Dashing hopes that his Sunday-morning tweets were simply the ravings of a crazy old man whose family should’ve taken away his smartphone long ago, and not actual economic policy, Trump followed through on his threat to hit China with fresh tariffs Friday morning, sharply escalating the roughly year-long trade war. The administration raised duties on $200 billion of Chinese imports from 10 percent to 25 percent, and in a move that everyone outside of the Oval Office saw coming, Beijing has vowed to retaliate. While the trade war has already hurt U.S. companies and consumers, not to mention destroyed farmers’ profits, experts say things are about to get much worse.

Economists at Moody’s Analytics estimate that the increase “would pare 0.8 percentage points off U.S. growth by the fourth quarter of 2020.” A 25-percent tariff on virtually all Chinese goods—something Donald Trump has actually threatened—along with ensuing retaliation “would slash U.S. real G.D.P. by 2.6 percentage points.” Kip Eideberg, vice president of public affairs for the Association of Equipment Manufacturers, which represents more than 1,000 U.S. makers of farm, construction, and mining machinery, told Bloomberg Friday that the jacked-up tariffs will have “dire consequences” for U.S. equipment manufacturers and American farmers, saying that the president’s move will “drive down exports, and suppress job gains for the industry by as much as 400,000 over 10 years . . . With producers already struggling with falling commodity prices, additional retaliatory tariffs on U.S. agricultural exports will have a chilling effect on equipment manufacturers.” Bank of America Merrill Lynch predicts that the latest actions by Trump could lead to “a global recession,” should “across-the-board tariffs on U.S.-China trade” become a reality. Unsurprisingly, the Dow fell 350 points (and counting) on the news.

Of course, over in Trade Wars Are Good and Easy to Win-ville, an escalation of a self-defeating policy is yet another demonstration of Trump‘s singular negotiating skills. In an early-morning tweetstorm, the president claimed that:

China’s been pushing us around, and Uncle Don’s not gonna take it anymore.

The “massive” tariffs are being paid by China, and not U.S. companies and consumers, even though everyone but Trump knows that’s not the case.

The U.S. will use the money it earns from tariffs—that, again, are paid by U.S. importers—to buy agricultural products from farmers and ship them to starving countries, despite the fact that Trump has not one altruistic bone in his body.

Again, that said tariffs will make us rich, when in reality they’re dinging economic growth and costing U.S. jobs.

As an aside, Barack Obama and Joe Biden suck.

And, in sum, Trump is the greatest president of all time.

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