Thursday, July 12, 2018

Americans Aren't Sold On Trump's Crazy Trade War

As you probably know by now, Donald Trump has started a trade war -- placing tariffs on items from China, Canada, Mexico, and the European Union. And he is threatening to place additional tariffs because those entities had responded with tariffs on U.S. products.

Farmers have already started to be hurt by the trade war, and so has any industry that uses steel or aluminum. Soon, consumers will be hit with higher prices on many goods they need or want.

Trump has said a trade war would be easy for the United States to win. He seems to think he can bully the rest of the world into giving the United States a deal that hurts those other nations. He is wrong. Fifty years ago, the economies of those other entities were small and could be bullied by the U.S. But not now. Those economies have grown, especially in China and the European Union, and are beginning to rival that of the United States. They are now large enough to defend themselves against a trade war initiated by Trump.

What does the American public think of Trump's trade war? Has he convinced them it will be easy to win? NO! It turns out that the public thinks the U.S. will be hurt more by the trade war than the rest of the world will by a 10 point margin (38% to 28%). And by a 6 point margin, they think the U.S. will not win the trade war (29% to 35%).

The charts above reflect the results of the newest Economist / YouGov Poll -- done between July 8th and 10th of a national sample of 1,500 adults (including 1,246 registered voters), with a margin of error of 3 points (2.9 points for registered voters).

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