future.

The post Trump’s trade wars just hit his biggest fans where it hurts the most appeared first on Washington Press.

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