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Trump’s trade talks with China are failing, so he announced a new 10% tax (tariff) on iPhones that will hit US consumers by Christmas.

Trump tweeted:

…buy agricultural product from the U.S. in large quantities, but did not do so. Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die! Trade talks are continuing, and… — Donald J. Trump (@realDonaldTrump) August 1, 2019

…We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one! — Donald J. Trump (@realDonaldTrump) August 1, 2019

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The additional 10% tax that Trump is imposing on US consumers will hit the iPhone. As Americans get ready to Christmas shop, the cost of an iPhone will go up by 10% because Donald Trump still doesn’t understand that China does not pay his tariffs. The Trump tariffs are a tax on US consumers.

The stock market dropped a couple of hundred points after Trump’s tweets. The tariffs have failed, so Trump has responded by doubling down and imposing more tariffs. The problem is that Trump’s tariffs are hitting the economy faster than the Fed rate cut.

Trump’s answer to his bad trade policy is even more bad trade policy. The president is tanking the economy, and if he imposes these tariffs, he could be running for reelection in the middle of a recession.

For more discussion about this story join our Rachel Maddow and MSNBC group.

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