Tariffs could leave Florida, Michigan and Ohio hanging in the balance.
President Donald Trump planned on seeking a second term based largely on the strength of the economy. Unemployment is down to a 50-year low. The Bureau of Labor Statistics reports the creation of nearly 6 million new jobs since he came into office. Wages and profits and revenues to the federal Treasury are up. The stock market is generally surging, and economic growth is once again the order of the day.
The U.S. economy is the world's strongest right now but, says the president, would be even stronger had the Federal Reserve not raised interest rates too high too fast. Others say if things head south, it will be because of the ongoing trade war with China. That's right in the middle of U.S. retailers' most profitable period and could cause trouble at home. These and other moves have caused dramatic fluctuations in the stock market. The U.S. Trade Representative says everything's just"next steps" in the process of getting China to do a deal.
These are places where the economy is always issue No. 1, where the three things voters care about most are jobs, jobs and more jobs. And, as of now, the tariffs are not working to the president's advantage. As much as the China-bashing rhetoric may excite his base, it's not helping them make ends meet.
Michigan has a $3.6 billion export relationship with China, with $1.2 billion comprising car parts. The Wolverine State contains 75 percent of North America's auto R&D, and China is, by volume, the world's largest automaker. The Alliance of Automobile Manufacturers says higher-priced cars resulting from the tariffs could potentially lead to the loss of 700,000 American jobs.
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