At tomorrow’s Michigan rally, Mike Pence will lie about Donald Trump’s job record and the erratic trade war with China he lost, even while new reporting reveals additional Trump financial ties to China. While Pence will claim victory, Trump’s policies have been nothing short of a disaster for workers— even before COVID-19. READ MORE HERE:
CBS News: Trump trade war with China has cost 300,000 U.S. jobs, Moody’s estimates
Rachel Layne
Key Points:
- The White House’s imposition of tariffs on hundreds of billions worth of Chinese imports has resulted in 300,000 fewer jobs being created and reduced U.S. gross domestic product by an estimated 0.3%, Moody’s Analytics’ chief economist Mark Zandi said in the report.
- Trump and China Premier Xi “have embarked on a dangerous game of economic chicken,” Zandi wrote in the report. “Both claim that their economies are strong enough to withstand the trade turbulence, but they are pursuing policy stimulus to offset the costs of the war.”
- “The data speaks for itself — the trade war is having a serious negative impact on the U.S. economy,” Deutsche Bank economist Torsten Slok said in a note to investors this week. That impact includes a drop in firms planning capital expenditures in the next three to six months, falling CEO and business confidence, and a decline in job openings.
