Economy/Trade/Tariffs
Border Control/Immigration Climate Change Judging Trump Bringing Left & Right Together
SUMMARY/TALKING POINTS
After national security, any president’s next highest priority should be our economy.
Democrats want to give President Obama and now Joe Biden credit for the economic recovery and stock market gains of 2009-2016. But that was correlation, not causation.
Yes, Obama was president 2009-17, but the recovery from the Great Recession was 90% due to government programs in 2007-2008 under President Bush and the Federal Reserve cutting rates from 4% to zero then creating $4 trillion out of thin air (Quantitative Easing). Obama hurt the recovery with 15,000 pages of new regulations.
President Trump and Republicans deserve a tremendous amount of credit for the current economy and stock market with record low unemployment for all categories of race and gender because reducing regulations, individual tax cuts, cutting the corporate rate from 35% to 21%, cutting the repatriation rate from 35% to 16%, and immediate 100% expensing for new investment are clearly super stimulative. Meanwhile the Federal Reserve was a headwind—raising rates & doing Quantitative Tightening (decreasing money supply).
The tax cuts will pay for themselves because more GDP will be generated than revenues lost to the Treasury. For every $1 lost, the tax cuts produce roughly $1.90 in additional GDP.
The biggest tax reductions came to the middle class. (A single, $52,000 earner claims a 36 percent reduction in tax liabilities. A married, filing-jointly family making $85,000 gets a 20 percent tax-revenue reduction while a married, filing-jointly family earning $2 million only gets a 3 percent reduction in tax liabilities.”)
Following tax cuts:
• Companies awarded bonuses and raised wages.
• A high percentage of manufacturers increased hiring, wages, benefits, and investments.
• For Black, Hispanic, Muslim, LGBT, female, veteran, those without a high school degree and every other category, unemployment reached an all-time low.
• In August 2018, capital spending reached the highest level ever and job creation plans and unfilled job openings both set new records.
• Household income hit an all-time high.
• The stock market hit one all time high after another
• Small business optimism hit an all-time high
• Consumer confidence hit the highest in 18 years.
• People needing food stamps declined
The record setting stock market benefits everyone invested in the stock market, with an IRA, a 401K, or with a government, union or corporate pension (because all pension plans are heavily invested in the stock market).
There’s been a blue collar, middle class boom: From [the end of the Great Recession] to the end of 2016, average wage growth for production and non-supervisory workers lagged that of managers, the bottom 10 percent of wage earners lagged that of the top 10 percent, those without a college degree lagged that of college graduates, and black Americans lagged that of white Americans. Since President Trump took office, each of these trends has been reversed, contributing to lower income inequality.
Small business ownership among black Americans has jumped 400% since Trump’s election.
Many black and Hispanic groups have applauded Trump’s actions.
Thanks to pro-growth policies of this Administration, Americans are earning more.
Since the passage of Tax Cuts, real disposable personal income per household has increased $5,205 and the lowest wage earners have seen the fastest nominal wage growth (8.9%).
Democrats say cutting the corporate tax rate and repatriation rate benefitted only greedy corporations. But there were several benefits for the American people directly related to the corporate benefits: more employment, higher wages, higher pension contributions, enhanced family leave policies, and new tuition reimbursement plans.
After the new taxes took effect, the top 20% of income earners earn 52% of the nation’s income and they pay 87% of all taxes in the US. The bottom 60% earn 27% of income & pay 0% in taxes. It seems like an easy argument that the rich are already taxed more than their “fair share”
In many ways, the Trump tax cuts benefitted lower income earners the most. The tax cuts also helped the poor by doubling the standard deduction, doubling the child tax credit, and creating a dependent care credit.
Contrary to what Democrats say, corporate buy backs and dividends do stimulate the economy and the stock market.
As of December 31, 2019, President Trump has had many economic accomplishments. See 1.b in the discussion below.
The trade war with China is necessary because of the “7 Deadly Sins” China has been committing in trade. President Trump has stood up to China like no one else has in pursuing fair and reciprocal trade. He realized that China is the biggest threat to America and he did something about it.
China has borne the brunt of the tariffs because their businesses have had to slash prices, they’ve had to devalue their currency, and many U.S. companies are moving their production out of China.
On 12/13/2019 a new phase 1 trade deal with China was announced that includes increased protection of intellectual property as well as other benefits for the United States.
On 12/10/2019 President Trump fulfilled his promise to negotiate a better trade deal with Mexico and Canada when the new USMCA deal was announced.
