Nobel Prize-winning economist Paul Krugman warned Sunday that President Donald Trump is handing China what it wants as the nations a trade war that has cost Americans billions of dollars.
However Trump may try to spin this, he lost, Krugman, a columnist for The New York Times, explained in a series of tweets. China learned, as did North Korea, that Trump talks loudly but carries a small stick, and can be rolled, he noted.
Going in to the end of the year, Trump is going to be claiming victory in his trade war. The truth is that there are almost never winners in trade wars but there are losers. And however Trump may try to spin this, he lost 1/
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"Going in to the end of the year, Trump is going to be claiming victory in his trade war. The truth is that there are almost never winners in trade wars but there are losers. 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Trump","slug":"donald-trump","links":{"relativeLink":"topic/donald-trump","permalink":"https://action.news/topic/donald-trump","mobileWebLink":"https://action.news/topic/donald-trump"},"relegenceId":2789214,"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Donald Trump","slug":"donald-trump","overridesSectionLabel":false},"url":"https://action.news/news/topic/donald-trump"},{"name":"Politics and Government","slug":"politics-and-government","links":{"relativeLink":"topic/politics-and-government","permalink":"https://action.news/topic/politics-and-government","mobileWebLink":"https://action.news/topic/politics-and-government"},"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Politics and Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">Going in to the end of the year, Trump is going to be claiming victory in his trade war. The truth is that there are almost never winners in trade wars but there are losers. And however Trump may try to spin this, he lost 1/
Paul Krugman (@paulkrugman) December 15, 2019
Trump has declared that the U.S. is close to reaching a Phase One agreement with China to settle his trade war. The deal is not yet finalized, nor have details been released.
But Krugman argues that China hung tough and is basically ending up where it started buying American agricultural products while continuing to sell increasingly sophisticated manufactured goods to the U.S.
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That's certainly how the Chinese see it. Trump tried to bully them; they hung tough; and are basically ending up where they started, buying agricultural products while selling us increasingly sophisticated manufactured goods 2/ https://t.co/akDz4MGiIz
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"That's certainly how the Chinese see it. 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Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">That's certainly how the Chinese see it. Trump tried to bully them; they hung tough; and are basically ending up where they started, buying agricultural products while selling us increasingly sophisticated manufactured goods 2/ https://t.co/akDz4MGiIz
Paul Krugman (@paulkrugman) December 15, 2019
Key victims of the Trumps trade war with China, meanwhile, have been American consumers because despite many, many false claims by Trump , they were stuck paying massive tariffs imposed on Chinese imports by the president, Krugman noted.
One reason is that despite many, many false claims by Trump, US consumers paid the tariffs which we can see by the fact that Chinese export prices didn't fall 3/ https://t.co/K93ykcgEff pic.twitter.com/2YKx5GWT2s
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"One reason is that despite many, many false claims by Trump, US consumers paid the tariffs which we can see by the fact that Chinese export prices didn't fall 3/ https://t.co/K93ykcgEff pic.twitter.com/2YKx5GWT2s Paul Krugman (@paulkrugman) December 15, 2019\n\n","options":{"_hide_media":{"label":"Hide photos, videos, and cards","value":false},"_hide_thread":{"label":"Hide previous Tweet in conversation thread","value":true}},"provider_name":"Twitter","thumbnail_height":343,"thumbnail_url":"https://pbs.twimg.com/media/EL1egguWwAI-FED.png:large","thumbnail_width":496,"title":"Paul Krugman on 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Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">One reason is that despite many, many false claims by Trump, US consumers paid the tariffs which we can see by the fact that Chinese export prices didn't fall 3/ https://t.co/K93ykcgEff pic.twitter.com/2YKx5GWT2s
Paul Krugman (@paulkrugman) December 15, 2019
Advertisement
Actually US export prices to China fell more, probably bc the Chinese found it easier to find alternatives to US soybeans etc than we found alternatives to Chinese products 4/ pic.twitter.com/2wZ942EqBO
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"Actually US export prices to China fell more, probably bc the Chinese found it easier to find alternatives to US soybeans etc than we found alternatives to Chinese products 4/ pic.twitter.com/2wZ942EqBO Paul Krugman (@paulkrugman) December 15, 2019\n\n","options":{"_hide_media":{"label":"Hide photos, videos, and cards","value":false},"_hide_thread":{"label":"Hide previous Tweet in conversation thread","value":true}},"provider_name":"Twitter","thumbnail_height":336,"thumbnail_url":"https://pbs.twimg.com/media/EL1fGp4WsAAthlt.png:large","thumbnail_width":642,"title":"Paul Krugman on 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Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">Actually US export prices to China fell more, probably bc the Chinese found it easier to find alternatives to US soybeans etc than we found alternatives to Chinese products 4/ pic.twitter.com/2wZ942EqBO
Paul Krugman (@paulkrugman) December 15, 2019
In addition, a gargantuan bailout for American farmers hit by retaliatory tariffs in Trumps trade war is also being shouldered by U.S. taxpayers.
