The madman moron Malignant Fascist's flimflam distraction yesterday suggesting he'd somehow come to his nonexistent senses on tariffs was dashed today as the reality set in on the Malignant Fascist's incompetent and irrational actions:
The US stock market tumbled deeply into the red on Thursday as the White House clarified its plan for a massive 145% tariff on China, escalating a trade war.
The Dow, after rising nearly 3,000 points Wednesday, had a volatile day in the red on Thursday. The blue-chip index fell 1,015 points, or 2.5%, pulling back after tumbling as much as 2,100 points midday.
The S&P 500 fell 3.46% and the Nasdaq Composite slid 4.31%. The S&P 500 was coming off its best day since 2008, and the Nasdaq on Wednesday posted its second-best daily gains in history.
The stock market, fresh off its third-best day in modern history, is sinking back into reality: Although President Donald Trump paused most of his “reciprocal” tariffs, his other massive import taxes have already inflicted significant damage, and the economy won’t easily recover from the fallout. [snip]
The US dollar index, which measures the dollar’s strength against six foreign currencies, tumbled 1.7% Thursday, hitting its lowest level since early October. The dollar has broadly weakened this year, a sign of investors’ concern about the health and stability of the US economy. [snip]
Traders were elated that Trump temporarily rescinded his so-called reciprocal tariffs, which aren’t really reciprocal, for 90 days. Those tariffs placed hefty levies between 11% and 50% on dozens of countries. [snip]
But even after Trump’s about-face, the reality remains stark: Economists said the economic damage is done, and many say there is still an elevated risk of a US and global recession. Stocks are still well below where they were before Trump unveiled his “Liberation Day” tariffs last week, and those large stock market losses, existing tariffs and high degree of uncertainty about American trade policy are enough to sink the economy, they say.
Trump’s universal 10% tariff that went into effect Saturday remains in place, as do 25% tariffs on auto imports, 25% tariffs on steel and aluminum and 25% tariffs on some goods from Canada and Mexico. Trump also pledged to go forward with additional tariffs on pharmaceuticals, lumber, semiconductors and copper... (our emphasis)
Our "economically illiterate", psychologically damaged president will continue to destroy decades- old political and economic alliances, businesses big and small, the personal savings of tens of millions of Americans, and whatever goodwill America enjoyed throughout the world. Can you think of a particular world leader who's benefiting from our isolation, humiliation, and self- immolation, one whose country miraculously managed to avoid any tariffs?
Americans have been able to observe this uniquely unqualified, dangerous demagogue for at least a decade -- including 4 dystopian years as president -- and still a near- majority of Americans voted to let him back into office, many doubtless knowing just what he was capable of. As it was recently said, "we have the government we deserve."
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