Crazyguy,
The standard of living has gone consistently up for everyone, everywhere. The rich has acquired wealth at a faster pace than the rest of us, but the standard of living of just about everyone has gone up.
Just a small example, few decades ago traveling abroad was a dream for most of us. Today, that is accessible to a huge number of people. Cable TV, cell phones and many other life's comforts are the norm nowadays. Granted few of those thing didn't exist in the 70's, but quality of life overall has improved for everyone. I credit innovation and free markets for that.
Protectionism lowers the standard of living for everyone. You will see...or maybe not. I hope...I believe POTUS is either bluffing or someone is going to bring some sense into his narcissistic brain.