Trump proposes $16B in taxpayer money to finance trade war he claimed was making us rich – Washington Examiner
The Trump administration on Thursday announced plans to offer $16 billion to farmers who were suffering losses as a result of President Trump’s failing trade war with China, which he once claimed was making the United States rich by bringing in tariff revenue.
Trump authorized the Department of Agriculture to spend up to $16 billion on “trade mitigation programs” to compensate farmers for losses stemming from China’s retaliatory tariffs.
Yet, Trump has consistently boasted about how successful his trade war would be in making the U.S. wealthier.
“Billions of Dollars are pouring into the coffers of the U.S.A. because of the Tariffs being charged to China, and there is a long way to go,” Trump wrote on Twitter last November. “If companies don’t want to pay Tariffs, build in the U.S.A. Otherwise, lets just make our Country richer than ever before!”
This is just one of many times in which he’s lied about the effects of tariffs, even arguing that revenue generated by them would help pay down the federal debt.
As Thursday’s announcement shows, however, his misguided trade war is just another example of how one bad government policy begets another. First, he slaps a tax on imports, which will inevitably lead to retaliatory action on our exports. The solution, then, becomes more government subsidies.