After yesterday's sell off, Wall Street is poised today for more declines as the destructive and unnecessary tariffs on Mexico, Canada and China take effect. The Malignant Fascist has consistently misunderstood tariffs, not acknowledging that it's actually a tax on American consumers, and believing the money raised will offset the inflationary damage and likely recession they will produce. From the Associated Press:
"Wall Street lost momentum before the opening bell Tuesday and markets in Europe and Asia slid after new tariffs were imposed by U.S. President Donald Trump, and more retaliatory tariffs were announced by China.
The declines added to a big selloff Monday. Futures for the S&P 500 and Nasdaq each fell 0.6% in premarket trading. Futures for the Dow Jones Industrial Average slipped 0.3%.
China’s tariffs on American beef, corn, soy and other farm products announced Tuesday expanded the potential impact of Trump’s trade tactics, said Francis Lun, CEO of Geo Securities in Hong Kong.
'I don’t think China will buy any more U.S. farm products. The orders will go to South America,' Lun said. 'I think all in all, it’s a lose-lose situation. Nobody gains anything.'
Anxiety over tariffs is also bleeding into the corporate side of the economic equation. Target reported Tuesday that sales and profit in the crucial holiday quarter both fell from a year ago, though they were better than expected. The Minnesota retailer said there will be 'meaningful pressure' on its profits to start the year because of tariffs and other costs." (our emphasis)
As various sectors of the economy and the consumer start to suffer from inflationary pressure and supply chain interruptions due to tariffs, in a just world, the MAGA voters should be the only demographic to suffer the consequences. If they thought the price of eggs was too high under the Biden Administration, they haven't seen anything yet. FAFO.
BONUS: As tariffs are applied, tech bros are just beginning to FAFO. Cyber grift bros, too.
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