He has negotiated better deals with Japan and Korea and is working on deals with the UK and the European Union.
The president has authorized a total of $28 billion in aid for farmers who have been subjected to unfair trade practices.
DISCUSSION
1. Economy
After national security, any president’s next highest priority should be our economy.
a. Trump Deserves Credit for the Good Economy; Obama Does Not
Democrats want to give President Obama (and now Joe Biden) credit for the economic recovery and stock market gains of 2009-2016. They are confusing correlation with causation.
Things happen while a president is in office. But a president does not deserve credit or blame for something unless there is a direct causal link between the president's actions and that result. Everyone got eight years older and the Giants won the World Series three times while Obama was president, but obviously he did not cause those results.
Yes, Obama was president 2009-17, but the recovery from the Great Recession was 90% due to government programs in 2007-2008 under President Bush and the Federal Reserve cutting rates from 4% to zero then creating $4 trillion out of thin air (Quantitative Easing). Obama hurt the recovery w/ 15,000 pages of new regulations.
President Trump deserves a tremendous amount of credit for the current economy and stock market with record low unemployment for all categories of race and gender because reducing regulations, individual tax cuts, cutting the corporate rate from 35% to 21%, cutting the repatriation rate from 35% to 16%, and immediate 100% expensing for new investment are clearly super stimulative. Meanwhile the Federal Reserve was a headwind—raising rates and doing Quantitative Tightening.
Details:
President Trump's highest priority has been America's economy. A lot of problems are solved when everyone who wants a job has one. People are happier, they spend more, especially if they start a family and buy a home, tax revenues go up, welfare and other entitlement spending decreases, our national debt goes down, there’s less crime. That’s why President Trump eliminated more regulations on businesses than any other president, even two term presidents, in just 21 months, and cut taxes.
He cut the individual tax rate so everyone paying taxes could keep more of their money. And he cut the corporate tax rates and the tax on money corporations bring back from overseas so businesses would have more money to invest and create more jobs here in America. Further, allowing 100 percent immediate cash write-offs for new investment has increased business expansion.
Democrats and the Mainstream Media have minimized his accomplishments by giving Barack Obama and now Joe Biden significant credit for the economy’s recovery from the Great Recession that began in December 2007. They are confusing correlation with causation.
While Obama was president, the economy improved, the stock market went up, and unemployment went down. But he was not responsible for those positive results as the Mainstream Media has falsely reported and as he and Joe Biden have falsely claimed, because there are no actions he took that caused those results.
Here are the real reasons for the recovery. The financial crisis of 2007-2008 led to the Great Recession of December 2007-June 2009. The Federal Reserve (Fed for short) which is totally independent of the president began taking extraordinary actions in December 2007 with the $468B TAF program designed to "address elevated pressures in short-term funding markets." Throughout 2008 the Fed implemented several other extraordinary programs and furiously cut interest rates, in January (twice), in March (twice), in April, and in October, all under President Bush. Rates went from 4% to near 0% in this period.
(This CNBC clip identifies several of the programs: TALF, Maiden Lane, AMLF, PDCF, Discount Window, CPFF, TAF)
https://www.cnbc.com/video/2018/09/11/breaking-down-the-feds-financial-crisis-response.html
On September 19, 2008, the Fed, U. S. Treasury, and the Securities and Exchange Commission took several extraordinary steps to stop the potential run on money market mutual funds and assist with liquidity throughout the financial system.
Then in October President Bush signed the major bailout bill from Congress called Emergency Economic Stabilization Act of 2008 which allowed the Secretary of the Treasury to spend up to $700 billion to purchase distressed assets and supply cash directly to banks.
The Federal Reserve had its own program to inject money into the economy by purchasing securities from the open market. Called QE (Quantitative Easing) it began in November 2008 and continued off and on through October 2014. Through this program the Fed lowered interest rates and increased the money supply out of thin air by approximately $4 trillion—great stimulation for the economy—for six years of the Obama presidency. Again, the Fed is totally independent of the president so Obama and Biden deserve no credit for these actions.
Recessions almost always last no more than 18 months, and we can see the recovery was almost entirely due to the Federal Reserve programs of 2008, the Fed furiously lowering interest rates in 2008, the October 2008 bailout bill, and the Fed executing a QE program 2008-2014. The recovery was also boosted by the fracking boom. The Oil & Gas industry added 4.3 million jobs, accounting for 46% of the jobs added during the Obama presidency.
https://www.heartland.org/news-opinion/news/fracking-boom-masks-obamas-horrifying-economic-numbers
Despite these tailwinds, he was the only president in history who never had a year of 3% GDP growth. Coming out of a recession there are usually several such years.
