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Trade

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  • Fox News figures are downplaying Trump’s moves towards a trade war with China

    Blog ››› ››› GRACE BENNETT


    Sarah Wasko / Media Matters

    As President Donald Trump ramps up a potential trade war with China, Fox News and Fox Business figures have been downplaying the damage his actions could do.

    Since the beginning of 2018, President Donald Trump has been rolling out increasingly aggressive tariffs on Chinese goods. In January, the president announced new tariffs targeting solar panels and washing machines, goods that primarily come from China. In March, he announced further tariffs on steel imports. And this week, the U.S. announced $50 billion worth of new tariffs, prompting the Chinese government to retaliate, placing tariffs on “128 American-made products” and asserting that the U.S. tariffs “violate World Trade Organization rules.”

    Following the news of China imposing retaliatory tariffs, CNN interviewed several economists who expressed concern that the increased economic hostility between the two nations might soon spiral into an all-out trade war. Joseph Brusuelas, chief U.S. economist at accounting and consulting firm RSM, told CNN, “This is a classic lose-lose proposition, no one wins.” After Trump threatened to impose additional tariffs, and the Chinese government promised to respond in kind, experts warned that additional tariffs would hurt both countries.

    Despite experts’ concerns, Fox News and Fox Business figures are downplaying fears of a trade war:

    • On America’s Newsroom, Fox’s Maria Bartiromo dismissed concerns about trade, commenting that she’s “not worried” about trade fears because she looks “at the broader picture.”

    • On Fox News’ Fox & Friends, host Steve Doocy downplayed Trump’s trade moves by claiming, “there are no tariffs,” arguing that “this is the starting point,” and “it’s all a suggestion, it’s all a negotiation.”

    • Fox News contributor Tammy Bruce argued that “this is not about a trade war,” and compared America’s trade deficit with China to “a battered woman situation.” She also asserted that ““this will, in the end, because of Trump’s ability to negotiate, work out well.”

    • During the same broadcast, Fox Business’ Charles Payne claimed that “President Trump [has reminded] us that we’re not in a trade war,” because, “China already won that.”

    • On Fox News Radio's The Brian Kilmeade Show, Fox’s Brian Kilmeade dismissed the possibility of a trade war, claiming, “I do believe this is what we call the pre-fight, and so far, it's hype. It doesn't mean there's actually going to be a Showtime, HBO main event.”

    • Trump sycophant Lou Dobbs dismissed those who claim there is no trade war, claiming that there already is a trade war with China, but the United States simply wasn’t “fighting it until this president arrived in Washington.”

    • Fox Business' Stuart Varney explained away stock market backlash to Trump's tariffs as "an emotional response,” and claimed that “all this talk of a trade war” is “overblown.”

    • Frequent Fox guest Ron Meyer referred to China’s retaliatory tariffs as “minor.”

    • Fox’s Charles Payne claimed that the stock market drop following the announcement of China’s retaliatory tariffs was actually Wall Street “not only overreacting but trying to intimidate the White House."

    • On America’s Newsroom, Bartiromo claimed that she’s “not afraid of a trade war.” and that Trump’s actions are “more of a negotiation.”

    • During an appearance on America’s Newsroom, Payne dismissed fears about a trade war by claiming “we’re already in a trade war. We have been fighting with one hand behind our backs.”

    • On Fox News’ Outnumbered, Fox’s Geraldo Rivera argued that China’s retaliatory tariffs were insignificant and represented “chump change,” and expressed his confusion about why the market responded “so emotionally” to China’s tariffs.

    • During the same broadcast, Fox’s Trish Regan expressed her dismay at unfair Chinese trade policies, and said, “If it takes throwing around the idea of a few tariffs … maybe that works. Maybe it is, indeed, the art of the deal.”

    • Fox’s Sean Hannity dismissed concerns about a trade war on his radio show, claiming, “I don’t think there’s ever going to be a trade war.”

    • On Fox News’ Outnumbered, Fox’s Dagen McDowell defended Trump’s “approach with China,” claiming that there is a “method to this madness,” and that we don’t know if these “tariffs will ever be put in place.

  • Trump’s pick for National Economic Council is a CNBC host who gives bad financial advice

    ››› ››› BOBBY LEWIS & MADELINE PELTZ

    President Donald Trump has told people he has chosen CNBC's Larry Kudlow to replace Gary Cohn as the director of the National Economic Council. Kudlow has no formal training in economics, and he has a history of making poor financial predictions, pushing conservative economic talking points, and making outrageous and offensive comments.

  • Fox uses “lousy” May jobs report to push Trump's job-killing economic agenda

    Blog ››› ››› ALEX MORASH

    Fox News used the Bureau of Labor Statistics’ (BLS) underwhelming jobs report for the month of May as proof that Congress needs to pass President Donald Trump’s trickle-down economic agenda that, in reality, would strip working- and middle-class Americans of basic public services and hand top income earners a gigantic tax cut.

