Ahead of Trump Meeting with President Xi Jinping, Warren Releases New Report on How His Trade War Has Hurt Americans and Emboldened China
Report details how Trump’s trade war with China has hurt American consumers and businesses, sold out American farmers, and given China increased leverage over U.S. and global trade
Washington, D.C. – Ahead of President Trump’s Thursday meeting in South Korea with President Xi Jinping of China, today, the minority staff of the Senate Banking, Housing, and Urban Affairs Committee – led by Ranking Member Elizabeth Warren (D-Mass.) – released a new report detailing how President Trump’s self-inflicted trade war has hurt the American people and weakened America’s hand in U.S.-China trade talks.
“Donald Trump is letting China get the upper hand – and he’s putting America’s long-term prosperity and security at risk. Trump needs to change course on his trade war with China now and stop hurting American families, farmers, and businesses,” said Ranking Member Warren.
The report includes three key findings:
- Trump’s trade wars have imposed significant costs on American consumers and businesses: Since Trump’s April 2nd announcement of sweeping global tariffs on “Liberation Day,” inflation has risen faster than it did during the same period last year, and the U.S. economy has added fewer than 27,000 jobs per month. Manufacturing employment has contracted for four straight months – the longest monthly streak of losses since early 2020.
- Trump’s trade wars have sold out American farmers: Trump’s tariffs have triggered Chinese retaliation that has decimated American farmers. China is on track to purchase $10 billion less in U.S. soybeans this year compared to last year. Trump’s tariffs have also raised costs on farm inputs like fertilizer and equipment, squeezing farmers from both sides.
- Trump has strengthened China’s hand while weakening America’s leverage: China has continued to grow its exports despite Trump’s tariffs by diversifying markets and shipping through third countries. In September alone, China’s exports to Africa increased 56.4%, to Southeast Asia by 15.6%, and to the EU by 14%. China continues to exert its leverage by restricting U.S. companies’ access to rare-earth metals, despite Trump’s insistence that Xi committed to letting rare earth metals flow again. Trump has squandered valuable leverage by hitting the brakes on regular export control and sanctions actions that advance U.S. interests.
The report’s conclusion calls for the President to reverse course on his trade war immediately to stop damaging American prosperity and security. Read the full report HERE.
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