Blue Press Journal

Tag: china

  • Farmers Feel the Sting of Trump’s Trade Wars as Looming Crisis Threatens Livelihoods

    Blue Press Journal – The consequences of President Donald Trump’s trade wars are finally coming home to roost, and farmers are bearing the brunt of the damage. Despite record yields during the fall harvest, many farmers are struggling to find buyers for their crops, thanks to the loss of significant export markets. The prices of top U.S. crops like soybeans and corn have plummeted, while the cost of farm equipment and fertilizer has skyrocketed due to Trump’s tariffs.

    This perfect storm is threatening to unleash a “looming farm crisis” that could devastate the livelihoods of farmers across the country. According to Politico, crop farmers are especially suffering, with many facing financial ruin as a result of the trade wars. The situation is so dire that Trump Agriculture Department officials have privately begun preparing for a bailout fund, although it’s unlikely that any relief payments will be made this fall.

    Ironically, many of the farming-dependent counties that backed Trump in 2020 with an average of 77.7% of the vote are now feeling the pain of his trade policies. However, neither farmers nor Republicans are ready to completely abandon the president just yet. While some farmers are beginning to question their support for Trump, others remain loyal, hoping that he will eventually deliver on his promises to restore American agriculture to its former glory.

    The crisis facing farmers highlights the unintended consequences of Trump’s trade wars. Instead of protecting American industries, the tariffs have shifted the burden to agriculture. As the situation worsens, it remains uncertain if Trump will address farmers’ suffering or prioritize his trade agenda over rural Americans’ livelihoods. One thing is clear: the fate of American farmers is precarious, and the effects of these trade wars will linger for years.

  • Trump’s Tariff Regime Under Fire as Manufacturing Jobs Plummet

    Blue Press Journal – The latest jobs report has delivered a devastating blow to US President Donald Trump’s promise to revive the country’s manufacturing sector. Despite his boasts of turning the US into a “manufacturing powerhouse,” the numbers tell a starkly different story. Since Trump’s tariff announcement on April 2, the manufacturing sector has lost a staggering 42,000 jobs, with job openings and new hires declining by 76,000 and 18,000, respectively.

    The Center for American Progress (CAP) has slammed Trump’s tariff policies, stating that they have had a disproportionately negative impact on the manufacturing sector. “The manufacturing sector is struggling more than the rest of the labor market under Trump’s tariffs, and manufacturing workers’ wage growth is stagnating,” wrote policy analyst Kennedy Andara and economist Sara Estep. This grim assessment is a far cry from Trump’s campaign promises, which touted his tariff regime as a key component of his plan to revive American manufacturing.

    Experts are unanimous in their criticism of Trump’s approach. Michael Hicks, director of the Center for Business and Economic Research at Ball State University, told the CBC that “no treasure trove of jobs” is likely to come out of Trump’s tariffs. The US Supreme Court is expected to review Trump’s tariffs soon, following a ruling by the Court of Appeals for the Federal Circuit that many of them are illegal.

    The facts are clear: Trump’s tariffs have not created jobs or boosted manufacturing but have led to losses and stagnant wages.

  • The Alarming Reality of Donald Trump’s Ignorance

    Opinion – Blue Press Journal – As the world grapples with the challenges of the 21st century, it has become increasingly evident that Donald Trump’s presidency is marked by a disturbing trend: his staggering ignorance. While his propensity for lying and throwing temper tantrums has been well-documented, it is his lack of understanding and lack of intellectual curiosity that pose the greatest threat to the nation and the world at large.

    A recent episode illustrates this point starkly. In a misguided attempt to solve Los Angeles’ wildfire problem, Trump unilaterally decided to “open up” taps to release billions of gallons of water from two reservoirs in the Sierra Nevada foothills. However, as experts quickly pointed out, not a single drop of that water could have possibly reached Los Angeles, and instead would have overflowed the banks of rivers, threatening residents in nearby communities. As one observer noted, “It was clearly nothing but a poor publicity stunt. And it was a dangerous one.”

    Fortunately, disaster was averted thanks to the quick action of local water management officials who intervened to prevent the Army Corps of Engineers from carrying out Trump’s ill-conceived order. However, the incident highlights the alarming reality of Trump’s decision-making process, which is often driven by misinformation, conspiracy theories, or sheer whim.

