Toomey: Tariffs During Trump’s First Term Did Cause Considerable Damage, Just Not Enough to Create a ‘Full-Blown Recession’

RUSH EXCERPT:
TOOMEY: "Well, where to begin? First of all they sometimes allude to the president’s first term when they make this argument and say we had steel and aluminum tariffs the world did not come to an while. That is true the world did not come to an end they were very narrowly imposed they were just a couple of products outside from China. And in fact they did considerable damage and not enough to create a full-blown recession but we know for every job and steelmaking that the tariffs and preserved probably destroyed eight or nine jobs among companies that use steel. Similar story with aluminum. So it is true those tariffs did not devastate the economy but that is just because the scale and the reach of them was much, much smaller. By the way speaking of people who are crying wolf, the theory of the Trump Administration on their protection policy is persistent trade deficits are really bad for your economy. It’s interesting to consider the countries with which we have persistent trade deficits I think of Japan for instance. Fifty consecutive years of which we’ve had a trade deficit with Japan. Which economies bigger and stronger and growing faster and has a higher standard of living? Hours and is not even close. This is a completely false notion trade deficits are somehow harming us."