The president "talks loudly but carries a small stick, and can be rolled," the Nobel Prize-winning economist wrote on Twitter.
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.
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/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.
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/akDz4MGiIzKey victims of the Trump’s 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.
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 Trump’s 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.
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