    As Charles Leerhsen, who co-wrote Trump’s book “Surviving at the Top” in 1990, noted, “I’ve never met anyone else remotely like him. He is and was profoundly stupid, completely lacking in intellectual curiosity.” This assessment is echoed by former top aides, including Defense Secretary James Mattis, who reportedly said Trump had the understanding of a “fifth- or sixth-grader,” and chief of staff John Kelly, who called him an “idiot.” Former Secretary of State Rex Tillerson’s description of Trump as a “moron” – later clarified as a “fucking moron” – is particularly telling.

    Trump’s ignorance has real-world consequences, particularly in the area of economic policy. His trade war, which has been broadened to target the entire world, is a prime example. Based on his flawed understanding of how tariffs work, Trump has sparked a drag on the U.S. and global economies, leading to higher prices for consumers and devastating impacts on domestic farmers and manufacturers.

    As one of his top advisers in the first term noted, Trump’s decisions often happen because he is “astonishingly ignorant.” His insistence on pursuing policies that defy evidence and expertise has little to do with ideology and everything to do with his own misinformed views. Whether it’s his claim that sea-level rise will create more oceanfront property or his certainty that other countries pay tariff revenue to the United States, Trump’s ignorance is having a profound impact on the nation and the world.

    Donald Trump’s ignorance is a notable aspect of his presidency. While his lies and temper tantrums are troubling, it is his lack of understanding and intellectual curiosity that poses a significant threat. We must recognize the dangers of Trump’s ignorance and strive for a more informed, evidence-based approach to governance. The stakes are too high to overlook this alarming reality any longer.

  • Trump’s Tariffs Dealt Significant Blow as Federal Appeals Court Rules Them “Basically All Illegal”

    Blue Press Journal (DC) – In a major setback for the Trump administration, a federal appeals court has invalidated vast portions of the president’s sweeping tariffs, ruling that he lacked the authority to impose them under the International Emergency Economic Powers Act (IEEPA) of 1977. The 7-4 decision, which upholds a lower court’s opinion, marks a significant defeat for Trump’s global trade war.

    The appellate court’s majority found that Trump’s argument, which relied on declarations of national emergencies to establish the power to enact wide-ranging taxes, was “a wafer-thin reed on which to rest such sweeping power.” The judges concluded that Trump unlawfully stretched the 1977 statute to impose the import tariffs, which affects nearly all goods from nearly every country importing to the United States.

    This ruling has significant implications, as it may require the administration to repay billions of dollars in duties, a move that customs and trade experts warn would be “a logistical nightmare.” The court emphasized that “tariffs are a core congressional power” and that there is “no clear congressional authorization by IEEPA for tariffs of the magnitude of the reciprocal tariffs and trafficking tariffs.”

    The decision affirms a May ruling from the US Court of International Trade, which also found that Trump exceeded his authority. This latest ruling is a major blow to Trump’s trade policies, which have been widely criticized for their potential to harm American businesses and consumers.

  • The Hidden Republican Tax Increase: How Tariffs Hurt Local Resident

    Blue Press Journal – As our communities struggles with economic inequality, it’s essential to examine the impact of tariffs on our daily lives. Despite their pledges to never raise taxes, many Republican lawmakers have supported President Donald Trump’s tariffs, which essentially impose a tax on goods imported into the United States. This regressive tax increase disproportionately affects low-income Americans, exacerbating the existing economic divide.

    Tariffs are often misunderstood as a way to “make other countries pay” for their trade practices. However, the reality is that these taxes are passed on to American consumers in the form of higher prices or absorbed by businesses, ultimately harming local residents. The poor and middle class, who spend a larger portion of their income on goods, are hit the hardest by these tariffs. In contrast, wealthier individuals, who tend to save more and spend on services, are less affected.

    It’s striking that Republicans, who have long championed tax cuts and reduced funding for the Internal Revenue Service, are now supporting tax increases through tariffs. This hypocrisy is particularly egregious given the regressive nature of tariffs, which favor the interests of the wealthy and large corporations. These groups often contribute significant campaign donations to politicians, who in turn, prioritize their interests over those of everyday Americans.

