The US Chamber of Commerce today released a study showing that the US manufacturing sector requires a $27B bailout from the Trump administration to compensate for some of its anticipated losses from his toxic tariff policy.
The $27B is the relative level of financial aid equal to the $12B bailout that the White House proposed for farmers last week.
Neil Bradley, CoC’s executive VP & chief policy officer, noted that manufacturers—like farmers—want trade not bailouts.
He chided Team Trump, writing: “The best way to protect American industries from the damaging consequences of a trade war is to avoid entering into a trade war in the first place.”
To Bradley, the administration should be working on expanding free trade and removing its harmful tariffs, “not allocating taxpayers’ money to only marginally ease the suffering for some of the industries feeling the pain of the trade war.”
The CoC’s report follows a rare on-the-record interview on July 29 with Charles Koch, the bete noire of the left-wing, in which he warned Trump’s trade war could plunge the economy into a recession. [Charles, 82, has stepped into the Koch Brothers spotlight following the retirement due to failing health of his 78-year-old brother, David. His 41-year-old son, Chase, is being groomed as heir apparent]
Protectionism is very detrimental, said Koch at a meeting of the Seminar Network in Colorado Springs, adding that prosperous nation's don't get involved in trade wars.
The Koch Industries head is tired of shelling out money for Republicans who become soft on free-trade once they win elections, according to a report in Time.
He looks forward to working with Democrats in the event that they score big in the mid-term elections. “I don’t care what initials are in front or after somebody’s name,” said Koch.
What are the chances that Trump will listen to either the CoC or Koch?