Moron madman Malignant Fascist continues to pursue his on- again, off- again tariffs, today caving to pressure from Wall Street and his own cult/party to ease up lest the bottom fall completely out:
President Donald Trump backed down from his trade war against the rest of the world Wednesday, at least temporarily, after his April 2 “Liberation Day” announcement tanked financial markets across the globe.
Trump announced on his social media platform that he is reducing tariffs on all countries to 10% for 90 days, rather than the higher rates he had misleadingly described as “reciprocal” tariffs last week. However, he said, China’s exports to the U.S. would now see a 125% tariff.
The stock market rallied at the news, with the Dow Jones Industrial Average up 6% on the day shortly after 2 p.m. Eastern time. It remains 2,000 points below its standing on “Liberation Day,” when Trump announced his massive tariff plan last week.
Trump’s cave came with relatively little warning and mere hours after he, his press secretary and other members of his administration had insisted there would be no pause and no negotiation on tariffs many conservatives had come to tout as a necessary burst of short-term pain to bring manufacturing back to America.
While providing short-term relief to the markets, the decision to back down has provided little guidance to America’s financial and political future. The stated goals of Trump’s tariff strategy ― a revival of manufacturing, a supposed burst of federal government revenue and an effort to reach new deals ― remain contradictory, with few economists willing to endorse his strategies...
"Strategies" is being very charitable. These clowns are making things up as they go along, getting general direction from someone with the business sense to have bankrupted 6 casinos.
The perpetually credulous Wall Streeters will continue to have hope that the Malignant Fascist will ultimately climb off of his tariff perch, but long- or short-term, the damage to the U.S. and world economy has been, and will continue to be done. It's the incompetence, chaos, and confusion that he brings that are toxic to business and investors:
Elect a clown ...
(Image: are we winning yet? / AP/ Shutterstock)
No comments:
Post a Comment