What did President Obama do? He signed a recovery package 4 weeks after he took office in January 2009, but this had been primarily prepared while President Bush was in office and followed the multiple bailout actions of 2008. Four years later only 46% of economists agreed or strongly agreed the benefits of the recovery package outweighed the costs. Proof:
At 4:30 in the same clip as before,
https://www.cnbc.com/video/2018/09/11/breaking-down-the-feds-financial-crisis-response.html
the CNBC economist says, “…the thinking is that the fiscal program from Obama didn’t work well.”)
President Obama’s other actions such as raising taxes, imposing massive new regulations and mandates, and routinely reviling the private sector actually stifled growth and the economy.
The 4.3 million jobs due to the new fracking industry were " generated in spite of the president, not because of him." In fact, the Obama administration worked tirelessly to stem the growth of hydraulic fracturing by imposing redundant regulations on fracking on federal lands; enacting unnecessary new rules on methane emissions, which hurt small oil and gas producers; opposing pipelines, and proposing a $10/barrel tax on oil. "
https://www.heartland.org/news-opinion/news/fracking-boom-masks-obamas-horrifying-economic-numbers
The following chart from @zerohedge shows nine negative events that happened under President Obama. His actions listed above clearly contributed to some of these problems, and we know he didn't do anything to fix them. (Of course money printing was done by the Federal Reserve.)
In contrast, after President Trump took office, the Fed rate climbed for more than two years from less than 1% to 2.25% . The first Fed interest rate cut was July 2019 when they cut rates ¼ point to ward off a temporary downturn caused by the China trade war. Quantitative Tightening, decreasing money supply, occurred under President Trump until almost two years after his election—some minor purchases began in July 2018.
So for two-three years of the Trump administration, the Fed provided headwinds for our economy, but despite them, the economy boomed due to President Trump’s clearly stimulative actions involving sweeping tax cuts and significant deregulation.
These actions increased consumer and business confidence and spending with growth, income, and optimism all moving up as unemployment moved down.
The Tax Cuts
Cutting the corporate tax rate from 35% to 21% and the repatriation rate from 35% to 15% combined with 100 percent immediate cash write-offs for new investment stimulated new risk-taking and investment while increasing wages, bonuses, and benefits for employees.
From this link:
“When you toss in lower marginal tax rates for individuals and the doubling of the standard deduction, you have even more potential for growth.”
And “...even the low-ball Joint Committee on Taxation agrees that the tax cuts pay for themselves. How? More GDP will be generated than revenues lost to the Treasury. For every $1 lost, the tax cuts produce roughly $1.90 in additional GDP.”
Further, “…, the biggest tax-liability reductions come to the middle class. A single, $52,000 earner claims a 36 percent reduction in tax liabilities. A married, filing-jointly family making $85,000 gets a 20 percent tax-revenue reduction (while) a married, filing-jointly family earning $2 million only gets a 3 percent reduction in tax liabilities.”
And there were “Immediate benefits to individuals: Bank of America announced $1,000 bonuses tied to the tax-cut bill, affecting 145,000 employees. And AT&T and Comcast announced $1,000 bonuses for more than 300,000 people combined, along with substantial new investments in the United States. Ditto for Boeing. And more banks have joined the parade. Wells Fargo, PNC, BB&T, and Fifth Third are raising their minimum wages to $15 an hour.”
From this April 2018 National Association of Manufacturers (NAM) link:
77% of manufacturers report they plan to increase hiring thanks to tax reform
72% of manufacturers plan to increase wages or benefits
86% of manufacturers plan to increase investments thanks to tax reform
93% of manufacturers report a positive outlook for their companies and the economy—a near record high level of optimism with tax reform cited as a major reason
In August 2018, capital spending reached the highest level ever and job creation plans and unfilled job openings both set new records.
(2020 update: Capital expenditures slowed temporarily due to the China trade war. But now that much of the trade deal uncertainty has been removed, the spending is increasing again.)
Democrats say cutting the corporate tax rate and repatriation rate benefitted only greedy corporations. But there were several benefits for the American people:
· Corporations expanded their businesses, paid higher wages to their existing employees, and hired more people.
· Because they could keep 79% of their pre-tax profits instead of only 65%, the value of many businesses listed on the stock exchanges was 20% higher overnight benefiting every American who has an IRA a 401K, or a government, union or corporate pension (because all pension plans are heavily invested in the stock market).