    On June 2, BLS released its jobs report for May 2017, which estimated the United States added 138,000 new jobs last month while the unemployment rate fell slightly to 4.3 percent. The jobs number fell below economists’ expectations and The Washington Post declared that the report showed that the “job market stumble[d]” last month. While the number of new jobs reported was weaker than expected, The New York Times noted the overall health of the economy was still strong enough for the Federal Reserve to possibly raise interest rates and pointed out that wage growth was up 2.5 percent from this time last year.

    In response to this news, Fox pushed the absurd claim that the report is proof that big business needs Congress to pass Trump’s economic agenda of tax cuts and gutting consumer protections to stoke further economic growth and job creation. During the June 2 edition of Fox News’ Fox & Friends, guest Steve Hilton, host of The Next Revolution, used the jobs report to claim the U.S. was in a “jobs crisis” and needed Trump’s economic agenda to be enacted. On Fox Business’ Varney & Co., host Stuart Varney described the jobs number as “lousy” and “disappointing” while correspondent Ashley Webster claimed the jobs number shows the American economy is “in a holding patterning” that is “waiting on Washington” to act. Fellow Fox Business host Maria Bartiromo added that “what this jobs number tells us is that business is still cautious” and companies are “sitting on cash” because they are “strangled by all of the regulatory environment” and waiting for Congress to pass Trump’s agenda:

    In reality, Trump’s economic agenda has been described as a “repugnant grab bag” of tax cuts for top-income earners that guts funds for Medicaid, children’s health insurance, food assistance, medical research, disease prevention funding, disability insurance, and even college student financial aid while watering down consumer protections to give Wall Street investors a $100 billion windfall. Trump’s budget proposal to slash funding for vital health assistance programs has been described as “ruthless” and would exact a huge human cost from those who lose access to care.

    Far from being a jobs savior, Trump’s economic agenda has faced heavy criticism from economists for relying on “voodoo” economic theories that falsely claim tax cuts will lead to economic growth. Research from the nonpartisan Congressional Research Service and Brookings Institution have found no link between tax cuts and economic growth. Economist Jason Furman has also slammed Trump’s tax cut agenda for proposing to add trillions of dollars to the federal debt in ways that could hamper economic growth. Trump’s tax proposals have been blasted by economists and experts across the political spectrum, who have argued that his restrictive approach to international trade and immigration, if enacted, may actually dampen economic activity. Even Trump’s proposals to reduce supposedly burdensome regulations in the financial industry fly in the face of facts -- Trump has proposed dismantling the Dodd-Frank Act, but the Government Accountability Office concluded in 2016 that Dodd-Frank protections have “contributed to the overall growth and stability in the U.S. economy.”

    Fox figures have attempted to use the monthly jobs report to advance the president’s agenda since he first took office. Fox used the reports to claim unearned victories for the president, and even once used a jobs report described as “weak” to declare it was “the most successful day” of Trump’s presidency. Last month, a Fox Business panel attempted to spin the April jobs report as a reason to pursue Trump’s tax and regulatory policies with no evidence to back up its claims. Next month will likely produce more of the same.

  • TV News Scrutiny Of Ivanka Trump’s Conflicts Of Interest Spurred By New Bombshell

    Trump Apologists Continued To Deflect Concerns Over Conflicts And Corruption In The White House

    ››› ››› ALEX MORASH

    Broadcast and cable news programs heaped additional scrutiny on Ivanka Trump in the hours after The Associated Press broke a bombshell report that the lifestyle brand she owns had secured valuable trademarks in China before she met with the Chinese president for dinner at her father’s private Mar-a-Lago resort. News of the glaring conflict of interest between Trump’s role as a White House adviser and her private business empire was carried by the major broadcast networks --ABC, CBS, NBC, and PBS -- as well as CNN and MSNBC. Fox News ignored the issue entirely during its evening and prime-time programming, and longtime Trump apologist and former Fox host Greta Van Susteren actually defended Trump during her program.

  • STUDY: How TV News Ignores The Prescription Drug Price Problem

    Evening News Programs On Cable And Broadcast News Rarely Cover Escalating Drug Prices

    ››› ››› CAT DUFFY

    A Media Matters review of weekday evening news coverage on cable and broadcast networks since December reveals that the evening programs largely ignored the problem of escalating prescription drug prices in the United States, even though lawmakers have introduced legislation aimed to address the issue. 

  • News Outlets Learn The Hard Way Not To Trust Trump’s Tweets

    The President-Elect Drives Misleading News Coverage 140 Characters At A Time

    Blog ››› ››› CRAIG HARRINGTON

    Since his victory, President-elect Donald Trump has used his Twitter account to generate positive news about himself across the spectrum of media platforms, implanting misleading narratives about his business and economic acumen into national news -- sometimes for days at a time. Reports on the tentative nature of jobs he had supposedly “saved” at an Indiana factory offer a perfect example of why journalists should be wary of treating the president-elect’s boasts as newsworthy.