The aid likely to hit $28 billion over two years was not offered to any other American industry hurt by the trade war, only a segment of the population credited with Trumps presidential victory. The handout is twice the size of the 2009 auto industry bailout provided by the Obama administration during the recession, Krugman pointed out.
As a result, farmers have suffered, with a number going bankrupt, despite a bailout *twice the size of Obama's auto bailout* 5/ https://t.co/hZlIEojcvz
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"As a result, farmers have suffered, with a number going bankrupt, despite a bailout *twice the size of Obama's auto bailout* 5/ https://t.co/hZlIEojcvz Paul Krugman (@paulkrugman) December 15, 2019\n\n","options":{"_hide_media":{"label":"Hide photos, videos, and cards","value":false},"_hide_thread":{"label":"Hide previous Tweet in conversation thread","value":true}},"provider_name":"Twitter","title":"Paul Krugman on 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Trump","slug":"donald-trump","links":{"relativeLink":"topic/donald-trump","permalink":"https://action.news/topic/donald-trump","mobileWebLink":"https://action.news/topic/donald-trump"},"relegenceId":2789214,"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Donald Trump","slug":"donald-trump","overridesSectionLabel":false},"url":"https://action.news/news/topic/donald-trump"},{"name":"Politics and Government","slug":"politics-and-government","links":{"relativeLink":"topic/politics-and-government","permalink":"https://action.news/topic/politics-and-government","mobileWebLink":"https://action.news/topic/politics-and-government"},"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Politics and Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">As a result, farmers have suffered, with a number going bankrupt, despite a bailout *twice the size of Obama's auto bailout* 5/ https://t.co/hZlIEojcvz
Paul Krugman (@paulkrugman) December 15, 2019
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Despite the aid, farms are still going under, with bankruptcies up 24% this year .
Even with a sustained deal which is still far from certain, Krugman noted, the U.S. will face major fallout from a mismanaged negotiation with China.
Trump has made us weak, neither trusted by our allies nor feared by our enemies, Krugman tweeted.
