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The Institute for Supply Management (ISM) gauges the strength of U.S. manufacturing, and it just revealed some troubling numbers from last month.
Manufacturing is at its lowest since the Great Recession. Export orders have plummeted as a result of President Donald Trump's trade war with China, with ISM's manufacturing index showing a drop to 47.8%. Experts predicted new growth at 50.2% (any number above 50% indicates growth) only to be met with the sixth straight month of decline and the second straight month of outright reduction.
President Donald Trump, once again, posted a bizarre tweet that seems to misunderstand what powers the Executive Branch can actually wield.
Right after calling Federal Reserve Chair Jerome Powell an enemy, Trump "hereby ordered" American companies manufacturing products in China to relocate back to the United States. He then promised he'd soon be responding to China's tariffs, which themselves were in response to Trump's tariffs designed to pressure American companies to move production out of China.
President Donald Trump told reporters that he would delay tariffs on Chinese electronics from September 1 to December 15 to ease the burden on American consumers ahead of the holiday season.
In announcing the change, Trump contradicted his long-held (incorrect) assertion that the financial burdens of tariffs fall on the country they're placed on, rather than American consumers.
On Friday afternoon, President Donald Trump put aside his past beef with the European Union to boost exports of literal beef to its countries.
Surrounded by American beef workers and European trade officials, Trump signed the deal to triple United States beef exports from $150 million to $420 million.
At the end of May, President Donald Trump announced he would enact substantial tariffs against the United States' largest trading partner, Mexico, if they did not take steps to stop migrants from reaching the United States' southern border. The initial threat drew backlash from both sides of the border.
But nine days later Trump declared victory and announced via Twitter a deal was made and the heavily criticized tariffs canceled. But Mexican officials refuted Trump's claim stating the agreement he said his tariffs threat spawned had actually been proposed months prior.
Mexico agreed to negotiations on southern border security with the United States after President Donald Trump threatened a 5% tariff on goods from Mexico should the country fail to stem the flow of undocumented immigrants into the United States.
Mexico agreed to a deal on Friday, leading the United States to hold off on issuing tariffs. However, upon examination of it, many claim that Mexico had agreed to the terms of the deal months earlier.
President Donald Trump's trade war with China, already costing American taxpayers $3 billion per month, may rack up an even bigger bill if Trump decides to levy tariffs on all $500+ billion worth of Chinese imports.
Politico reported on Tuesday that several independent studies estimate that additional tariffs would result in a tax increase for American consumers. And not we are not talking chump change here.