During a press briefing in the Oval Office, Trump downplayed concerns over job security sparked by a significant drop in cargo volumes as a result of his sweeping tariff policy and ongoing trade negotiations with China.
“That means we lose less money, you know? When I see that, that means we lose less money,” Trump replied. He claimed that China had been making “over a trillion, 1.1 trillion, in my opinion.”
Trumpian algebra dictates that shrinking trade with China may curtail the country’s trade deficit, but he doesn’t even know what a trade deficit is, let alone how big it is.
All of this comes back to Trump’s fundamental misunderstanding of economics. A deficit isn’t money lost but an indication that the U.S. has imported more goods and services than it exports. Economists say that having a trade deficit is not an inherently bad thing at all, because the U.S. simply can’t and shouldn’t make everything.
But what gets lost in Trump’s phony economic model? Actual workers, whose jobs at U.S. ports undoubtedly will be affected by a sudden reduction in trade.
“That happens every once in a while at normal times, but it’s pretty rare,” Calkin said. “And so to see it tonight is I think a stark reminder that the impacts of the tariffs have real implications.”
Trump also has no concern for consumers, who soon will begin to see shortages on goods from other countries, and an inevitable price increase on the scant products that remain. The president has suggested that concerns over shortages are as trivial as having fewer dolls and pencils.
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