So, how’s that trade war working out?
Not great, considering that family-owned farmers are going bust and consumers are paying higher prices.
When President Donald Trump announced a series of tariffs on a wide range of goods, everyone realized that it would lead to price increases. One side of the argument contended that this was bad for Americans, while the other side believed it would be great for Americans job creation would allow consumers to afford the price hikes.
According to the latest consumer price index (CPI) and producer price index (PPI) numbers from the Bureau of Labor Statistics (BLS), laundry equipment (washing machine) prices soared by 15.5 percent and steel mill products spiked just under 20 percent.
Here is a chart:
Mark Perry of the American Enterprise Institute (AEI) adds some more frightening figures:
“Other products made from steel registered double-digit increases over the last year including barrels, drums and pails (+15%), fabricated structural steel for construction (+13%), ornamental and architectural metal work (+14.8%), iron, steel, and aluminum stairs, staircases and fire escapes (+34.7%), and steel nails, staples, tacks, spikes and brads (+14%), steel wire (+18%), steel pipe and tube (+20.3%).”
So, no, the trade war is not a winnable one.
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