(CBS Marketwatch): President Donald Trump’s trade war was meant to bring lost manufacturing jobs back to the U.S.
However, it appears to be sending factory jobs out of the U.S. And while Trump punished some foreign competitors, he actually rewarded others.
It’s one thing for a plan not to achieve its goal — it happens. But when your plan is making the problem worse, common sense says you stop right away.
Trump tapped the brakes at his G-20 summit meeting with Chinese President Xi Jinping. He agreed to delay the 25% tariffs that would have gone on Chinese goods beginning Jan. 1.
But the train is still rolling downhill. And more Americans are going to learn it the hard way… like thousands of Midwest automotive workers did last week.
General Motors GM, -2.05% said it would close several U.S. plants and lay off thousands of workers. Ford F, -4.37% made a similar announcement in October.