Trump Threatens Escalated Tariffs War on China
by Stephen Lendman (stephenlendman.org - Home - Stephen Lendman)
In Tuesday remarks at the New York Economic Club, Trump reinvented dismal US economic conditions — in protracted main street Depression for over a decade, things worsening on his watch.
The nation is thirdworldized, its middle class disappearing, industrial production in recession, deteriorating economic conditions accelerating, real unemployment at 21% — yet Trump pretends things are robust.
Inside the bubble he lives in is paradise. Outside for most Americans is dystopian harshness, a few missed paychecks from possible homelessness, food insecurity, hunger, deprivation and despair.
Claiming "America is the single greatest country in the world" defies reality. The nation's ruling class never had things better. Its rage for unchallenged global dominance risks destroying planet earth and all its life forms.
Trump turned truth on its head, falsely claiming he delivered on promises made to the American people.
Polar opposite is true, ordinary people at home and abroad exploited on his watch so privileged ones like himself and family members could benefit.
That's what the American way is all about under both right wings of the one-party state — at war on humanity at home and abroad.
As the nation lurches toward recession, protracted Depression conditions haunt its majority, poverty the country's main growth industry, along with homelessness and food insecurity. Trump turned reality on its head, claiming:
"(W)have launched an economic boom the likes of which we have never seen before (sic)."
The nation's only "unprecedented tide of prosperity" exists for its privileged class, benefitting by exploiting most other people domestically and abroad.
With short-term interest rates at a near-record low of 1.5 - 1.75%, Trump falsely claimed rates are too "high."
Jobs created on his watch, Obama's, and Bush/Cheney's were largely low-pay/part-time or temp rotten ones with few or no benefits, symptomatic of a third world country, millions of households needing two or three jobs to survive.
Claiming unemployment reached "the lowest rate in 51 years" belies the 21% of working class Americans without jobs — nearly matching Great Depression levels.
Trillions of dollars added to the US economy are largely in the unprecedented national debt, exceeding $23 trillion for the first time, increasing at a pace of over an additional trillion annually.
At the same time, inflation-adjusted US wages have been stagnant or declining for decades, vital healthcare and other benefits eroding, heading toward disappearing altogether.
Trump lied claiming average median income on his watch rose $5,000, an absurd claim. Ordinary Americans are exploited, not served, by both right wings of the one-party state.
Notably, the great GOP tax cut heist benefitted corporate America and high-net worth households exclusively, the vast majority of Americans getting little or nothing. Some got tax increases.
Trump ludicrously claimed "we've achieved this stunning turnaround because we've adopted a new economic policy that finally puts America first."
His reality-defying remarks persist with disturbing regularity. Millions of high-pay/good benefits and other jobs have been offshored to low-wage countries, the pattern continuing on his watch.
As prescription drug prices continue spiraling out of control higher, making Big Pharma the most hated US industry for good reason, Trump falsely claimed drug prices "have gone down" since he took office.
His regime in cahoots with undemocratic Dems assure they remain increasingly unaffordable for growing millions of Americans, the same true for healthcare costs overall — double on average compared to other developed countries.
"America will not be taken advantage of anymore (sic), Trump roared on matters relating to trade, vowing escalated tariffs wars, adding:
"Nowhere has the change in US strategy been more vital or dramatic than in our dealings with respect to China," falsely adding:
Its authorities "ransacked our companies (sic), stole our intellectual property (sic), subsidized their industries at the expense of ours (sic), and dumped their products in a deliberate strategy to close American factories all across our land (sic)."
China works cooperatively with other countries. The US goes all out to exploit them, waging hot wars and by other means on nations unwilling to subordinate their sovereign rights to US interests.
Trump threatened escalated tariffs war on China if its ruling authorities don't accept his unacceptable demands, saying:
"If we don't make a deal, we're going to substantially raise those tariffs. They're going to be raised very substantially. And that's going to be true for other countries that mistreat us too (sic)."
Both sides are working to finalize a limited phase one deal. A potential snag is whether and too what extent unacceptable US tariffs will be rolled back.
Trump denied reports that he agreed to a rollback. "I haven't agreed to anything," he said.
That's where things now stand, agreement on a phase one deal not finalized.
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