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The Trade War Is Already Having A Huge Impact On The U.S. Economy The trade war has barely just begun, and yet significant ripple effects are already being felt all across the U.S. economy. Once thriving businesses are on the verge of failure, workers are being laid off, and some sectors of the economy are witnessing enormous price hikes. Right now the mainstream media is absolutely fixated on the drama surrounding the recently concluded Trump-Putin summit meeting, but the consequences of this trade war will ultimately be far more important for the lives of most ordinary Americans. As more tariffs continue to be implemented, this will perhaps be the biggest disruption to the global economic system that we have seen in decades. Perhaps you have not been affected personally yet, but for many Americans this trade war has changed everything. For example, just consider the plight of soybean farmer Tim Bardole…
If this trade war had not happened, perhaps Bardole would have been able to eventually get out of debt. But now he is facing financial ruin and the potential loss of his entire farm. Switching gears, U.S. consumers will soon discover that common electronics such as phones and computers cost a lot more. The following comes from CBS News…
Are you ready to pay 50 dollars for your next phone to support this trade war? Maybe. 50 dollars is ultimately not that big of a deal. But what about paying $9,000 more for your next house?…
Are you starting to understand why starting trade wars with all of our major trading partners simultaneously was a really bad idea? We are about to see major price hikes in just about every sector of the economy. According to the Alliance of Automobile Manufacturers, the average American could pay over $5,000 more for their next vehicle…
U.S. consumers are already stretched to the max, and they will not be able to easily absorb these price increases. Meanwhile, farm incomes all across the interior of the country are going to be absolutely devastated by this trade war. Just check out these numbers…
And as I mentioned above, many businesses all over the United States that rely heavily on exports are already struggling so mightily that they have to lay off workers. The following comes from USA Today…
Yes, we desperately needed to do something about China and other trade partners that were taking advantage of us. But there is a right way to handle things and a wrong way to handle things, and starting a trade war with everyone at the same time is a really, really bad idea. I think that a recent piece by Thomas Grennes, a professor of economics at North Carolina State University, made this point quite well…
Unfortunately, I don’t think that most Americans have any idea how exceedingly painful this trade war could potentially become. The longer it lasts, the worse things will get, and ultimately it could tip the U.S. economy into the worst recession that any of us have ever experienced.
Michael Snyder is a nationally syndicated writer, media personality and political activist. He is the author of four books including The Beginning Of The End and Living A Life That Really Matters.
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