Democrats say it was just a one-time bump to the stock market, but it wasn’t because there is a compounding effect of the tax cuts—investing the extra funds provides additional growth for a business and higher wages and more employees provide additional (spending) stimulus to the economy.
Here Nobel prize winning Robert Shiller says Trump is creating an environment that’s conducive to strong consumer spending, and it’s a major force that should hold off a recession.
https://twitter.com/BonillaJL/status/1191399516425084929
Democrats say companies will use a lot of the tax savings for buy backs and dividends as if those actions do not stimulate the economy, but they do. Buy backs and dividends put money into circulation, which then spent, invested in stocks or bonds which help businesses get started or expand, or as a last resort it’s put into a low interest savings account which provides funds loans allowing businesses to expand and individuals to purchase houses, cars, furniture, and other big ticket items, all highly stimulative to the economy. Buy backs also improve a company’s fundamentals so it can borrow money to expand or get through a downturn.
Specifically, from the following article, Senators Chuck Schumer and Bernie Sanders excoriated share buybacks as “corporate self-indulgence,” diverting profits away from investment and worker compensation. But the article shows data which allows this conclusion:
“In short, Schumer and Sanders have this wrong. The data show clearly that buybacks are being undertaken overwhelmingly by companies that should be returning cash to investors –companies that don’t have good uses for it. That cash is not disappearing into the vaults of billionaires, but is being reinvested in firms that do have good uses for it - like capital investment and worker retention. And isn’t that what Schumer and Sanders say they want?”
https://www.zerohedge.com/news/2019-02-15/why-schumer-and-sanders-are-wrong-buybacks
The tax cuts have also contributed to many liberal goals: Increased opportunities for minorities, higher wages, higher pension contributions, enhanced family leave policies, and new tuition reimbursement plans. All things the Democrats want to force by law.
As of August 2018 small business ownership among black Americans has jumped 400% since Trump’s election.
At this link:
https://twitter.com/i/status/1220069364629721090
Black voices for Trump at an MLK event January 2019 say the president’s policies are continuing Dr. King’s legacy and improving their communities. Group leaders say the president is pro-growth and is empowering them through his actions. They cite low unemployment and poverty rates for African Americans as a reason to celebrate.
Here a Univision (a Spanish language network) anchor acknowledges Trump has been good for Latinos
https://twitter.com/BonillaJL/status/1191399516425084929
On July 9, 2020, President Trump signed an executive order for the White House Hispanic Prosperity Initiative. This initiative is focused on improving educational and economic opportunities for Hispanic Americans. A new Advisory Commission will advise President Trump on ways to promote apprenticeships, internships, fellowships, and other pathways to in-demand jobs for Hispanic Americans.
After the new taxes took effect, the top 20% of income earners earn 52% of the nation’s income and they pay 87% of all taxes in the US. The bottom 60% earn 27% of income & pay 0% in taxes. It seems like an easy argument that the rich are already taxed more than their “fair share”
In one sense, the tax cuts benefited lower income taxpayers the most because they now have more money to pay bills with and make discretionary purchases they couldn’t afford in the past.
The tax cuts also helped the poor by doubling the standard deduction, doubling the child tax credit, and creating a dependent care credit.
b. Summary of President Trump’s Economic Accomplishments
The Dec 31, 2019 fact sheet at the following site outlines approximately 150 of President Trump’s economic accomplishments.
The rest of this web page discusses some of the highlights and adds detail in italics.
Since President Trump’s election, more than 7 million jobs have been added to the economy. (In the fall of 2016 the Congressional Budget Office predicted only 1.9 million for that period.) For the first time on record there are more job openings than unemployed Americans.
This year, the unemployment rate reached its lowest level in half a century benefiting all demographics. The unemployment rates for African Americans, Hispanic Americans, Asian Americans, veterans, individuals with disabilities, and those without a high school diploma have all reached record lows. The unemployment rate for women reached its lowest rate in 65 years.
The booming economy is putting more money in American’s pockets. Wages are growing at their fastest rate in a decade. Median household income surpassed $63,000 in 2018 – the highest level on record. Middle-class and low-income workers are enjoying faster wage growth than high-earners. When measured as the share of income earned by the top 20 percent, income inequality fell in 2018 by the largest amount in over a decade.