    On November 30, Fortune magazine reported that Trump had struck a deal with Indiana-based appliance manufacturer Carrier to provide taxpayer-funded incentives to the company if it agreed to keep several hundred jobs in the United States. In a tweet, Trump boasted that he would soon meet “the great workers of Carrier,” proclaiming that “they will sell many air conditioners!” Broadcast and cable news outlets heaped praise on the president-elect’s “symbolic coup.” In a December 1 speech at the Carrier facility in Indianapolis, Trump took credit for saving “over 1,100 jobs” and said the number of jobs kept safe “is going to go up very substantially.”

    A few days later, the flimsy Carrier story had completely fallen apart.

    Initial reports detailed how, in exchange for a multimillion dollar handout, the manufacturer was only keeping some jobs in Indiana -- the rest were still going to Mexico. By December 6, Chuck Jones, the president of the United Steelworkers (USW) Local 1999, was irate that hundreds of union jobs were still scheduled to be outsourced after Trump had promised to save them, according to The Washington Post. “For whatever reason,” said Jones, the president-elect “lied his a-- off.” During a December 7 interview with CNN, Carrier employee T.J. Bray compared the farce to “a dog and pony show” and expressed his disappointment that “we are still losing a lot of workers.”

    On December 9, CNNMoney reported that some of the millions of taxpayer dollars doled out as part of the Carrier deal “will be invested in automation” that will soon “replace some of the jobs that were just saved.” According to Carrier, automation is the only way they can compete with low-cost labor in Mexico. CNNMoney correctly reported that the sharp decline in American manufacturing employment is “thanks in large part to more efficient factories.” Workforce automation has been a fact of life since the 1800s, but that point was obfuscated by Trump, who misled workers at Carrier and around the country, many of whom think they are losing their jobs to free trade and immigration.

    The days-long saga of news outlets cutting through the spin on this Carrier deal, which included the president-elect attacking Chuck Jones on Twitter, resulting in Jones receiving death threats from Trump supporters, follows a familiar pattern.

    Trump tweeted that he had single-handedly kept a Ford plant from moving to Mexico, on November 17. Conservative media outlets rushed to give him credit and many mainstream outlets followed suit, but, upon further investigation, it turned out that Ford’s decision had nothing to do with Trump. The plant “was never moving to Mexico” to begin with and no jobs were on the chopping block.

    On December 6, Trump tweeted that “costs are out of control” on what he claimed was a “more than $4 billion” contract between Boeing and the U. S. government to update Air Force One. Trump concluded his tweet with “Cancel the order!” As Trump’s tweet drove news coverage, Boeing shares plunged more than 1 percent -- an almost $1 billion hit to the company’s market capitalization. Hours later, a fact-check from The Washington Post revealed that almost every word in the tweet was exaggerated, false, or misleading but the damage had already been done. Trump’s intervention set such a dangerous precedent that even Fox News’ Karl Rove was aghast.

    Later on December 6, Trump staged an impromptu press availability in the elevator lobby of Trump Tower with Japanese telecommunications mogul Masayoshi Son. In a brief statement and corresponding tweets, Trump claimed credit for landing a $50 billion investment commitment that would create 50,000 jobs and national media spent the rest of the day praising him. ThinkProgress editor Judd Legum predicted that Trump’s “formula for manipulating the public” through “substance-free tweets” and fawning media would succeed because “people will have largely moved on” by the time reporters uncovered the details. He was right. The next morning, reports from The Wall Street Journal, CNBC, and CNN showed that Trump may have had little influence on the deal.

    The problem of media amplifying his misinformation isn’t confined to economic policy. A November 27 tweet falsely claiming Hillary Clinton received “millions” of illegal votes generated so much media attention that it has become gospel for many Trump supporters. PolitiFact, which traced the illegal voter conspiracy to Trump ally and 9/11 truther Alex Jones, rated the claim “False”, calling it "obscenely ludicrous.”

    The fact that Trump’s boasts always seem to crumble in the face of modest scrutiny is a telling sign. Media outlets need to stop letting Trump’s tweets dictate and drive the news cycle and stop accepting his self-promotion at face value.

  • Reports Show Trump May Have Had Little To Do With SoftBank Deal He Took Credit For

    ››› ››› CRAIG HARRINGTON & ALEX MORASH

    On December 6, President-elect Donald Trump credited his election victory for spurring Japanese telecommunications and technology giant SoftBank to propose a $50 billion investment in the United States, which he claimed would create as many as 50,000 jobs. Later reporting from The Wall Street Journal and others debunked Trump’s boasts, but not before numerous media outlets amplified his unsubstantiated claims.

  • Television News Praises Trump’s “Symbolic Coup” In Carrier Jobs Announcement

    Indiana-Based Company Convinces Trump To Give It Taxpayer Money, Still Moves Many Of Its Jobs To Mexico

    ››› ››› CRAIG HARRINGTON

    Broadcast and cable news personalities rushed to credit President-elect Donald Trump for closing a deal with the Indiana-based manufacturer Carrier that provides the for-profit company with millions of taxpayer dollars while allowing it to still outsource hundreds of jobs to Mexico. Journalists and reporters framed the agreement as a “symbolic coup” and “unadulterated win” for Trump’s incoming administration even as they acknowledged that supporting a relatively small number of jobs at taxpayer expense is an unsustainable manufacturing policy.