Furthermore, even if we do get a sustained deal which is still far from certain the whole episode will have two big long-run costs. First, business uncertainty about capricious policy is here to stay 6/ https://t.co/bLKZCf4mI8
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"Furthermore, even if we do get a sustained deal which is still far from certain the whole episode will have two big long-run costs. 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Trump","slug":"donald-trump","links":{"relativeLink":"topic/donald-trump","permalink":"https://action.news/topic/donald-trump","mobileWebLink":"https://action.news/topic/donald-trump"},"relegenceId":2789214,"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Donald Trump","slug":"donald-trump","overridesSectionLabel":false},"url":"https://action.news/news/topic/donald-trump"},{"name":"Politics and Government","slug":"politics-and-government","links":{"relativeLink":"topic/politics-and-government","permalink":"https://action.news/topic/politics-and-government","mobileWebLink":"https://action.news/topic/politics-and-government"},"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Politics and Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">Furthermore, even if we do get a sustained deal which is still far from certain the whole episode will have two big long-run costs. First, business uncertainty about capricious policy is here to stay 6/ https://t.co/bLKZCf4mI8
Paul Krugman (@paulkrugman) December 15, 2019
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Second, the Chinese have learned the same lesson North Korea's Kim learned: Trump talks loudly but carries a small stick, and can be rolled. Trump has made us weak, neither trusted by our allies nor feared by our enemies 7/
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"Second, the Chinese have learned the same lesson North Korea's Kim learned: Trump talks loudly but carries a small stick, and can be rolled. Trump has made us weak, neither trusted by our allies nor feared by our enemies 7/ Paul Krugman (@paulkrugman) December 15, 2019\n\n","options":{"_hide_thread":{"label":"Hide previous Tweet in conversation thread","value":true}},"provider_name":"Twitter","title":"Paul Krugman on 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Trump","slug":"donald-trump","links":{"relativeLink":"topic/donald-trump","permalink":"https://action.news/topic/donald-trump","mobileWebLink":"https://action.news/topic/donald-trump"},"relegenceId":2789214,"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Donald Trump","slug":"donald-trump","overridesSectionLabel":false},"url":"https://action.news/news/topic/donald-trump"},{"name":"Politics and Government","slug":"politics-and-government","links":{"relativeLink":"topic/politics-and-government","permalink":"https://action.news/topic/politics-and-government","mobileWebLink":"https://action.news/topic/politics-and-government"},"department":{"name":"Latest News","slug":"politics-news"},"section":{"title":"Politics","slug":"politics"},"topic":{"title":"Politics and Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">Second, the Chinese have learned the same lesson North Korea's Kim learned: Trump talks loudly but carries a small stick, and can be rolled. Trump has made us weak, neither trusted by our allies nor feared by our enemies 7/
Paul Krugman (@paulkrugman) December 15, 2019
Krugman pointed out that even the trade war blunder may not hurt Trump politically.
Elections turn not on how good things are, but on whether theyre perceived as getting better, he pointed out. This actually gives politicians an incentive to do stupid things for a while, then stop around a year before the election. Sound familiar?
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Now, Trump may not suffer politically. Elections turn not on how good things are, but on whether they're perceived as getting better. This actually gives politicians an incentive to do stupid things for a while, then stop around a year before the election. Sound familiar? 8/
Paul Krugman (@paulkrugman) December 15, 2019","type":"rich","meta":{"author":"Paul Krugman","author_url":"https://twitter.com/paulkrugman","cache_age":86400,"description":"Now, Trump may not suffer politically. Elections turn not on how good things are, but on whether they're perceived as getting better. This actually gives politicians an incentive to do stupid things for a while, then stop around a year before the election. 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Government","slug":"politics-and-government","overridesSectionLabel":false},"url":"https://action.news/news/topic/politics-and-government"},{"name":"Paul Krugman","slug":"paul-krugman","links":{"relativeLink":"topic/paul-krugman","permalink":"https://action.news/topic/paul-krugman","mobileWebLink":"https://action.news/topic/paul-krugman"},"relegenceId":3539894,"department":{"name":"Impact","slug":"impact"},"section":{"title":"Business","slug":"business"},"topic":{"title":"Paul Krugman","slug":"paul-krugman","overridesSectionLabel":false},"url":"https://action.news/impact/topic/paul-krugman"},{"name":"Nobel Memorial Prize in Economic Sciences","slug":"nobel-memorial-prize-in-economic-sciences","links":{"relativeLink":"topic/nobel-memorial-prize-in-economic-sciences","permalink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences","mobileWebLink":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"},"relegenceId":4223022,"url":"https://action.news/topic/nobel-memorial-prize-in-economic-sciences"}],"isLiveblogLive":null,"isLiveblog":false,"cetUnit":"buzz_body","bodyAds":["\r\n\r\n","\r\n\r\n","\r\n\r\n"],"adCount":0},"isCollectionEmbed":false,"enhancements":{}}">Now, Trump may not suffer politically. Elections turn not on how good things are, but on whether they're perceived as getting better. This actually gives politicians an incentive to do stupid things for a while, then stop around a year before the election. Sound familiar? 8/
Paul Krugman (@paulkrugman) December 15, 2019
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