From a Council of Economic advisors’ report: From [the end of the Great Recession] to the end of 2016, average wage growth for production and nonsupervisory workers lagged that of managers, the bottom 10 percent of wage earners lagged that of the top 10 percent, those without a college degree lagged that of college graduates, and African Americans lagged that of white Americans. Since President Trump took office, each of these trends has been reversed, contributing to lower income inequality.
Also, since the passage of Tax Cuts, real disposable personal income per household has increased $5,205 and the lowest wage earners have seen the fastest nominal wage growth (8.9%)!” Average median income rose $400 under 8 years of President Bush, $975 in 8 years under President Obama but as of 11/12/2019, $5,000 in just over 2 ½ years under President Trump.
Since President Trump took office,7 million Americans have been lifted off of food stamps and over 2.4 million Americans have been lifted out of poverty. Poverty rates for African Americans and Hispanic Americans have reached record lows.
Small business optimism broke a 35-year old record in 2018 and remains historically high.
The stock market has repeatedly notched record highs under President Trump. Democrats have criticized the president's daily interest in the stock market. The reason for this interest is that it's the best way to measure the status of the economy on a daily basis. Moreover a strong stock market benefits everyone invested in the stock market, with an IRA, a 401K, or with a government, union or corporate pension (because all pension plans are heavily invested in the stock market). (Note: Everyone should be invested in the stock market. Investing $1 a day from birth at historical stock market returns becomes $560, 000 at age 67.)
President Trump is following through on his promise to revitalize American manufacturing, with more than a half million manufacturing jobs added since the election.
President Trump has prioritized workforce development to ensure American workers are prepared to fill high quality jobs.
--He expanded apprenticeship programs, helping Americans gain hands-on training and experience with no student debt. Under his leadership over 660,000 apprentices have been hired across the country.
–He established the National Council for the American Worker, tasked with developing a workforce strategy for the jobs of the future.
--Over 370 companies have signed the President’s “Pledge to America’s Workers,” pledging to provide more than 14.4 million employment and training opportunities.
President Trump’s Tax Cuts & Jobs Act in 2017 has led to:
--More than 6 million American workers have received wage increases, bonuses, and increased benefits.
--Corporations have brought $1 trillion back into the country from overseas.
More than 8,760 communities in all 50 States, the District of Columbia, and 5 Territories have been designated as Opportunity Zones. The White House Opportunity and Revitalization Council has taken more than 175 actions to encourage investment and promote growth within these areas. (Every Democrat voted against the bill that included the opportunity zone provision.)
The President is ensuring that America is prepared to lead the world in the industries of the future, by promoting American leadership in emerging technologies like 5G, artificial intelligence, quantum information science.
President Trump has made supporting working families a priority of his Administration.
--The administration has expanded access to quality child care for nearly 800,000 families and is reducing the cost of to help poorer parents. During his Joint Address to Congress and each State of the Union Address, the President called on Congress to pass a nationwide paid family leave plan. He signed into law 12-weeks of paid parental leave for federal workers. The tax reforms provided a new tax credit to incentivize businesses to offer paid family leave to their employees and these tax reforms doubled the child tax credit, benefitting nearly 40 million American families with an average of over $2,200 dollars in 2019.
Lifting the burden of overregulation
President Trump’s historic deregulation efforts are driving economic growth, cutting unnecessary costs, and increasing transparency.
Since taking office, President Trump has rolled back nearly 8 regulations for every new significant one. These deregulatory efforts have slashed regulatory costs by more than $50 billion. The average American household is projected to see an income gain of $3,100 per year thanks to President Trump’s historic regulatory reforms. Once fully in effect, 20 major deregulatory actions undertaken by the Administration are expected to save American consumers and businesses over $220 billion per year. Another 16 pieces of deregulatory legislation are expected to result in a $40 billion increase in annual real incomes.
President Trump repealed the Obama-era Waters of the United States Rule, lifting a burden off American farmers.
President Trump replaced the overreaching Obama-era Clean Power Plan with the Affordable Clean Energy Rule, which respects States’ rights and promotes economic growth while lowering power-sector CO2 emissions.
In 2017, the President announced the United States’ withdrawal from the Paris Climate Agreement, which would have killed millions of American jobs.
President Trump established the White House Council on Reducing Regulatory Barriers to Affordable Housing Development to bring down the costs of housing across the country.
The President’s deregulatory actions are removing government barriers to personal freedom and consumer choice in healthcare.
2. Trade/Tariffs
a. Trade Wars
President Trump has stood up to China like no one else has in pursuing fair and reciprocal trade. He realized that China is the biggest threat to America and he did something about it.
