Jul 30, 2018

Report: Bailing out Trump's trade war could cost $39B

Shipping containers at Dachan Bay Terminals in Shenzhen, Guangdong Province of China. Photo: VCG

The Trump administration bailing out all the industries affected by the president’s escalating trade war could cost American taxpayers $39 billion, according to the U.S. Chamber of Commerce’s analysis.

Flashback: Agriculture Secretary Sonny Perdue last week announced details of an emergency plan to extend $12 billion in aid to farmers who produce certain goods like soybeans, prompting rebukes from farm state Republican lawmakers in Congress.

Details: The Chamber compared the farmers' aid amount to the total number of exports affected by tariffs, then applied that calculation across other affected industries.

"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. The administration’s focus should be expanding free trade and removing these harmful tariffs, not allocating taxpayer’s money to only marginally ease the suffering for some of the industries feeling the pain of the trade war."
— Neil Bradley, the Chamber's executive vice president and chief policy officer

Go deeper

Trump says he will campaign against Lisa Murkowski after her support for Mattis

Trump with Barr and Meadows outside St. John's Episcopal church in Washington, D.C. on June 1. Photo: Brendan Smialowski/AFP via Getty Images

President Trump tweeted on Thursday that he would endorse "any candidate" with a pulse who runs against Sen. Lisa Murkowski (R-Alaska).

Driving the news: Murkowski said on Thursday that she supported former defense secretary James Mattis' condemnation of Trump over his response to protests in the wake of George Floyd's killing. She described Mattis' statement as "true, honest, necessary and overdue," Politico's Andrew Desiderio reports.

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The president vs. the Pentagon

Trump visits Mattis and the Pentagon in 2018. Photo: Brendan Smialowski/AFP via Getty

Over the course of just a few hours, President Trump was rebuffed by the Secretary of Defense over his call for troops in the streets and accused by James Mattis, his former Pentagon chief, of trampling the Constitution for political gain.

Why it matters: Current and former leaders of the U.S. military are drawing a line over Trump's demand for a militarized response to the protests and unrest that have swept the country over the killing of George Floyd by police.

New York Times says Tom Cotton op-ed did not meet standards

Photo: Avalon/Universal Images Group via Getty Images)

A New York Times spokesperson said in a statement Thursday that the paper will be changing its editorial board processes after a Wednesday op-ed by Sen. Tom Cotton (R-Ark.), which called for President Trump to "send in the troops" in order to quell violent protests, failed to meet its standards.

Why it matters: The shift comes after Times employees began a coordinated movement on social media on Wednesday and Thursday that argued that publishing the op-ed put black staff in danger. Cotton wrote that Trump should invoke the Insurrection Act in order to deploy the U.S. military against rioters that have overwhelmed police forces in cities across the country.