Back in May, Goldman-Sachs came out and claimed that American businesses and consumers were bearing the full cost of the Chinese tariffs. This is funny in so many ways. If this were truly the situation, why are Chinese companies (and others) opening up plants in the US now? If this were the case, why are companies changing their supply lines away from China?
Let’s remember Goldman Sachs is a premier investment firm who controls assets in the tens of billions. Back in May, Goldman clearly did not believe that PDJT would follow through on more tariffs. They really just didn’t believe a U.S. President would ever go into a full economic confrontation with China. In this Goldman probably represents the majority opinion of the Wall Street ‘multinational’ community at that time.
These statements about the tariffs were much more about trying to influence political strategy than being grounded in hard facts. Their multi-national investment success probably depends a lot on maintaining the current international trade setup. This setup is detrimental to most Americans and that is what PDJT is trying to change.
Goldman Sachs went on to say,
“Our baseline expectation is that the U.S. and China will strike a deal later this year. We think this would come in the form of a gradual, staggered reduction in tariffs on a last-in, first-out schedule,” the bank said.
“There is, however, a risk of further escalation,” Goldman said.
Eventually facts and reality overcome this kind of propaganda. That is, if sufficient time exists to allow that to happen. The general public is often behind the curve on things like this, but they do not ignore reality. Most people work for a living. They see what is happening to their paychecks and to what they can buy with it. This is not 8 years ago when the MSM, trying to protect President Obama’s agenda, was claiming there was no inflation while food prices were severely escalating.
The truth is contagious. What are the facts now?
Bureau of Labor Statistics
As anyone can see, four months after this specious claim, the results are entirely false. The price of imported goods has decreased. How are American businesses and consumers bearing the entirety of the cost of the tariffs? Also, China has further devalued their currency, creating an even a larger price offset. And those devaluations have made all products coming from China cheaper not just those under tariffs.
What’s not so funny is that there are many in the public who believe all the BS put out by these media places. These analysts along with Nobel laureate Paul Krugman predicted a huge recession if Trump was elected. Krugman went so far as to say that our economy might never recover if PDJT got into office. The MSM is still trying to brainwash millions of people.
So, why did CNBC publish this last week?
Hat Tip…CTH
I think at this point we all know the answer to that. This is just another attempt to undermine the President and the American economy.
We need to keep countering these lies each and every time they show up. We owe it to PDJT. No man has ever worked as hard for the American people as he has.