RELEASE: New CAP Analysis and Interactive Highlight Trump’s Trade Chaos and How Failed Trade War With China Is Costing American Households
Washington, D.C. — A new fact sheet and interactive from the Center for American Progress highlight the economic chaos sowed by President Donald Trump and illustrate how the president’s failed trade war with China is costing American households.
“President Trump’s go-it-alone trade policy by Twitter approach has been waged for the benefit of big corporations while working people pay the price,” said Daniella Zessoules, a research assistant for Economic Policy at CAP. “Millions of working families are already paying more for everyday necessities thanks to Trump’s trade war chaos.”
The analysis shows that while Trump has claimed to go to bat for families left behind by a changing economy, his moves on trade have only sowed chaos and will enrich corporations at the expense of everyday Americans. Trump’s rewrite of the North American Free Trade Agreement (NAFTA) would lock in higher drug prices by extending special protections for Big Pharma; fails to provide strong, enforceable labor standards that would help level the playing field for U.S. workers; and fails to address the environment and climate crisis. When it comes to trade with China, Trump’s haphazard approach to tariffs will lead to consumers paying more for everyday goods, while failing to provide anything for American workers who need a level playing field.
A related interactive released by CAP uses Federal Reserve Bank of New York data to show how President Trump’s failed trade war is hurting American consumers’ pocketbooks. According to the bank, China tariffs already in effect will cost the average household $831 per year. The interactive shows how these tariffs are affecting Americans in each congressional district.
Click here to read the fact sheet: “The Trump Administration’s Trade Agenda: Rigged to Benefit Corporations at the Expense of Everyday Americans” by Daniella Zessoules
Click here to view the related interactive: “China Tariff Costs by Congressional District” by Daniella Zessoules