“I’m used to partisan, inaccurate drivel from all sides these days, but the media’s coverage of President Trump’s tariffs and the so-called ‘trade war’ takes some kind of cake,” Brett Arends writes for MarketWatch. “There’s no serious doubt that some in the media would absolutely love to tank the stock market. They figure that would hurt Trump’s re-election chances in 2020. ”

“I write this, incidentally, as someone who is no fan of the president. But I remember when politics was supposed to stop at the water’s edge,” Arends writes. “And, anyway, facts are facts. Most of what the public is being told about these tariffs is either misleading or a downright lie.”

“Yes, tariffs are ‘costs.’ But they do not somehow destroy our money. They do not take our hard-earned dollars and burn them in a big pile. Tariffs are simply federal taxes. That’s it. The extra costs paid by importers, and consumers, goes to Uncle Sam, to distribute as he sees fit, including, for example, on Obamacare subsidies,” Arends writes. “It wasn’t long ago the media was complaining because Trump was cutting taxes. Now it’s complaining he’s raising them.”

“And the amounts involved are trivial. Chicken feed,” Arends writes. “President Trump just hiked tariffs from 10% to 25% on about $200 billion in Chinese imports. In other words, he just raised taxes by … $30 billion a year. Oh, no! The total amount we all paid in taxes last year — federal, state and local — was $5.51 trillion. This tax increase that has everyone’s panties in a twist is a rounding error.”

“Don’t buy the hysteria. President Trump is simply trying to pressure our biggest competitor to buy more American goods,” Arends writes. “That should be a good thing, even if you don’t like him.”

Read more in the full article here.

MacDailyNews Take: Wait, the media are overreacting and hyping up something well beyond recognition in order to attract eyeballs, taps, and clicks? Say it ain’t so!

People tend to fear the worst. It almost never happens.MacDailyNews, May 14, 2019

SEE ALSO:
Analyst: Apple investors ‘overreacting’ to U.S.-China trade war and Supreme Court App Store ruling – May 14, 2019
Apple, Deere & Co, retail in focus as U.S. releases fresh tariff list – May 14, 2019
Gene Munster: Apple likely to be spared from China tariffs – May 10, 2019
Apple shares drop 7% this week on fears China trade turmoil threatens iPhone sales – May 10, 2019
Apple’s iOS 13 rumored to drop support for iPhone 6, iPhone SE and iPhone 5s – May 10, 2019
Apple not yet hurt by China tariffs, likely to simply absorb the added cost – May 10, 2019
Apple temporarily escapes new tariffs as U.S.-China trade war escalates – May 10, 2019
Dow futures fall after President Trump tweets ‘absolutely no need to rush’ on China trade deal – May 10, 2019
China overplayed its hand with U.S. President Trump on trade, and it could cost them dearly – May 9, 2019
Apple CEO Tim Cook optimistic about U.S.-China trade talks – February 12, 2019
President Trump says U.S. doing well in trade negotiations with China – January 23, 2019
China’s 2018 growth slows to 28-year low, more stimulus seen – January 22, 2019
Apple CEO Tim Cook: I’m very optimistic about U.S.-China trade talks – January 8, 2019
Advisor to President Trump: Apple’s sales should pick up when U.S.-China strike trade deal – January 3, 2019