Ask those who oppose the China tariffs this question: How else can you get China to stop committing what Peter Navarro calls the 7 Deadly sins:
1. Stealing of intellectual property
2. Forced technology transfer
3. Hacking our companies’ computers and stealing their trade secrets
4. Dumping products into our markets to put our companies out of business
5. Currency Manipulation
6. Stop the shipment of Fentanyl as they recently promised they would do
7. Stop their State-Owned Enterprises (SOE’s) from being subsidized
These unfair business practices significantly hurt our businesses and economy and China Fentanyl kills tens of thousands of Americans each year.
Opponents complain that a multinational coalition should have been used to pressure China but that hasn’t worked for decades.
There is an issue about who is paying for the tariffs. Democrats apply the definition of tariffs--tariffs are paid by American importers—to argue that American consumers are paying the tariffs. But that is mostly false. It’s true that sometimes these costs are passed on the consumer via increased prices. But China has borne the brunt of the tariffs so far for two reasons:
1. In many cases their businesses have slashed prices on the products subject to tariffs, and
2. China has devalued the Yuan by 10% since the tariffs began, making the products’ initial prices 10% lower than they were.
Furthermore, US demand for China products has dropped and some US companies are moving production away from China:
https://asia.nikkei.com/Economy/Trade-war/HP-Dell-and-Microsoft-join-electronics-exodus-from-China
It was reported 8/28/2019 that Alphabet's Google (GOOGL) is shifting its Pixel smartphone production to Vietnam from China starting this year as it builds a cheap supply chain in Southeast Asia.
During the Chris Wallace interview with Peter Navarro, Chris put up a chart showing the US consumer price index for tariffed goods has increased only 3% since the initial tariffs. So the tariffs are costing China far more than it is costing the US, and it is far more correct to say China is paying for the tariffs than it is to say the US or US consumer is.
On 12/13/2019 a new phase 1 trade deal with China was announced. According to Peter Navarro on CNBC
the current deal has what we wanted on intellectual property theft, concessions on forced technology transfer, financial market access to China (banks and credit cards), a nod to currency manipulation, a $200 billion increase above the 2017 baseline over a two year period in China purchases of our products—about a fourth of that is agriculture but also energy, services, and manufacturing—that will take a chunk out of trade deficit.
(Actual purchasing numbers are Manufacturing $77.7B, Agriculture $32B, Energy $52.4B, Services 37.9B)
The deal includes transparency, accountability, and enforceability in front of the whole world.
Espionage into our systems and stealing technology will be discussed in 2020 along with fentanyl.
On 12/10/2019 President Trump fulfilled his promise to negotiate a better trade deal with Mexico and Canada when the new USMCA deal was announced.
President Trump has also negotiated better trade deals with Japan and South Korea.
In 2020 we can expect better deals with Vietnam, Great Britain, and continental Europe.
b. Summary of Trade Accomplishments
The Dec 31, 2019 fact sheet at the following site includes a summary of President Trump’s trade accomplishments.
Highlights are summarized here:
President Trump has negotiated better trade deals for the American people.
-The U.S.-Mexico-Canada agreement (USMCA) to replace the outdated North American Free Trade Agreement (NAFTA). USMCA includes tremendous wins for American workers, farmers, and manufacturers, generating over $68 billion in economic activity and creating 176,000 new jobs.
-He negotiated two tremendous deals with Japan to boost America’s agricultural and digital trade. Japan will open its market to approximately $7 billion in American agricultural exports.
-He renegotiated the United States-Korea Free Trade Agreement, doubling the number of autos that can be exported to South Korea.
-He reached a historic phase one trade agreement with China that will begin rebalancing our two countries’ trade relationship.
-He achieved a mutual agreement with the European Union to work together towards zero tariffs, non-tariff barriers, and subsidies on certain goods.
President Trump has worked to prepare for post-Brexit trade and made Congress aware of his intent to negotiate a free trade agreement with the United Kingdom (UK).
President Trump imposed tariffs on foreign steel and aluminum to protect our vital industries and support our national security.
President Trump imposed tariffs to protect American-made washing machines and solar products that were hurt by import surges.
President Trump has expanded markets for American farmers to export their goods worldwide, for example:
-The European Union has opened up to more American beef and increased imports of American soybeans.
-China lifted its ban on American poultry and opened up to American beef.
-South Korea lifted its ban on American poultry and eggs and agreed to provide market access for the greatest, guaranteed volume of American rice.
The Trump Administration has authorized a total of $28 billion in aid for farmers who have been subjected to unfair trade practices.