  • Trump Tariffs to Devastate Small Businesses, Consumers to Bear the Brunt

    Blue Press Journal D.C. – The latest tariffs imposed by President Donald Trump are set to have a crippling effect on small businesses across the United States, with the average firm facing an annual hit of $856,000. According to estimates by the Chamber of Commerce, the tariffs, which took effect on August 7, will cost small business importers a staggering $202 billion annually.

    Small businesses, which generate over half of the country’s new jobs, are the backbone of the US economy. However, the Chamber of Commerce warns that the tariffs will disproportionately affect these businesses, with 236,000 small importers, each with fewer than 500 employees, collectively bringing in over $868 billion worth of goods from abroad in 2023.

    The National Retail Federation and the Chamber of Commerce, both of which have historically supported Republican candidates, are now sounding the alarm over the devastating impact of the tariffs. Despite their previous backing of the GOP, these organizations are realizing that the party’s policies are not as “pro-business” as they claimed.

    The tariffs are expected to have a ripple effect on consumers, who will ultimately bear the brunt of the costs. According to a study by Goldman Sachs, US companies will shoulder 64% of the tariff costs, while foreign exporters will absorb only 14%. Consumers will be left to pick up the remaining 22%, with the study warning that companies will pass on two-thirds of the costs directly to consumers by October.

    President Trump had claimed that China would “probably eat those tariffs,” but the reality is that the tariffs are a massive, regressive tax that will bleed small businesses dry and send prices soaring for consumers. The move has been widely criticized as a protectionist policy that will harm US jobs and the economy, rather than protecting them.

    As tariffs take effect, small businesses and consumers brace for rising costs, questioning their survival. This situation highlights that the GOP’s “pro-business” policies may not be as beneficial as they seem.

  • US Producer Prices See Largest Jump in Over Three Years, Sparking Fears of Rising Consumer Costs

    Blue Press Journal- In a surprise move, US wholesale inflation surged in July, with the Labor Department reporting a 0.9% increase in the producer price index (PPI) from June. This marks the largest monthly jump in over three years, with wholesale prices rising 3.3% compared to the same period last year.

    The increase in producer prices is attributed to tariffs imposed by President Trump on imports, driving up costs for US businesses reliant on imported goods. Wholesale food prices rose 1.4% from June, with vegetables surging 38.9%, while home electronic equipment prices increased by 5%.

    Economists had expected a more modest increase in producer prices, making the actual numbers a surprise. The data suggests that the effects of the tariffs are beginning to materialize, and consumers may soon feel the pinch. As businesses struggle to absorb the higher costs, they may be forced to pass them on to consumers in the form of higher prices.

    According to Christopher Rupkey, chief economist at fwdbonds, a financial markets research firm, “It will only be a matter of time before producers pass their higher tariff-related costs onto the backs of inflation-weary consumers.” This warning suggests that the current surge in producer prices may be a precursor to higher consumer prices in the coming months.

    The impact of the tariffs has been delayed as importers stockpiled products before the taxes took effect. However, as these inventories dwindle, consumers may soon face higher prices for various goods, including food and electronics.

    The latest data has raised concerns about the consequences of ongoing trade tensions on the US economy. As the trade war escalates, both businesses and consumers are preparing for the fallout.

  • Trump’s Promise of Lower Grocery Prices Falls Flat: Tariffs and Economic Policies Drive Costs Up

    Blue Press Journal. – One year ago, President Donald Trump stood in front of a table laden with everyday groceries, promising voters that he would bring prices down “immediately, starting on Day One” if elected. However, the reality has been starkly different. Despite his campaign pledge, grocery prices have continued to rise, leaving many Americans struggling to make ends meet.

    The culprit behind the price hike is largely attributed to Trump’s own economic policies, particularly his tariffs on imported goods.

    One glaring example is coffee from Brazil. With a staggering 50% hike in tariffs on Brazilian coffee, prices are set to skyrocket. Get ready—your morning cup of joe is about to become a luxury that could more than double in cost!

    The trade wars sparked by these tariffs have led to increased costs for businesses, which are then passed on to consumers. As a result, the prices of staples like flour, eggs, and milk have risen, contradicting Trump’s promise of relief for American families.

    Moreover, the president’s chaotic governing style and attacks on democratic norms have created an environment of uncertainty, deterring businesses from investing in the economy. This lack of confidence has further exacerbated the problem, leading to higher prices and reduced economic growth.

