President Trump escalated the trade fight with China this week, saying he will steeply increase tariffs on Chinese products this Friday.
But while the White House projects a unified front in favor of wielding tariffs as a weapon against China, it wasn't always this way.
Early in Trump's presidency, close advisers fought bitterly over whether tariffs would help — or devastate — the U.S. economy, those advisers told NPR and the PBS show Frontline.
"China on Thursday reported imports and exports data for January that easily topped expectations amid its trade dispute with the U.S."
"The trade war with the United States may soon hit China where it hurts, making it hard for Beijing to satisfy its voracious appetite for natural resources."
"Every year, China spends roughly $350 billion just to purchase the copper, coal, iron ore, aluminum, steel, and crude oil it needs to keep the Chinese economy running. And that bill could grow as China eats through even more raw materials to build roads, railways, and ports across Eurasia as part of its Belt and Road Initiative."
"The White House says postal rates set via the 144-year-old pact give China an 'unfair' advantage."
Well, Richard Nixon was very successful getting re-elected in 1972, by goosing the economy by forcing the fed to hold down interest rates, fueling the inflation that would kick in 1973 when the oil crisis got underway. Because, like in 1972, the all is calm in the oil markets, and oil is cheap and plentiful for now.