{"id":39451,"date":"2018-10-20T13:19:19","date_gmt":"2018-10-20T18:19:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39451"},"modified":"2018-10-20T13:19:19","modified_gmt":"2018-10-20T18:19:19","slug":"savings-not-tariffs-will-make-america-great-again","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39451","title":{"rendered":"Savings–Not Tariffs Will Make America Great Again"},"content":{"rendered":"
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Savings–Not Tariffs Will Make America Great Again<\/a><\/h3>\n<\/div>\n
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<\/p>\n

While the <\/span>farcical <\/span>Kavanaugh<\/span> confirmation hearings <\/span>dominated the news cycle for the past couple of weeks, little mention was made of a disturbing economic headline \u2013 the August US trade deficit. Despite all the bluster from the Trump Administration about \u201cwinning trade wars\u201d and \u201ctrade wars are easy,\u201d America\u2019s<\/span> trade imbalances for August were<\/span> the highest ever and its deficit with its most contentious partner \u2013 China \u2013 reached an all-time high. <\/span><\/p>\n

Some high<\/span>lights or low lights for <\/span>the Trump Administration and the clueless economic nationali<\/span>sts <\/span>were<\/span>:<\/span><\/p>\n

    \n
  • August imports of industrial supplies and materials ($49.7 billion) were the highest since December 2014 ($51.8 billion).<\/li>\n
  • August imports of automobile vehicles, parts, and engines ($31.7 billion) were the highest on record.<\/li>\n
  • August imports of other goods ($9.1 billion) were the highest on record.<\/li>\n
  • August petroleum imports ($20.5 billion) were the highest since December 2014 ($23.6 billion).*<\/li>\n<\/ul>\n

    These numbers will probably mean that the Trump Administra<\/span>tion will push for more <\/span>and stiffer tariffs<\/span>,<\/span> although the President is set <\/span>to meet with <\/span>Chinese President Xi <\/span>Jinping<\/span> next month. Yet, if anything comes out of the meeting<\/span>,<\/span> it will have little impact on US trade imbalances<\/span> or the economy overall<\/span>. <\/span><\/p>\n

    P<\/span>resident Trump does not<\/span> have to meet with the Chinese President <\/span>or<\/span>,<\/span> for that matter<\/span>,<\/span> any other head of state<\/span>,<\/span> for the cause of US trade problems emanate right where he currently resides \u2013 Washington, D.C. The US trade deficit is the culmination of years of <\/span>ruinous <\/span>Congressional and Presidential polices of high taxes, onerous regulations, and deficit spending which have gutted the nation\u2019s manufacturing base. The US simply does not produce goods like it used to and has been kept afloat by its status as <\/span>the world\u2019s reserve currency. <\/span>\u201cKing Dollar\u201d has allowed America to consume without <\/span>having to <\/span>produce.<\/span><\/p>\n

    \u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Savings–Not Tariffs Will Make America Great Again While the farcical Kavanaugh confirmation hearings dominated the news cycle for the past couple of weeks, little mention was made of a disturbing economic headline \u2013 the August US trade deficit. Despite all the bluster from the Trump Administration about \u201cwinning trade wars\u201d and \u201ctrade wars are easy,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[12284,2045,130,7844,2530,702,783,805,806,827,839,865,6392],"class_list":["post-39451","post","type-post","status-publish","format-standard","hentry","category-economics","tag-antonius-aquinas","tag-beijing","tag-china","tag-donald-trump","tag-regulations","tag-savings","tag-taxes","tag-trade","tag-trade-deficit","tag-united-states","tag-us-dollar","tag-washington","tag-xi-jinping"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39451"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39451\/revisions"}],"predecessor-version":[{"id":39452,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39451\/revisions\/39452"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}