    The consequences of Trump’s policies are being felt across the country, with many low- and middle-income families bearing the brunt of the price increases. As the cost of living continues to rise, these households are being forced to make tough choices between essential expenses, such as groceries, housing, and healthcare.

    Trump’s policies have been misguided and have failed to deliver on his campaign promises. “The president’s tariffs and economic policies have been a recipe for disaster,” said a leading economist. “Instead of bringing prices down, they have driven costs up and created uncertainty in the market.”

    With the midterm elections looming, the president’s failure to deliver on this key campaign pledge is likely to become a major issue, as voters look for leaders who can provide real solutions to the economic challenges facing the country.

  • TRUMP’S BROAD TARIFFS TAKE EFFECT, EXACERBATING ECONOMIC PAIN

    Blue Press Journal: In a move that is likely to have far-reaching consequences for the US economy, President Donald Trump’s administration has begun imposing higher import taxes on dozens of countries, effective Thursday. The new tariffs, which range from 10% to 20%, will affect goods from over 60 countries, including the European Union, Japan, and South Korea.

    The tariffs, which include taxes on food items such as coffee and bananas, as well as cell phones and computers, are expected to have a significant impact on both companies and consumers. The EU, Japan, and South Korea will face a 15% tariff rate, while imports from Taiwan, Vietnam, and Bangladesh will be taxed at 20%.

    The move comes at a time when the US economy is already showing signs of strain from existing tariffs, including a 10% global tariff, a 25% levy on automobiles and auto parts, and a 50% tax on steel and aluminum imports. The Bureau of Labor Statistics recently released a weak jobs report for July, and inflation has ticked up as businesses pass on the cost of tariffs to consumers.

    Many economists warn that the risk of the tariffs is not a sudden collapse, but rather a steady erosion of the US economy. A survey by the National Foreign Trade Council found that companies are being forced to delay or reduce their product and service offerings due to rising costs and sourcing challenges.

    Heavy equipment manufacturer Caterpillar has already warned that rising tariffs could cost it $1.5 billion this year. Additionally, Trump has announced 100% tariffs on computer chips, and import taxes on pharmaceutical drugs are still pending. These moves could leave the US economy in a state of suspended animation, awaiting the full impact of the tariffs.

    As companies and consumers brace for the impact of the new taxes, there are growing concerns about the self-inflicted wounds to the US economy. The Trump administration’s trade policies have been widely criticized, with many arguing that they will ultimately harm American businesses and consumers.

  • US Economy Shows Signs of Strain as Service Industry Activity Slows: Trump Tariffs

    Blue Press Journal: A disappointing report on US business activity in the service sector has raised concerns that the ongoing trade tensions and tariffs imposed by President Donald Trump are taking a toll on the economy. The latest data has sparked a decline in US stock indexes, with investors growing increasingly anxious about the potential impact of the trade war on economic growth.

    According to the report, activity in service industries such as transportation and retail has slowed more than expected, adding to worries that the US economy is beginning to feel the effects of the trade tensions. The news sent US stock indexes sliding on Tuesday, with the S&P 500 falling 0.5% after a volatile stretch that saw it experience its worst day since May, followed by its best day since May.

    The Dow Jones Industrial Average also dropped, losing 61 points or 0.1%, while the Nasdaq composite fell 0.7%. The decline in stock prices reflects growing concerns among investors that the trade war is starting to have a negative impact on the US economy, which had previously shown signs of resilience.

    The service sector report is the latest in a series of discouraging economic signals, which have raised fears that the US economy may be heading for a slowdown. The Trump administration’s tariffs on imported goods have been blamed for the slowdown, as they have led to higher costs for businesses and consumers, and have disrupted global supply chains.

    The decline in US stock indexes is a sign that investors are becoming increasingly nervous about the potential consequences of the trade war, and are seeking safe-haven assets to protect their investments. As the trade tensions continue to escalate, it remains to be seen how the US economy will fare, and whether the Trump administration’s policies will ultimately lead to a recession.

    For now, investors are advised to exercise caution, as the economic outlook remains uncertain. As the situation continues to unfold, it is likely that the markets will remain volatile, with investors closely watching the latest economic data and trade developments for signs of what’s to come.