- cross-posted to:
- politics@lemmy.world
- cross-posted to:
- politics@lemmy.world
Summary
Trump’s erratic tariff policies threaten American manufacturing’s recent renaissance.
Under Biden, manufacturing investment increased 220% from 2021-2024 through programs like the Inflation Reduction Act and CHIPS Act, creating 750,000 manufacturing jobs.
Trump has illegally frozen IRA spending despite court orders and called the CHIPS Act “horrible,” advocating for its repeal.
Princeton professor Jesse Jenkins estimates Trump’s actions could lead to massive cancellations in EV and battery production.
Unlike Biden’s targeted tariffs paired with domestic investments, Trump imposes duties randomly without clear goals, creating economic uncertainty that discourages investment while risking recession.
Wasn’t American manufacturing already destroyed when we shifted most of it overseas? Kind of feel like he’s just defiling a corpse at this point…
As the article notes, Biden was actually doing a pretty good job of rebuilding it. Trump is going to burn all that work down.
At this point guy may end up destroying all of capitalism in america instead
No chance. The capitalists will buy everything up on the cheap, then buy the parts of the government that become privatized (or just have them granted to them because they’re rich, and therefore smart and good). They will become uber oligarchs.
Perhaps if you mean destroy capitalism to go back to feudalism.